Islamic Banking – Key Differences of Components Within a Financial Statements of an Islamic Bank
Let us look at the key differences in presentation of financial statements between conventional an Islamic banking.
Marketing Mix of Islamic Banking Industry
Marketing mix is marketing logic through which the company is able to achieve the objectives of its marketing department. Because the basis of Islamic Banking industry is completely dissimilar from the conventional banking therefore, Islamic Banking should be marketed in a different way to attract more customers.
Challenges Faced by Islamic Banking
Islamic banking has been prospering in the last few years. The main target market of these banks is basically the Muslims in Islamic countries as well as Muslims in the Non-Islamic countries. Many banks in Muslim and non-Muslim countries follow Islamic banking, this banking sector has experienced a boom in the late years of 20th century and even many Non-Muslims have availed the services of Islamic banks.
Strategies for Overcoming Marketing Challenges for Islamic Banking Products
Islamic Banking needs to differentiate their products from the conventional banking products as these products are free from Riba plus the principles on which the Islamic Banking runs is based on Islamic Teachings and Principles. Therefore, these products are to be handled with a little more care than the products of conventional banking products because a little misunderstanding in the minds of the customers can backfire.
Impact of Islamic Banking on International Lending
In mid-November of 2009, The Economist wrote an article dealing with France’s sudden interest in Islamic banking. The irony however of such an article is that France has been very intolerant of Muslim dress in public places in recent years as the country holds dearly to its secularist identity. Islamic banking is almost the term du jour for banks and financiers alike these days, especially since Islamic banks hold billions of dollars in liquid assets -and all the while the world’s banks are suffering from an acutely arduous financial crisis.