Volume : 9, Issue : 12, DEC 2023
DIGITAL ISLAMIC FINANCE CHALLENGES AND CUSTOMER RELATIONSHIP MANAGEMENT (CRM) GLOBAL MARKETING STRATEGY
SAMSUDIN WAHAB, MOHAMAD ABDUL HAMID, AHMAD TARMIZI JUSOH
Abstract
Islamic financial products have long been introduced in Malaysia. But banking products first became popular compared to financial products. The introduction of the concept of digital Islamic finance has not yet been able to increase the use of Islamic financial products in Malaysia, especially when the world is shocked by the Covid 19 that affects the world economy. An understanding of the concept of global marketing that emphasizes customer relationship strategy (CRM) is the core of the proposed strategy to increase the marketing of financial products in Malaysia. Discussions related to the issue of Islamic financial marketing became headlines after Islamic banking products became more popular than Islamic financial products. This article concludes with the recommendation of customer relationship management practices as an important strategy to achieve the success of marketing this Islamic financial product.
Keywords
ISLAMIC FINANCE PRODUCTS, DIGITAL FINANCE, CRM.
Article : Download PDF
Cite This Article
-
Article No : 2
Number of Downloads : 148
References
1. Al?Salem, F.H. (2009), "Islamic financial product innovation", International Journal of Islamic and Middle Eastern Finance and Management, Vol. 2 No. 3, pp. 187-200. https://doi.org/10.1108/17538390910986326
2. Al-Qurah D?ghi, ?Al? Mu?yi al-D?n. 2022. “Al-Mab?di? Al-Mu?assisah Li Al-Tamw?l AlRaqm? Wa Al-Shum?l Al-M?l?.” in 17th. International Shariah Scholars Forum. Putrajaya: International Shari`ah Research Academy for Islamic Finance.
3. Gait, A. H. and Worthington, A. C., A Primer on Islamic Finance: Definitions, Sources, Principles and Methods, School of Accounting & Finance, University of Wollongong, Working Paper 5, 2007. https://ro.uow.edu.au/accfinwp/5
4. Elfakhani, S., I. Zbib, and Z. U. Ahmed, 2007, “Marketing of Islamic Financial Products.” Handbook of Islamic Banking (ISBN: 978-1-84542-083-3), Edited by Professor M. Kabir Hassan and Professor Mervyn K. Lewis, Edward Elgar Publishing, UK, pp. 116-125. Bank Negara Malaysia https://www.bnm.gov.my
5. Samsudin Wahab1; Juhary Ali The Evolution of Relationship Marketing (RM) Towards Customer Relationship Management (CRM): A Step towards Company Sustainability: Information Management and Business Review Vol. 1, No. 2, pp. 88-96, Dec 2010
6. ?ihák, Martin and Heiko Hesse, (2010), “Islamic banks and financial stability: an empirical analysis”, Journal of Financial Services Research, Vol. 38 No.2, pp. 95–113.
7. Demirgüç-Kunt A., L. Klapper, and D. Randall, 2013, "Islamic Finance and Financial Inclusion," Policy Research Working Paper 6642, (Washington: World Bank). di Mauro, F., P. Caristi, S. Couderc, A.
8. Di Maria, L. Ho, B. Grewal, S. Masciantonio, S. Ongena and S. Zaher,( 2013), “Islamic Finance in Europe,” Occasional Paper Series, European Central Bank, June 2013 (Frankfurt am Main, Germany).
9. Farooq, M. and S. Zaheer, (2015), “Are Islamic Banks More Resilient During Financial Panics?” Pacific Economic Review, 20 (1). pp. 101–124
10. Khan, Fahim, M. and Mario Porzio, (2010), Islamic Banking and Finance in the European Union: A Challenge (U.K., Edward Elgar Publishing Limited).
11. BNM. 2011. Financial Sector Blueprint 2011-2020. Kuala Lumpur: Bank Negara Malaysia. BNM. 2015.
12. Financial Stability and Payment System Report 2015. Kuala Lumpur: Bank Negara Malaysia. CGAP, and IFC. 2013. Financial Inclusion Target and Goals: Landscape and GPFI View. Washington DC:
13. Consultative Group to Assist the Poor & International Finance Corporation. Choong, Jia Bin, Chew Hoong Lim, Kah Yong Ong, Chia Lok Seah, and Yi Xin Tan. 2017. “Factors That Affect Non-Muslim Customer’s Preference Against Islamic Deposit Products in Malaysia.” Universiti Tunku Abdul Rahman.
14. Dele?chat, Corinne, Monique Newiak, Rui Xu, Fan Yang, and Go?ksu Aslan. 2018. What Is Driving Women’s Financial Inclusion Across Countries? Washington DC: International Monetory Fund.
15. Grohmann, Antonia, Theres Klühs, and Lukas Menkhoff. 2017. “Does Financial Literacy Improve Financial Inclusion? Cross Country Evidence.” DIW Berlin Discussion Paper No. 1682.
16. Hanniq, Alfred, and Stefan Jansen. 2010. Financial Inclusion and Financial Stability: Current Policy Issues. Tokyo: Asian Development Bank Institute. Ibn ?Ash?r. 2000. Maq??id Al-Shar??ah Al-Isl?miyyah. D?r al-Naf??is.
17. Muneeza, Aishath. 2022. “Legal and Regulatory Framework for Digital Finance and Financial Inclusion.” in 17th. International Shariah Scholars Forum. Putrajaya: International Shari`ah Research Academy for Islamic Finance
18. 6 th Muzakarah Fiqh & International Conference 2022 (6th MFIFC 2022) 13th & 14th December 2022. e-ISSN: 2710-6241 235
19. Data Am (General Data Protection Regulation – GDPR) EU 2016