Product Branding and Market Development Global Growth Opportunities. Daud Vicary Abdullah

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1 Product Branding and Market Development Global Growth Opportunities Daud Vicary Abdullah 1

2 Agenda Facts and Figures Spreading the Word About Islamic Finance Opportunities Challenges to Development 2 What is the marketing approach? Conclusion

3 Fast facts and Figures Size Growth USD million Average 15% annually No of players More than 267 IFIs and Islamic Windows Key Markets Malaysia, Saudi Arabia, Bahrain, UAE, Iran, Pakistan, Bangladesh, Egypt, Indonesia, Brunei 3 Major Institutions IFSB, AAOIFI, IIFM, IOSCO Major Financial Centres MIFC, DIFC, Bahrain, London

4 Spreading the Word Islamic banking, which implies the avoidance of interest, has become a Substantial industry in the last four decades. By turning to real marketing, Islamic Financial Products could achieve a much wider outreach and awaken sleeping potential. There is not much communication about the specific benefits 4 distinguishing Islamic Financial institutions from conventional counterparts. Islamic Banking is an opportunity and has an exciting future

5 About Islamic Finance Islamic Finance is demand driven, Muslims want to have financial solutions in line with their faith. All Islamic banking products must be created and offered according to strict Shariah law To ensure Shariah compliance, banks hire Shariah scholars to review And approve each product and practise as halal. Islamic Finance is the fairest banking solution and socially-oriented It cannot charge interest and calls for alms giving Calls for avoidance of excessive risk Not associated with gambling, alcohol, pork, etc. 5

6 Opportunities Global market interest in Sukuk Potential for social and ethically responsible financing Establishment of cross-border operations MIFC ( Tax and other incentives ) Global linkages and recycling capital 6 Take advantage of increasingly liberalised regulatory environment Cross-border offerings, dual listings, regional and global funds Exchange of Shariah and technical expertise Adoption of international standards on governance, disclosure, accounting and supervision Alignment of national regulatory standards

7 Challenges to development? No common approach on prudential regulatory framework More liquid Islamic Markets Lacks global scale Need to work on product Innovation and differentiation Only eight countries are using AAIOFI s accounting standards as 7 mandatory Lack of legal framework Shortage of qualified Shariah and Islamic Finance Experts Is there a truly Islamic Company, branded and marketed as such?

8 Marketing Approach A marketing approach must involve consumer education, as Islamic Financial products are often difficult to explain. Islamic products can often prove to be more profitable than conventional. The religious brand of any product typically rests in the reputation of the religious scholars who have approved it, and not in the reputation of the institution that has produced it 8 To create the necessary Islamic Branding, whatever their origins, the banks have to engage renowned Islamic scholars Cross-border connections

9 Conclusion For the Islamic Finance to grow, move forward and capitalize on the enormous growth potentials, there should be : Greater cooperation among the industry players Better coordination to address the issue of Shariah harmonization Be proactive in analysing client demand, designing products to market needs, using a mix of marketing tools and media to inform the customer base and pushing to sell 9 More intense competition, clearer message, with nuanced products having distinguished USP. Demand (pull) will ask for better supply (push)

10 Thank You. Asian Finance Bank ( P) Kuala Lumpur 2 nd Floor, Podium Block, Kenanga International Jalan Sultan Ismail Kuala Lumpur, Malaysia Tel: (603) Fax (603) Johor Lot 2, The Oasis, Jalan Jeti, Johore Port, Pasir Gudang, Johor. Tel: (607) Fax (607)

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