Author:
Elbeck Matt,Dedoussis Evangellos‐Vagelis
Abstract
PurposeThis paper's aim is to guide online Islamic bank marketing strategy.Design/methodology/approachA study in 1999 interviewed 120 innovators about their attitudes and preferences to a hypothetical online Islamic bank, and replicated in 2009 for existing online Islamic banks using a sample of 220 innovators.FindingsThe ten‐year replication interval reveals increased internet and online bank usage, higher household incomes and concerns about security (fraud, theft, and hacking). Criteria describing a bona fide online Islamic bank are inconsistent and do not strongly reflect Sharia, suggesting a vague marketspace position. Similarities between online Islamic bank innovator attitudes and preferences with online bank innovators allows online Islamic banks confidence in the use of best practices in online marketing strategy.Practical implicationsThe 2009 study offers present‐day insights for online Islamic bank marketing strategy development, with 48 percent planning to open an online Islamic bank (51 percent have a retail branch Islamic bank account) citing time savings and 24‐hour access as primary advantages, with online security as the major impediment. For product mix, preferred investment products include real estate, construction and restaurants, whilst popular bank services include the ability to view and transfer across accounts, investment portfolio variety, and ease to open new accounts.Originality/valueThis study is one of the first to address marketing issues about the burgeoning online Islamic bank market.
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