Marketing of Islamic banking in Singapore.

A multitude of studies have indicated that there is potential growth for Sharia-compliant financial services (i.e. there is an increasing number of retail and corporate customers who want to conduct financial services in accordance to the Sharia). In the recent decade, Islamic finance has received a...

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Main Authors: Tan, Cheng Leng., Tan, Koon Yan., Chua, Joseph Zhixiong.
Other Authors: Nanyang Business School
Format: Final Year Project
Language:English
Published: 2012
Subjects:
Online Access:http://hdl.handle.net/10356/48368
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Institution: Nanyang Technological University
Language: English
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spelling sg-ntu-dr.10356-483682023-05-19T05:41:34Z Marketing of Islamic banking in Singapore. Tan, Cheng Leng. Tan, Koon Yan. Chua, Joseph Zhixiong. Nanyang Business School Siriwan Chutikamoltham DRNTU::Business::Finance::Banking A multitude of studies have indicated that there is potential growth for Sharia-compliant financial services (i.e. there is an increasing number of retail and corporate customers who want to conduct financial services in accordance to the Sharia). In the recent decade, Islamic finance has received attention from the Singapore government. Nevertheless, the development of Islamic Banking has been slow in Singapore despite interventions from the local authorities. We decided to conduct a research to help financial institutions better determine their promotional efforts in Islamic banking. Our research focuses on determining the type of information which an individual requires to consider Islamic Banking Aside from that, we looked at the effects which different marketing messages have on prospective customers. Finally, we also examined the differences between Muslims and Non-Muslims in the information required and receptivity to the different marketing messages. Through the surveys conducted, we found out that individuals require a high level of principles knowledge, i.e. the functioning principles and theoretical foundations of IB, to form an opinion on Islamic Banking. Financial profitability is the only important message that will significantly increase an individual’s purchase intention in Islamic Banking. Additional tests also revealed relationships between principles-knowledge and the effect of marketing messages on purchase intent. Our findings stress the importance of principles-knowledge to locals who have yet to form opinions on Islamic Banking. We would recommend financial institutions which are interested in promoting Islamic Banking to distribute marketing materials which are educational in nature and to focus on financial profitability of Islamic banking products.   BUSINESS 2012-04-09T00:54:17Z 2012-04-09T00:54:17Z 2012 2012 Final Year Project (FYP) http://hdl.handle.net/10356/48368 en Nanyang Technological University 84 p. application/pdf
institution Nanyang Technological University
building NTU Library
continent Asia
country Singapore
Singapore
content_provider NTU Library
collection DR-NTU
language English
topic DRNTU::Business::Finance::Banking
spellingShingle DRNTU::Business::Finance::Banking
Tan, Cheng Leng.
Tan, Koon Yan.
Chua, Joseph Zhixiong.
Marketing of Islamic banking in Singapore.
description A multitude of studies have indicated that there is potential growth for Sharia-compliant financial services (i.e. there is an increasing number of retail and corporate customers who want to conduct financial services in accordance to the Sharia). In the recent decade, Islamic finance has received attention from the Singapore government. Nevertheless, the development of Islamic Banking has been slow in Singapore despite interventions from the local authorities. We decided to conduct a research to help financial institutions better determine their promotional efforts in Islamic banking. Our research focuses on determining the type of information which an individual requires to consider Islamic Banking Aside from that, we looked at the effects which different marketing messages have on prospective customers. Finally, we also examined the differences between Muslims and Non-Muslims in the information required and receptivity to the different marketing messages. Through the surveys conducted, we found out that individuals require a high level of principles knowledge, i.e. the functioning principles and theoretical foundations of IB, to form an opinion on Islamic Banking. Financial profitability is the only important message that will significantly increase an individual’s purchase intention in Islamic Banking. Additional tests also revealed relationships between principles-knowledge and the effect of marketing messages on purchase intent. Our findings stress the importance of principles-knowledge to locals who have yet to form opinions on Islamic Banking. We would recommend financial institutions which are interested in promoting Islamic Banking to distribute marketing materials which are educational in nature and to focus on financial profitability of Islamic banking products.  
author2 Nanyang Business School
author_facet Nanyang Business School
Tan, Cheng Leng.
Tan, Koon Yan.
Chua, Joseph Zhixiong.
format Final Year Project
author Tan, Cheng Leng.
Tan, Koon Yan.
Chua, Joseph Zhixiong.
author_sort Tan, Cheng Leng.
title Marketing of Islamic banking in Singapore.
title_short Marketing of Islamic banking in Singapore.
title_full Marketing of Islamic banking in Singapore.
title_fullStr Marketing of Islamic banking in Singapore.
title_full_unstemmed Marketing of Islamic banking in Singapore.
title_sort marketing of islamic banking in singapore.
publishDate 2012
url http://hdl.handle.net/10356/48368
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