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The branding of religious financial institutions in the UK: conversations with market actors within the Islamic financial sector

The branding of religious financial institutions in the UK: conversations with market actors... We are beginning to observe the growth of Islamic finance beyond the borders of traditionally Islamic markets such as the Middle East and the Far East. The proliferation of such religious financial institutions in non-Islamic and more secular markets has raised some pertinent questions about how these quasi-religious institutions brand themselves in light of the need to balance the conflation of Islamic theology with that of financial economic principles.Design/methodology/approachThe study adopts a process-based qualitative methodology proceeded with an initial data reduction-theoretical conceptualization of the extant literature. This is followed by data display via quote research of participants’ precepts and concludes with a synthesis the extant academic conceptualizations with empirical perspectives.FindingsThe findings highlight a framework explaining the interface between Islamic and non-Islamic participation on the branding of Islamic financial institutions in the UK. The findings also set forth a need for consideration of non-religious and purely economic participation in the Islamic financial system in light of branding.Originality/valueThis study derives its incremental contribution by extending the extant academic literature on the branding and consumption of Islamic financial products and services within non-Islamic and secular markets. Furthermore, by adopting a multi-disciplinary, qualitative lens and engaging pertinent individuals within the field, the study provides a rich framework from which to explore the branding of these quasi-religious institutions and the interface between religious and non-religious consumption. This framework puts forth to the leaders of Islamic financial institutions of the between- and within-group interactions in terms of religio-financial consumption and branding. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Islamic Marketing Emerald Publishing

The branding of religious financial institutions in the UK: conversations with market actors within the Islamic financial sector

Kok, Seng Kiong
Journal of Islamic Marketing , Volume 12 (4): 18 – May 12, 2021
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References (61)

Publisher
Emerald Publishing
Copyright
© Emerald Publishing Limited
ISSN
1759-0833
DOI
10.1108/jima-01-2020-0016
Publisher site
See Article on Publisher Site

Abstract

We are beginning to observe the growth of Islamic finance beyond the borders of traditionally Islamic markets such as the Middle East and the Far East. The proliferation of such religious financial institutions in non-Islamic and more secular markets has raised some pertinent questions about how these quasi-religious institutions brand themselves in light of the need to balance the conflation of Islamic theology with that of financial economic principles.Design/methodology/approachThe study adopts a process-based qualitative methodology proceeded with an initial data reduction-theoretical conceptualization of the extant literature. This is followed by data display via quote research of participants’ precepts and concludes with a synthesis the extant academic conceptualizations with empirical perspectives.FindingsThe findings highlight a framework explaining the interface between Islamic and non-Islamic participation on the branding of Islamic financial institutions in the UK. The findings also set forth a need for consideration of non-religious and purely economic participation in the Islamic financial system in light of branding.Originality/valueThis study derives its incremental contribution by extending the extant academic literature on the branding and consumption of Islamic financial products and services within non-Islamic and secular markets. Furthermore, by adopting a multi-disciplinary, qualitative lens and engaging pertinent individuals within the field, the study provides a rich framework from which to explore the branding of these quasi-religious institutions and the interface between religious and non-religious consumption. This framework puts forth to the leaders of Islamic financial institutions of the between- and within-group interactions in terms of religio-financial consumption and branding.

Journal

Journal of Islamic Marketing – Emerald Publishing

Published: May 12, 2021

Keywords: Islamic finance; Islamic marketing; Islamic branding; Marketization; Ethical financing; Religious branding

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