Shariah Marketing

Shariah Marketing is the process of creating, offering and exchanging values from one initiator to its stakeholders, in which the whole process should be in accordance with Shariah principles which is inviolable.  One of the important strategies of Shariah Marketing is the Spiritual Marketing which is the soul of every Shariah Business Unit.  The purpose of the spiritual marketing is to obtain justice and transparency business solutions with focus on moral values, honesty, transparency and trustworthy.  Spiritual Marketing has another purpose, such as to create happy environments for all (the management, staff and customers) who are involved in Shariah Business Unit.

  In order to attract more new customers in Islamic Banks there are 4 (four) characteristics of shariah marketer that one should posses for doing a shariah spiritual marketing process:

1. Rabbaniyyah - which focus on the religious aspect of the Shariah marketer who only fears ALLAH SWT.

2. akhlakqiyyah - which focus on moral or ethical value in conducting the job as shariah marketer.

3 Al-waqi’iyyah - which focus in reality and flexibility in time and environment changes, but still in the corridor of shariah principle.

4. Insaniyyah - which focuses on the principle of Ukhuwwah insaniyyah, or the brotherhood, always has open-mindedness in doing shariah marketing process.

The Islamic Bank Marketer should also practice their marketing approach according to our Prophet Muhammad (Peace Be Upon Him) traditions. As a business marketer the prophet has carried out the good characters of shariah marketer, they are: fathonah (smart), amanah (trustworthy), siddiq (honest), tablich (reliable). The shariah Marketer should also be smart, trustworthy, honest and reliable which will be the key of success of every shariah Marketer.  The good Islamic bank marketers should also obtain the knowledge of Islamic Bank orientations, namely, innovation, efficiency, good services and responsibility.

Innovation is the soul of marketing of every market, whereas the product, service and performance are differentiated from other financial institution, in which is such a great advantage of Islamic Banks to win the market share.

 Efficiency is needed to obtain a prospects target market, whereas the Islamic Bank marketer should seek potential customers with the right marketing strategy of capturing the specific target market mind where the product offer fit the customer’s preference, age and economic condition.

Service has to be done from the inner self of Islamic Marketer, doing a good service is not just for the sake of the customer but has to be realized that a good service is sincerely part of ibadah to Allah SWT, which will be rewarded in the hereafter.

Responsibility is the key of success and the hardest part of being a syariah marketer since the processing of offering the products and services should be held responsible to the customers and also in the eye of Allah SWT. Every Islamic Banks’ management and staff must have responsibility in conducting their business by not just applying the principle of good corporate governance but also by applying the principle of God Corporate Governance, which is a very strong motivation for doing their job well as part of ibadah to Allah SWT. 

There are 4 market segments of Islamic Bank in Indonesia:

1. Emotional market: The type of customers which more concern of the Halal –Haram code regardless of the cost and the service of the Islamic Bank. Their choices for banking transaction in Islamic Bank are emotionally religious. These are the type of customers who are more concern of not to involved riba in their banking transactions. They will choose a banking product which is halal, regardless of the outcome of their transactions, the value of service of the banks and the bank charges.

2. Rational market: The type of customers that concern of the cost, the services and the type of products and also the Halal-Haram code altogether in one package. These are the type of customers, who would consider a lot of things to do their banking transactions, and these are the type of customers who would consider the halal banking transactions and the outcome which is the financial gain, but they also consider the banking services and charges as well.

3. Floating Market: The corporate and middle-high class customers, which are not fanatic to any of the banking system but more toward the financial prospect of the system which is the financial gain. The Floating market is the biggest market for both conventional banks and Islamic Banks in Indonesia. The floating market could just easily switch their banking transaction from Islamic Banking to conventional banking, or vice versa, as long as it is more profitable.

4. Spiritual market: The type of customers who are more concern about what type of product will fit their need, the financial prospect of such product and also the spiritual value of the product. The floating market is now gradually shifting into the spiritual market since their banking transactions motive is no longer the financial gain, but to gain the blessing of Allah in the hereafter.

 

   Written by Nibrasul Huda Ibrahim Hosen

   References:

1.Efficiency, Profitability and Quality of Banking services, by Andreas Soteriou, Stayros A Zenios 1997.

2. Syariah marketing by Hermawan Kartajaya and M. Syakir Sula with foreword from    Dr.M. Syafi’i Antonio.

3. Konsep & implementasi Bank syariah-edited by: Dr. Muhamad Firdaus NH, Sofiniah Ghufron, Muhammad Aziz Hakim, Mukhtar Alshodiq.