Islamic banks need new strategies

THE local Islamic banking industry needs improved methods and marketing strategies to attract more customers. 

Institute of Islamic Understanding Malaysia (IKIM) chairman Tan Sri Ahmad Sarji Abdul Hamid said although Malaysia had been recognised worldwide as a model state in Islamic banking, the virtues of Islamic banking should be further expounded to sustain the current success of Islamic products and financial services. 

Speaking at IKIM's seminar on Expert Consultation – Towards the promulgation of more comprehensive Islamic Business and Banking Laws in Malaysia in Kuala Lumpur on Tuesday, he said Islamic financial products and services must have their own strengths and be able to compete on the basis of costs and product differentiation. 

“So far we have been able to come up with products and services like Tabung Haji, Bank Islam Malaysia, Takaful, and Bond Mudharabah Cagamas, that are competitive and have the support of non-Muslims,” he said. 

He added that the competitiveness of the current products and services had brought about a high degree of customer confidence in the Islamic banking industry.  

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