Social Media as a Growth Driver in Retail Islamic Finance

This article is an effort in depicting how  it’s possible to take cross-industry learning and strategically, utilise the same, for growth.
In this author’s opinion if the Islamic Financial Institutions look at ‘investing’ in educating the people, then in a planned manner, retail customers (for a lifetime) can be developed. The question remains, would the industry be willing to look at new ways (for the Islamic Finance industry) of generating growth? Or will it remain where it’s at?

Article Synopisis:

What does consumer marketing and retail Islamic Finance have in common? Well, for starters, retail Islamic finance can take a leaf    (or rather the entire book!) out of consumer marketing and utilise that available body of knowledge to develop business strategies that are consumer centric in order to achieve organic growth. Or more specifically, utilise social media as a means of engaging with the consumer and achieving growth.

The article can also be viewed at www.islamica-me.com (by membership) or at Slideshare.

Comments, opinions, thoughts are welcome and can be posted here.

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Published by

Joy Abdullah

I create brand, financial and people value for an organization by linking its leadership, strategy, engagement and communications into one cohesive story.

3 thoughts on “Social Media as a Growth Driver in Retail Islamic Finance”

  1. Right on, Islamic finance can be “accelerated” thru social media but it requires the IFI’s to develop a knowledge of social media and develop a presence in these various mediums. Also, concise message will help them travel faster thru the web, getting a precise and simple message of what is Islamic finance will allow them to gel much better with social media. If you get too technical and abstract you can easily lose traction.

    1. Excellent comment and bang on the button! If the Islamic Finance industry ‘de-jargonises’ its communication language, focusses on being consumer-centric, and clearly communicates a one single key benefit as the core message, it’s acceptance and thus growth would shoot through the roof.
      In this scenario, Social Media (which is a tool and not the “Strategy”) will aid in engaging us, the consumers.

  2. Great article! Through social media one can spread the word and reach customers much faster. Banking sooner or later will be based on the internet and one needs social networks to communicate with customers then.

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