ISLAMIC BANKING: The evolution of Islamic bank marketing.

(From Bank Marketing International)

Advertising Islamic financial services is a different ball game from marketing Western products - especially as the industry is still relatively young - and both banks and communications agencies are reluctant to be too innovative. This will change, says Mohamed Ghozeil* In 2001, business journalist Gene Koprowski wrote an article for The Wall Street Journal, entitled Islamic Banking is Not the Enemy. In it, he commented: "One of the latest casualties of the war on terrorism is the image of Islamic banking." Four years later, more than 200 Islamic financial institutions worldwide collectively hold investment funds of more than $250 billion - and the category is showing a 16 percent rate of annual growth. It now appears that Koprowski's concern was unnecessary. …