Marketing strategy of Al-Awfar product : case study of Bank Islam UiTM branch / Nur Faizliyana Ebbie Izman

The Islamic financial industry experienced massive growth over the last few years. Malaysia is one of the countries that show amazing progress in this field. Thus, with the increasing trends of Islamic finance products, a big step has been taken by introducing and developing new products to meet the ever-changing demand from its customers and products that can be applied well in this country under the Shariah principle. The introduction of new Islamic products does impose some challenges, not only to the practitioners and Shariah council members but also to society at large, as they are the ultimate users of the product. This paper aims to look at the development and strategy of new Islamic banking products which is Al-Awfar in Bank Islam Malaysia Berhad. The focus will be mainly on the marketing strategy of Al-Awfar product in this bank. Thus, it’s revealing the proper ethics that should be implemented in any marketing of Islamic banking products. This paper also attempts to suggest ways to overcome the disputable issues. This is to give benefit to the customer yet to the society so that, there will be no dispute and issues towards this product. Library research and interview are the methods used in conducting this paper. An interview is conducted at Bank Islam Malaysia Berhad branch University Teknologi Mara.