A survey carried out by Thomson Reuters for the Global Islamic Economy Summit, held in Dubai last November, showed a 56 per cent majority agreeing that the prefix 'Islamic' in ‘Islamic Finance’ DOES hinder adoption of financial services by potential customers.
And every Islamic finance marketer amongst us knows this is an issue even with our Muslim customers.
how we treat our adversaries, reconciliation, mutual understanding.
The lesson from that resonates very strongly for us, because, Islamic finance has a communication issue, a major communication issue; and its not only because we are poor communicators.
This is particularly true for emerging or frontier Islamic finance markets.
Mis-communication and misconceptions are always key challenges that are faced by the industry in new markets.
And this issue is not restricted to consumers, there is misunderstanding of the industry among most stakeholders including governments, regulators, financial institutions etc.
Common misconceptions include: At best some of these points are “half truths”.
The reality is that Islamic finance is a value based banking system that is meant to be a genuine alternative to the current banking system and a inclusive proposition for all stakeholders – Muslim and non Muslim alike.
But we are all well aware of the fact that we have a major perception problem.
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