The marketing of the Islamic banks' services in Jordan

The purpose of this empirical study was to explore the extent to which the marketing concept had been accepted and implemented by the Islamic banks in Jordan. To achieve this, a survey of the Islamic banks' managers and customers was carried out. The survey questioned the managers, at both senior and branch levels, concerning their opinions about the understanding, acceptance and implementation of the marketing concept. Customers' opinions were also explored with particular regard to the factors considered to be important in choosing to bank with Islamic banks; services used; personal characteristics; the importance of promotional media; and the banks' role in informing customers about the Islamic banking concept. The findings of the study were that Islamic banks in Jordan have a narrow understanding of the marketing concept. These banks were found to be value - rather than profit-orientated. They accepted many of the facets of the marketing concept such as customer orientation, profit orientation and social orientation, while they downgraded the status of marketing activities. It was found that while some customers were gained from the nonbanking segment of the market, the banks won approximately two thirds of their customers from conventional banks. However, some customers were not impressed by the Islamic banks to the extent that they continued their patronage of other banks. This study is important in the light of the increasing growth of Islamic banks. It provides empirical data about the marketing orientation of the Islamic banks in Jordan which cannot be found elsewhere. It contributes to a better understanding of the ways in which the banks could increase their effectiveness by providing guidelines and the implications for marketing strategies. The research methodology and instruments used will help researchers to conduct studies in the field of financial services marketing in the Arab-Muslem countries