Islamic marketing1

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This is my personal studying material of Islamic marketing. Economy in Turkey and middle east countries is growing recently, so the importance of Islamic marketing is now increasing.

This is my personal studying material of Islamic marketing. Economy in Turkey and middle east countries is growing recently, so the importance of Islamic marketing is now increasing.

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  • 1. The IntroductoryIslamic Marketing 1 Nobumasa Kikuchi This is a personal study material which is Based on Baker Ahmad Alserhan “The principles of Islamic Marketing”
  • 2. The Biggest Unified Market1,409,139,261 Muslims : 21% of the world populationOrganization of Islamic Conference has 57 member states Total GDP USD 8 trillion (2008) Oil Producing GDP per capita USD 75,000 (UAE) 2011 Nobumasa Kikuchi
  • 3. Faith and Business practices• Does faith help produce more ethical organizations?• Islamic business has “rules of sales and commerce” to realize business ethics. 2011 Nobumasa Kikuchi
  • 4. 6 reasons : importance of Islam in global economy• Practical religion with clear daily procedure to follow = Behavior of Muslim consumers• Islamic finance institution made significant gain in severe economic environment.• As the result of the oil boom, Muslim countries became affluent consumer.• Foreign investments of Muslim countries increase.• Formation of Muslim trading bloc• Trends of Islamization 2011 Nobumasa Kikuchi
  • 5. Islamic Law : Shariah• Governs the life of Muslims• Embodiment of the will of God• Respect for the rights of all others 2011 Nobumasa Kikuchi
  • 6. 5 pillars of Islam• Affirmation of the faith (Shahadah)• 5 daily prayers facing Makkah• Fasting during the Ramadan month• Pilgrimage to Makkah once in a lifetime• Obligatory charity tax on one’s capital 2011 Nobumasa Kikuchi
  • 7. 3 categories of practices and act• Halal – Wajib or Duty – Mandoob or likeable – Makrooh or avoid if possible• Mushtabeh Cannot or difficult – doubted to sell to Muslims• Haram – Not permissible 2011 Nobumasa Kikuchi
  • 8. Islamic ethical system• The Quran – Sayings and behavior of Prophet Mohammad – Provide entire socioeconomic system• Two side of human motivation – Greed and Selfishness must be controled – Business success is judged by God’s rule• Human beings are tested by – Temptations – Hardships 2011 Nobumasa Kikuchi
  • 9. 6 Principles of Islamic ethics• Unity – Prohibit all forms of discrimination among stakeholders – Equal before God, even if not materially equal on earth• Iman(faith) – Business activity is guided by Iman. – Following Shariah and engaging Halal• Khilafah(trusteeship) – People are trustees on the earth – Having private property is permitted – ACQUIRED LAWFULLY AND REDISTRIBUTED FOR BEST INTEREST OF EVERYONE (important business ethics)• Balance – Act moderately, balance between self-interest and social good.• Adl(Justice) – Society must take care of basic needs of the poor. – Greatly values work and discourages dependence on others.• Free Will – Accountability 2011 Nobumasa Kikuchi
  • 10. Islamic values of business• Prohibition of bribery or rashwa – “Allah’s curse be on those who give and those who takes bribes”• Prohibition of fraud – Importance of honesty• Prohibition of discrimination• Greater social responsibility• Prohibition of interest• Prohibition of certain earnings(gambling, lottery,alcohol)• Prohibition of hoarding• Prohibition of Waste• Payment of Zakat• Payment of charity• Cleanliness 2011 Nobumasa Kikuchi
  • 11. Implications for business• Seek blessing before profit• He who cheat is not of us• Get a better deal.• In the case of dispute you are likely to get off with less harm.• You are more likely to be treated better.• If you receive present or are invited to social activity, nothing will be expected in return. 2011 Nobumasa Kikuchi
  • 12. References• BAKER AHMAD ALSERHAN ”The Principles of Islamic Marketing” GOWER 2011 2011 Nobumasa Kikuchi