This study examines customer awareness and satisfaction with Islamic retail banking products in Kuwait. A questionnaire was distributed to 150 Kuwaiti clients of Islamic banks to identify factors influencing customer choice of bank and level of awareness of Islamic banking principles and retail services. The study found 23 factors were important in choosing an Islamic bank, with bank reputation for Sharia compliance ranking last. Customers were aware of some products but not fully aware of others. Despite overall satisfaction, customers were still not fully satisfied with some areas like adherence to Sharia principles. The banking sector in Kuwait includes both conventional and Islamic banks and is growing more competitive. The study aims to understand customer preferences and satisfaction to help Islamic banks improve customer experience and loyalty.
Analyzing the Attitude of Customers towards Islamic Banking and Conventional ...iosrjce
Bangladesh is a country where both Islamic and conventional banks contribute to the economic
development. Although relatively new in Bangladesh and contributing to a small portion of the banking sector,
Islamic banks have played a pivotal role in improving the banking sector by providing services which are more
based on the beliefs of the Muslims. This study aims to compare the attitude of Islamic and conventional banks’
customers towards various aspects of banking in order to identify which bank has better performance in
customer’s perspective. To develop this descriptive study a total of 250 customers were interviewed. A
structured questionnaire consisting of 18 questions incorporated in 6 categories were used. The study reveals
that Islamic banks precede conventional banks on all factors. The study will help not only conventional banks
but also Islamic banks to understand in which sectors they need to focus to develop more positive attitude in the
minds of the customers.
Factors affecting selection of Islamic banks over conventional banksMuhammad Abbas
This document is a research paper on factors affecting the selection of Islamic banks over conventional banks among business school graduates in Karachi, Pakistan. The paper includes an introduction, literature review, conceptual framework, methodology, results and analysis, conclusion, and recommendations. The methodology section describes how data was collected through a questionnaire of 234 respondents rated on a scale of 1 to 5. Results of chi-square and t-tests found the independent variables of Islamic banking concepts, Sharia compliance, contract-based relationships, and bank personnel behavior influence the dependent variable of selection of banking system. The conclusion is these factors affect graduates' selection and more education is still needed on Islamic banking concepts.
What is the trust of consumer toward the Islamic bankingAwais Sargana
This report summarizes research on consumer trust toward Islamic banking. A questionnaire was administered to 100 respondents to understand their awareness and perceptions. The results found that most people are aware of how Islamic banking operates without interest. Respondents also understood the religious and financial benefits of Islamic banking. The report recommends that Islamic banks increase education on their principles to further build trust. Overall, the research found that greater awareness leads to more positive perceptions of Islamic banking.
11.[39 50]the tendency of customers towards the acceptance of islamic banking...Alexander Decker
This document summarizes a research study examining customer tendencies toward Islamic banking compared to conventional banking in Bahawalpur, Pakistan. The study used both descriptive and analytical research designs, collecting data through questionnaires with 125 customers of Islamic banks. Key findings were that factors like interest-free banking, mutual participation, transparency, service quality and marketing strategies significantly influenced customer use of Islamic banking services over conventional services. However, the study was limited by its small sample size and focus only on the Bahawalpur region. It suggests expanding the study to the whole of Pakistan. In conclusion, the study found high acceptance and growing interest in Islamic banking in Bahawalpur, but that improvements could still be made through better marketing and customer services.
11.the tendency of customers towards the acceptance of islamic banking in bah...Alexander Decker
This document summarizes a research study examining customer tendencies toward Islamic banking compared to conventional banking in Bahawalpur, Pakistan. The study used both descriptive and analytical research designs, collecting data through a questionnaire of 125 customers of Islamic banks. Key findings were that factors like interest-free banking, mutual participation, transparency, service quality and marketing strategies significantly influenced customer use of Islamic banking services over conventional services. However, the study was limited by its small sample size and focus only on one region of Pakistan. It suggests expanding the study nationally to gain more implications. In conclusion, the study found high acceptance and growing interest in Islamic banking in Bahawalpur, but that improvements could still be made through better marketing and customer services.
3 body part-61dd1aab-1c40-4fa8-b711-6ade24efd150Sharif Sardar
This document summarizes a study on the prospects and problems of Islamic banking in Bangladesh from the perspective of Islamic and conventional bankers. The study found high demand among Bangladeshis for interest-free banking in accordance with Islamic principles. However, Islamic banks face criticisms that they do not fully apply Islamic rules and include some interest in their dealings. The study also notes lack of legal support, expertise, and training as impediments to the growth of Islamic banking in Bangladesh. Through surveys of Islamic and conventional bankers, the study aimed to assess views on opportunities and challenges for Islamic banking and inform policies to support its development.
This document discusses a study on customer satisfaction with Islamic banks in Pakistan. It begins by providing background on the origins and growth of Islamic banking principles. The purpose of the study is then stated as focusing on factors influencing customer satisfaction with Islamic banks in Pakistan, including service quality, products, customer care, financial benefits, competition, religion, and reputation. The methodology of the study involved a survey of 120 customers in various Pakistani cities. The findings showed a positive relationship between the factors studied and customer satisfaction, though there remains less awareness of Islamic banking products. The limitations included a small sample size and less overall awareness, though Islamic banking is growing due to its prohibition of interest in the predominantly Muslim country.
The document discusses capital challenges faced by Islamic banks in Indonesia in expanding their business. It analyzes data from Bank Syariah Mandiri from 2005 to 2016. The results of a statistical analysis show that both capital and profits have a significant positive influence on the expansion of Bank Syariah Mandiri's financing. However, Islamic banks in Indonesia face challenges increasing their business expansion due to their dependence on capital from conventional bank shareholders and lack of support from the government compared to conventional banks. Government policies are needed to help Islamic banks become independent and better support their growth.
Analyzing the Attitude of Customers towards Islamic Banking and Conventional ...iosrjce
Bangladesh is a country where both Islamic and conventional banks contribute to the economic
development. Although relatively new in Bangladesh and contributing to a small portion of the banking sector,
Islamic banks have played a pivotal role in improving the banking sector by providing services which are more
based on the beliefs of the Muslims. This study aims to compare the attitude of Islamic and conventional banks’
customers towards various aspects of banking in order to identify which bank has better performance in
customer’s perspective. To develop this descriptive study a total of 250 customers were interviewed. A
structured questionnaire consisting of 18 questions incorporated in 6 categories were used. The study reveals
that Islamic banks precede conventional banks on all factors. The study will help not only conventional banks
but also Islamic banks to understand in which sectors they need to focus to develop more positive attitude in the
minds of the customers.
Factors affecting selection of Islamic banks over conventional banksMuhammad Abbas
This document is a research paper on factors affecting the selection of Islamic banks over conventional banks among business school graduates in Karachi, Pakistan. The paper includes an introduction, literature review, conceptual framework, methodology, results and analysis, conclusion, and recommendations. The methodology section describes how data was collected through a questionnaire of 234 respondents rated on a scale of 1 to 5. Results of chi-square and t-tests found the independent variables of Islamic banking concepts, Sharia compliance, contract-based relationships, and bank personnel behavior influence the dependent variable of selection of banking system. The conclusion is these factors affect graduates' selection and more education is still needed on Islamic banking concepts.
What is the trust of consumer toward the Islamic bankingAwais Sargana
This report summarizes research on consumer trust toward Islamic banking. A questionnaire was administered to 100 respondents to understand their awareness and perceptions. The results found that most people are aware of how Islamic banking operates without interest. Respondents also understood the religious and financial benefits of Islamic banking. The report recommends that Islamic banks increase education on their principles to further build trust. Overall, the research found that greater awareness leads to more positive perceptions of Islamic banking.
11.[39 50]the tendency of customers towards the acceptance of islamic banking...Alexander Decker
This document summarizes a research study examining customer tendencies toward Islamic banking compared to conventional banking in Bahawalpur, Pakistan. The study used both descriptive and analytical research designs, collecting data through questionnaires with 125 customers of Islamic banks. Key findings were that factors like interest-free banking, mutual participation, transparency, service quality and marketing strategies significantly influenced customer use of Islamic banking services over conventional services. However, the study was limited by its small sample size and focus only on the Bahawalpur region. It suggests expanding the study to the whole of Pakistan. In conclusion, the study found high acceptance and growing interest in Islamic banking in Bahawalpur, but that improvements could still be made through better marketing and customer services.
11.the tendency of customers towards the acceptance of islamic banking in bah...Alexander Decker
This document summarizes a research study examining customer tendencies toward Islamic banking compared to conventional banking in Bahawalpur, Pakistan. The study used both descriptive and analytical research designs, collecting data through a questionnaire of 125 customers of Islamic banks. Key findings were that factors like interest-free banking, mutual participation, transparency, service quality and marketing strategies significantly influenced customer use of Islamic banking services over conventional services. However, the study was limited by its small sample size and focus only on one region of Pakistan. It suggests expanding the study nationally to gain more implications. In conclusion, the study found high acceptance and growing interest in Islamic banking in Bahawalpur, but that improvements could still be made through better marketing and customer services.
3 body part-61dd1aab-1c40-4fa8-b711-6ade24efd150Sharif Sardar
This document summarizes a study on the prospects and problems of Islamic banking in Bangladesh from the perspective of Islamic and conventional bankers. The study found high demand among Bangladeshis for interest-free banking in accordance with Islamic principles. However, Islamic banks face criticisms that they do not fully apply Islamic rules and include some interest in their dealings. The study also notes lack of legal support, expertise, and training as impediments to the growth of Islamic banking in Bangladesh. Through surveys of Islamic and conventional bankers, the study aimed to assess views on opportunities and challenges for Islamic banking and inform policies to support its development.
This document discusses a study on customer satisfaction with Islamic banks in Pakistan. It begins by providing background on the origins and growth of Islamic banking principles. The purpose of the study is then stated as focusing on factors influencing customer satisfaction with Islamic banks in Pakistan, including service quality, products, customer care, financial benefits, competition, religion, and reputation. The methodology of the study involved a survey of 120 customers in various Pakistani cities. The findings showed a positive relationship between the factors studied and customer satisfaction, though there remains less awareness of Islamic banking products. The limitations included a small sample size and less overall awareness, though Islamic banking is growing due to its prohibition of interest in the predominantly Muslim country.
The document discusses capital challenges faced by Islamic banks in Indonesia in expanding their business. It analyzes data from Bank Syariah Mandiri from 2005 to 2016. The results of a statistical analysis show that both capital and profits have a significant positive influence on the expansion of Bank Syariah Mandiri's financing. However, Islamic banks in Indonesia face challenges increasing their business expansion due to their dependence on capital from conventional bank shareholders and lack of support from the government compared to conventional banks. Government policies are needed to help Islamic banks become independent and better support their growth.
A SERVICE QUALITY OF ISLAMIC MICROFINANCE IN INDONESIA: AN IMPORTANCE-PERFORM...Iwan Kurniawan Subagja
The rapid growth of financial system in Indonesia creates an intensive competition between Conventional and Islamic financial institutions. The study aims to evaluate the service quality of Islamic Microfinance Institution in Indonesia. The survey was carried out to acquire data from 136 respondents. Descriptive statistics and importance performance analysis (IPA) was used to analyze the data. The finding show that attributes plotted in quadrant “keep up the good work” are providing prompt service, and helpful response to customer requests, Ability in providing services to the customer as needed, prompt service on financial counselling, Ability of staff in giving proper explanation to the customer, Ability to keep the transaction process secure, and Shariah compliance banking products. Meanwhile, the attributes plotted in quadrant “concentrate here” are accessible of location of ATM, easy to access the location, ability to navigate customer to find what they intend, ability to maintain accuracy of bank statement, and ability in providing after sale services. To the best of author’s knowledge, it is the first study that measuring the service quality of Islamic microfinance from customer perspective using importance-performance approach.
Consumer behavior analysis in selection of a bankTrupti Desai
The document summarizes research on consumer behavior when choosing a bank in India. It discusses the origins and structure of banking in India. Research methodology included questionnaires with 100 consumers in Ahmedabad and Baroda. Key findings were that consumers primarily consider rate of interest, convenience, easy loans and ATM access when selecting a bank. There was no major differentiating factor between banks and consumers desired more attractive offers, education on offerings, and improved security. Recommendations included targeting influencers to gain more business and assuring security of consumer investments.
This document contains a bibliography and questionnaire for a study on banking services and customer satisfaction in the new private banking sector, specifically related to ICICI Bank in Coimbatore City. The bibliography lists several journal articles, books, and websites related to topics of banking, service quality, customer satisfaction and research methodology. The questionnaire contains 25 questions on customer demographics, account details, service quality assessments, problems faced, satisfaction levels and opinions regarding a specific bank.
This study examines customer satisfaction levels with Islamic and conventional banks in Bahawalpur, Pakistan. 85 customers of 2 Islamic banks and 4 conventional banks were surveyed. The findings showed that customers were satisfied with both bank types but conventional bank customers reported higher satisfaction. Economic benefits, interest rates, and reputation were main motivators for conventional banks. Interest-free loans, Islamic principles, and religious environment motivated customers to Islamic banks. Overall, the study aimed to compare customer satisfaction and motivational factors between Islamic and conventional banking in the region.
This document analyzes the efficiency of conventional and Islamic banks in Indonesia using data envelopment analysis from 2002-2006. The study finds that Islamic banks are slightly more efficient than conventional banks, though both are improving. Income is the most efficient factor for both bank types, while labor is always inefficient. Deposits are improving in conventional banks but worsening in Islamic banks, while financing has been a problem for conventional banks but high for Islamic banks. The document recommends Islamic banks focus more on attracting floating customers and improving human resources.
This document summarizes a research paper that compares the performance of Islamic and conventional banks in Pakistan between 2007-2011. The paper finds that Islamic banks performed better than conventional banks during this period. Key differences noted were that Islamic banks promote equity financing, while conventional banks rely solely on debt financing. Return on assets was also higher for Islamic banks, indicating they operate more efficiently. In conclusion, the paper finds that Islamic banks have a bright future within Pakistan's banking industry.
A comparative analysis of public and private sector banks in indiaAlexander Decker
This document discusses a study comparing customer satisfaction levels between public and private sector banks in India. It provides background on the banking industry and importance of customer satisfaction. The study was conducted through a survey of 160 bank customers in Chandigarh city. Statistical tests were used to analyze differences in customer perceptions of service quality between public and private banks. The results showed that private sector banks placed more emphasis on relationship building and had better infrastructure, leading to higher levels of customer satisfaction compared to public sector banks.
Customer Satisfaction Level of Islamic Bank and Conventional Bank in PakistanIOSR Journals
This document compares customer satisfaction levels between Islamic and conventional banks in Pakistan. It analyzes data collected from questionnaires distributed to customers of 3 Islamic banks (Bank of Khyber, Almeezan bank, Albaraka bank) and 3 conventional banks (Habib bank limited, united bank limited, Allied bank limited). The data shows higher customer satisfaction levels at conventional banks compared to Islamic banks, possibly due to conventional banks' greater global image, product variety, and marketing efforts. The document recommends Islamic banks improve services, awareness, and product offerings to better compete with conventional banks.
YONO is a futuristic app developed by State Bank of India (SBI) that allows users to access a variety of banking and financial services through their smartphones. The app aims to provide hassle-free digital banking and empower customers to complete services remotely or inside physical branches. However, the study found some problems with YONO regarding usability, performance issues, and lack of support on some operating systems. The report provides recommendations to address these problems, improve the customer experience, and make YONO more user-friendly for a wider customer base.
A STUDY ON CUSTOMER BEHAVIOUR TOWARDS BANKING SERVICES WITH SPECIAL REFERENCE...Bhavik Parmar
- The banking system in India began in the 18th century with the establishment of banks like The General Bank of India and Bank of Bengal. The operations of all banks in India are regulated by the Reserve Bank of India.
- Banks in India are classified as public sector banks, which are controlled by the government, and private sector banks. Public sector banks dominate the banking sector and account for around 75% of banking advances in India.
- The Indian banking system has grown significantly and now consists of various types of banks including public and private sector banks, foreign banks, rural and cooperative banks. Public sector banks still control around 80% of the banking market share.
Do Islamic rural banks consider Islamic morality in assessing credit applicat...UniversitasGadjahMada
This study aims to investigate how moral issues are considered in Islamic rural banks credit application analysis. To examine what factors are to be considered, this study applies a mixed approach (qualitative and quantitative), using focus group discussions, analysis of documents, interviews, and survey methods. The findings of this study have shown some essential aspects that are considered in the financing analysis of Islamic Rural Banks (BPRS). The results also reveal that the managers of the BPRS have very similar perceptions of the importance of the 5Cs. As revealed in the findings, all BPRS concede that they are applying this model with a different level of significance. Most BPRS only focus on some key aspects that are considered more important than others.
This document provides an introduction and overview of project work and research methodology. It discusses that project work is related to research and involves investigating problems in a scientific manner. It also defines research methodology as the series of steps followed to attain the objectives of social research.
The document then discusses various primary and secondary sources of data collection for project work, including observation, interviews, questionnaires, published works, and internet sources. It provides examples of how these different methods can be used to collect data.
Finally, the document emphasizes the importance of guidance from an authorized person when collecting information for a project, and outlines the steps taken by the author to visit a bank and collect data for their project.
This document discusses a study on measuring consumer attitudes towards the mobile financial service bKash in Bangladesh. It provides background on Bangladesh's financial sector and the regulation of mobile financial services. It notes that while only 13% of Bangladeshis have bank accounts, over 90% have mobile phones. The study aims to evaluate consumer satisfaction and dissatisfaction with bKash, the largest mobile financial service provider in Bangladesh, through surveys of 30 bKash customers. The methodology, limitations, and information sources used in the study are also outlined.
This proposal discusses developing an effective online strategy for the Islamic banking sector in Libya. The objectives are to improve performance, ensure sustainable growth, and understand how online banking is evolving in Islamic and conventional banks in Libya from the customer's perspective. The proposal will examine the internal strengths and weaknesses as well as external opportunities and threats to frame a strategy. It will also focus on online transactions, human resource development, and strategies for internal and external relations.
The document provides an overview of the Banking, Financial Services and Insurance (BFSI) sector in Ahmedabad, India. It discusses 5 key players in the banking sector - State Bank of India, ICICI Bank, Dena Bank, HSBC Bank, and Kalupur Bank. For State Bank of India, it outlines the various products and services offered, including deposit accounts, personal finance options, and agriculture banking services. Overall, the document analyzes the major BFSI players in Ahmedabad and their offerings.
The market share of Islamic banking in Indonesia has continually decreased from 4.89% in 2013 to 4.85% in 2014 and 4.83% in 2015. As a result, the idea to establish a single state owned Islamic Bank occurs. This conceptual paper aims to contribute the maslahah framework regarding the future of Islamic banks in Indonesia.
Current and future challenges of banking sector- report on DBBLUniversity of Dhaka
Banks play an important role in a country's economic development by mobilizing savings, facilitating capital formation, and creating credit. They face challenges in Bangladesh like low quality assets, surplus liquidity, lack of good governance, and inadequate risk management. Banks can address these challenges through risk management, credit risk mitigation, training employees, and using new technologies. Dutch-Bangla Bank provides unique products and services like mobile banking, internet banking, and agent banking to create value for customers. However, infrastructure issues still hinder fully online banking in Bangladesh.
This document is a project report submitted by S. Prarthana to the Faculty of Management Studies at Dhanalakshmi College of Engineering in partial fulfillment of an MBA degree. The project report studies customer awareness of internet banking services provided by Dena Bank's T.Nagar branch in Chennai. It includes an introduction, objectives, need for the study, industry and company profiles, literature review, research methodology, data analysis and interpretation, summary and conclusion. 150 customers were surveyed using a questionnaire and their responses were analyzed using statistical tools like percentage, chi-square and correlation to draw inferences and provide suggestions.
Management Information System on bkashRageeb Hasan
This document provides an executive summary and table of contents for a report on the management information system of bKash Limited. It discusses that bKash is a mobile money system and subsidiary of BRAC Bank that aims to provide financial services to underserved populations in Bangladesh. The report contains 4 chapters, including an introduction to bKash, an overview of the company, a description of the management information system used by bKash including hardware and software, and a conclusion. It provides details on bKash services, popular software used like business management and money transaction software, and findings and recommendations.
The document discusses the importance of customer awareness of corporate social responsibility (CSR) initiatives. It notes that consumers are increasingly factoring environmental and social issues into purchasing decisions and companies must properly inform customers of CSR efforts to benefit. There is a positive relationship between CSR awareness, corporate evaluation, purchase intention, and product association. Companies need to measure consumer awareness of CSR and consider both external and internal outcomes.
The document discusses the history and development of life insurance in India. It begins with the origins of insurance practices in ancient civilizations and the establishment of the first insurance companies in India in the 18th and 19th centuries. It then covers the nationalization of the insurance industry in India in 1956 with the formation of LIC, and its subsequent privatization and regulation by IRDA beginning in 2000. The key events, regulations, and growth of the life insurance sector in India over the decades are summarized.
A SERVICE QUALITY OF ISLAMIC MICROFINANCE IN INDONESIA: AN IMPORTANCE-PERFORM...Iwan Kurniawan Subagja
The rapid growth of financial system in Indonesia creates an intensive competition between Conventional and Islamic financial institutions. The study aims to evaluate the service quality of Islamic Microfinance Institution in Indonesia. The survey was carried out to acquire data from 136 respondents. Descriptive statistics and importance performance analysis (IPA) was used to analyze the data. The finding show that attributes plotted in quadrant “keep up the good work” are providing prompt service, and helpful response to customer requests, Ability in providing services to the customer as needed, prompt service on financial counselling, Ability of staff in giving proper explanation to the customer, Ability to keep the transaction process secure, and Shariah compliance banking products. Meanwhile, the attributes plotted in quadrant “concentrate here” are accessible of location of ATM, easy to access the location, ability to navigate customer to find what they intend, ability to maintain accuracy of bank statement, and ability in providing after sale services. To the best of author’s knowledge, it is the first study that measuring the service quality of Islamic microfinance from customer perspective using importance-performance approach.
Consumer behavior analysis in selection of a bankTrupti Desai
The document summarizes research on consumer behavior when choosing a bank in India. It discusses the origins and structure of banking in India. Research methodology included questionnaires with 100 consumers in Ahmedabad and Baroda. Key findings were that consumers primarily consider rate of interest, convenience, easy loans and ATM access when selecting a bank. There was no major differentiating factor between banks and consumers desired more attractive offers, education on offerings, and improved security. Recommendations included targeting influencers to gain more business and assuring security of consumer investments.
This document contains a bibliography and questionnaire for a study on banking services and customer satisfaction in the new private banking sector, specifically related to ICICI Bank in Coimbatore City. The bibliography lists several journal articles, books, and websites related to topics of banking, service quality, customer satisfaction and research methodology. The questionnaire contains 25 questions on customer demographics, account details, service quality assessments, problems faced, satisfaction levels and opinions regarding a specific bank.
This study examines customer satisfaction levels with Islamic and conventional banks in Bahawalpur, Pakistan. 85 customers of 2 Islamic banks and 4 conventional banks were surveyed. The findings showed that customers were satisfied with both bank types but conventional bank customers reported higher satisfaction. Economic benefits, interest rates, and reputation were main motivators for conventional banks. Interest-free loans, Islamic principles, and religious environment motivated customers to Islamic banks. Overall, the study aimed to compare customer satisfaction and motivational factors between Islamic and conventional banking in the region.
This document analyzes the efficiency of conventional and Islamic banks in Indonesia using data envelopment analysis from 2002-2006. The study finds that Islamic banks are slightly more efficient than conventional banks, though both are improving. Income is the most efficient factor for both bank types, while labor is always inefficient. Deposits are improving in conventional banks but worsening in Islamic banks, while financing has been a problem for conventional banks but high for Islamic banks. The document recommends Islamic banks focus more on attracting floating customers and improving human resources.
This document summarizes a research paper that compares the performance of Islamic and conventional banks in Pakistan between 2007-2011. The paper finds that Islamic banks performed better than conventional banks during this period. Key differences noted were that Islamic banks promote equity financing, while conventional banks rely solely on debt financing. Return on assets was also higher for Islamic banks, indicating they operate more efficiently. In conclusion, the paper finds that Islamic banks have a bright future within Pakistan's banking industry.
A comparative analysis of public and private sector banks in indiaAlexander Decker
This document discusses a study comparing customer satisfaction levels between public and private sector banks in India. It provides background on the banking industry and importance of customer satisfaction. The study was conducted through a survey of 160 bank customers in Chandigarh city. Statistical tests were used to analyze differences in customer perceptions of service quality between public and private banks. The results showed that private sector banks placed more emphasis on relationship building and had better infrastructure, leading to higher levels of customer satisfaction compared to public sector banks.
Customer Satisfaction Level of Islamic Bank and Conventional Bank in PakistanIOSR Journals
This document compares customer satisfaction levels between Islamic and conventional banks in Pakistan. It analyzes data collected from questionnaires distributed to customers of 3 Islamic banks (Bank of Khyber, Almeezan bank, Albaraka bank) and 3 conventional banks (Habib bank limited, united bank limited, Allied bank limited). The data shows higher customer satisfaction levels at conventional banks compared to Islamic banks, possibly due to conventional banks' greater global image, product variety, and marketing efforts. The document recommends Islamic banks improve services, awareness, and product offerings to better compete with conventional banks.
YONO is a futuristic app developed by State Bank of India (SBI) that allows users to access a variety of banking and financial services through their smartphones. The app aims to provide hassle-free digital banking and empower customers to complete services remotely or inside physical branches. However, the study found some problems with YONO regarding usability, performance issues, and lack of support on some operating systems. The report provides recommendations to address these problems, improve the customer experience, and make YONO more user-friendly for a wider customer base.
A STUDY ON CUSTOMER BEHAVIOUR TOWARDS BANKING SERVICES WITH SPECIAL REFERENCE...Bhavik Parmar
- The banking system in India began in the 18th century with the establishment of banks like The General Bank of India and Bank of Bengal. The operations of all banks in India are regulated by the Reserve Bank of India.
- Banks in India are classified as public sector banks, which are controlled by the government, and private sector banks. Public sector banks dominate the banking sector and account for around 75% of banking advances in India.
- The Indian banking system has grown significantly and now consists of various types of banks including public and private sector banks, foreign banks, rural and cooperative banks. Public sector banks still control around 80% of the banking market share.
Do Islamic rural banks consider Islamic morality in assessing credit applicat...UniversitasGadjahMada
This study aims to investigate how moral issues are considered in Islamic rural banks credit application analysis. To examine what factors are to be considered, this study applies a mixed approach (qualitative and quantitative), using focus group discussions, analysis of documents, interviews, and survey methods. The findings of this study have shown some essential aspects that are considered in the financing analysis of Islamic Rural Banks (BPRS). The results also reveal that the managers of the BPRS have very similar perceptions of the importance of the 5Cs. As revealed in the findings, all BPRS concede that they are applying this model with a different level of significance. Most BPRS only focus on some key aspects that are considered more important than others.
This document provides an introduction and overview of project work and research methodology. It discusses that project work is related to research and involves investigating problems in a scientific manner. It also defines research methodology as the series of steps followed to attain the objectives of social research.
The document then discusses various primary and secondary sources of data collection for project work, including observation, interviews, questionnaires, published works, and internet sources. It provides examples of how these different methods can be used to collect data.
Finally, the document emphasizes the importance of guidance from an authorized person when collecting information for a project, and outlines the steps taken by the author to visit a bank and collect data for their project.
This document discusses a study on measuring consumer attitudes towards the mobile financial service bKash in Bangladesh. It provides background on Bangladesh's financial sector and the regulation of mobile financial services. It notes that while only 13% of Bangladeshis have bank accounts, over 90% have mobile phones. The study aims to evaluate consumer satisfaction and dissatisfaction with bKash, the largest mobile financial service provider in Bangladesh, through surveys of 30 bKash customers. The methodology, limitations, and information sources used in the study are also outlined.
This proposal discusses developing an effective online strategy for the Islamic banking sector in Libya. The objectives are to improve performance, ensure sustainable growth, and understand how online banking is evolving in Islamic and conventional banks in Libya from the customer's perspective. The proposal will examine the internal strengths and weaknesses as well as external opportunities and threats to frame a strategy. It will also focus on online transactions, human resource development, and strategies for internal and external relations.
The document provides an overview of the Banking, Financial Services and Insurance (BFSI) sector in Ahmedabad, India. It discusses 5 key players in the banking sector - State Bank of India, ICICI Bank, Dena Bank, HSBC Bank, and Kalupur Bank. For State Bank of India, it outlines the various products and services offered, including deposit accounts, personal finance options, and agriculture banking services. Overall, the document analyzes the major BFSI players in Ahmedabad and their offerings.
The market share of Islamic banking in Indonesia has continually decreased from 4.89% in 2013 to 4.85% in 2014 and 4.83% in 2015. As a result, the idea to establish a single state owned Islamic Bank occurs. This conceptual paper aims to contribute the maslahah framework regarding the future of Islamic banks in Indonesia.
Current and future challenges of banking sector- report on DBBLUniversity of Dhaka
Banks play an important role in a country's economic development by mobilizing savings, facilitating capital formation, and creating credit. They face challenges in Bangladesh like low quality assets, surplus liquidity, lack of good governance, and inadequate risk management. Banks can address these challenges through risk management, credit risk mitigation, training employees, and using new technologies. Dutch-Bangla Bank provides unique products and services like mobile banking, internet banking, and agent banking to create value for customers. However, infrastructure issues still hinder fully online banking in Bangladesh.
This document is a project report submitted by S. Prarthana to the Faculty of Management Studies at Dhanalakshmi College of Engineering in partial fulfillment of an MBA degree. The project report studies customer awareness of internet banking services provided by Dena Bank's T.Nagar branch in Chennai. It includes an introduction, objectives, need for the study, industry and company profiles, literature review, research methodology, data analysis and interpretation, summary and conclusion. 150 customers were surveyed using a questionnaire and their responses were analyzed using statistical tools like percentage, chi-square and correlation to draw inferences and provide suggestions.
Management Information System on bkashRageeb Hasan
This document provides an executive summary and table of contents for a report on the management information system of bKash Limited. It discusses that bKash is a mobile money system and subsidiary of BRAC Bank that aims to provide financial services to underserved populations in Bangladesh. The report contains 4 chapters, including an introduction to bKash, an overview of the company, a description of the management information system used by bKash including hardware and software, and a conclusion. It provides details on bKash services, popular software used like business management and money transaction software, and findings and recommendations.
The document discusses the importance of customer awareness of corporate social responsibility (CSR) initiatives. It notes that consumers are increasingly factoring environmental and social issues into purchasing decisions and companies must properly inform customers of CSR efforts to benefit. There is a positive relationship between CSR awareness, corporate evaluation, purchase intention, and product association. Companies need to measure consumer awareness of CSR and consider both external and internal outcomes.
The document discusses the history and development of life insurance in India. It begins with the origins of insurance practices in ancient civilizations and the establishment of the first insurance companies in India in the 18th and 19th centuries. It then covers the nationalization of the insurance industry in India in 1956 with the formation of LIC, and its subsequent privatization and regulation by IRDA beginning in 2000. The key events, regulations, and growth of the life insurance sector in India over the decades are summarized.
Customer awareness @ sbi mutual fund project report mba marketingBabasab Patil
This document provides an overview of State Bank of India (SBI) Mutual Fund and customer awareness about it in Belgaum City, India. It discusses the history and evolution of SBI, describes its products and services, and outlines the objectives and scope of the research project which examines customer awareness and preferences regarding SBI Mutual Fund. The research methodology involved collecting primary data through interviews and a questionnaire with 100 respondents in Belgaum City. The document also provides background information on SBI Life Insurance which is a joint venture between SBI and a French insurance company.
This survey studied people's preferences and usage of fairness creams. It found that most respondents, especially women, regularly use fairness creams primarily for achieving glowing and shiny skin. Television advertisements were the most influential factor in promoting cream brands. While many were unaware of potential side effects, most would continue usage but consult doctors. The report suggests manufacturers focus on herbal products and educate people on balanced usage and benefits over risks.
A project report on awareness level of personal banking products of SBI bankBabasab Patil
The document provides an overview of the banking industry in India including its history from ancient times to present day. It discusses the key milestones in banking such as the establishment of the State Bank of India and regional rural banks. The document also outlines the current structure of the Indian banking system comprising of public sector banks, private sector banks, foreign banks, and co-operative banks that are regulated by the Reserve Bank of India.
This document discusses consumer awareness and rights in India. It outlines the seven main rights of consumers: safety, information, choice, redress, education, healthy environment, and basic needs. It emphasizes the importance of consumer education and protection organizations in fighting exploitation of consumers in India related to issues like poverty, illiteracy, and ineffective laws. Finally, it provides tips for consumers to keep in mind when purchasing various products like food, drugs, clothes, gold, and more.
This document discusses consumer rights and protections. It outlines several key consumer rights, including the rights to safety, choice, and redress. It also discusses factors that can lead to consumer exploitation like limited information, supplies and competition. The document then provides an overview of consumer protection laws and mechanisms in place to protect consumers and promote fair business practices. These include laws against anti-competitive behavior and mergers that threaten competition.
Challenges facing the development of islamic bankingAlexander Decker
This document summarizes the challenges facing the development of Islamic banking in Kenya based on a case study of four Islamic banks. The key challenges identified are:
1) Lack of a supportive legal framework for Islamic banking, as commercial and banking laws are based on interest and prohibit some Islamic banking practices.
2) Need for specialized Islamic banking courts and amendments to existing laws to accommodate Islamic banking principles and resolve disputes.
3) Absence of dedicated Islamic banking laws results in Islamic banking contracts being treated as conventional and taxed twice.
A STUDY ON ISLAMIC CREDIT CARDS HOLDERS.Claire Webber
This document provides information about a study on Islamic credit card holders conducted by Nuradli Ridzwan Shah Bin Mohd Dali and Hanifah Abdul Hamid of Universiti Sains Islam Malaysia. The study aims to identify factors influencing perceptions of Islamic banking credit cards using factor analysis. It provides background on credit cards and Islamic banking principles. Literature on past studies on factors affecting choice and use of Islamic versus conventional credit cards is also reviewed. The methodology section describes the use of exploratory factor analysis to uncover underlying structures in a large set of variables related to Islamic credit card holders.
International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
The Journal will bring together leading researchers, engineers and scientists in the domain of interest from around the world. Topics of interest for submission include, but are not limited to
1) The document discusses a study on the bank selection criteria of retail customers in Khulna City, Bangladesh.
2) The study aimed to evaluate customer preferences for different types of banks and identify the most important factors considered by customers when selecting a bank.
3) The study found that customers place the highest emphasis on convenience factors related to availing required banking services, such as location and operating hours. Other important factors included economic, promotional, and influence factors.
Islamic Finance : Research Directions for Young ResearchersMahmoud Sami Nabi
This document summarizes a presentation on future research directions for young researchers in Islamic finance. It provides an overview of the growth of the Islamic financial services industry, particularly in banking assets, sukuk issuances, takaful contributions, and Islamic funds. It then discusses potential areas for future research, including ensuring Islamic finance develops in accordance with its distinguishing principles of risk sharing, ethics, and connection to the real economy. Examples are given of deviations in Islamic bank practices from theoretical models. The role of international institutions and lessons from other countries' experiences are also addressed.
Demographic profile of the customers and their level of satisfactionAlexander Decker
This document summarizes a research study on customer satisfaction and bank selection criteria among different demographic groups of customers of Islami Bank Bangladesh Ltd (IBBL). The study found that customers of all demographic segments (gender, marital status, age, income, education, religion) reported being mostly satisfied with IBBL. Customer satisfaction levels did not significantly vary between demographic groups. The top two bank selection criteria for IBBL customers were "compliance with Islamic principles" and "corporate efficiency" such as fast service and experienced management. The study aimed to help IBBL understand customer segments and formulate competitive strategies.
Determinants of attitude of customers towards usage of islamic credit card a ...Alexander Decker
This document summarizes a study that examined factors influencing the attitude of graduate students toward using Islamic credit cards. It used a model called the Technology Acceptance Model (TAM) and incorporated additional factors of trust, financial cost, and knowledge of Islamic credit cards. A survey was conducted of postgraduate students at Kolej Universiti Insaniah in Kedah, Malaysia to determine how perceived ease of use, perceived usefulness, trust, financial cost, and knowledge influence attitudes toward using Islamic credit cards. Previous literature found that demographic factors and financial knowledge influence conventional credit card usage. However, few studies examined determinants of attitudes specifically toward Islamic credit cards.
A comparative study on islamic banking in bangladeshMd. Shahinuzzaman
A banking system that is based on the principles of Islamic law (also known Shariah) and guided by Islamic economics. Two basic principles behind Islamic banking are the sharing of profit and loss and, significantly, the prohibition of the collection and payment of interest. Collecting interest is not permitted under Islamic law. Where the conventional banking follows conventional interest-based principle.
The document discusses the concepts and principles of Islamic banking and finance. It provides an overview of Islamic banking since its inception, noting it focuses on risk sharing and limiting unnecessary risk. The document then discusses the emergence and development of Islamic banking specifically in the United Arab Emirates since the 1960s. It notes that currently, Islamic banking accounts for over 20% of banking in the UAE and contributes approximately 8.5% to Dubai's GDP and 10% to the UAE's overall GDP. Regulatory bodies that oversee Islamic banks and ensure Sharia compliance are also summarized.
1. The study examined the influences of service quality, product quality, and innovation on customer satisfaction in Islamic banking.
2. It developed hypotheses about the relationships between customer satisfaction and the three determinants: service quality, product quality, and innovation.
3. The results found that all three determinants - service quality, product quality, and innovation - had significant positive relationships with customer satisfaction. Innovation also had a significant moderating effect on the relationships between the other two determinants and customer satisfaction.
This document summarizes previous research on comparing customer satisfaction between public and private sector banks in India. It discusses the characteristics of banking services and how they impact customer perceptions of quality. Previous studies have identified factors that influence customer satisfaction such as convenience, staff competence, technology availability, and responsiveness. Research has also examined differences in factors that affect satisfaction between public and private banks. For example, private bank customers rate staff and promotional factors higher while public bank customers prioritize routine operations and prices. In general, studies have found that private bank customers express higher satisfaction levels compared to public sector banks.
Explaining Customer Satisfaction with Experience, Customer Trust and Commitm...theijes
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The papers for publication in The International Journal of Engineering& Science are selected through rigorous peer reviews to ensure originality, timeliness, relevance, and readability.
Explaining Customer Satisfaction with Experience, Customer Trust and Commitme...theijes
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
Customers orientation and service quality of commercial banks the empirical e...iaemedu
This document summarizes a research paper on examining customer orientation and service quality of State Bank of India in Garo Hills, Meghalaya, India. The paper reviews previous studies on customer satisfaction and service quality in banking. It discusses the changing competitive landscape in banking that requires a focus on customer needs. The study aims to empirically examine SBI's customer services and determine customer satisfaction levels through surveys and factor analysis. The preliminary findings show that SBI's service quality is lacking and many new services have remained underutilized due to inherent problems. The full paper presents additional details on the research methodology and statistical analysis.
Customers orientation and service quality of commercial banksSantosh Kumar
This document discusses a study examining customer orientation and service quality at State Bank of India branches in Garo Hills, Meghalaya, India. The study found that customer satisfaction with bank services was quite low and quality standards were not being met. A survey of 100 customers used factor analysis to measure satisfaction across 25 variables. A separate survey of 50 customers also found that many new innovative banking services were underutilized due to inherent problems. The introduction discusses the increasingly competitive banking environment and need for customer-centric strategies to retain customers.
The Challenges of Bad Debt Monitoring Practices in Islamic Micro BankingMercu Buana University
The study aims to assess and compare the monitoring procedures in two Bank Syariah Mandiri (BSM) branches located in Cengkareng and Duri Kosambi of West Jakarta city. The research implemented qualitative data analysis tools that consisted in to develop Focus group discussion (FDG) to obtain reliable and depth data related to monitoring practices among loan officers. Meanwhile, interviews were designed to the branch managers of each institution to determine their role in the NPF management. The study results divide into two parts: On the one hand, it highlights the standard monitoring procedures for the Non-performing financing (NPF) in Islamic micro banking and the main differences between conventional and Islamic in NPF management. On the other hand, the second result exposes three main key findings: First one, it confirms the importance of count on proper risk management for Islamic micro banking and harnessing of the sharia principles to maintain the quality of the portfolio. Second, the study reveals a correlation that exists among screening, monitoring, and enforcement, thus how a proper testing and supervision practices may affect in the following steps of the loan cycle. Finally the third one, it shows the impact of real leadership from the head manager in the performance of the institution.
The document discusses the growth of Islamic trade finance. It notes that trade between Organization of Islamic Cooperation (OIC) countries and the rest of the world grew 6.2% from 2011 to 2012, while trade within OIC countries rose 9% over the same period. Islamic trade finance benefits from this increasing trade activity. Popular Islamic trade finance instruments include the Islamic letter of credit and murabaha contracts. However, challenges remain such as improving global connectivity, developing talent, and demonstrating that Islamic products provide value beyond religious compliance.
This study examines the factors that determine the financing supply of Islamic banks in multiple countries. It uses panel data from Islamic banks in Pakistan and Malaysia over several years. The study finds that increases in total deposits and GDP positively impact financing, while increases in the market rate of return, money supply, and bank equity negatively impact financing. The results indicate Islamic banks do not always proportionally increase financing when deposits and equity rise, suggesting excess liquidity. Overall the model explains about 31% of the variation in Islamic bank financing.
This document summarizes the opportunities and challenges facing Indonesian Islamic financial institutions with the establishment of the ASEAN Economic Community in 2015. It finds that Indonesia has opportunities to become a large player in global Islamic finance due to its large Muslim population and natural resources. However, it also faces challenges from the free movement of skilled labor, as Indonesia has minimal experience in Islamic finance human resources. The document analyzes this using a SWOT framework and concludes that Indonesia has strong sharia accounting standards for its Islamic banks. It recommends strategies like competitive returns to attract customers and increasing public education on Islamic banking principles.
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Customer awareness and satisfaction of islamic retail products in kuwait
1. Research Journal of Finance and Accounting
ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online)
Vol.4, No.17, 2013
www.iiste.org
Customer Awareness and Satisfaction of Islamic Retail Products
in Kuwait
Dr. Ghassan F. Abu Alsoud
Applied Science University - Bahrain
Dr. Mohammad Khairi al sheikh abdallah
Gulf University - Bahrain
Abstract
The market for Islamic banking has grown rapidly over the past few years, and this high growth is expected to
continue for the near future in Kuwait Banking Industry. At the same time the competition market is being
reshaped, with more Islamic financial services institutions than before entering the market. Within this
competitive environment customers have been identified as the most important foundational pillar for business
sustainability. Using a questionnaire distributed to 150 Kuwaiti client deals with Islamic banks, the study aimed
to examine the factors affecting Kuwaiti customers in the choice of the Islamic Bank, which they deal with, and
to study the level of awareness customers have on the Islamic principles that stand behind each retail service
provided by the Kuwaiti Islamic Banks. The study also examined the level of satisfaction of services provided by
these banks. The study found the twenty three factors investigated by the study were very important in choosing
Islamic banks in Kuwait. One Islamic factor only (Bank reputation in regards of abidance with Sharia principles)
was one of the first five factors but it took last place. This mean that Kuwaiti customers seek more than abidance
by sharia low, they want the same things customers of traditional banks requests from their bank. Kuwaiti
customers are aware of Tawaroq and Islamic credit cards, but they aren’t fully aware of Mudarabah, Murabaha,
Musharaka and Ijara. The study also found that in spite of a relatively high degree of satisfaction by Kuwaiti
customers in general, they are still not fully satisfied with some areas related to Kuwaiti Islamic banks including
adherence to Shariah principles.
Keywords: Satisfaction, Customer Awareness, Islamic Banks, Islamic Shariah, Mudarabah, Murabaha,
Musharaka and Ijara.
1.
Introduction
Islamic banking retail products have been introduced in the last quarter of the twentieth century, while the
concept of Islamic banking system is old. (Othman and Owen, 2001) The Islamic banking system (IBS) was
introduced due to the reason that there was the need of financial institution for Muslim customers who could
satisfy their needs and demands. Because the conventional banking industry is entirely based on the interest
based system and that is prohibited in the Islamic Shariaâh rules. So the Muslims need such institute which
provides them the Islamic platform for their financial transactions. (Abdul Hamid, et al. 2011)
The Islamic banking system has gained momentum worldwide. The number of Islamic financial institutions
worldwide has risen from one in 1975 to more than 400 today in more than 75 countries. They are concentrated
in the Middle East and Southeast Asia (with Bahrain and Malaysia the biggest hubs), but are also appearing in
Europe and the United States. (El Qorchi, 2006) It is estimated that the size of the Islamic banking industry at the
global level was close to $820 billion at end-2008 and are growing at an estimated 15 percent a year. The largest
Islamic banks are located in the countries of the Gulf Cooperation Council (Bahrain, Kuwait, Oman, Qatar,
Saudi Arabia, and the United Arab Emirates) (IMF Survey online, 2010). Islamic banks were the less affected by
recent international financial crises; increasingly large international conventional banks are showing interests in
the Islamic banking system as well.
The consequence of this is that Islamic banks operating in Islamic countries are faced with strong
competition not only from Islamic banks but also from non-Islamic rivals (Naser and Moutinho, 1997). Though
the Islamic banking system is different from the conventional banking system, there are some similarities
between the two. For instance, an Islamic bank conducts its activities in accordance with the Islamic Shariaâh
principles that strictly prohibit any payment or receipt of interest. However, the Islamic bank can also offer
products and services which are similar to those offered by a conventional bank such as issuing Bank guarantees
and letters of credit. (Okumus, 2005)
There is a relatively tremendous progressing in the Islamic banking sector in Kuwait as at the end of
2010; four out of the nine banks in Kuwait are Islamic. Al Ahli United Bank has fully converted into an Islamic
bank, preceded by Kuwait International Bank. This is in addition to the incorporation of Boubyan Bank as an
Islamic Bank. Moreover, the market is closely observing the operations of Warba Bank (Islamic), whose
conversion would make the banking sector in Kuwait equally divided (5:5) between conventional and Islamic
banks. (Al ziyadat, 2011)
This means that the level of competition between these Islamic banks will be high taking into consideration
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also the competition that is coming from the Islamic windows that non-Islamic banks are opening. Because of
this immense completion satisfying customer will be an important focus for Kuwaiti Islamic banks in order to
survive in a competitive environment. Customer satisfaction often depends on the quality of product or service
offering. In the context of services, some describe customer satisfaction as an antecedent of service quality
(Cronin and Taylor, 1992). Service quality is thus related, though not equivalent, to satisfaction (Oliver, 1996).
For this reason, research on customer satisfaction is often closely associated with the measurement of service
quality (East, 1997).
In addition, individual consumers are demanding for more Islamic products and services that meet their
banking requirements. That’s why Islamic banks are facing the challenge of developing new products and
services that customer’s needs and at the same time consistent and compliant with Sharia principles.
This study is an attempt to identify the criteria used by Kuwaiti customers in the selection of Islamic
Banking system (IBS) and identify the extent of awareness regarding the services provided by retail banking
services and then it tries to identify whether there were differences between the demographic characteristics in
terms of the awareness, the study also identifies the degree of satisfaction of the customer services provided by
the Kuwaiti Islamic banks for retail customers, and lastly the impact of demographic differences on the level of
that satisfaction will be tested.
2. Problem Definition
Retail banking refers to the provision of banking services for individuals. This includes deposit taking,
consumer lending for home, car, and other products; credit card services; transaction services; and even
insurance and investment management services for individual clients. (Hughes & Macdonald, 2002)
Coping with competitive pressures, Islamic retail banks are challenged to increase their share of market,
however, the process of acquiring new customers appears a yeoman and cumbersome task for many Islamic
retail banks, especially in a saturated market (Ahmad & Buttle, 2002). Since the cost of acquisition of new
customers continues to increase, Ennew and Binks (1996) suggested managers should build and maintain longterm relationships with existing customers as a way of gaining competitive advantages and profitability.
Retail Product development and innovation in Islamic Banks is facing a tremendous pressure to offer
products that cover the same scope as those conventional banks and also to ensure that the product(s) is different
from those offered by other Islamic banks. According to Ernest & Young (2011) the nature and quality of the
customer experience impacts a customer’s loyalty which is measured by, among other things, attrition rate. The
reality about loyalty is obviously more complicated as it is impacted by satisfaction as well as by the age and
quality of the banking relationship. Banks need to first create satisfaction then translate that into loyalty by
proactively understanding and meeting customer needs.
According to Ernst & Young’s latest study Retail Banking in the GCC: Competing for customers
(2011), 25 % of GCC retail banking customers’ plans on switching their bank within the next year. Another 10%
have revealed that they have already switched, citing dissatisfaction with their overall banking experience. The
GCC retail banking market has become increasingly competitive and since customers have many more choices,
banks need to do more to provide customers with a better overall experience. The survey points to a large
number of customers who are not particularly loyal to their bank and will move if underserved.
These figures show the need to study customer preferences and satisfaction of retail Islamic products in
order to examine customers’ needs and the quality of their experience, reasons for attrition and how to prevent it,
as well as ways to encourage customers to recommend the bank to others
3. Research Objective
The scope of this study is confined to the study of the services provided by the Islamic banks in Kuwait.
The study also attempts to know the customer’s preferences about the services provided and how far they are
acquainted with it and how often they utilize all this services. An attempt is made to know the post-purchase
behavior of the customers and customer awareness.
An investigation is needed to find the differences in customer satisfaction of Islamic retail services of
Kuwaiti banks according to demographic characteristics of the sample under questioning; in order to know
whether sex, age, education level, citizenship, and work will affect perception of these services.
4. Research Questions
The main objective of this study was to investigate the degree of customer satisfaction of a sample of
Kuwaiti Islamic bank customers. In particular, the study sought answers to the following questions.
•
Research question 1: What are the main factors that derive the customer selection criteria for the IBS?
•
Research question 2: Are these factors differs according to demographic characteristics of the Kuwaiti
customers.
•
Research question 3: What is the degree of awareness of activities and facilities offered by an Islamic
bank?
•
Research question 4: What is the degree of Kuwaiti customer satisfaction of various aspects of an Islamic
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bank?
Research question 5: Is there any differences in Kuwaiti customer satisfaction related to demographics
differences.
5. Research hypothesis:
In order to achieve the research objective and to answer research questions the study tested the following
null hypothesis.
H1o: The main factors which are identified in the current study (i.e. Personal/ internal and Social/ external)
aren’t significantly influencing Kuwaiti customer in selecting the Islamic bank they deals with.
H2o: The relative importance of factors influencing Kuwaiti customers are not significantly differ according to
their demographic characteristics (Gender, age, citizenship, occupation, income, academic qualification)
H3o: The level of awareness of the Islamic retail products by Kuwaiti customers is significantly low.
H4o: The level of awareness of Islamic retail product among Kuwaiti customers aren’t significantly different due
to their demographic characteristics (Gender, age, citizenship, occupation, income, academic
qualification)
H5o: The level of Kuwaiti customer’s satisfaction of Islamic retail banks is not significantly low.
6. Literature Review
In many markets, Islamic finance has changed from only offering Islamic products & services to be an important
player in the international financial services Arena. At the same time the competition has been reforming the
market, with more Islamic financial services entering the market. Islamic banks are facing difficulties and
different market conditions, so they needs to develop their products with innovation to differentiate themselves
from other Islamic banks and/or conventional banks in order to increase their attractiveness while maintaining
abidance with Islamic Shari’ah law.
While Islamic Shari’ah aspects also included in this study, the primary focus will be on the financial side aspects
of Islamic banking system, so the focus will be more in this study on the Islamic banking system in Kuwait,
more than the Islamic Sharia principles.
6.1 Overall Kuwait Banking Industry
Kuwaiti banking sector is one of the strongest in the MENA region benefiting from a robust financial profile,
strong support by Central Bank of Kuwait (CBK) and limited competition from foreign banks. According to
Capital Standards, (2011) there are a total of 10 local banks and 9 international banks currently operating in the
country as shown by table (1). The banking sector is in the development phase facing increasing competition,
diversification, and product innovation which could pressure profitability (ALziyadat, 2011). The banking
sector’s strength stems from a supportive government policy and is further assisted by higher than average
capitalization. This largely offsets the risks related to operating in a mono-line economy with a narrow customer
base, and limited business opportunity. Because of the protection by (CBK) and the narrowness of the market,
the Kuwaiti banking sector is protected in spite of entry of foreign banks to operate in Kuwait.
The Banks in Kuwait have high credit exposures to two sectors which are Real Estate and Investment companies
which are highly volatile given the limited diversification of the economy. Concentration risk remains a real
issue in terms of loans and deposits. Kuwaiti banks’ balance sheets reflect a high concentration of lending to the
real estate sector and to personal banking activities. Apart from this the preference for Islamic banking is
growing in Kuwait.
Table (1) the Local and international banks operating in Kuwait
Kuwaiti Banks
Foreign Banks (working in Kuwait)
1
National Bank of Kuwait
Bank of Bahrain and Kuwait
2
Kuwait Finance House*
BNP Paribas
3
Gulf Bank KSC
HSBC Bank Middle East Limited
4
Commercial Bank of Kuwait
National Bank of Abu Dhabi
5
Al Ahli Bank of Kuwait
Citibank
6
Burgan Bank SAK
Doha Bank
7
Ahli united bank **
Qatar National Bank
8
Kuwait International Bank***
Al Mashreq Bank
9
Boubyan Bank*
10
Warba Bank*
*
Islamic Banks
** Islamic bank previously named Bank of Kuwait and Middle East
*** Recently chanced it name from real estate bank and turned Islamic.
6.2 Kuwaiti Islamic Banks
Kuwait hosts the largest number of Islamic financial institutions. It has been ranked as third in terms of holding
the Islamic banking assets of worth US$22.7 billion. It is estimated that Islamic financial institutions in Kuwait
•
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will manage funds about US$70 billion by 2012 (Khojah, 2006). The establishment of Kuwait finance house
(KFH) in 1977 laid down the foundation of Islamic banking in Kuwait. (KFH) has made great success over time
and presently, it has been successfully competing with (12) conventional banks and three specialized government
banks in the Kuwaiti financial market. (Khan, & Bhatti, 2008)
Kuwait has developed a preference for Islamic financial services over conventional ones, the profits from which
have started to fade and is burdened with high debt levels driven by the crisis. Shariah-compliant financial
services have shown healthy growth in during recent years, becoming a potential competitor for both
conventional banks and investment houses. Hence conventional banks have been trying to acquire stakes in
Islamic bank which was evident by NBK increasing its stake in Boubyan banks up to 40%. Moreover Boubyan is
planning a 50% capital increase rights’ issue which is expected to be subscribed by NBK. (Capital Standards,
Industry research, 2010)
The 2008 economic crisis hit the conventional banking industry first. For a time, many insisted that Islamic
banks would be able to avoid the worst of the downturn because of their lack of exposure to the sub-prime
mortgage market and other toxic assets. That optimism soon vanished when it became clear that the knock-on
effects would hit all areas of economic activity. The pain for Islamic banks, in the end, was only delayed by a
year.
According to IMF statistics, Islamic banks in Kuwait were among the most seriously affected institutions
anywhere. Their collective profits fell by 78% between 2007 and 2009 -- a sharper fall than in any other
important market except Bahrain, where profits plunged 112%. Over the same period, the asset and credit growth
achieved by Kuwaiti banks was slower than in any other country, at 22% and 31% respectively.
The banks were particularly affected by their exposure to real estate lending, something that has come back to
haunt them as property prices and construction activity around the Gulf, including Kuwait, dropped off. Almost
19% of all loans by Islamic banks in Kuwait in 2008 were to the real estate and construction sector, according to
the IMF, compared with 15% for conventional banks.
Kuwait has developed a preference for Islamic financial services over conventional ones, Shariah
compliant financial services have shown healthy growth in Kuwait during recent years (Vinu Jacob, KFH 2010),
becoming a potential competitor for both conventional banks and investment houses. Kuwait Finance House
(KFH) was the first Islamic bank to be set up in Kuwait in 1977. (CBK) reports 2009), the Islamic finance sector
consisting of Islamic banks and Islamic Investment companies have a combined market share of more than 26%
of the domestic banking and financial sector. Bank of Kuwait and Middle East (BKME) is another conventional
bank that is in converted itself into an Islamic bank to become Ahli United Bank (AUB). CBK has been the
supervisory body for Islamic finance since 1990. The growing number of Islamic financial institutions is
expected to increase competition and CBK believes that currently the market for Islamic financing is
concentrated.
6.3 Selection criteria in Islamic Banks
In the case of the Islamic banks, the studies of the bank selection criteria are very few. An earlier study by Erol
and El-Bdour (1989) examined the importance of patronage factors of 434 middle class, middle income
households, professionals, merchants, and businesses in Jordan. The researchers reported that the respondents
considered fast and efficient service, bank's reputation and image, friendliness of bank personnel and
confidentiality of the bank as important criteria for selecting their Islamic bank. This result is consistent with
Haron et al. (1994), Metawa and Almossawi (1998), Nasser et al. (1999), Ahmad and Haron (2002), Otman and
Owen (2001) who also reported that these factors were important to customers in selecting the Islamic banks in
Malaysia, Singapore, Bahrain and Kuwait. One year later, Erol et al. (1990) conducted the same study as that of
Erol and El-Bdour (1989); the study showed that the important criteria considered by the customers were the
availability of parking space, the confidence of the bank manager, mass media advertising, external appearance,
and recommendation by friends or relatives. This result is consistent with the study by Zainuddin et al. (2004)
who surveyed 123 Islamic bank customers in Malaysia to illustrate the different perceptions of users and
nonusers of the Islamic banking system services. Dusuki and Abdullah (2007) examined the main factors that
motivated 1,500 stakeholders in four states in Malaysia in selecting their Islamic banks. The findings revealed
that knowledgeable and friendliness of the bank employees were the most important factors considered by the
Malaysian customers, while the bank location and product prices were considered the least important factors by
them. Nonetheless, many studies indicated that the religious factor is the main reason for the customers in
choosing the Islamic banks (Metawa and Almossawi 1998; and Otman and Owen 2001).Metawa and
Almossawi's ( 1998) identified the profile and banking habits of 300 Islamic bank customers, and perceived the
importance and degree of satisfaction with the current products and services provided by the Islamic banks in
Bahrain. Otman and Owen (2001), on the other hand, examined 360 customers of Kuwait Finance House (KEH).
Both studies reported that the respondents considered the Islamic principles as the most important factor in
selecting their Islamic banks.
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6.4 Consumer Awareness
Adoption is the acceptance and continued use of a product, service or idea. According to Rogers (2003),
consumers go through a process of knowledge, persuasion, decision and confirmation before they are ready to
adopt a product or service. Knowledge occurs when an individual or other decision-making unit is exposed to an
innovation’s existence and gains an understanding of how it functions (Rogers, 2003). He has quoted this as the
“Pre-contemplation” stage. Consumer awareness have been tested as one of the key variable in numerous studies
specifically in the area of on-line banking, internet-banking and self- services technology adoption. However,
limited studies have investigated on consumer awareness in the area of Islamic banking implementation. Haron
(1994), in his studies stated that about 100 percent of the Muslim population and 75 percent of non-Muslims are
aware of the existence of Islamic banking services in Malaysia and out of this only 63 percent understood the
difference between Islamic banks and conventional banks. Whereas, some studies reported, Muslim respondents,
though aware of important terms in Islam, were almost entirely unaware of the meaning of specific Islamic
financial terms like Mudaraba, Musharaka and Ijara (Kamal et al., 1999).
Initially, it is expected that religiosity has a significant influence for consumers in selecting Islamic banking.
Study by Norafifah and Sudin, (2002) found that religious to be main factor affecting the Islamic banking
selection. However it has been treated as a minor contributor for Islamic banking selection.
In contrary, the study by Sudin et al (2004) reported that non-religious aspect such as service efficiency,
transaction speed and friendliness of bank personnel seen to be largely influence title selection criteria of
Muslims in Malaysia. In their study also reported there is no significant different between Muslims and nonMuslims in their selection criteria. Similarly, Gerrard and Cunningham (1997) replicated the study in Singapore
and found that there is no difference in banking selection criteria between Muslims and non-Muslims. Nearly
25% of the feedback shows that religion was not the only basis for choosing an Islamic bank. They found that
financial reputation and quality service are the key factors affecting consumer decision to select banks. On top of
that, good social responsibility practice, convenience and product price are other important factors explaining
why consumer chooses the bank. These result pointed that Islamic banks do not need to rely on religious factor
as a strategy to attract consumer for business, in fact they should focus on the quality and efficient services. The
study concluded that both religious and non-religious factors are significant in selecting Islamic banking.
6.5 Satisfaction
Given that the increasing competition has forced companies to attract new customers and retain existing ones,
customer satisfaction has become a focus of academic research since the past few decades. Customer satisfaction
is important because satisfied customers tend to repeat their purchases (Taylor and Baker, 1994) and are tending
to spread their satisfaction through word of mouth. Oliver (1989) argues that customers are satisfied –
satisfaction is the belief about the perceived performance of product or service – only when their expectations
are met completely.
The customer satisfaction, in the banking industry from the last one and half decade the bankers pay attention
towards its customer satisfaction. That is all due to the competition in the banking industry and some banks
consider the customer satisfaction as the principal component of their marketing strategy (Khattak and Rehman,
2010). Now, many financial institutions are trying to increase customer satisfaction and their retention toward
the financial institution through improving the quality of the services and the products they offered to its
customers, in order to achieve their desired objective.
Customer satisfaction is the key to the profitability of retail banking in the State of Kuwait. It implies in general
that the retention of customers for the long-term may well be less expensive than attracting new customers
(Harrison and Ansell, 2002).
In addition, Reichheld and Sasser (1990) found that customer retention has a more positive effect on profits than
market share, scale economies, and other variables that are commonly associated with competitive advantage. In
the current global financial bank crises and current circumstances of retail banking in Kuwait, the question arises
whether the customers are satisfied or otherwise, and what the elements of retail banking, which lead to the
satisfaction or dissatisfaction of customers are.
Islamic banking is no longer regarded as a banking service striving to fulfill only religious obligations of the
Muslim community, but more significantly as an innovation in the banking industry, that ought to be, as
competitive as conventional banking. This necessitates Islamic financial institutions to understand the real needs
of their customers towards Islamic banking services.
7. Methodology
7.1 Study population and sample:
The population in this study is Kuwaiti customers that have accounts in the five Islamic banks. The type of the
sample was random convenience sample consist of 250 customers whereas only 150 accept to participate. The
sample was divided according to the size and age of the Islamic banks; hence the bigger and the older will be
represented by a higher number of questionnaires. The segmentation of the sample was as follows:
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Table No. (2) Sample distribution
The Bank
Capital
Million KD
290.4
174.8
118.3
103.7
100
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Bank age
No. of branches
No. of questionnaire
Kuwait finance House
1977
54
50
Bopyan
2003
23
30
Ahli united bank
2008
25
30
Kuwait International Bank
2007
18
25
Warba Bank
2010
4
15
•
Prepared by the researchers.
Survey forms were developed, and five main cities in Kuwait were selected in which to distribute the survey.
Respondents were randomly selected from Islamic bank customers who visited the sampling locations during the
chosen time intervals, in order to eliminate the sampling frame errors and to ensure the representation of the
population under study in the sample units. The questionnaires were distributed at random during various
working hours of the work week, which is Sunday to Thursday in Kuwait and distributed mainly in the morning
and evenings, to reduce any potential bias owing to high-concentrations of bank customers during certain hours
of the day, or certain days of the week or month. The survey was designed to obtain information about the
determinants of customers’ bank selection criteria, awareness, loyalty, and satisfaction. The full survey of 150
bank customers living in the various areas of Kuwait (Al Jahra city, Al Farwania, Al Jabriah, Salim Al Ali, and
Kuwait city) was undertaken during the month of May 2011. The survey was given on location to obtain a
reliable and representative sample of customers who live in these different areas.
7.2 Sampling Methods
To get the required data, the study conducted 150 structured personal questionnaire surveys. The interviews
were based on a standardised questionnaire and were entirely random within the guidelines listed in table 3. A
total of 250 Islamic bank customers were attempted, 150 agreed to participate in the questionnaire.
Table 3: Sample Population information
Rule
Reasoning
In accordance with the judicial laws governing
All interviewees had to be above 21 years of age
Kuwait
Excluding Banking Sector employees
To insure the average banking knowledge
All interviewees had to be for Kuwaitis and non-Kuwaitis
To capture the most significant Banks in Kuwait
(Expatiates) nationalities
All interviewees must have at least one form of retail
To insure relevance of information collected
banking products
To ensure relevance of information and fairness of
All interviewees had to be familiar with studied banks
comparisons drawn
(Source: Authors, 2013)
7.3 Research Instrument
As indicated previously, the study employed a structured interview survey that was conducted using personal
questionnaire survey. The survey was based on a pre-designed questionnaire that was divided into four main
parts:
•
Demographics: Gathering demographic information about the studied sample
•
Part 2: questions and statements regarding factors of choosing an Islamic Bank. The questions are divided
into questions regarding Islamic factors of the banks and ordinary questions that can be asked to
customers of conventional banks.
•
Part 3: questions and statements regarding awareness of Islamic Banks and its retail services.
•
Part 4: questions regarding satisfaction of Kuwaiti customers regarding their satisfaction of the whole
bank and quality of it services.
7.4 The validity and Reliability of the questionnaire:
This study used correlation factors after conducting a pilot study of 20 questionnaires, the correlation factors
between each dimension and the overall questionnaire are shown in the following table:
Table (4): correlation factors between dimensions and whole questionnaire
Dimensions
Factors affecting customer choosing an Islamic bank
Awareness
Satisfaction
41
Correlation
0.46
0.31
0.33
Sig.
0.01*
0.05*
0.05*
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Reliability means the consistency or repeatability of the measure. This is especially important if the measure is to
be used on an on-going basis to detect change.
The study used the following test for reliability:
1- Calculating correlation between degrees of half of each dimensioned adjusting using Spirman & Prown
factor.
2- Calculating correlation factors between the degrees of overall half of the questionnaire and adjusting
using Spirman & Prown factor.
Table (5) correlation factors and its significance between degrees of each half of the questionnaire dimensions.
Dimension
Reliance factor of
Adjusted
Sig.
the two half
reliance factor
Factors affecting customer choosing an Islamic bank
0.67
0.80
0.01*
Awareness
0.78
0.88
0.01*
Satisfaction
0.62
0.77
0.01*
Over all questionnaire
0.76
0.86
0.01*
The table above shows that there is a significant correlation at the level of 0.01 when calculating adjusted
reliance factor using Spirman and Prown adjustment factor on each dimension half. There is also a significant
correlation between overall half of the questionnaire. The results show accepted degree of reliance.
In order to test the reliability of the answers given by the respondents to the questions in Sections 2, 4, 5 and 6,
Cronbah-alpha coefficients were computed. The computed Cronbah-alpha for Section 2 was more than 60 %,
being the lowest, and the given coefficients for Section 5 were more than 91 %, the highest. The alphas for
Sections 4 and 6 also represented a high degree of reliability, being 70 % and 90 % respectively. Therefore, it
can be indicated that the answers of the respondents to the questions in the given sections are consistent.
7.5 Measurements of study variables
To test the factors that are used by Kuwaiti customer to choose a certain Islamic bank 23 factor were tested. The
questioned was asked if he strongly agree or agree, neutral, Disagree, or strongly agree. (Using what is known as
LIKERT scale). Table 6 shows the statements used to measure factors influencing consumers in the choice of
Islamic banks.
Table (6)
Factors influencing consumers in the choice of Islamic banks
Personal/ psychological/internal factors
Fast and efficient services (quick loan approval)
Pleasant banking experience
Easy deposit and withdrawal at different branch locations
ATM available at shopping centers
Financial strength of bank
Safety of one’s funds
Accuracy of monthly statements for personal accounts
Full range of banking facilities
Bank located near place of work, home and access to public transport
Female staff wearing Islamic Vials beard in male employees*
Social/external Factors
Bank reputation in regards of abidance with Sharia principles
Fatwa Committee reputation*
Electronic services; internet banking
Paying high profit Percentage on savings account or profit sharing accounts
Hours of operation
Friendliness of bank personnel
Advice of friends, family and relatives
Product selection (breadth and depth; full service bank; availability of credit; loans and mortgages)
Service charges
Available parking facilities
Size of waiting line*
Efficient personnel
Speed of processing items
Source: (Saini, et al. 2011) (with amendments done by the researcher).
∗ Added by the researcher
Regarding satisfaction the following table shows the factors used in measuring satisfaction of the Kuwaiti
consumer regarding services offered by Islamic retail banking. The sample was asked if they are very satisfied or
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satisfied or have no view or not satisfied or not satisfied at all of the following characteristics of the Islamic bank
retail services and factors related to the Islamic bank itself. Table 7 shows these statements.
Table (7) Factors representing the satisfactions of Kuwaiti customers regarding
Islamic retail banking services.
Factors
Source
Efficiency and speed of completing a transaction
Ho, Hung-Hsin, (2009)
Quality of advice offered by the IBS personnel
Ho, Hung-Hsin, (2009)
Location of branch
Taylor, S. and Baker, T. (1994)
The interior design of the IBS
Taylor, S. and Baker, T. (1994)
Parking facilities provided to customer
Taylor, S. and Baker, T. (1994)
Staff sociability and friendliness
Okumus H (2005),
The IBSs' name and image
Okumus H (2005),
Availability of loans with favorable terms
Naser , et al. ( 1999 )
Customer confidentiality
Okumus H (2005),
Working Hours
Okumus H (2005),
Internet facilities provided by the IBS
Naser , et al. ( 1999 )
The wide range of the facilities offered
Naser , et al. ( 1999 )
Efficiency and speed in inter-branch transactions
Naser , et al. ( 1999 )
Financial counseling provided
Ho, Hung-Hsin, (2009)
Advertising and informing of new products & services
Okumus H (2005),
Prepared by the researcher from different articles.
Regarding awareness the questioned will be asked if they are aware of the following service, the questions will
be if they are not aware of these services and their Islamic principle, if they are Aware and don’t use it, and if
they Aware and use it.
Table (8) services that will be asked to respondent regarding awareness.
Item
Source
Current Account (Wadiah)
Khattak, & Rehman. (2010).
P/L Participation Account (Mudarabah)
Khattak, & Rehman. (2010).
Financial Support for Individual (Tawaroq)
Khattak, & Rehman. (2010).
Housing Loan (Murabaha)
AL Ziyadat, Naser (2011)
Individual Finance (Murabaha)
AL Ziyadat, Naser (2011)
Vehicle Loan (Murabaha)
AL Ziyadat, Naser (2011)
Credit Card (Ju’alah)
Sudin, et al. (1994),
Leasing (Ijara)
Sudin, et al. (1994),
P/L Participation account (Musharaka)
Sudin, et al. (1994),
Coverage of the Accounts held with ISBs by the Assurance fund.
researcher
Different resources and the researcher.
8. Data Analysis and Findings
8.1 Part 1- factors of choosing Islamic bank by Kuwaiti customers:
In this part 23 factors were investigated, the factors included internal and external factors, it also included
religious factors. After conducting the survey the results are shown in the table below:
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4
5
6
7
8
9
Table (10) descriptive results concerning factors affecting choosing an Islamic bank in Kuwait.
Mean
St.
Rank
deviation
Fast and efficient services (quick loan approval)
4.1
0.960
10
Pleasant banking experience
4.28
0.737
7
Easy deposit and withdrawal at
4.32
0.970
6
different branch locations
ATM available at shopping centers
4.48
0.708
2
Financial strength of bank
3.6
1.296
20
Safety of one’s funds
4.44
0.673
3
Accuracy of monthly statements for personal accounts
3.5
1.034
23
Full range of banking facilities
4.13
0.726
9
Bank located near place of work, and home.
3.96
0.748
12
10
Female staff wearing Islamic Vials beard in male employees
3.72
1.904
19
11
12
13
14
Bank reputation in regards of abidance with Shareah principles
Fatwa Committee reputation
Electronic services; internet banking
Paying high profit Percentage on savings account or profit
sharing accounts
4.38
3.59
4.4
4.2
0.874
1.179
0.673
0.771
5
22
4
8
15
16
Hours of operation
Friendliness of bank personnel
4.5
4.05
0.821
0.960
1
11
17
18
Advice of friends, family and relatives
Product selection (breadth and depth; full service bank;
availability of credit; loans and mortgages)
3.90
3.85
0.918
1.179
13
16
1
2
3
19 Service charges
3.76
0.748
17
20 Available parking facilities
3.73
1.904
18
21 Size of waiting line
3.69
1.296
21
22 Efficient personnel
3.90
0.918
14
23 Speed of processing items
3.85
1.179
15
Source: survey results
Before starting to discuss the results the researcher would like to mention that in contrast to the widespread and
extensive analysis of attitudes, perceptions and knowledge of conventional financial institution products and
services, the parallel analysis of these same concerns in Islamic finance is still in its infancy. This is an important
deficiency in the literature given the global growth in Islamic financing techniques and the evolution of dualbanking systems in many parts of the Middle East and especially in Kuwait encompassing both Islamic and
conventional financial services.
It is important to know about the Islamic banking selection criteria. Why customers select Islamic banking
system for their operation. To obtain information respondents were given certain options to be responded. Most
of the responded were agreed and strongly agreed with few of the reasons like bank reputation, the effectiveness
in the transaction, provision of privacy and confidentiality in the banking transaction with that of Islamic
banking system and religion is also an important factor in the Islamic bank selection criteria and the result
summary is given in Table 10.
In order to differentiate between the factors of choosing between banks the following table shows the first five
and the last five of the above criteria. The first five represent the most important criteria and the last five
represent factors that don’t affect customer’s dictions.
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Table 11 the first and last five factors.
Mean
15
4
6
13
11
Hours of operation
ATM available at shopping centers
Safety of one’s funds
Electronic services; internet banking
Bank reputation in regards of abidance with Shareah principles
4.5
4.48
4.44
4.4
4.38
St.
deviation
0.821
0.708
0.673
0.673
0.874
Rank
7
Accuracy of monthly statements for personal accounts
3.5
1.034
23
12
21
5
10
Fatwa Committee reputation
Size of waiting line
Financial strength of bank
Female staff wearing Islamic Vials beard in male employees
3.59
3.69
3.6
3.72
1.179
1.296
1.296
1.904
22
21
20
19
1
2
3
4
5
Results above show that compliance with Islamic principles is considered an important consideration for Islamic
banks’ customers in, Kuwait. This high importance given to Shari’a compliance in our case can be translated into
high dissatisfaction by the customers in case the banks do not observe it. Thus, we can claim that Shari’a
compliance is one of the key patronage factor for IBSs. Of course, this does not necessarily mean that other
factors of banking are not important. As one can see in Table (10), and table (11) most customers do expect their
banks to be Shari’a compliant as well as competitive in terms of security, i.e. safety of their funds and banking
technologies like ATM availability. The findings support previous literature (Javalgi et al., 1989) claiming that
safety of funds is the top-most consideration for US bank customers. Similarly, other studies (Riggall, 1980;
Almossawi, 2001) found that a wider network of ATMs is important for the Islamic banks’ customers.
But what if we ask whether customers are willing to sacrifice competitiveness in exchange for Shari’a
compliance? The researchers believe that they are, i.e. Shari’a compliance is more important than
competitiveness in terms of return and convenience. This confirms the findings of Gerrard and Cunningham
(1997) who found that Singaporean Muslims were willing to sacrifice return for Shari’a compliance. Given the
answers in Table (10), it is very likely that the banks face withdrawal risk in case they are caught in violations of
the Shari’a principles.
All these findings suggest that Islamic banks may face significant withdrawal risk when they do not truly abide
by Islamic principles. The findings carry an important implication for IBSs: although they must not compromise
Shari’a compliance for competitiveness rather they should strive to compete with their conventional counterparts
while keeping Shari’a compliance intact in all circumstances. We believe that customers are inclined to switch
their banks if they observe breaches of Shari’a principles and hence Shari’a non-compliance is a potential risk
for IBS.
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Table 12: Relationship between criteria behind Dealing with an ISB and Demographic Factors
N=150
Gender
χ2
Bank reputation in regards of
abidance with Shareah principles
Pleasant banking experience
Easy deposit and withdrawal at
different branch locations
ATM available at shopping
centers
Financial strength of bank
Safety of one’s funds
Accuracy of monthly statements
for personal accounts
Full range of banking facilities
Bank located near place of work,
and home.
Female staff wearing Islamic
Vials beard in male employees
Fast and efficient services (quick
loan approval)
Fatwa Committee reputation
Electronic
services;
internet
banking
Paying high profit Percentage on
savings account or profit sharing
accounts
Hours of operation
Friendliness of bank personnel
Advice of friends, family and
relatives
Product selection (breadth and
depth;
full
service
bank;
availability of credit; loans and
mortgages)
Service charges
Available parking facilities
Size of waiting line
Efficient personnel
Speed of processing items
Age Group
Nationality
χ2
χ2
Level of
education
2
Occupation
2
Monthly
Income
χ2
2.047
Sign.
0.727
Sign.
3.226 0.521
χ
χ
Sign.
Sign.
5.631 0.048** 8.446 0.749 12.736
Sign.
0.692
10.601
Sign.
0.833
5.525
0.863
0.238
0.930
1.387 0.846 5.212 0.735 12.697 0.091* 23.146
5.411 0.248 14.115 0.079* 19.060 0.087* 17.870
0.110
0.332
15.088
16.642
0.518
0.409
0.571 11.182 0.513 27.762 0.034** 13.786
0.615
0.737 18.411 0.104 12.188
0.457 5.465 0.941 9.886
0.412 12.199 .0.430 13.427
0.731
0.873
0.641
14.157
20.429
17.243
0.587
0.202
0.370
6.419 0.170 6.766 0.159 4.623 0.797 12.372 0.416 14.274
11.012 0.026** 3.269 0.149 15.032 0.059* I0.207 0.598 13,774
0.578
0.618
37.170 0.002***
15.257 0.506
9.732 0.045** 2.835 0.514
7.456 0.826 11.126
0.518
23.869 0.092*
2.778 0,586 13,170 0.106 10.547 0.568 1S.573
0.291
17.149
9.505 0.050** 7.445 0.114
6.687
7.482 0.112 0.844 0.932 5.193
5.770 0.217 9.803 0.044** 7.760
9.821 0.044** 6.588 0.162 8.228
3.795
0.434
4.615
0.798
0.376
11.994 0.017** 0.503 0.596
4.796 0.309 3.995 0,973
3.988
3,968
0.858 12.220 0.428 15.086
0.860 9.951 0.620 20.080
0.518
0.217
20.780 0.187
30.115 0.017**
5.259
6.591
0.581
0.976
11.818
0.756
4.594 0.204 5.089 0.835 6.182 0.403 6.700 0.668 27.391 0.037** 14.385
13.650 0.008*** 2.911 0.278 5.188 0.281 11.073 0.053* 19.289 0.254 14.820
12.614 0.013** 3.411 0.573 13.217 0.105 9.578 0.653 19.128 0.262 14.420
0.277
0.538
0.567
6.668
0.262
0.154
0.861 0.407
8.753 0.724
6.865
6.105
1.422
0.635
8.867 0.714 15.123
3.162
2.176
3.897
4.187
12.00
0.924
0.234
0.231
0.345
0.098*
12.159
8.834
9.867
6.852
10.500
0.516
24.652 0.076*
0.492
11.853 0.018** 3.684 0.840
10.521 0.031** 5.971 0.882
11.697 0.519 4.987 0.923
3.245 0.412 4.234 0.911
14.876 0.006*** 5.234 0.786
0.433 59.331 0.000*** 20.214 0.211
0.714 16.320 0.049** 29.765 0.023**
0.694 8.201
0.943 12.678 0.089*
0.899 13.978 0.600 10.234 0.092*
0.534 4.237
0.375 9.567 0.456
Notes:(*), (**) and (***) denote the significance level of 10%, 5% and 1% respectively.
It is likely that the relative importance of the selection criteria was influenced by the variation in some sociodemographic factors such as age, gender, level of education etc. In order to examine the relationship between
those factors and the IBS customer selection criteria, a number of chi-square tests were conducted and the related
figures are illustrated in Table (12). According to the reported figures, there is a statistically significant relation
between the variable of gender and Bank located near place of work, and home and Speed of processing items
When the answers given to this question by the respondents are examined in detail, it appears that 52% and 46%
of the males and 11% of the females and 13% respectively expressed that the given two factors were the most
important reasons for dealing with an IBS. Consequently, it can be said that among the other factors, the Bank
located near place of work, and home and Speed of processing items factor had priority for males relative to
females in choosing to deal with an IBS. The table also shows that reputation of Islamic bank regarding
adherence with Islamic law is not affected by gender. While the criteria of Female staff wearing Islamic Vials
and beard in male employees is affected by gender.
The reported figures indicate that there is a statistically significant relation between the variable of type of
occupation and ATM available at shopping centers, Hours of operation, Service charges applied by the IBSs and
the availability of parking facilities Furthermore, the variable of monthly income and the answers of the
respondents in terms of efficiency and speed in processing items appeared to be related. The advice given by
relatives and friends were considered more important for those who engage in private business than those in the
government sector in the IBS selection criteria. It appears that advertising and image of IBSs was considered as
an unimportant selection criterion for those who are in government business at a rate of 28%. The table also
shows that there is no effect of the variable age group on choosing between Islamic banks, the effect only
appears in safety of funds. The variable nationality has an effect on Bank reputation in regards of abidance with
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Shareah principles, Easy deposit and withdrawal at different branch locations, and Speed of processing items.
The variable level of education was important in the following criteria: Pleasant banking experience, Easy
deposit and withdrawal at different branch locations, and Friendliness of bank personnel.
8.3 Part 2- Customer awareness
It was expected that the Kuwaiti customers were aware of the basic financial terms of interest-free banking in
such a country as Kuwait where almost 97 % of the population are Muslim. This study also attempts to reveal the
extent to which those products and services were actually used by the IBS customers. Therefore, the respondents
were required to express the degree of their awareness of the products and services offered by the IBSs. Table
(13) reports findings regarding the customer awareness and the use of interest-free products and/or services
provided by the IBSs.
Table (13) clearly indicates that a high proportion of the respondents are aware of and use current accounts based
on the Wadiah principle and credit cards passed on Ju’alah provided by the IBSs with a level of 78% and 65%
respectively. It is also clear, however, that a significant number of the respondents mention that they are not
aware of the specific Islamic terms of Mudarabah, Murabaha, Musharaka and Ijara. In addition, almost half of
the respondents are aware of the Profit and loss participation accounts and financial support for individuals
(Tawaroq) based on the interest-free principles of Mudarabah and Tawarroq respectively, but do not use them.
Other products operating in accordance with the principle of Murabaha are known by the customer at high level
but are not regarded as a preferable investment opportunity.
Table (13): customer Awareness and Use of products and/or services provided by Islamic Banks in Kuwait
n=150
Not aware of
Aware and don’t use
Aware and use it
it
Frequency
%
Frequency
%
Frequency
%
Current Account (Wadiah)
8
5
25
16.8
117
78.3
P/L Participation Account (Mudarabah)
28
18.6
67
44.7
55
36.6
Financial Support for Individual
49
32.9
51.6
15.5
(Tawaroq)
77
23
Housing Loan (Murabaha)
17
11.2
121
80.7
12
8.1
Individual Finance (Murabaha)
19
12.4
103
68.9
28
18.6
Vehicle Loan (Murabaha)
10
6.8
100
66.5
40
26.7
Credit Card (Ju’alah)
12
8.1
41
27.3
97
64.6
Leasing (Ijara)
60
39.8
80
53.4
10
6.8
P/L Participation account (Musharaka)
72
47.8
67
44.7
11
7.5
Aware of it
Not aware of it
Coverage of the Accounts held with
82
54.7
68
45.3
ISBs by the Assurance fund.
Furthermore, more than 47% of the respondents are totally ignorant of musharakah deposits. Thus, the findings
illustrated in Table (13) may indicate the fact that though the respondents have a considerable level of awareness
of few of the IBS retail products and services, a very limited number of them deal with them. It is important to
note that only 54 % of the respondents have knowledge of the Assurance Fund whereas the rest is totally
unaware of its existence.
8.4 Part 3- Kuwaiti customer satisfaction:
This part of the study represents the assessments of actual factors banks have and degree of actual satisfaction on
these factors. So it represents a study of customer opinions about the quality of retail services it has.
This part also consist of 16 questions, the sample were asked to whether they are very satisfied or satisfied or
have no view or not satisfied or not satisfied at all.
Various aspects of customer satisfaction with the IBSs in Kuwait are explored in this study. The customers of the
IBSs in the sample were asked to express their degree of satisfaction with various aspects of the products and
services provided by the IBSs. The outcomes of this part of the study are reported in Table 14.
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Table 14: Degree of IBS Kuwaiti Customer Satisfaction
(n=150)
Very satisfied
Frequency %
Efficiency and speed of completing a
transaction
Quality of advice offered by the IBS
personnel
Location of branch
The interior design of the IBS
Parking facilities provided to customer
Staff sociability and friendliness
The IBSs' name and image
Availability of loans with favorable
terms
Customer confidentiality
Working Hours
Internet facilities provided by the IBS
The wide range of the facilities offered
Efficiency and speed in inter-branch
transactions
Financial counseling provided
Advertising and informing of new
products & services
Abidance by shareah principles
43
Satisfied
Not satisfied at No view
Rank(*)
all
Frequency % Frequency % Frequency % Frequency %
28.6
Not satisfied
61.5
92
22.4
34
21
18
10
35
27
14
21
26
26
23
23
24
21
16
14.3
11.8
6.8
23.6
18.0
9.3
14.3
17.4
17.4
15.5
15.5
16.1
14.3
10.7
6.8
67
72
85
48
70
70
68
43
80
0.6
4
2.5
1
6.2
57.1
86
77
74
22
80
89
1
1
0.6
22
13.6
2
11.8
14.3
32.9
5.6
4.3
5.0
5
2
18
1
1
1
3.1
1.2
1.2
0.6
0.6
0.6
31
38
55
27
29
65
19.4
23.6
34.1
16.7
18.0
40.4
6
12
16
3
4
13
6.2
3.1
6.8
6.8
9.3
1
3
2
-
0.6
1.9
1.2
-
51
36
68
48
46
31.7
22.1
42.0
29.8
28.6
8
5
14
9
10
7.5
16.1
2
5
1.2
3.1
48
61
29.8
37.9
11
15
9.3
15
10
25
16.7
7
10
51.6
49.1
14.9
53.4
59.0
44.7
47.8
56.5
31.7
46.6
46.6
45.3
28.6
53.3
9
18
21
49
8
6
8
9
5
10
10
14
11
24
14
Note: (*) the ranking which appears in this table is based on the level agreement expressed by the respondents.
For example the reason that received the highest degree of agreement (the highest number of respondents
who either strongly agree or agree) is ranked number 1
It is clear from Table 14 that the vast majority of respondents expressed a considerably high level of satisfaction
with various aspects of the IBS products and services. More than 90% of them were either satisfied or very
satisfied with efficiency and speed in completing a transaction at the IBSs' branch they deal with. This was
followed by almost 80% of respondents who expressed that they were satisfied or very satisfied with the quality
of advice offered by the IBS personnel. Staff sociability and friendliness also ranked third with a 77% degree of
customer satisfaction. As far as the performance of bank personnel was concerned, the majority of the
respondents were satisfied with most aspects of customer-client interaction. However, financial counseling
provided by the IBSs did not get a better response from customers. Only 61% of the respondents indicated that
they were very satisfied and satisfied with the IBSs in terms of the financial advice they give.
Only 22% of the respondents expressed their satisfaction with parking facilities offered by the IBSs whereas
34% were dissatisfied with the given criteria. Furthermore, 19% of the respondents pointed out that they were
not satisfied with their IBSs in terms of informing customers about new products and services as well as the
developments regarding interest-free banking in Kuwait. The respondents also showed a degree of dissatisfaction
with location of branch (almost 15%) and interior design of branch (almost 16%). Table 14 also highlights that
many respondents did not comment on several issues. For example, more than 40% of the respondents chose not
to give their view on availability of loans with favorable terms. Satisfaction of degree of abidance of Kuwaiti
Islamic banks with principals of Shariah came in the middle with a rank of 7.This was a surprise as the scholar
predicted that satisfaction of this factor is very high. This means that Kuwaiti banks should give an important
consideration to this factor and still this area could be enhanced through a lot of procedures like selecting more
restricted Fatwa Committee.
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Table 15: Relationship between Customer Satisfaction and Demographic Factors
N=150
Gender
χ2
Age Group
2
Nationality
χ2
χ
Sign.
in 4.841 0.304 6.349
Sign.
0.45
12.726
6.975 0.1.37 5.971
5.8.18 0.212 5.081
1.786 0.775 3.311
6.386 0.172 16.750
Efficiency
and
speed
completing a transaction
Quality of advice offered by IBSs'
personnel
Location of branch
The interior design of the IBS
Parking facilities provided to
customer
Staff sociability and friendliness
IBS's name and image
Availability of loans with
favorable terms
Customer confidentiality
Working Hours
Internet facilities provided by
IBS
The wide range of the facilities
offered
Efficiency and speed in Interbranch transactions
Financial counseling provided
Advertising and informing new
products & services
Abidance by shareah principles
Sign.
0.122
Level of
education
χ2
Occupation
Monthly
Income
χ2
χ2
9.634
Sign.
0.648
Sign.
0.236
19.651
0.175
40.983 0.000*** 11.257
0.507
37.717 0.002*** 14.637 0.551
0.201
0.285
0.507
23.047 0.003*** 7.177
8.775
0.362 14.956
6.873
0.550 7.722
0.846
0.244
0.806
16.768
16.094
19.504
0.401
0.446
0.243
Sign.
16.459 0.421
7.536 0.961
14.511 0.561
14.924 0.530
4.757 0.313 7.463 0.002*** 15.363 0.052 28.025 0.005*** 15.719 0.473 22.961
3.424 0.490 4.903
0.113 22.048 0.005*** 14.320 0.281 34.013 0.005*** 15.856
6.152 0.188 1.466
0.297 6.690
11.734 0.467 10.314 0.850 19.995
0.570
0.690 17.638 0.007*** 5.010 0.833 14.229 0.286 15.123
5.689 0.128 4.452
3.173 0.529 1.176
0.348 36.063 0.000*** 10.744 0.551 39.660 0.001** 20.209
1.706 0.790 4.476
0.882 14.387 0.072* 12.150 0.434 9.377
0.897 13.414
0.U5
0.464
0.22
0.235
0.311
0.642
5.417 0.247 6.905
0.345
19.186 0.014** 7.908
0.792
21.395
0.164
14374 0.571
5.747 0.125 8.543
8.543
3.595
0.731
6.327
0.707
18.390
0.104
13.987 0.302
4237 0.375 3.194
9.371 0.052* 4.121
3.194
4.121
12.612 0.126
14.892 0.061*
5.271
9.756
0.948
0.637
26.125 0.052* 17.051 0.382
23.835 0.093* 19.535 0.242
5.234
0.310
10.112
3.889 0.199 7.892 0.049** 2.188
0.210
0.421
6.116 0.223
Notes: (*), (**) and (***) denote the significance level of 10 percent, 5 percent and 1 percent respectively.
2
Table 15 represents the figures regarding χ computed in order to reveal the relation between customer
satisfaction and other factors such as gender, age, level of education etc. It can be seen in Table 15 that the
respondents, regardless of their age, gender, nationality, level of education, type of occupation and monthly
income, expressed a certain degree of satisfaction with most aspects of the IBSs. It is also clear that factors such
as monthly income did not make up any statistically significant relations in the degree of customer satisfaction
2
with the IBSs as reflected by the reported χ . The table reveals however, that there is a significant relation
between the variables of the age of the respondents and the level of education and the degree of satisfaction with
staff sociability and friendliness. The type of employer variable also indicates a significant level of differences
between the respondents on the degree of satisfaction with the quality of advice offered by the IBS staff, name,
image, and working hours. Furthermore, the nationality variable registers significant differences as regards to the
quality of advice provided by IBSs’ personnel, location of branch, IBSs name and image, customer
confidentiality and working hours of the IBSs.
The respondents in the 20-39 age group expressed that they were satisfied with the friendliness of the IBSs’
personnel with a degree of 69%. The relevant rate for the respondents as a whole was 77%. It appears, however,
that only 50% of those who are literate expressed their favorable view on staff friendliness whereas more than
70% of those who have had a university degree and high school diploma were satisfied with the attitude of the
personnel. As such, the higher the level of education of IBS customers, the higher becomes the degree of
satisfaction with staff friendliness. In comparison with the respondents who are in the service business, those
who are in the trade business expressed that they were very satisfied and/or satisfied with the operating hours of
the IBSs. Regarding Abidance with sharia law it seems that only age group affects this factor. The study found
that older people tend to care more for this factor.
9. Conclusions, Recommendations and Further Research
9.1 Hypothesis testing results
Hypothesis One: Personal (internal) and external (Social) factors as defined by this study don’t influence
Kuwaiti customer in choosing the Islamic bank they deals with.
The research found that all the 23 factor of choosing an Islamic bank apply to Kuwaiti customers as the average
of the five Lekart scale was above 3.5 for all the factors. But the first five elements that were most important
criteria are: Hours of operation, ATM available at shopping centers, Safety of one’s funds, Electronic services;
internet banking, Bank reputation in regards of abidance with Shareah principles. And the last five were:
accuracy of monthly statements for personal accounts, fatwa Committee reputation, size of waiting line, and
financial strength of bank, female staff wearing Islamic vials and beard in male employees. It is very noticeable
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that abidance of Shariah didn’t come first. So abidance of sharieah is very important but it is not the only factor
that is important Islamic banks should give attention to other factors that are important in conventional banking.
Hypothesis Two: the customers aren’t fully aware about retail services offered by Kuwaiti Islamic banks in
regards of the services provided and how far they are acquainted with it and how often they utilize all this
services.
This Hypothesis was rejected as the results indicate a high proportion of the respondents are aware of and use
current accounts based on the Wadiah principle and credit cards passed on Ju’alah provided by the IBSs.
However, a significant number of the respondents mention that they are not aware of the specific Islamic terms
of Mudarabah, Murabaha, Musharaka and Ijara. In addition, almost half of the respondents are aware of the
Profit and loss participation accounts and financial support for individuals (Tawaroq) based on the interest-free
principles of Mudarabah and Tawarroq respectively, but do not use them.
Hypothesis Three: demographic characteristics of Kuwaiti customers don’t affect internal or external factors of
choosing retail Islamic bank.
This hypothesis was rejected as demographic characteristics affect external and internal factors. The study
concluded that the Bank location, and Speed of processing items factor had priority for males relative to females
in choosing to deal with an IBS. The reputation of Islamic bank regarding adherence with Islamic law is not
affected by gender. While the criteria of Female staff wearing Islamic Vials and beard in male employees is
affected by gender.
The variable of type of occupation and ATM available at shopping centers, Hours of operation, Service charges
applied by the IBSs and the availability of parking facilities Furthermore, the variable of monthly income and the
answers of the respondents in terms of efficiency and speed in processing items appeared to be related. The
advice given by relatives and friends were considered more important for those who engage in private business
than those in the government sector in the IBS selection criteria. Customers who are government employee don’t
care about image and advertising of the Islamic bank. There is no effect of the variable age group on choosing
between Islamic banks. Kuwaiti citizens are more concerned with Bank reputation in regards of abidance with
Shareah principles, while Kuwaiti expatriates are concerned more with Easy deposit and withdrawal at different
branch locations, and Speed of processing items. The variable level of education was important in the following
criteria: Pleasant banking experience, Easy deposit and withdrawal at different branch locations, and Friendliness
of bank personnel.
Hypothesis Four: customers of Kuwaiti ISB are not fully satisfied of retail services in terms of factors presented
in this study. It also appears that the factor of “completing a transaction” received the highest satisfaction score
by the IBS customers, followed by “quality of advice offered by the employees of the IBS and then “staff
friendliness”. In the light of our findings, it may be suggested that customers of the IBSs are not more likely to
remain with the same IBS as the relationship established between an IBS and its customers heavily relies on the
efforts of the staff.
Hypothesis Five: demographic characteristics of Kuwaiti customers don’t affect the degree of satisfaction
regarding retail Islamic services.
Factors such as monthly income did not make up any statistically significant relations in the degree of customer
satisfaction with the IBSs. There is a significant relation between the age of the respondents and the level of
education and the degree of satisfaction with staff sociability and friendliness. The type of occupation variable
also indicates a significant level of differences between the respondents on the degree of satisfaction with the
quality of advice offered by the IBS staff, name, image, and working hours. Furthermore, the nationality variable
registers significant differences as regards to the quality of advice provided by IBSs’ personnel, location of
branch, IBSs name and image, customer confidentiality and working hours of the IBSs.
9.2 Conclusion
First: It was religious elements such as the extent of adherence to Sharia principals that was very important
factor in the selection of the bank, and the level of satisfaction with Islamic bank in Kuwait, but these factors did
not occupies the first rank, and it can be considered as necessary elements but not sufficient and must be
accompanied with concerns of additional things such as ATM existence in different places and electronic
banking, and friendliness of employees etc..
Second: The results of this study showed that the vast majority of the customers of retail banks in Kuwait are
generally satisfied with the services that their banks deliver. Such a finding could mean that retail banks in
Kuwait perform reasonably well in terms of satisfying their customers. However, if it is true that satisfaction and
dissatisfaction represent the two sides of the same coin, then that finding should not be viewed as pleasing. The
results indicate that there are customers still not satisfied by Kuwaiti customers. That is, the actual performance
of retail banks in Kuwait has not been perceived as satisfactory by 100% of their customers. Thus, if ensuring a
100% satisfactory performance from the customers’ viewpoint or providing “zero defect” service is a strategic
goal for Kuwaiti retail banks, then one could rightly conclude that retail banks in Kuwait have not been
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impressively successful. Taken into consideration the fierce competition in the retail banking market, those
unsatisfied customers should not be viewed as trivial and thus the expectations of these customers merit special
attention by the managers of retail banks in Kuwait.
9.3 Recommendations to Retail Islamic Banks in Kuwait
First: as the results of the study shows a positive relationship between Satisfaction and loyalty it is highly
recommended to Islamic banks developers in Kuwait to start submitting loyalty programs to encourage
customers to voluntarily recommend a product or service, and the Islamic banks in Kuwait can create loyalty
programs by using technology for collecting, mining, and operational customer data. The need to increase
satisfaction is proved by the results of the study which indicate that there are customers still not satisfied by
Kuwaiti customers and the actual performance of retail banks in Kuwait has not been perceived as satisfactory
by 100% of their customers.
Second: One of the tools that will help increase awareness and loyalty of customers what is called customers
relation management (CRM) applications which can help the banks in collecting information and essentials to
provide effective product and service to the customers, and it is highly recommended to build the foundation of
the products and services before launching any new product or service to the customers.
Third Islamic banks should concentrate on increasing awareness of some of its products like Mudarabah,
Murabaha, Musharaka and Ijara. Also Tawaroq needs more attention.
Islamic banks in Kuwait have to arrange certain seminars to inform the IBS customers about different products
and services.
Fourth: Kuwaiti Islamic banks have to give more consideration to their network. Because the study concluded
that customers are conscious about the branch location. There is high potential in the success of Islamic banking
industry if the Islamic banking industry extends their network with customer demanded product.
9.4 Recommendations for Future Research
1. Future, research is suggested to build an association and conduct a comparison of level of customer
satisfaction of Islamic banks and conventional banks.
2. Further studies should be carried out to investigate how Islamic banks could provide better services to their
target markets without compromising the fundamentals of Shariah law. Other studies could focus on
increasing consumer awareness of the services Islamic banks offer, particularly to Kuwaitis. A qualitative
study could also be carried out to probe the motivations for using or not using Islamic banks.
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