The Maqasid al-Shari’ah (higher objectives of Islam) uphold well-being of mankind that lie in protection of their faith, lives, intellect, posterity and wealth. Accordingly, marketing in Islamic finance should adhere to the Islamic principles of trade and commerce, apply Islamic business ethics, and observe the market manners as Islam propagates. Marketing for Islamic financial products is significant not only from business point of view, but also from social, cultural and educational aspects that require proper marketing tools and process. Although a number of research have been conducted on Islamic marketing, marketing for Islamic finance products from a maqasidic approach has not been addressed yet. The question arises here is what are the marketing principles and tools that assist in achieving the noble objectives of Shari’ah? In order to answer this question, this paper intends to study the marketing principles and tools for Islamic finance products, and to highlight the Maqasid approach thereof in order to meet the well-being prescribed by Shari’ah. The paper is conceptual and qualitative in nature, formulated by utilizing some selective literature as well as by understanding the primary texts of Shari’ah. This paper expects that Islamic finance has enormous potential for promoting the mainstream Maqasid, as well as some other specific Maqasid of the Shari’ah if the proper tools and mechanisms are used in marketing for Islamic finance products.

1. بسم الله الرحمن الرحيم
29-Nov-14
5th International Conference on Islamic Jurisprudence in the 21st Century
Organized by
Department of Fiqh and Usul al-Fiqh
International Islamic University Malaysia (IIUM) É
Paper Title
Venue
Room 2
23th -24th September 2014
Md. Habibur Rahman
Abu Talib Mohammad Monawer

2. Abstract
•RP:
–Different Marketing Mix/Tools in Conventional Practices
–Adopting, Alternatives, Integration in Islamic Practice
–Maqasid point of view is absent
•RQ: what are the marketing principles and tools that assist in achieving the noble objectives of SharÊÑah?
•RO: To study the marketing principles and tools for Islamic finance products that lead to achieve the maqÉÎid al-SharÊÑah.
•Keywords: Islamic Marketing, MaqÉÎid al-SharÊÑah, Islamic Finance.

3. Outline
Introduction
Islamic Marketing: Tools/ Mix
MaqÉÎid al-SharÊÑah
End & Means in Islamic Finance
MaqÉÎid & Marketing
Conclusion

4. What is Islamic Marketing?
An approach to marketing from the perspective of both marketers and consumers which draws from the traits associated with principles of Islam.

5. Islamic Marketing Mix
Integrated 7 Ps (Nurhazirah H., Muhammad I. H., 2014)
7 Ps Islamic (Wilson, 2012)
7 Ps of Conventional Marketing (Lovelock, 2011)
5 Ps of Islamic Marketing (Qader V. D., 2010)
4 Ps of Customer Centric Way (Qader V. D., 2010)
4 Ps of Seller-Centric Way

6. Customer-centric way
Seller-centric way
4 Ps
Product
Price
Place
Promotion

7. 7 Ps of Conventional Marketing
7 Ps
Product elements
Price
Place & time
Promotion & education
Process
Physical environment
People

8. 7 Ps of Islamic Marketing
7 Ps
Pragmatism
Pertinence
Palliation
Peer support
Pedagogy
Persistent
Patience

9. 7 Ps of Integrated Marketing Mix
7 Ps
Pragmatism & Product
Pertinence & Promotion
Palliation & Price
Peer support & people
Pedagogy & physical environment
Persistent & process
Patience & Place

10. Maqasid al-Shari’ah
•MaqÉÎid al-sharÊÑah in Islamic Finance:
•3 levels of Maqasid: Necessities, Needs, and Luxuries
•5 Necessities: Deen, Life, Progeny, Intellect, and Wealth
•General Objectives of Islamic Finance:
–Circulation, Transparency, Justice, and Protection & Preservation
•Elements must be avoided to achieve Maqasid:
–ÍarÉm (prohibited) subject matter, RibÉ (Interest), gharar (Uncertainty), maysir/ QimÉr (gambling), khaÏar (risk), etc.

11. Ends & Means in Islamic Finance
•Four general maqÉÎid (Uzaimah & Safinar, 2006; FarÊd ZËzË, 2012; Laldin and Furqani, 2013; Ahcene Lahsasna, 2013):
•End1: Circulation of wealth for consumption or investment.
•Means
–legislation of financial contracts,
–Prohibition of ribÉ, Hoarding, Monopoly, gambling, etc.
–Constitution of Various types of transactions
–Encouragement to undertake and participate in necessary types of financial activities.

12. •End2: Fairness & Transparency
•Means:
–Witnesses
–write the agreement
–pledge certain property to be a security for debt.
–bail/ waranty
–earning money in a legal way, protection of public interest, and proper spending of wealth
–Certain values, measures and standards to be upheld in transactions
–Certain negative elements to be avoided

13. •End3: Justice and Equality
•Means:
–fields of zakat, war wealth,
–waqf, etc.
–Social duties and responsibilities towards others
–The concept of farÌ al-kifÉyah (social obligation) places responsibility on those who are capable or better off to assist those who are not capable or who are worse off (Rahman, 1969)
–Finacial dealings with non-muslims,
–Stadardization of Islamic financial institution,
–Enactment of rules and procedures

14. •End4: Protection of wealth and property from transgression or wrongful appropriation.
•Means:
–Enforcing law against illegal appropriation
–Allowing to request for a guarantee by contracting
–Impose a compensation for any non-performance
–punishment for financial crime and spoils,
–Breach of contract
–pure ownership,
–rules of validity of contracts
–Stability of finance and business,
–Documentation, development and investment of wealth,

15. MAQASID OF MARKETING
•Fulfillment of needs and goals: to fulfil consumers' needs, besides achieving company goals.
•Balance between company and customers goals: so that company gets profits; and consumers are provided safe and quality products; and towards ensuring the welfare of society.
•Hanafy and Salam (1988) outlined six categories of ethical principles that can be applied to marketing activities. These are the principles of truthfulness, trust, sincerity, brotherhood, science, and technology and justice. All these ensure the well-being of the mankind.

16. 5 Ps of Islamic Marketing (Qader V. D., 2010)
5 Ps
Product
Price
Place
Promotion
People

17. 5 Ps: 1. Principles of Product
Lawful (Tayyibat) and not to cause dullness of mind in any form.
Asset backed
Deliverable
Identification of extra cost-added features (Ibn al- Ukhuwwah, 1938)

18. 2. Principles of Price
Islamic market should be free to respond to the market forces operating within it.
No corner market,
No hoarding,
No unjustified price manipulation, and
No restriction on trade

19. 3. Principles of Place
Not manipulating the availability of a product for the purpose of exploitation;
Not using coercion in the marketing channel;
Not exerting undue influence over the re-sellers choice to handle a product

20. 4. Principles of Promotion
Avoidance of false and misleading advertising;
Rejection of high pressure manipulations, or misleading sales tactics;
Avoidance of sales promotions that use deception or manipulation.

21. 5. Principles Concerning People
Free and independent judgment, no coercion
•Sexual appeal,
•Emotional appeal,
•Fear appeal, subliminal advertising and
•Pseudo scientific claims
•Because all have elements of coercion which cause them to be categorized as unethical as a means of marketing.

22. Islamic Marketing & Maqasid
Tahsinat
Means of hifzul mal
Beneficing din, life, intellect, progeny,
Benefiting Honor through promotion- advertising
GM
Circulation
Fairness & Transparency
Justice & Equality
Protection & preservation
SM

23. Conclusion
If the principles and tools of Islamic marketing are applied, Marketing will achieve the maqasid in finance and it will further be a means of the general objectives of shariah.
Marketing of Islamic finance products shall be marketed and promoted in such a way that ensures and actualizes the noble objectives of the SharÊÑah.
Islamic finance products must be pure and Íalal, that must carry the religious, social and ethical values. The market place should be driven by typical demand and supply and it should be free from any kind of artificial pressure. Promotion and advertising tools and means shall conform to the rules and principles of the SharÊÑah. The interaction between sellers and customers should be at a level of brotherhood.

24. Future Research Implications
Further research could be extended to develop a framework of Islamic marketing from Maqasid Point of view.
A study on Islamic Marketing mix from the Maqasid point of view is needed.