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The branding of religious financial institutions in the UK: conversations with market actors within the Islamic financial sector

Seng Kiong Kok (Liverpool Business School, Liverpool John Moores University, Liverpool, UK)

Journal of Islamic Marketing

ISSN: 1759-0833

Article publication date: 4 May 2020

Issue publication date: 12 May 2021

Abstract

Purpose

We are beginning to observe the growth of Islamic finance beyond the borders of traditionally Islamic markets such as the Middle East and the Far East. The proliferation of such religious financial institutions in non-Islamic and more secular markets has raised some pertinent questions about how these quasi-religious institutions brand themselves in light of the need to balance the conflation of Islamic theology with that of financial economic principles.

Design/methodology/approach

The study adopts a process-based qualitative methodology proceeded with an initial data reduction-theoretical conceptualization of the extant literature. This is followed by data display via quote research of participants’ precepts and concludes with a synthesis the extant academic conceptualizations with empirical perspectives.

Findings

The findings highlight a framework explaining the interface between Islamic and non-Islamic participation on the branding of Islamic financial institutions in the UK. The findings also set forth a need for consideration of non-religious and purely economic participation in the Islamic financial system in light of branding.

Originality/value

This study derives its incremental contribution by extending the extant academic literature on the branding and consumption of Islamic financial products and services within non-Islamic and secular markets. Furthermore, by adopting a multi-disciplinary, qualitative lens and engaging pertinent individuals within the field, the study provides a rich framework from which to explore the branding of these quasi-religious institutions and the interface between religious and non-religious consumption. This framework puts forth to the leaders of Islamic financial institutions of the between- and within-group interactions in terms of religio-financial consumption and branding.

Keywords

Acknowledgements

The author would like to thank the participants of the 10th International Research Meeting in Business and Management for their helpful comments on the developmental version of this study.

Citation

Kok, S.K. (2021), "The branding of religious financial institutions in the UK: conversations with market actors within the Islamic financial sector", Journal of Islamic Marketing, Vol. 12 No. 4, pp. 900-917. https://doi.org/10.1108/JIMA-01-2020-0016

Publisher

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Emerald Publishing Limited

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