Islamic finance must attract non-Muslims - MTI CEO
Islamic banks and finance institutions have recorded a huge growth in
the last couple of years. The stakeholders interest has also increased.
MTI CEO Hilmy Cader
Addressing the Sri Lanka Islamic Banking and Finance Conference MTI
Consulting, Global CEO Hilmy Cader said all Islamic finance institutions
should bring novel products and services to consumers while adhering to
the Shariah principle.
He said most Islamic finance and banks focus on Muslim customers only
and the prevailing system should be changed while initiating measures to
attract more non-Muslims into their ventures.
Sri Lanka is as a non-Islamic country to have legislation for Islamic
banking sector. There is sufficient flexibility for conventional banks
to make transactions and launch Islamic financial products. Strategic
marketing communication to raise awareness of these products is
considered as a vital requirement in the current context, Cader said.
Lack of global connectivity, lack of structured work flow and high cost
of information search are the main challenges faced by Islamic finance
and banking sector in the world.
There should be a proper human resources management strategy in every
institution to manage skilled workers in the company and Islam finance
should go to the strategy market to hit the highest point. Apart from
that, connectivity, community, communication, co-operation are vital
components to achieve set goals in every institution. “Simplicity of
branding is one of the most important factors, most companies spend a
large amount of money to advertise their products and this leads to
confusion among people as sometimes customers get confused when choosing
main brands and sub-brands,” he said.