Research focus on Islamic Bank Cards

Maris Strategies a research and advisory think-tank for financial institutions has launched the Islamic Bank Card Research project.

The project is a 90-day rapid research process to build a co-operative group of researchers, industry experts, academics, government agencies and Shari’ah-compliant financial institutions. The aim is to provide Islamic financial institutions with new insight in how bank cards can and will play a significant role in their overall product portfolio. Developing an understanding of the current competitive climate, consumer attitudes toward Shari’ah-compliant bank cards and what Shari’ah scholars are saying about bank cards are a few of the topical areas to be covered by this project. Questions to be considered include:

1. How are Islamic bank cards being offered to different demographic groups in various countries?
2. What types of Shariah-compliant bank cards are working and why?
3. How are Muslim customers using bank cards to facilitate their lifestyles?
4. What cultural differences exist across the Ummah?
5. What are Shariah scholars saying about bank cards?
6. What do Muslim and non-Muslim customers think about Islamic bank cards?
7. What brands are most recognizable by customers looking for bank cards?
8. What is next for Muslim bank cards?

Maris Strategies' project director Joe DiVanna said, "This project is designed to give Shari’ah-compliant institutions the market intelligence they need to accurately develop their portfolio of products to facilitate the changing lifestyles of Muslims in multination markets. The Islamic finance market needs more product-depth but simply building new products without knowing what will resonate with customers reduces the profitability and waste valuable resources."

Link: http://www.cpifinancial.net/v2/News.aspx?v=1&aid=2706&sec=Islamic%20Finance