(MENAFN- Qatar News Agency) Islamic banks have to not just take on and resolve the challenges they face but also reorient themselves in the way they do business to enter into the next cycle of growth and become mature.
That was the view of a group of banking chief executives during a debate on Islamic Finance: Banking on emotions or merit at the first Global Islamic Economy Summit 2013 in Dubai on Wednesday
In a Brunswick Insight Survey 2013 conducted on behalf of Abu Dhabi Islamic Bank's 1,000 customers to gauge their attitudes towards Islamic banking, it was found that only 12 per cent to 20 per cent want to do business with Islamic banking, 60 per cent to 80 per cent are indifferent between Islamic banking and conventional banking and between 10 per cent and 20 per cent do not want to do business with Islamic banking, reported Gulf News
The customers in that survey were asking for ethical banking and a bank that is simple and accessible
"Islamic banks have an opportunity to leverage ethics...and you have to do things in the best interest of the customer," said Tirad Mahmoud, chief executive of Abu Dhabi Islamic Bank
If you do this properly, you will be able to attract that indifferent customer group [in the survey], which is quite substantial." Hussain Al Qamzi, chief executive of Noor Islamic Bank, echoed similar thoughts when he said that there is a need to be clear and transparent about the money we take from the customers, the money we invest."
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