International Journal of Operations and Logistics Management www.absronline.

org/journals
p-ISSN: 2310-4945; e-ISSN: 2309-8023
Volume: 3, Issue: 4, Pages: 322-336 (December 2014)
© Academy of Business & Scientific Research

Cognizing Customer Awareness and Perception of Islamic Banking

Products in Pakistan

Salman Masood1*, Sumaira Rehman2, and Chaudhry Abdul Rehman3

1. PhD Scholar, Superior University, Lahore (directorqa@superior.edu.pk)

2. Assistant Professor, Superior University, Lahore (sumaira.rehman@hotmail.co.uk)
3. Chairman, Superior University, Lahore (ceo@superior.edu.pk)

The objective of study is to explore customer awareness and perception towards the
Islamic Banking products and how this perception and awareness can be raised for the
greater success of Islamic banking products. Based on the Interpretive Phenomenological
Approach (IPA), this study explores Islamic principles related to interest and profit,
current banking products and services, awareness of customers about Islamic banking
products and services, understanding of customers on Islamic banking system and
operations, perception of customers about Shariah compliant service. This is qualitative
study and semi-structured interviews are conducted of Islamic banks’ customers.
Customers are selected through snowball sampling technique as samples. Generally,
customers use only the current and saving accounts, they do not use different modes of
financing because of less awareness about the products and financing modes of Islamic
banks. Even bankers by themselves not have full awareness of Islamic banking products
and services. Awareness and perceptions of Islamic banking products can be improved by
publishing the books or broachers, different paid organizations should be used to spread
awareness, public at large can be invited for general awareness. Basically this is the time
of developing right strategy. The strategy should be implemented with proper follow-up
and no question should be left unanswered in the procedure of follow-up.

Keywords: Islamic banking, Awareness, Perception, Conventional banks, Islamic

financial products

INTRODUCTION
The economy of Pakistan is based on two
important societal school of thoughts i.e.
Capitalism (Capitalistic) and Islamism (Islamic).
There are two factors of production, capital and
entrepreneur. Capital is entitled for risk free
interest and entrepreneur is for profit. Capitalistic
school of thought says that both factors are
separate and distinctive, but Islamic school of
thought says that owner invests capital for earning
profits and bears all risk of losses. Therefore, in
capitalistic economy conventional banks deal in
money and reward in interest, but in Islamic
economy the Islamic banks deal in money, reward
in profits and share risk of losses because the riba
(interest) is forbidden in such economy.

*Corresponding author: Salman Masood

Ph.D Scholar, Superior University, Lahore, Pakistan.
E-Mail: directorqa@superior.edu.pk
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According to State Bank of Pakistan (SBP) Report
(2011-12), the total deposits of conventional bank
were Rs. 5638.2 billion till June 2012 and that of
Islamic banks were Rs. 581.2 billion in Pakistan. In
Islamic Republic of Pakistan the interest based
banking have far more capitalization as compared
to interest free banking. There may be certain
reasons for such a huge difference i.e. the Islamic
banking is not matured till now because first
Islamic bank i.e. Meezan Bank Limited was
inaugurated in 2003. There may be less
understanding of bankers about the Islamic
banking products. Furthermore there may be less
customer awareness, less customer understanding
of Islamic principles, and inapt customer
perception of interest free and interest based
banking products. Majority of Islamic banking
products like Mudaraba, Musharaka, Ijara,
Takaful, Murabaha, Bai Salam, diminishing
Musharaka may be unknown to the customers.
In Pakistan quantitative (positivism paradigm)
research is conducted by few researchers for
addressing the issue of customer awareness and
understanding of Islamic banking products.
According to Khattak and Rehaman (2010) and
Okumus (2005) the Pakistani customers are aware
of only current accounts, but unaware of
Murabaha and Takaful. Z. Zainol, Shaari (2008)
demeanor a comparative analysis of bankers’
perceptions on conventional and Islamic Banking
in Pakistan. The findings of Z. Zainol, Shaari (2008)
study have demonstrated that the respondents
have positive perceptions about the Islamic
products and services. Our study is significant
because it will address the gap in literature by
exploring (interpretivism paradigm) the reasons,
that why the Islamic Banking is not growing at a
fast pace, although it is developing. This will be
done by cognizing customer awareness and
perception and how customer awareness and
perception can be enhanced.
As we know that, Pakistan is a Muslim country.
Pakistani Government statistics in year 2011, noted
that about 96.16 percent is Muslim population, 1.69
percent of the population is Christians and 1.40
percent of the population is Hindus, which means
that only about 3.84 percent of the population in
Pakistan is non-Muslim. Muslim market is huge
and has substantial potential for Islamic Banking
products, but still Islamic banks are facing
difficulties to compete with conventional banks.
This is may be due to customer perception about
Islamic banking and Islamic modes of financing.
Therefore, the aim of the study is to explore
customer awareness and perception towards the
Islamic Banking products and how awareness and
perception can be increased. This is a qualitative
study and will follow the interpretivism paradigm.
LITERATURE REVIEW
Different researchers have worked upon Islamic
banking products awareness, understanding and
perception in developed countries like Australia,
Singapore, United Kingdom and London etc. Brief
views of different researchers are presented here.
The awareness of Muslims of Australia was
studied by Rammal and Zurbruegg (2006) and
found that they were not aware of profit and loss
sharing agreements and halal financing options. If
credit facilities were not provided by Islamic banks
then they had no proper understanding of Islamic
principles and Shariah compliant rules and
regulations. According to Gerrard and
Cunningham (1997) the 20% Muslims of Singapore
were aware of functions and products of Islamic
banking but non-Muslims were unaware thereto.
The Muslims understood the basic concepts like
riba, interest, shariah, but they were not known to
Musharaka, Murabaha, and takaful. According to
Omer (1992) the Muslims of UK were unaware of
Islamic finance, but they prefer Islamic banking
services due to the religious factors. From the
sample of three hundred Muslims eighty two
percent respondents were at the point that Islamic
banks lacks the financial products; therefore, very
few respondents have current accounts in Islamic
banks. According to the studies of Dar (2004) only
twenty five percent of UK Muslims were showing
the preference for Islamic financial services, but
most of the respondents were more comfortable
with doing business with conventional banks.
Only five percent of the UK respondents were the
demanders of Islamic financial products.
Therefore, according to Dar (2004) it is very
important to give customer awareness and
education for the development of Islamic Banking
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in the developed countries like UK. With the help
of interviews Karbhari et al. (2004) carried out and
explored the attitudes, opportunities and
challenges of Islamic banking in London.
According to the results of Karbhari et al. (2004)
studies the respondents were at the point that the
UK government was not supporting the Islamic
financial banking. The Islamic financial products
offered by conventional banks can promote the
development of Islamic financial industry in
London. From all the discussion made above we
can conclude that there is a dire need of
developing awareness and understanding through
education of Islamic financial products for the
people of different developed countries. And it is
through increasing awareness that the Islamic
financial system can become strong and vigorous.
Islam is the predominant religion in Turkey, Iran,
Iraq, Egypt, Nigeria, Indonesia, India, Pakistan
and Bangladesh. Different researchers have
worked upon Islamic banking products awareness,
and perception in developing countries like
Thailand, Turkey, Bangladesh, Malaysia,
Indonesia, Jordan, Bahrain and Qatar etc. Brief
findings of different researchers are presented
here. Different researchers investigated the
perception of customers in Thailand, revealed that
the customers were aware of Islamic banking
principles i.e. prohibition of interest, but were not
aware of Islamic banking products and services
(Lateh et al., 2009; Beck et al., 2013). Different
researchers like Lateh, Ismail and Arrifin (2009),
Khattak and Rehman (2010), Okumus (2005),
Khan, Hassan and Shahid (2008) also worked on
awareness and perception of Islamic banking
products. According to Khattak and Rehaman
(2010) and Okumus (2005) the customers are aware
of current accounts and time deposit accounts but
unaware of Murabaha and Ijarah. Khan et al
(2008). found the same results in Bangladesh and
Turkey. Muslims of Iran were also unaware of
Islamic products and terms like ―Mudaraba, ―Bai
Bithman Ajil and ―Ba Inah so these are less
popular there. The reason behind low awareness
and usage of individual borrowing products might
be that Islamic banking products are named in
Arabic terms (Rammal and Zurbruegg, 2007,
Thambiah, Eze, Santhapparaj, and Arumugam,
2011). According to Karim and Affif (2005)
understanding about Islamic Banks is still
insufficient but the awareness of Islamic Banking is
quite high in Indonesia. In Indonesia, Pakistan and
Sudan, full-fledged Islamic banks are working
(Chong & Liu, 2006). Similar results were
generated by Rammal and Zurbruegg‘s (2006),
Thambiah et. al. (2011) study. Their study
documented that there is lack of awareness of
retail Islamic banking in urban and rural banking
customers in West Malaysia. However, non-
Muslims in Sarawak, Malaysia, are largely aware
of Islamic financing facilities (Run and Yeo, n.d.).
Run and Yeo (n.d.) piloted their study in East
Malaysia and Thambiah et. al (2011) accompanied
their studies in West Malaysia. The difference in
findings might be because of contextual difference
of areas. According to the findings of Haron,
Ahmed and Planisek (1994) and Hamid and
Nordin (2001) the Malaysians have knowledge and
understanding of Islamic financial products but
surprisingly they were unknown to the difference
between Islamic and conventional banking
products as found Jinjiri Ringim (2014). According
to Karim and Affif, (n.d.) in Indonesia, the
awareness of Islamic Banking is quite high.
Muslim students of UAE are more interested in
dealing with Islamic banking products as
compared to non-Muslims (Bley and Kuehn‘s,
2004). Same results were shown by the study of
Ahmad and Haron (2002), on Malaysia. According
to Loo‘s (2010) massive advertisement campaigns
were arranged in Malaysia but still the non-
Muslims were not known about the Islamic
banking.
Most of the customers were not aware of Islamic
banking system and products like Ijara financing;
Murabaha financing (Naveed Azeem Khattak and
Kashif-Ur-Rehman, 2010). Khattak N.A. and
Rehman K. (2010) also suggested that the industry
have to provide awareness to the customers by
doing seminars, and by providing efficient
products. Delays in transaction processing should
be minimized and more considerations should be
given to efficient networking. Manzoor M. M.,
Aqeel M., Sattar A., (2010) argued that the
economic and socio-psychological factors have
affected the growth of Islamic banking in Pakistan.
These factors can help in diverting the customers
from conventional to Islamic banking. The
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economic factors are profit and loss sharing RESEARCH METHODOLOGY

mechanism, risk management system, increasing
support from State Bank of Pakistan etc. The socio-
psychological factors include religion, product
awareness and asset based financing. These factors
give motivation to a potential customer for
switching to Islamic banking in Pakistan.
According to El-Qorchi (2005) the growth rate of
Islamic banking is 15% per annum. Also the said
author argued that very few studies have
addressed the phenomenon like attitudes,
perceptions, and knowledge of Islamic modes of
finance. Gait and Worthington (2007) have
undertaken different and important studies on
such phenomenon, but unfortunately these were
not related to Pakistan and hence constituting a
gap. It is important to know about customers’
perception, attitude and awareness so that the
potential customer can be guided to use the
products of Islamic bank. According to Gait and
Worthington (2007) there are three categories of
customer attitude towards Islamic finance first,
individual customer’s attitude towards Islamic
finance; second, business firm’s attitude towards
Islamic finance; and third, financial institution’s
attitude towards Islamic finance. According to Gait
and Worthington (2007) other factors that make
Islamic finance attractive were reputation, service
quality, and pricing. According to Khalidi M. A.
and Amanaullah, (2010) it is important to consider
that whether the customers of Islamic bank believe
in the truthfulness of the Islamic banking system
or not. Perceptions of Islamic banking customers
are examined in two different studies. These
studies were authored by Jalees and Kamal (2007)
and Azeemi et.al. (2004). First study by Jalees and
Kamal (2007) reflected the brand image for the
Islamic products. The result of the study showed
that Islamic bank brand image was not in
elevation. The implication of such study was that
the brand image is very important for the
development of Islamic bank. The study by
Azeemi et.al (2004) revealed that the customers are
not aware of Shariah based financial system and
measures should be taken for raising awareness
and understanding of Islamic products.
This study is based on interpretivism (qualitative)
paradigm. The emphasis of the research is on
understanding of customer awareness and
perception related to the Islamic banking products
in Pakistan. No qualitative research has been
found that has addressed the customer awareness
and perception related to the Islamic banking
products in Pakistan. According to Creswell (1998)
exploratory research is considered appropriate
when little is known about the phenomenon and in
such situation the qualitative study is more
helpful. Data gathering is crucial in research, as the
data is meant to contribute to a better
understanding of a theoretical framework (Bernard
2002). It then becomes imperative that selection of
data collection method of obtaining data and from
whom the data will be acquired be done with
sound judgment, as no amount of analysis can
make up for improperly collected data (Bernard et
al. 1986). Purposive sampling is an informant
selection tool widely used. The purposive
sampling technique, also called judgment
sampling, is the deliberate choice of an informant
due to the qualities the informant possesses
(Bernard 2002, Lewis & Sheppard 2006). The
purposive sampling was made for this study and
thirteen customers of Islamic banks were selected.
These customers were accounts holders with
Islamic banks for at least two years. Semi-
structured, face to face interviews were conducted
at a convenient place and time given by the
participants. The participants were given the
informational letter and informed consent was
taken from them. In the informed consent the
interviewer has clearly explained the aims,
objectives, methods, terms and conditions of the
research conducted. Each participant was given
the right to withdraw from the study at any time
and clearly informed that during the research
process the data cannot be kept entirely
confidential. The interviews were recorded with
the consent of interviewee. After the conduction of
interviews the translation and transcriptions were
made. Majority of the transcription were sent to
participants for member checking that has further
upgraded the validity of the interview data. For
the analysis of data the interpretative
phenomenological analysis (IPA) approach was

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used as suggested by Smith, (2004). The open
ended, semi structured questionnaire was used
and the main questions were asked to determine
the awareness and perception of Islamic banking
products. Main questions which were asked are
given hereunder:
What is the potential difference between
Islamic and conventional banking?
What types of Islamic banking products
you are using now-a-days?
What are the different Islamic banking
products and services you are aware off?
How you perceive the shariah compliant
services offered by Islamic banks?
Are the bankers are aware off the Islamic
banking products?
What are the strategies needed to enhance
the customer awareness and perception about the
Islamic banking products and services?
RESULTS
Presentation of demographic survey
The demographic profile of the participants is
given in Table (1). The table is showing that
majority of the participants are male. For more
reliability of the data and information participants
from different age groups were selected and these
age groups are ranging from 25 – 60 years. 62% of
the participants were operating the bank accounts
from ten years or more than ten years. The sample
consists of both types of participants; one that are
engaged in business and others that are job
holders. 78% of the participants were Masters
qualified and only three were bachelors who were
doing their own business. In the sample the care
has been taken that different income groups
customers should be selected so that they should
give information according to the transactions they
are performing with the banks. The incomes of
participants were ranging from Rs. 20,000 to
100,000. The results have revealed that 69% of the
participants were dissatisfied with the Islamic
banking because they believe that Islamic banking
is nothing but the change of names of conventional
banking products. The selected sample of
participants has bank accounts in both Islamic
Banks and conventional banks. Only 31% of the
participants have prior education of Islamic
banking systems and products, rest of the sample
has no formal qualification of Islamic Banking
rules, regulations, products and services.
TABLE 1 HERE
FINDINGS
The responses generated from in depth interviews
are grouped under different themes to discuss
above mentioned research questions.
Difference between Islamic and conventional
banking
The interview data highlighted that majority of the
participants were of the point of view that there is
no actual difference between the Islamic banking
and conventional banking. According to the
participants interviewed the conventional banking
is older and mature, so the Islamic banking has just
taken their products by changing the names of
those products. According to the interviews and
discussions there is not a huge difference between
Islamic and conventional banking. Basically in the
conventional banking the bankers generally give
information (Bowen and Scheider, 1985) that they
will give mark-up upon investment that is
considered as interest but the Islamic bankers use
the term of profit upon investment. It is important
to understand that both banks have different
mechanisms of operations or not. One more thing
is that the Islamic banks do not disclose the nature
of business in which they are going to invest the
customer’s money and if they do not disclose the
nature of business then how a general customer
can differentiate between Islamic and conventional
banking. Therefore customers’ positive perception
towards Islamic banking is far more crucial mainly
because Islamic banks have to compete with the
dominant and long established conventional banks
in a dual-banking system (Aziz, 2006; Asyraf, 2007)
Mr. Ahsan Javed said that:
“Well in my point of view we do not know where our
money is invested by the bank, how much profit that
business is giving to the bank so the main issue is this
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that islamic banks should give information that whether
they are investing in some business or just have
speculation with the customer money.
Mr. Sohail was of the point of view that there is no
difference between Islamic banking and
conventional banking as both are the schedule
banks of State Bank of Pakistan. If the governing
body is same then how one can say that the
policies and procedures are different. According to
him there is not much difference between Islamic
and conventional banking. This is perception that
is set in the minds of local customers; that in
conventional banking there is mark-up and in
Islamic banking there is profit and loss sharing.
Mr. Sohail has discussed his perception in the
following way:
“Basically in my point of view, this is only a perception.
Actually both are nearly equal to the concept of interest
as found Chong and Liu (2009). You know that State
bank of Pakistan is the head of all conventional as well
as Islamic banks. So if the head is same then how both
banks act differently. Of course the Islamic banks get
Fatwas and say that they work according to them but it
is not seen” (Sohail).
State Bank of Pakistan is a regulatory body of both
types of banks and has framed different rules for
both banking systems. The participants also have
pointed out that if a conventional bank and Islamic
branch of conventional bank both have the same
accumulated capital as recorded in the balance
sheet and also the same bank profits then there is
no remarkable difference between both banks. In
fact if we talked about in true spirit then there is
certainly no difference between Islamic and
conventional banks. According to Nauman:
“After the experience of two years I understand that a
bank in which Mr. Taqi Usmani is engaged is Islamic
bank. I am doing business with Faisal bank Islamic
branch but the capital of Faisal Bank and Faisal Islamic
bank is same so if capital is same for interest based and
interest free banking then how will you distinguish
between Islamic and Non-islamic bank.” (Nauman)
Proper disclosures and briefings about the issues
like, where the amounts is going to be invested,
how much profit and loss sharing will be there,
what will be the risk factors involve, are very
important. The most important thing is that if
Islamic Banks are investing some amount then
they have to disclose that where that amount is
invested and the investment should be based upon
profit and loss sharing. Profit and loss sharing
concept can be clearly explained by giving the
example of gold transaction. Suppose a loan has
been sanctioned, say for Rs. one lac, but without
paying the cash and instead the gold of two tolas is
given to the borrower and this is contracted that
this will be returned after one year. When that
gold will be returned that should be of two tolas;
either that will be of ninety thousand or one lac ten
thousand. This concept is called profit and loss
sharing. Mr. Sohaib said that;
“In conventional banking you straight away talk about
the interest. But in Islamic banking the talked about the
profit and loss sharing. As I have seen in the profit and
loss sharing of Islamic bank, I am unable to understand;
it is very unclear and ambiguous. The main reason of
un-clarity is that in this country no proper disclosures
are there regarding investments in Islamic banking.”
(Sohaib)
Islamic Banking Products Usage
The customers of Islamic banks generally use the
current and saving accounts according to the
discussions made with the interviewees. Some of
them have availed the Car Ijarah but other
products are not used by general customers.
According to Nida Ahmad:
“I have leased a car for my brother in law. Instead of
this reason I have no other special reason. Also I have
not taken it seriously that it is an Islamic bank or
conventional bank because interest is charged on the
both banking financing i.e. Islamic and conventional”.
(Nida)
Similarly Mr. Azhar is also of the view that he also
has current and saving accounts but is not availing
different modes of financing of Islamic banks.
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“I have current account in different Islamic banks and
in two banks I have my saving account. But I am not
availing different products as for example Mudaraba or
Musharaka or alike”. (Azhar)
Awareness of Islamic Banking Products
Generally customers are not aware of the products
of Islamic banking (considered as Islamic modes of
financing). When the participants were asked that
what they know about Musharaka, Mudaraba, Bai
Muajjal, Istasna, Sukuk, Ijarah, Diminishing
Mudaraba, and Qarz-a-Hasna; all the participants
were not aware off the Islamic modes of financing.
According to Azhar:
“Of course in two different timings the banker has
discussed with me the Mudaraba and Ijarah with me
but I haven’t understood that concept.” (Azhar)
The participants were of the opinion that when it
comes to explaining the Islamic modes of
financing, normally the bankers fail to satisfy the
customers. In fact the information they give is
considered accurate but the practices are
somewhat ambiguous and also such practices are
not in compliance with the rules. Similarly Sohail,
Nauman and Sohaib have given their opinion as:
“Actually when I opened the bank account in Dubai
Islamic and there I discussed with them the difference of
Islamic and conventional banking but they did not
satisfy me so I haven’t made any financing and opened a
current account there”. (Sohail)
Perception of Shariah Compliant and Modes of
Financing
Perceptions of Islamic banking customers are
examined in two different ways. According to
Jalees and Kamal (2007) the first way is by
reflecting the brand image of the Islamic products.
The second way is explained by Azeemi et.al
(2004) that the customers are not aware of Shariah
based financial system and measures should be
taken for giving awareness and understanding of
Islamic products. Majority of the participants were
of the view that Islamic banking is based on
certificates signed by Mr. Taqi Usmani and Fatwa
is taken; therefore, all these products are
considered as Islamic, but there is no assurance
whether they are proper in nature or not.
Unfortunately the bankers are not much
acquainted with the shariah compliant product
rules and regulations so, when they are asked for
the information on Islamic financial products then
they simply say that they have to check whether
they can provide this product or not. In this way a
customer can easily observe the black areas that
the employees themselves do not known about the
products. Due to the fact that the bankers
themselves do not know the products and services
concepts than how people will feel confidence for
the shariah board applications and products
offered by the Islamic bank. One of the
participants also elaborated the above fact as;
When we ask from bankers about Bai Muajjal is
operating here they simply say that we have to check
whether we can provide you or not. In this way a
customer can observe the black area that the employees
themselves do not know about the products”. (Ahsan)
Perceptions are compared with Taqwa and Islamic
banking practices. Mr. Fida Hussain is of the point
of view that Islamic banking is not a framed model
given by Prophet Muhammad (PBUH) and
Sahaba-a-karam, but is derived from those
practices applied by Prophet Muhammad (PBUH)
and Sahaba-a-karam. According to him;
“In my point of view the modes of financing are derived
from the history of Islam. The Islamic system of fund
management is based on Saddqaat and Aahsan. So I
think and in my opinion the Islamic modes of financing
is those practices that were applied by Prophet
Muhammad (PBUH) and Sahaba-a-karam”. (Hussain)
Bankers’ awareness about Islamic banking
products and services
When the discussion was continued and the
participants were feeling easy then after a general
question one very interesting finding came into
being. The bankers who are really the custodians
of Islamic banks were not known to the Islamic
banking products. According to different
participants like Nauman, Azhar, and Riaz they
were of the opinion that the staff members do not
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known about the technical concepts of Islamic
modes of financing and Fatwa. They themselves
are unable to create differences between Ijara and
financing, Takaful and Insurance etc.
“No they are not well versed. If a layman will visit
them they will say that we are the Islamic and do not
offer interest but offer profit. The technicalities are not
shared and do not give proper information”. (Riaz)
When the discussion was made with Mr. Fida
Hussain he said that Islamic banking is a new
concept. Bankers and customers still do not have
command on the subject matter, but with the
passage of time the limitations will be minimized
and improvements will be seen.
Increasing awareness and improving perception:
According to Lodhi and Kalim, (2005); Khan and
Bhatti, (2006) the main issues in developing Islamic
banking were lack of commitment on the part of
political parties, marketing agencies and the
government to introduce Islamic banking. The
bank should have sufficient information about
products and proper marketing campaign should
be launched (Ahmad et al., 2010). Demographic
considerations are necessary for the customer
satisfaction and awareness. The usage of products
of Islamic banks should be only possible if
customer become satisfied (Ahmad et al., 2010).
According to Mr. Fida Hussain the awareness can
be created and perception can be improved by
publishing the books or broachers, different paid
organizations can be associated with spreading of
awareness, and–public at large can be invited for
general awareness. This will be based upon that
which community you are knocking at for
increasing awareness. With the help of trade
associations Islamic banks can knock the traders;
domestic raided people can be addressed through
baradaries, and female related organizations can
be used for enhancing the awareness in women.
This is basically a point of making strategy. This
strategy should be made on quarterly basis and
follow-ups are very necessary and in follow-up the
questions should be answered and no question
should be left unanswered. Mr. Ahsan Javed has
given his point of view as:
“First of all the Islamic bankers should have to come out
from the bank boundary. When a new product is
launched by the Islamic bank it is not launched in the
market but it is launched inside bank.” (Ahsan)
Different participants has further added that there
is no marketing campaign by Islamic banks, and
only very small message run on TV that are also
very unclear. It is observed that MCB, HBL like
banks advertises their message, but normally there
is no advertisement of Dubai Islamic Bank or Burj
bank. This hinders the creation of awareness
regarding Islamic bank in general masses.
Advertisement is considered very important
because it covers a large number of people at a
time. Then inspite of this the Islamic banks have to
take their products to the market. They have to
affix bill boards to the market. They have to target
the people through e-mails. Whenever new
product is launched then Islamic bank have to take
steps for the penetration in the market. The main
problem of Islamic bank is that only their walk-in-
customers are informed about the products to
some extent, (and his number is also less) and the
potential customers of the market are not targeted
for giving information about their products and
their importance.
Different researchers investigated the awareness
and perception of customers. The results revealed
that the customers were aware of Islamic banking
principles i.e. prohibition of interest, but were not
aware of Islamic banking products and services
(Lateh et al., 2009), Lateh, Ismail and Arrifin (2009),
Khattak and Rehman (2010), Okumus (2005),
Khan, Hassan and Shahid (2008). The awareness is
very much important for the potential customer
and this will be only possible when the bankers
will go on sites of clients because nobody have
urge to learn so for creation of awareness the
bankers have to go to the clients in the main
markets. The bankers have to start sector
marketing and informational marketing for
betterment. Similar remarks were made by Mr.
Riaz:
“For creation of awareness they have to go to the clients
at their own places. They should be addressed properly.
The bankers or officials have to move to their sites. So
329
Int. j. oper. logist. manag.
p-ISSN: 2310-4945; e-ISSN: 2309-8023
Volume: 3, Issue: 4, Pages: 322-336
they have to start sector marketing and informational
marketing then betterment will come”. (Riaz)
Therefore, from the above discussion on the major
findings from the interviews conducted from the
selected participants we can deduce that customers
are not well aware of the differences between
Islamic and conventional banking. They generally
maintain the current and saving account but they
don’t use different modes of financing because
they are not well aware off Islamic banking
products and Islamic modes of financing.
Interesting findings have reflected that Bankers’ do
not have full awareness of Islamic banking
products and services. The awareness and
perceptions of Islamic banking products can be
improved by publishing the books or broachers,
different paid organizations should be associated
with spreading of awareness, public at large can be
invited for general awareness. This is basically a
point of making strategy. This strategy should be
made on quarterly basis and follow-ups are very
necessary and in follow-up the questions should
be answered and no question should be left
unanswered.
CONCLUSION
According to Woelfel & Charles (1993) there were
direct dealings between savers and borrowers
when the banking system was not available, but
due to rapid growth in financial dealings there
came a need of banking system. At that time, small
banks came in existence. Such small banks were
only for collections, payments and investments.
With the passage of time when the economies start
growing then banking needs raised and hence
conventional banking played a vital role.
According to Habib Ahmed (2006) welfare of
mankind, prosperity, justices and protection are
the basic aims of Islamic law. Muslims want to
spend their lives according to the Islamic
principles in which all kinds of interests are
forbidden (Ahmad, 2008) and for such reasons the
Islamic banks came in existence.
Islamic banking system is at initial stage for
Pakistan and when something is in the primer
phase then different discussions emerged about its
limitations. But we have to observe in aggregate
context that thing is good or bad. The position is
that the customer have awareness about Islamic
banks and its operations, but they are not well-
aware about the Islamic banking products such as
Bai Muajjal, Istasna, Diminishing Musharaka,
Sukuk, Qarz-a-hasna, Ijarah, and Murabaha. It is
necessary that the Islamic banking products
awareness should be increased and customer
perception towards Islamic financial system
should be improved with the help of publishing
the books or broachers, different paid
organizations can be associated with spreading of
awareness, public at large can be invited for
general awareness, through seminars, take it as a
subject in our universities but more benefits could
be attained if this awareness and perception will
be based upon community you are knocking at.
With the help of trade associations you can knock
the traders; domestic raided people can be
addressed through baradaries, and female related
organizations can be used for enhancing the
awareness in women. This is basically a point of
making strategy. This strategy should be made on
quarterly basis and follow-ups are very necessary
and in follow-up the questions should be
answered and no question should be left
unanswered. In a nutshell with the passage of time
many improvements will come but still Islamic
banking products are competitive.
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APPENDIX
No. of Bank
Qualific
Years Satisfacti Account
ation in
S. Job / in Job Nature of on of in
Interviewee Gender Age EOB Qualification Income Islamic
No Business / Profession Islamic Conventi
Banking
Busine Bank onal
Sector
ss Bank
20,000 –
1 Ahsan Javed Male 25-35 03 Job 04 Teacher Masters No Yes Yes
40,000

Own 81,000 –
2 Azhar Iqbal Male 46-55 17 Business 20 Bachelor No Yes No
Business 100,000
Own
Muhammad 81,000 –
3 Male 56-60 21 Business 23 Business Bachelor No Yes No
Riaz Chisti 100,000
(School)
Muhammad Private 41,000 –
4 Male 36-45 06 Job 10 Masters No Yes Yes
Sohail Firm 60,000

81,000 –
5 Fida Hussain Male 56-60 22 Job 23 Professor Masters Yes Yes Yes
100,000
Muhammad
Governmen 20,000 –
6 Nauman Male 36-45 05 Job 09 Masters Yes Yes No
t Employee 40,000
Ahmad
Banker in 41,000 –
7 Nida Ahmad Female 25-35 06 Job 06 Masters No Yes No
HBL 60,000

Sohaib Own 61,000 –

8 Male 46-55 14 Business 15 Masters No Yes No
Anwer Business 80,000

Banker in 41,000 –
9 Ali Imran Male 36-45 10 Job 08 Masters Yes Yes No
Meezan 60,000
Business/ Tax
81,000 –
10 Umer Zaka Male 36-45 10 Consulta 12 Consultanc Masters Yes Yes Yes
100,000
nt y
Own 41,000 –
11 Haroon Male 25-35 05 Business 11 Bachelors No Yes No
Business 60,000

Mian Own Above

12 Male 46-55 14 Business 15 Masters No Yes No
Nadeem Business 100,000

Mian Asad Own Above

13 Male 46-55 13 Business 17 Masters No Yes No
Ali Business 100,000

336