SOKOINE UNIVERSITY OF AGRICULTURE FACULTY OF AGRICULTURE
DEPARTMENT OF AGRICULTURAL ECONOMICS AND AGRIBUSINESS NAME: PETER, PHILEMON REG NO: AEA/D/08/T.978 AEA/D/08/T.9788 8 A SPECIAL PROJECT PROPOSAL
TITLE: UNDERSTANDING THE CUSTOMER’S REACTION ON ISLAMIC BANKING IN TANZANIA (A CASE STUDY OF KCB AND NBC-MOROGORO)
A SPECIAL PROJECT PROPOSAL TO BE SUBMITED FOR THE PARTIAL FULFILMENT FULFILMENT OF THE REQUIREMENT FOR DEGREE OF THE B.Sc. AGRICULTURAL ECONOMICS AND AGRIBUSINESS OF THE SOKOINE UNIVERSITY OF AGRICULTURE AGRICULTURE FOR THE YEAR 2010/2011.
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SUPERVISOR: Felix Nandonde.
Contents Contents....................................................................................................... ........................2 CHAPTER ONE.................................................... ..............................................................3 1. Introduction......................................................................................................................3 1.1 Background Information............................................................................................3 1.2 Significance of the study............................................................................................6 1.4 Objective of the Study...............................................................................................8 1.5 Specific Objectives....................................................................................................8 1.6 Research Questions....................................................................................................8 CHAPTER TWO................................................................................................................. 9 2. Literature Review.............................................................................................................9 CHAPTER THREE...........................................................................................................12 3. Methodology..................................................................................................................12 3.1 Description of the Study Area..................................................................................12 3.2 Research Design.......................................................................................................12 3.3 Sampling Procedures and Sample Size....................................................................13 3.4 Data Collection........................................................................................................13 3.4.1 Primary Data Collection.......................................................................................13 3.4.2 Secondary Data Collection...................................................................................13 3.5 Data Collection and Analysis...................................................................................13 3.6. Schedule of Activities.............................................................................................14 3.7. Budget of Research.................................................................................................14 REFERENCES..................................................................................................................15
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CHAPTER ONE 1. Introduction 1.1 Background Information Banking is the business activity which involves acceptance and safeguarding of money owned by other individuals or entities, and then lending out this money in order to earn profit. The Tanzania banking sector embarked on a plan for financial liberalization in 1992 in order to sustain its economic growth. This has been accomplished through the mobilization of financial resources as well as by increasing competition in the financial market and by enhancing the quality and efficiency of credit allocation (Tanzania Invest, 2010). As a result of the liberalization, the banking sector in Tanzania has been booming, particularly over the last few years, where as at 31st December 2009, the banking sector was composed of 40 banking institutions, 27 of which were fully-fledged commercial banks and 13 financial Institutions. Out of the 40 banking institutions, 4 were fully owned by the Government and the rest were privately owned. With the exception of 10 banking institutions, which were jointly owned by local and foreign investors, 16 were 100% locally owned and 14 were 100% foreign owned. Total number of operating branches/agencies nation-wide was 430, of which 142 were in the commercial city of DarEsSalaam(DBSReport,2009).
Directorate of Banking Supervision (DBS, 2009) reports that in Tanzania, 41% of total capital, sector’s total assets and gross loans deposits are in hands of three banking institutions, namely CRDB Bank (17% total assets, 19% total loans 19% deposits and 14% of sectors Total Capital), National Microfinance Bank (NMB Tsh. 1,483.23 billion) and National Bank of Commerce (NBC Tsh.491.99 billion). Local banks primarily service local customers while foreign banks tend to operate as subsidiaries of large groups, such as Citigroup and Barclays, using strategies oriented to the international market. As a consequence, foreign banks focus on international customers and national
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clients who prefer to keep their deposits in foreign currencies (Tanzania Invest, 2010).
There are four categories of banks, oriented towards different markets and clientele operating in Tanzania: local private banks, regional banks, international banks and multinational banks (TBA, 2010). Overall performance of the banking industry in Tanzania is very positive where the banking industry remained adequately capitalized with total capital recording an increase of 24.33% at the end of 2009. The industry’s assets increased by 17.38%, with the ratio of earning assets to total assets of 75.95%. Total funding of the industry recorded an increase of 16.43%. The funding structure was mainly composed of deposits which accounted for 90.83% of total funding. Return on assets was 3.20% whereas return on equity was 18.32% (DBS Report, 2009). The liquidity position of the banking sector is generally satisfactory and there are appealing opportunities for new comers to the banking sector (Tanzania Invest, 2010).
Islamic banking refers to a system of banking or banking activity that is consistent with the principles of Islamic law (Sharia) and its practical application through the development of Islamic economics. Sharia (The Quran, Surah 2, Virse 275) prohibits the payment or acceptance of interest fees for loans of money (Riba, usury), for specific terms, as well as investing in businesses that provide goods or services considered contrary to its principles (Haraam) forbidden (BOT, 2009). The idea of Islamic banking goes back to as early as the 7th century, but it was only commercially implemented in the last century (De Jonge, 1996). As the end of the colonial era approached, some of the newly formed and independent Muslim states reassessed their economic policies on the basis of Shariah principles. This marked the beginning of the present-day revival of Islamic finance. Small scale limited scope interest-free institutions were unsuccessfully tried in the mid-1940s in Malaysia and 1950s in Pakistan (Gafoor, 1996). From 1946 onwards, research by Muslim scholars gradually produced principles for banking practices that were likely to be acceptable to the banking and Islamic communities. The first successful application of Islamic finance was undertaken in 1963 by Egypt ’ s Mit Ghamr Savings Bank, which earned its income
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from profit-sharing investments rather than from interest. By the 1970s, the push for Islamic finance had gained momentum (Algaoud & Lewis, 2001). In 1973 the conference of foreign ministers of Muslim countries decided to establish the Islamic Development Bank with the aim of fostering economic development and social progress of Muslim countries in accordance with the principles of Shariah. This marked the first major collective step taken by Muslim countries to promote Islamic finance (Saeed, 1996).
At this moment there are over 300 Islamic financial institutions in more than 75 countries managing funds over $500 billion in assets. Furthermore, over the last decade, the Islamic banking industry experienced a growth of 15-20% per annum (Bose & McGee 2008). These institutions are not only operating in the Muslim countries but as well in other countries where Muslims are a minority, for example, in the United States, Great-Britain, Australia, China and France. Furthermore the Islamic banking products are not solely used by Muslims but as well by people with other religious backgrounds. The compliance with principles that forbid ambiguity, exploitation, deceit and fraud is appealing to many non-Muslims as well (Venardos, 2006).There has been large scale growth into the Islamic banking in many countries around the world during the last thirty (from 1980’s) years as the performance growth is influenced by factors including the introduction of broad macroeconomic and structural reforms in financial systems, the liberalization of capital movements, privatization, the global integration of financial markets, and the introduction of innovative and new Islamic products. Islamic finance is now reaching new levels of sophistication (Cornelisse and Steffelaar, 2008). However, there has been presence of Islamic financial system with its identifiable instruments and markets are still very much at an early stage of evolution. Experience shows that, development of Islamic banking is an initial stage of an Islamic financial system. Most of the countries in East Africa including Tanzania are in this initial stage of development of Islamic financial system. In 2007-2008 Bank of Tanzania (BOT) received a number of applications from local and international promoters expressing interest to establish Islamic banking windows or full fledged Islamic banks, where then the central bank accepted the system to operate in the country. But in Islamic banking rules apply which differ from those in 5|Page
traditional banking as there consequences of Islamic banking for financial operations as there goes in examining in several Islamic procedures as being introduced by Tanzania's banking sector ever since the year 2008. In Tanzania there are three banks that offer interest free Islamic banking services, involving Kenya Commercial Bank (KCB) which was the first to launch such product in 2008, followed by Stanbic Bank and National Bank of Commerce (NBC) which launched their services in April and May 2010 respectively. (BOT, 2008). It should be noted that the Banking Act 2006: specifically prohibits a bank from acquiring or leasing any fixed assets, “except where it is necessary for the purpose of conducting its business as a bank or financial institution” and stipulates that the BOT shall prescribe limits under which a bank or financial institution shall invest in fixed assets; and requires a bank to dispose as soon as is practicable any property that it acquires or takes possession of as a result of enforcing a security interest (BFIA 2006). A bank may carry out “other activities determined by the BOT to be customary banking practices or incidental to the banking business”. It is not clear whether the BOT considers Islamic finance to be “customary banking practices” (involves the marketing and sale of investment products and services, including the sale of securities and various funds) (DBS, 2008). Therefore, an Islamic finance structure may be entered into by a bank or by a separately incorporated subsidiary of the bank with the consent of the BOT. (Ringo, 2008)
1.2 Significance of the study This study is therefore important as it will provide baseline information on how the bank customers especially those who are Muslims react toward the system of Islamic banking due to fact that interest is prohibited according to Islamic laws. It will also provide information on how the clients are benefiting from such system like those who are in conventional banking and how the banking sector is benefiting. Apart from that also the study will provide information on impact of such banking system on the economy of the country since we know that Tanzania is poor country and how such system can help in improving an economy and standards of living of people. Also the study will contribute to social and economic understanding on banking systems and help the clients and other citizens to make decisions on which system between 6|Page
conventional banking and Islamic banking is suitable for them to follow so as increase their incomes. 1.3 Problem Statement
The main features of Islamic banking are the sharing of profit and losses, a prohibition of interest, no speculation or gambling, fair and transparent dealing, fair and just employment policies, and lastly no business should be done with unethical companies or industries (Sijbirg, 2010). Researches have been undertaken about this subject; however, no research has clearly investigated the benefits and drawbacks of Islamic banking from the consumer perspective (Malik, 2010). For a risk-averse consumer it is not remunerative to switch from a conventional bank to an Islamic bank. In contrast, a riskseeking depositor can reap extra return when opening a deposit account at an Islamic bank. Sijbring (2009) found out that a consumer can generate a greater risk-adjusted return when investing in Islamic indexes. These findings suggested that Islamic banking is, above all, interesting for the Muslim and non-Muslim consumers who wishes to bank according to the rules of the Shariah and besides, Islamic banking is attractive for the risk seeking depositor or for the investor who wishes to earn greater risk-adjusted returns on his investments. Islamic Finance Outlook (2008) argues that, Muslim investors have become increasingly aware of Sharia complaint nature and profitable investments of Islamic Finance. This has led to create a tremendous demand for Sharia products. Therefore, demand rather than supply is driving the development of Islamic products and services, fulfilling the prediction of pioneers of modern Islamic banking. Most of the customers join the Islamic banking service through being attracted by its religious considerations. One of the major challenges facing Islamic banking is the fact that it is considered by most of non –Muslim customers as faith based banking practice. This might lead to others having perception of Islamic finance being tainted with terrorist funding and home of anti-money laundering (Schoon, 2008). Consumers may think Islamic banking is one of the ways of commercial banks to generate super profits since it is interest free to the customer, but how is the case of bank itself? Difficulty may come to the customer who knows that commercial banks are using that money to provide loans to the lenders, he/she might decide to argue whether those 7|Page
loans are also interest free or not. This might be one of several issues the customers do not understand. In this regard policy makers can not ignore the role of developing an environment where Islamic banking can offer a suitable response to customers demand for Islamic products. Therefore this research will seek to address how the clients have been reacting toward this new banking system through understanding of service.
1.4 Objective of the Study The main objective of this study is to examine the awareness of Muslim and nonMuslims customers of Islamic banking in Tanzania, particularly profit-and-loss sharing agreements through reaction toward it; to assess its performance based on the latest financial data available, and to offer suggestions for improvement based on the experience of the authors and the evidence provided by literature studies in research areas.
1.5 Specific Objectives i. To understand the reaction of Muslim and non-Muslim customers on the product ii.
To identify influence of reference group on the selection of the products.
1.6 Research Questions i. Is there any aspect of Islamic banking in Tanzania that implies to positive or negative reaction from the clients? ii.
In which way the clients and the banking institutions have an influence on selection of the products?
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CHAPTER TWO 2. Literature Review Islamic financing is based upon the principle that the use of Riba (interest) is prohibited (Gerrard and Cunningham , 1997 ). This prohibition is based upon Shariah ruling. Since Muslims cannot receive or pay interest, they are unable to conduct business with conventional banks (Jaffe, 2002). To service this niche market, Islamic financial institutions have developed a range of halal interest-free financing instruments that conform to Shariah ruling, and therefore are acceptable to their clients (Rammal, 2004).
The concept of interest-free financing was practiced by Arabs prior to the advent of Islam, and was later adopted by Muslims as an acceptable form of trade financing. While the system had been used on a small scale for centuries, its commercial application b egan in the 1970s (Naser & Moutinho, 1997). Since then Islamic financing has experienced worldwide acceptance, and by early 2003 there were at least 176 Islamic banks around the world, with deposits in excess of $ 147bn (Ghanadian & Goswami, 2004). While Islamic financing has become popular in both Muslim and non-Muslim countries, the system has not achieved widespread success among Muslims and non-Muslims in some of African countries. The main reason for this has been the lack of awareness about the principles of the system among the population (Jalaludin, 2002). A few surveys have been conducted previously to understand the attitudes of Muslims and non-Muslims toward doing business with Islamic bank and its products. These provide useful background information for this research, though they are not directly 9|Page
related. The findings of Haron et al. (1994), Gerrad and Cunningham (1997), and Metawa and Almossawi (1998) arrived at similar conclusions: that the majority of respondents would consider establishing a relationship with an Islamic bank if they had substantial understanding of its operation. Also, they revealed that Muslims were more aware of the existence of Islamic banking than non-Muslims, and that there was no differentiation in bank selection criteria between Muslims and non-Muslims. In 2002, Ahmed and Haron conducted a similar study focused on the perceptions of Malaysian corporate customers toward Islamic banking products and services. A majority of the respondents said that the main reasons why people select Islamic banking products are based equally on religious and economic considerations. When asked about the marketing of the products, a majority found it lacking. At the World Islamic Banking Conference in 2004, a session was held on international media perceptions of the Islamic finance industry. Khalid Almaeena (2004), editor-inchief of Arab News, said, “media coverage of Islamic banking has been at best promotional and erratic, and at worst hostile and undermining.” During the same session, James Zogby (2004) expanded upon his previous work, explaining that in the present climate, the onus is on Islamic bankers to engage with the media and become advocates for business in the region (WIBC, 2005) The lead panelists at the conference came to their own general consensus on the state of the industry. They felt that the industry had grown up and matured, but that in order to continue this growth more investment in product development was needed as a way to widen the reach of the industry, increase human capital, and improve reporting.
Hanson (2000) suggested that organizations should improve their services to meet the customers' wants and requirements. In another study, service qu ality is considered very important indicator towards customer understanding and satisfaction by delivering quality services according to customers' expectations. (Spreng and Machoy, 1996). Gounaris et al. (2003) explored the service quality in Greek banking industry and found a varied influence of each dimension of service quality on customer satisfaction. It is reported that service quality is important for differentiation to compete in the market and retain the customers for long-term benefits (Curry and Penman, 2004). Service quality 10 | P a g e
has positive influence to customer’s and financial performance (Duncan and Elliott, 2004). However, customer’s understanding of changing needs and expectations is an essential prerequisite for the financial sector (Joseph et al., 2005). Customers’ perception of service quality in developing countries is significantly different from the perception of bank customers in developed countries like USA (Malhotra et al., 2005). A comparison between Islamic and conventional banks reflects that four dimensions: Personal skills, reliability, values, and image were significant in conventional banks. While two dimensions of service quality, that is, values and personal skills are significant in case of Islamic banks (Jabnoun and Khalifa, 2005). It is reported that provision of better quality services could result into satisfied customers who understand the product (Gao et al., 2006).
Glavell et al. (2006) conducted an empirical analysis of bank customers from five Balkan countries and found a significant difference in the customers' understanding of service quality in different countries. Greek customers have highest und erstanding towards service quality. Service quality could be ensured by implementation of total quality management techniques in the banking sector (Al- Marri et al., 2007). It is evident that political, technological, environmental and socioeconomic factors influence the service quality perceptions of customers. It is reported that Greece customers have higher levels of service quality perceptions as compared to Bulgarian customers (Petridou et al., 2007). Similarly, it is found that dimensions of service quality have a strong positive impact on bank performance (Akroush, 2008). Boyd et al. (1994) investigated the bank selection criteria on the basis of demographic characteristics and found a significant difference between service quality understanding of white collar customers and low income customers. It is reported that gender roles and responsibilities are shaped due to specific cultural, social and religious factors. In Muslim countries male is responsible for financial activities outside the home while female performs domestic activities inside the home (Obbe, 1980; Kinsey, 1988; Ogenyi, 1997; Iheduru, 2002). Due to these factors men have more access to banking, education and insurance facilities as compared to women (Ajakaiye and Olomola, 2003). Ayadi (1996)
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concluded that female bank customers are engaged in lesser banking activities than male customers due to lower income. It is reported that customers' understanding of service quality is very important to compete in the market (Hoffman and Bateson, 2002). Customers' understanding of service quality is strongly dependent on customers' values and beliefs that vary from one culture to another (Furer et al., 2002). It is found that gender affects the service quality understanding of bank customers and they show a varied response towards different dimensions of service quality (Spathis, 2004). Similarly, a varied pattern of cu stomer satisfaction and behavioral outcomes is observed among male and female bank customers (Yavas et al., 1997). In another study, findings showed that there is difference in choice factors by male and female bank customers in selection of their respective bank (Omar, 2008). On the basis of existing literature this study examines the understanding of bank customers regarding service quality offered by Islamic banking.
CHAPTER THREE 3. Methodology 3.1 Description of the Study Area The study will be conducted at Kenya Commercial Bank (KCB) and National Bank of Commerce (NBC) Morogoro branches which are located at the center of the regional headquarter. These banks are selected due to fact that they are the only financial institutions in this region that provides Islamic banking services. And due to limited funds for data collection this is the suitable area due to fact that less cost will be incurred compared to going in other areas. Also Morogoro as one of the regions which is near to the coastal regions is believed to have large number of Muslims, and that is why it is selected for such studies.
3.2 Research Design In this study a cross sectional design will be used in which data will be collected at three points (locations) at different time. It has been suggested that a cross sectional design in
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data collection is considered to be favorable because of the resource and time limitation for data collection (Bailey, 1995).
3.3 Sampling Procedures and Sample Size The sample of 50 customers who have shariah accounts will be selected from the two banks. From each group of bank (providing Islamic banking service), customers will be selected randomly to collect data by self-administrated questionnaires. This study also will adopt “personal contact” approach, that is, respondents will be approached personally. The researcher will explain the questionnaire and the objective of survey by telling its purpose, the meaning of the items and what is expected from the respondents.
3.4 Data Collection 3.4.1 Primary Data Collection Structured questionnaires will be developed to record the responses of customers of Islamic banking operating at Morogoro. These questionnaires will be distributed simultaneously by two trained administrators (including me) to 50 respondents after Friday prayers at three different mosques during April-May 2011 at Morogoro town. The number of people available for the survey and only those meeting specific selection criteria (i.e. Islamic banking customer’s) will be asked to complete the questions. Interviews on key informants and discussions will be done to supplement information in the questionnaire.
3.4.2 Secondary Data Collection Secondary data will be obtained using published and unpublished relevant documents from KCB and NBC and other information will be obtained from electronic sources such as internet as well as documentations available from other available Islamic financial institution sources.
3.5 Data Collection and Analysis The data to be collected from the bank will be coded and analyzed using a tool known as Amos. Quantitative information from discussions and reports will be analyzed using
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content and structural-function analysis. Percentages, means, frequencies and other related statistics will be used to describe the characteristics of the study area and sample population.
3.6. Schedule of Activities The following are the table which shows the schedule of activities. Table 1: Schedule of activities from January 2011 to July 2011 Number Activities
Januar
February
y
2011
March
April
May
June
2011
2011
2011
2011
2011 1
Title submission and literature
2
review Proposal
3
submission Data
4
collection Data
5
analysis Report writing
6
Submission the report
3.7. Budget of Research Sources of fund for this study are The High Education Student Loan Board (HESLB).The total amount of money to be used is 180,000.The budget breakdown is shown in Table below. Table2: Budget of the research
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Quantity
Unit cost in Tshs
Total in (Tshs)
Typing Printing Photocopying Binding proposal Travel cost Meal and
20pages 60pages 60pages 3 drafts 2trips 6days
page @ 1000 page @ 200 page @ 50 @ draft 2,000 @ trip 5,000 @ day 15,000
20,000 12,000 3,000 6,000 10,000 90,000
accommodation Communication Grand total
10 times
@ call 900
9,000 180,000
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Bailey, K.D (1995). Methods of Social Research, (Fourth Ed). The Free Press, New York.
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Bose, S. and R. W. McGee (2008). Islamic Investment Funds: An Analysis of Risks and Returns, Florida International University Chapman Graduate School of Business. Casley, D.J and Kumar, K. (1988). The Collection, Analysis and Use of Monitoring and Evaluation Data. The International Bank for Reconstruction and Development. Washington D.C. Cornelisse, P. and Steffelaar, W. (2008). Islamic Banking in Practice: the Case of Pakistan. Development and Change Volume 26 Issue 4, Pages 687 - 699 Published Online: 22 Oct 2008, 2009 Institute of Social Studies Curry A, Penman S (2004). The relative importance of technology in enhancing customer relationship in banking – a Scottish perspective, Managing Service Quality, 14(4): 331341. De Jonge , A . ( 1996 ) ‘ Islamic law and the fi nance of international trade ’ , Monash University Working Paper, Melbourne . Duncan E, Elliott G (2004). Efficiency, customer service and financial performance among Australian financial institutions. Inter. J. Bank Mark, 22(5): 319-342. Gafoor , A . L . M . ( 1996 ) ‘ Interest-Free CommercialBanking ’ , A.S. Noordeen, Malaysia . Genoa and the history of finance: a series of firsts?" Giuseppe Felloni, Guido Laura. 9 November 2004, (the book can be downloaded at www.giuseppefelloni.it) Accessed on 17 January 2011.
Gerrard , P . and Cunningham , J . B . ( 1997 ) ‘ Islamic banking: A study in Singapore ’ , International Journal of Bank Marketing , Vol. 15 , No. 6 , pp. 204 – 216 . Ghannadian , F . F . and Goswami , G . ( 2004 ) ‘ Developing economy banking: The case of Islamic banks ’ , International Journal of Social Economics , Vol. 31 , No. 8 , pp. 740 – 752 Gounaris SP, Stathakopoulos V, Athanassopoulos AD (2003). Antecedents to perceived service quality: an exploratory study in the Islamic Banking. Hanson W (2000). Principles of Internet Marketing, Cincinnati, Ohio: South-Western Haron, S.; Ahmad, N. and S. Palnisek, 1994. “Bank patronage factors of Muslim and non- muslim. High Level Seminar on the Oversight of Islamic Banking. Presentation by Juma H. Reli, Deputy Governor, Bank of Tanzania (July 15-17 2009) http://www.bot-tz.org accessed on 23rd January 2011
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Hoffman KD, Bateson JE (2002). Essentials of Services Marketing: Concepts, Strategies, and Cases, 2nd ed. Harcourt College http://en.wikipedia.org/Islamic-economics-in-the-world accessed on 23rd January 2011 http://web.archive.org/web/20070716151628/http://www.islamibankbd.com/page/ih_12.h tm accessed on 20 January 2011. http://www.bot-tz.org/BankingOperations/BankingOperations.asp accessed on 24 January 2011 http://www.en.wikipedia.org/wiki/Bank accessed on 23rd January 2011 http://www.imf.org/external/pubs/ft/wp/2008/wp0816.pdf Islamic Banks and Financial Stability: An Empirical Analysis pg. 5. Accessed on 19th January 2011. http://www.radicalmiddleway.co.uk/topics/finance/top-500-islamic-financial-institutions Accessed on 28 January 2011. http://www.thebanker.com/news/fullstory.php/aid/6129/Iran_dominates_sharia_ranking_ as_newcomers_make_their_mark.html Accessed on 26 January 2011. Jabnoun N, Khalifa A (2005). A customized measure of service quality in the UAE, Managing Service Quality, 15(4): 374-388. Jaffe , C . A . ( 2002 ) ‘ Financial forms tailor products to luremuslims ’ , Boston Globe , 20 January Jalaluddin , A . ( 2002 ) ‘ Probability of lending funds on profi t/loss sharing method of fi nance by Australian financial institutions ’ , Indonesian Management & Accounting Research , Vol. 1 , No. 1 , pp. 71 – 84 . Lewis , M . K . and Algaoud , L . M . ( 2001 ) ‘ Islamic Banking ’ , Edward Elgar, Cheltenham, UK Malhotra N, Francis MU, James A, Shainesh G, Lan W (2005). Dimensions of service quality in developed and developing economies: multi-country cross-cultural comparisons. Inter. Mark Rev, 22(3): 256-278. Metawa, S.A. and Almossawi, M., 1998. “Banking behaviour of Islamic banking customers: Muslim customers,” International Journal of Bank Marketing 12, pp.32-40. Naser , K . and Moutinho , L . ( 1997 ) ‘ Strategic marketing management: The case of Islamic banks ’ , International Journal of Bank Marketing , Vol. 15 , No. 6 , pp. 187 – 203 .
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Obbe C (1980). African Women: Their Struggle for Economic Independence, London: Zed Books Omar O, Ogenyi V (2004). A Qualitative evaluation of women as managers in the Nigerian civil service, Inter. J. Public Sector Mana ge, 7(4): 360-373. perspectives and implications,” International Journal of Bank Marketing 16, pp.299-313. Publishers. Rammal , H . G . ( 2003 ) ‘ Mudaraba in Islamic fi nance: Principles and application ’ , Business Journal For Entrepreneurs , Vol. 4 , pp. 105 – 112 . Ringo et al. Legal Notes on Islamic Banking in Tanzania; A Newsletter Prepared by Africa Legal Network, Vol. 5, Issue 2(July 2008), pp. 5 on http://www.africalegalnetwork.com visited on 19 January 2011. Saeed , A . ( 2001 ) ‘ Muslim Community Cooperative of Australia as an Islamic financial service provider ’ , in Saeed, A. and Akbarzadeh, S. (eds) ‘ Muslim Communities in Australia ’ , UNSW Press, Sydney , pp. 188 – 205 .Services 3, pp.1-16 Spreng, R.A, Mackoy, R.D (1996), An empirical examination of a model of perceived service quality and satisfaction. J. Retailing, 72: 201–214 The WIBC, 2005 [World Islamic Banking Conference, Manama, Bahrain] tackles thorny issues towards Islamic banking products and services,” International Journal of Islamic Financial Venardos, A. M. (2006). Islamic Banking & Finance in South-East Asia -Its Development &Future. Singapore, World Scientific. Yavas U, Bigin Z, Shenwell D (1997). Service quality in the banking sector in an emerging economy: a consumer survey, Inter. J. Bank Mark, 15(6): 217-223.
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