ETHICAL VALUE PROPOSITIONS OF ISLAMIC BANKING PRODUCTS: A PHENOMENOLOGICAL INQUIRY OF RELATIONSHIP MANAGERS PERSPECTIVE

Abstract

This study investigates the concept of ethical value proposition. In traditional marketing theory value proposition is primarily derived from the tangible valuables goods in the economies, that is delivered through the service, which has termed goods as dominant factor of value creation. However recent studies contradicting this concept, they claim that not the goods, but service is the base and core source of value and that value is exchanged through tangible/goods. This emergent ethical value propositions provides an interesting research point to further explore the concept of ethical value propositions through relationship managers of Islamic banking perspective. A qualitative phenomenological research design and thematic analysis method has been used in this study to make sense of the experiences of 6 relationship managers about the concept. The data is collected based on purposive sampling technique which is analyzed using QSR NVIVO 12 plus software. Based on the findings of this study a novel framework of value creation cycle is developed that shows that the concept of ethical value propositions that Islamic banks offers are service based and the associated value delivery process. The competencies of bankers and customers are bases of the offered ethical value propositions. This article provides a deeper understanding of ethical value propositions of Islamic banking products using phenomenological inquiry, which has not been explored before.