Abstract
The objective of this study is to determine the perception and awareness of Islamic banking by a conventional banks sales force. This was a cross-sectional study conducted among 100 sales staff randomly selected to take part in the study. A self-administered anonymous questionnaire was used to collect the data using online system called QuestionPro. Results revealed that whilst the respondents did feel there was a need for Islamic banking, they also did feel that Islamic banking was more complicated than conventional banking. The study also revealed that there was an overall negative perception of Islamic banking which was primarily based on a lack of knowledge, awareness, and understanding. It is recommended that banks provide sufficient and effective training to their staff on all products and services so that any negative perception can be eliminated. This study can benefit organizations that are in the Islamic banking industry or looking at getting into the Islamic banking industry. Keywords: Islamic banking, conventional banking, knowledge, perception, training. JEL Classification: G21, D83
Highlights
Islamic banking is the fastest growing sector within the financial industry with a year on year growth of between 15-20 per cent (Ernst & Young, 2013)
The present study investigated First National Bank (FNB) sales forces perception with regards to Islamic banking
There is definitely a need for Islamic banking, as well as it is important to meet the needs of a client, the perception of the sales staff is that Islamic banking products and services are more complicated when comparing it to the conventional products and services
Summary
Islamic banking is the fastest growing sector within the financial industry with a year on year growth of between 15-20 per cent (Ernst & Young, 2013). The Islamic financial sector has been extremely resilient through the recent global recession and according to DCIBF Annual Report 2014, the Islamic financial industry will be worth over $5 trillion by 2020 if it continues growing as per previous years (HBMSU, 2014). The number of Islamic banks and Islamic windows has grown significantly over the last few years with the total number of more than 626 and operating in over 48 countries (Sanusi, 2011). The growth is being driven in Muslim countries, and in nonMuslim countries with many Western countries aiming at being at the forefront of this lucrative market. One of the main challenges for Islamic windows is that the majority of the sales force is non-Muslim and this can pose a challenge for the Islamic window to effectively sell and market its products
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