Chapter 12: An International Marketing Strategy Perspective on Islamic Marketing
Sonja Prokopec and Mazen Kurdy An understanding of the Islamic religious worldview has gained considerable importance in the field of global business and marketing practices, for several reasons. Growing Islamic markets offer enticing potential to companies that are knowledgeable enough to understand Muslim consumers, who constitute approximately one-quarter of the total world population and represent the majority population in approximately 50 countries (Al-Buraey, 2004). An increasing number of Muslim consumers are joining the ranks of the most affluent in the world. These consumers have massive and increasing purchasing power, especially in countries such as Saudi Arabia, the United Arab Emirates (UAE), Qatar, Malaysia, India, Turkey, Kuwait and Bahrain. The purchasing power of Muslim consumers in developed nations is also substantial; a recent study shows that US Muslims’ spending power has reached more than $170 billion (Hastings-Black, 2009). Where Muslims constitute a majority (for example Syria, Pakistan, Algeria, Egypt), there appears to be a trend toward greater conservatism and stronger religious commitment that affects all facets of life, including consumption and trade (Rice and Al-Mossawi, 2002; Saeed et al., 2001). According to the US Central Intelligence Agency, US$2.1 trillion worth of halal goods and services were exported globally in 2008, representing a huge opportunity not just for multinational corporations but also for small and medium enterprises. Yet despite this increasing importance of Muslim consumers worldwide, an Islamic perspective on global business and marketing practices has been ignored by most researchers (cf. Alserhan, 2010; Rice, 1999; Rice and Al-Mossawi, 2002; Saeed...
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