Marketing and Strategy for Islamic Finance Industry in West Africa: Bukina-Faso
Philosophers and economists’ theories tried to carry out models and ideas to bring wealth to human being. The struggle between capitalism and communism turns in favour of the first. Unfortunately, this system of thought and organization of economy failed to achieve the objective of equal distribution of incomes, price stability, full employment, and reduction of poverty. Several methods have been introduced to improve economic situations. It is for this reason that this study investigate marketing of Islamic financial services in West Africa-Burkina-Faso still focuses heavily on religious messages. To address the gap, literature reviews were utilized, seminars and conferences being attended, discussion with leaders in the Islamic field, conducted a survey with 300 persons in 3 cities of Burkina Faso, and studied the experience of Coris Bank Baraka. From the study findings, the researcher was able to provide hints and suggestions on what strategy could Islamic finance industry integrate within their marketing and branding approach in order to position themselves on fast lane of growth in West Africa-Burkina Faso. As recommendations to WAEMU, the Central Bank and the member states should fulfill the lack of regulatory, suitable taxation system and qualified human resources to accompany the development of Islamic finance. Also, the researcher pointed out that the conventional strategy schools’ methods and marketing tools can be used for Islamic finance industry, provided they respect of Islam values that includes fear of God, ethics, moral and ecological considerations in Business.
Keywords: Burkina Faso, Banking, Business, Islamic