Customer Awareness and Adoption of Islamic Banking Products in Mogadishu, Somalia.
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Date
2014-11
Authors
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Journal ISSN
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Publisher
Kampala International University, masters of business administration
Abstract
The study investigated the relationship between customer awareness and adoption of Islamic
banking products of 109 purposively and convenience selected customers from banks in
Mogadishu, Somalia, using descriptive, correlational research design. Data was collected
using both interview and self made questionnaire to answer three specific questions. Question
1; level of customer awareness on Islamic banking products in Mogadishu, Somalia; 2 level
of adoption on Islamic banking products; 3 relationship between customer awareness and
adoption of Islamic banking products. Data analysis using frequencies, percentages and means
revealed that the more male participated in the study (62.5%) most of them have certificates
(47.3%) majority are bellow 30 years, and 52.8% worked as private sectors.
Findings reveal that more than half of the respondents already aware of that there is Islamic
banking system in Somalia, but they do not aware of the kind of the products offered by
Islamic banks. The study also found out that the rate of Somali community using or
adopting on Islamic banking products is very low.
Finally the results indicated a positive and significant relationship between the level of
awareness and adoption and level of Islamic banking products, (r-value~,585 and sig.000),
Thus the null hypothesis is rejected and the alternative hypothesis is accepted. This implies
that the increase of customer awareness were able to lead the height rate adaption of Islamic
products
The study recommended to Islamic banks in Mogadishu, Somalia to conduct free seminars on
raising awareness of the customers to Islamic products in public places such as universities
and mosques. this ultimately may result increasing number of users.
Finally The study concluded that if Islamic banks wanted to attract and retain customers and
remain relevant in the Somalia context, they should have to develop relevant marketing
strategies to meet customers’ needs
Description
A Research Thesis Submitted To The College Of Higher Degree And Research in Partial Fulfillment Of The Requirement For The Award Of The MBA-Banking And Finance Of Kampala International University
Keywords
Customer Awareness and Adoption of Islamic Banking Products, Mogadishu, Somalia.