Marketability of Islamic Banking Products in Nigeria: A Case Study of Jaiz Bank Plc
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Date
2022
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Department of Finance, Faculty of Management Science, University of Ilorin, Ilorin
Abstract
The marketability of Islamic financial products is a goal which requires painstaking efforts and strategies on the part of the banks. This goal has however come under serious scrutiny in Nigeria as only a small portion of the Nigerian financial market has been attracted for the products. Thie study therefore analysed the marketability of Islamic banking products in Nigeria with the objective of assessing the relationship between marketing activities, staff training and Islamic banking products in Nigeria. Data were collected from annual reports of Jaiz Bank Nigeria PLC for ten years (2012-2021). The data were analysed via with Pearson correlation techinique. The result indicates that Murabaha (0.64), and Musharakah (0.66) had strong positive relationship with marketing activities while Istisna (0.83) had positive relationship with staff training. The relationships (p-value 0.046, 0.038, 0.003) were found to be significant at 5% level of significance. The study concluded that marketability of Islamic banking products in Nigeria is generally related to marketing activities and the level of knowledge and skills that employees acquired by staff through training and seminars. The study therefore recommended that Jaiz Bank Nigeria PLC should engage in aggressive marketing to boost customers patronage of its products. Increase in the percentage of staff cost allocated to training is also necessary to enhance employees' skills and knowledge for improved market share for the banks' products.
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Jimoh, A.T., Bamigbade, D., Attah, J. A., Abduraheem, A.A. & Kolawole K.D (2022): Marketability of Islamic banking products in Nigeria: A case study of Jaiz bank Plc. Ilorin Journal of Finance. 6 (1); 28-41.