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Marketing Strategy for the Sultanate of Oman

   

Added on  2019-12-18

9 Pages2789 Words263 ViewsType: 263
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MARKETINGMANAGEMENT
Marketing Strategy for the Sultanate of Oman_1

Table of ContentsSECTION 1......................................................................................................................................1Introduction.................................................................................................................................1SECTION 2......................................................................................................................................1Overview of article......................................................................................................................1SECTION 3......................................................................................................................................2SECTION 4......................................................................................................................................4SECTION 5......................................................................................................................................5Conclusion...................................................................................................................................5REFERENCES................................................................................................................................7
Marketing Strategy for the Sultanate of Oman_2

SECTION 1IntroductionThe current report emphasizes upon the significance of marketing with reference toSultanate of Oman. Herein, the developments in the field of Islamic finance have been taken intoconsideration. The marketing developments in the Omani market has been taken into account toanalyse the occurring uptakes within the Islamic services & products (Aremu and Saka, 2014).However, there is a possibility that presence of certain factors like having insufficient knowledgeabout products are often hindering the marketing procedures. Adding more to this, significantimpact of these is there upon brand recognition as well. To carry out the assessment three articlesbased of financial terms of Omani marketing have been taken in consideration. Henceforth,article of development in Oman's Islamic Finance sector will be evaluated. The other two articleswhich have been taken in consideration are about Bank Muscat. So, the report will beemphasizing upon the assessment of risk imposing factors that lead to much up-downs in themarketing of Islamic products as well as services in Oman.SECTION 2Overview of articleThe article taken in consideration lays emphasis upon the developments in the Islamicfinance sector covering the different barriers. Within the sultanate of Oman, newly introducedIslamic Bank Sector is likely to face barriers in terms of competition from the already establishedconventional-banks. These type of banks often take in account the windows-model according towhich market entry is done by offering products that are compliant with Shariah. Such type ofIslamic_Financial_Sector tend to be driven by the ample of demands emerging from the localmarkets and on its basis they aim to comply with trend of global market. The Sultanate of Omanis likely to adopt this financial system. However, it is not suggested that all Muslim Banks wouldbe adopting this system. Although no such type of financial system is present there currently inthe Sultanate of Oman, but efforts are consistently being made to reduce the dependency uponoil-revenues. This has been clearly stated in the principles laid by their framework 'Oman Vision2020' (Magd and McCoy, 2014). Majority of the customers in Oman have expressed their highrates of interests within the Islamic range of products within the financial sector. And these havealso demanded the opening of special savings Islamic accounts. Most of them have emphasizedupon using products that were based upon Riba also known as interest. 1
Marketing Strategy for the Sultanate of Oman_3

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