Retaining customers through Islamic relationship marketing practice: findings from Malaysian takaful industry

In recent times, the ability to maintain good and quality relationships with customers has become a competitive advantage for a company. In this context, a few marketing scholars have suggested that retaining customers is much more profitable than acquiring new ones. Parallel with the objective of...

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Main Author:	Che Mohd Salleh, Marhanum
Format:	Conference or Workshop Item
Language:	English English
Published:	2014
Subjects:	H Social Sciences (General) HG Finance
Online Access:	http://irep.iium.edu.my/40214/ http://irep.iium.edu.my/40214/ http://irep.iium.edu.my/40214/1/Full_paper_AICIF_Marhanum.pdf http://irep.iium.edu.my/40214/4/Presentation_Schedule.pdf

id	iium-40214
recordtype	eprints
spelling	iium-402142018-05-24T05:56:40Z http://irep.iium.edu.my/40214/ Retaining customers through Islamic relationship marketing practice: findings from Malaysian takaful industry Che Mohd Salleh, Marhanum H Social Sciences (General) HG Finance In recent times, the ability to maintain good and quality relationships with customers has become a competitive advantage for a company. In this context, a few marketing scholars have suggested that retaining customers is much more profitable than acquiring new ones. Parallel with the objective of Relationship Marketing (RM) which is to minimize the lost of profitable customers by ensuring future customer retention, this research is conducted to introduce a new concept of Islamic Relationship Marketing (IRM) and investigate its influence towards future customer retention. By selecting 755 customers of Malaysian Takaful industry and utilising stuctural equation modelling as statistical method to achieve the research objective, it is found that customers in this industry intend to remain with the same Takaful operator and agent for long term period given that they practice the Islamic ethical behaviour and build strong relational bonds (social, structural, and financial bonds) with the customers. Besides that, the application of social exchange theory in the research framework have been proven in this research whereby the practice of Islamic relationship marketing in the Takaful industry would give positive affect towards future customer retention. Overall, the results of this research would urge Takaful operators and agents to be more concerned with the marketing approach that they utilise which basically must parallel with the maqasid Shari’ah as to ensure future customer retention. These factors are also important in helping Takaful to remain competitive in the market for the long term. Key words: Customer Retention, Islamic Relationship Marketing, Takaful industry, Takaful Customer, Structural Equation Modeling 2014-11-12 Conference or Workshop Item PeerReviewed application/pdf en http://irep.iium.edu.my/40214/1/Full_paper_AICIF_Marhanum.pdf application/pdf en http://irep.iium.edu.my/40214/4/Presentation_Schedule.pdf Che Mohd Salleh, Marhanum (2014) Retaining customers through Islamic relationship marketing practice: findings from Malaysian takaful industry. In: 2nd Asean International Conference on Islamic Finance, 12th-14th November 2014, Yogyakarta. http://febi.uin-suka.ac.id/
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	H Social Sciences (General) HG Finance
spellingShingle	H Social Sciences (General) HG Finance Che Mohd Salleh, Marhanum Retaining customers through Islamic relationship marketing practice: findings from Malaysian takaful industry
description	In recent times, the ability to maintain good and quality relationships with customers has become a competitive advantage for a company. In this context, a few marketing scholars have suggested that retaining customers is much more profitable than acquiring new ones. Parallel with the objective of Relationship Marketing (RM) which is to minimize the lost of profitable customers by ensuring future customer retention, this research is conducted to introduce a new concept of Islamic Relationship Marketing (IRM) and investigate its influence towards future customer retention. By selecting 755 customers of Malaysian Takaful industry and utilising stuctural equation modelling as statistical method to achieve the research objective, it is found that customers in this industry intend to remain with the same Takaful operator and agent for long term period given that they practice the Islamic ethical behaviour and build strong relational bonds (social, structural, and financial bonds) with the customers. Besides that, the application of social exchange theory in the research framework have been proven in this research whereby the practice of Islamic relationship marketing in the Takaful industry would give positive affect towards future customer retention. Overall, the results of this research would urge Takaful operators and agents to be more concerned with the marketing approach that they utilise which basically must parallel with the maqasid Shari’ah as to ensure future customer retention. These factors are also important in helping Takaful to remain competitive in the market for the long term. Key words: Customer Retention, Islamic Relationship Marketing, Takaful industry, Takaful Customer, Structural Equation Modeling
format	Conference or Workshop Item
author	Che Mohd Salleh, Marhanum
author_facet	Che Mohd Salleh, Marhanum
author_sort	Che Mohd Salleh, Marhanum
title	Retaining customers through Islamic relationship marketing practice: findings from Malaysian takaful industry
title_short	Retaining customers through Islamic relationship marketing practice: findings from Malaysian takaful industry
title_full	Retaining customers through Islamic relationship marketing practice: findings from Malaysian takaful industry
title_fullStr	Retaining customers through Islamic relationship marketing practice: findings from Malaysian takaful industry
title_full_unstemmed	Retaining customers through Islamic relationship marketing practice: findings from Malaysian takaful industry
title_sort	retaining customers through islamic relationship marketing practice: findings from malaysian takaful industry
publishDate	2014
url	http://irep.iium.edu.my/40214/ http://irep.iium.edu.my/40214/ http://irep.iium.edu.my/40214/1/Full_paper_AICIF_Marhanum.pdf http://irep.iium.edu.my/40214/4/Presentation_Schedule.pdf
first_indexed	2023-09-18T20:57:40Z
last_indexed	2023-09-18T20:57:40Z
_version_	1777410413305004032

Retaining customers through Islamic relationship marketing practice: findings from Malaysian takaful industry

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