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Banks in Ramadan Marketing Push to Spur Growth: Islamic Finance

Emirates NBD PJSC of Dubai is waiving payments on personal loans for the holy month of Ramadan. Maybank Islamic Bhd. in Kuala Lumpur started automating charitable donations. Jakarta-based PT Bank Syariah Mandiri sponsors a television slot teaching Islamic banking.

Marketing campaigns aimed at reminding the world’s 1.6 billion Muslims to follow the teachings of Prophet Muhammad that ban receiving interest have increased as the global economy recovers this year, according to the Pan Arab Research Center in Dubai. The group estimates advertising spending by financial services companies in the Arab region is likely to grow by 40 percent this Ramadan compared with the previous season.