PRCA MENA Members News – CARMA OFFERS KEY INSIGHTS INTO GROWTH OF ISLAMIC BANKING AND ITS PERCEPTION BY THE MEDIA
CARMA OFFERS KEY INSIGHTS INTO GROWTH OF ISLAMIC BANKING AND ITS PERCEPTION BY THE MEDIA
Utilising its global reach, international talent and expertise, cutting edge tools and regional knowledge, the leading global media intelligence provider has created a deep-dive report on the subject
Press Release, 4th October 2021: CARMA has launched a deep-dive Islamic Banking report that utilises media monitoring tools, advanced analytics and data-led intelligence to examine the visibility of 20 Islamic banks in the MENA and Asia regions across both traditional and digital media.
With well-established roots and a commitment to innovation, CARMA, is uniquely positioned to help clients navigate and understand the way in which the media works across both traditional and digital touchpoints. It has the capacity to take this information and provide market-shaping insights and integrated solutions driven by consumer or industry behaviour.
The deep-dive report also highlights key trends in Islamic banking; the most notable trend was a general rise in influence of Islamic banks within the finance sector in general and rapidly growing engagement with audiences in both regions.
This growth is attributed to several factors including pandemic-influenced financial uncertainty and the exposure of instances of global corruption which make the overall transparency and collaboration advocated by Islamic Banking increasingly appealing.
A strong focus on digitisation and digital offerings across products and services also helped strengthen the overall position of Islamic banks among audiences in both traditional and social media. CARMA’s report notes that:
“Throughout the pandemic, digital services were prioritised, as banks were reported to have enhanced their digital footprint offering multiple solutions. KFH, ADIB, and QIB were stated to have taken the lead to integrate solutions into their strategies, considering AI abilities and the importance of FinTech. Personal finance through portals and transfer systems were introduced, easing financial activities amidst the COVID-19 pandemic.”
The comprehensive data-led study into media exposure and perception of Islamic banks identified not just pertinent topics, themes and subject matter (notably seamless digitalisation, hyper-personalisation and evidence of a commitment to CSR initiatives), but importantly also considered the way in which this content was consumed, how the subject matter was perceived and how visual the banks in question were across both traditional media and social media.
For the purposes of the study all relevant traditional (online) media articles were assessed (the report notes that a total of 1,500 articles from online media outlets with specific mentions of these banks were analysed) as well as all original Facebook and Twitter posts and direct and indirect mentions of the bank on social media (a total of 3,022 relevant posts from Twitter and Facebook, 1,840 Twitter unique mentions, 14,883 retweets, 1,182 Facebook unique mentions and 279 shares were analysed).
Thanks to its media management and analysis tools, CARMA was able to dissect the performance of these 20 high-value banks and offer unprecedented insights, on both a macro and micro level. To cite an example, in the MENA region CARMA found that:
“Three major topics were highlighted in traditional media for the banks: Corporate news, Financial results, and Banking Services. Favourable coverage displayed the banks’ financial results and corporate issues entailing growth, the issuing of Sukuk bonds, and initiatives taken to empower banks and communities alike. KFH, ADIB and Al Rajhi were the most favourable banks as retail lending, COVID-19 assistance, disclosure of financial results, and digitalisation positioned the banks positively.”
At the same time, CARMA identified prominent conversations and public sentiments on social media:
“Social media mentions mainly discussed financial and corporate topics regarding loans, bank accounts, money transfers, sponsorships, and partnerships. The commentary was mainly neutral in sentiment as users inquired about loans and discussed loan offers, partnerships, sponsorships, mergers and acquisitions, recruitment opportunities and CSR efforts.”
Perhaps most interestingly of all, the report paid significant attention to brand perception. The results of the study enabled CARMA to pinpoint the five most favourable Islamic banks in both MENA.
Ranking of top Islamic banks in MENA & Asia:
|1||Kuwait Financial House||Bank Rakyat|
|2||Abu Dhabi Islamic Bank||Bank Islam Malaysia|
|3||Al Rajhi Bank||Maybank Islamic|
|4||Alinma Bank||RHB Islamic|
|5||Bank Al Jazira||Ambank Islamic|
CARMA utilised its proprietary Favourability Rating System and Sentiment Scoring to look even further into the behaviour of these banks, considering social media engagement levels, identifying the topics that gained the most media coverage, ascertaining if this content was received positively or negatively and establishing in which counties within the region they performed best.
Founder and CEO, Mazen Nahawi comments of the findings: “The last two years has seen the way in which we live our lives shift significantly – and by using our advanced media monitoring tools, data insight instruments and analytics, we have been able to create a series of deep-dive reports on the ways in which the world has changed.
This report – which dives into the rise of Islamic banking will no doubt prove invaluable to the banks profiled – and their competitors. Furthermore, it acts as a clear example of how uniquely positioned CARMA is to deliver fully tailored, deep-dive reports that provide unique insights and tangible results across multiple industries and subject matters.”
For more information about CARMA International Ltd, its expert team and their work, visit www.carma.com
Notes to Editors:
CARMA is the world’s most experienced media intelligence service provider. Established in 1984, the company has grown today to work with over 3,500 brands and organisations across the world. CARMA helps its clients use media intelligence to navigate and understand the disrupted media landscape, operate strategically, and demonstrate success with industry-leading Media Monitoring and communications evaluation programs. CARMA blends expert technologies, powering real-time data insights, with a global team of experienced PR measurement consultants. Led by Co-Managing Partners – former FIBEP Chair Mazen Nahawi and current AMEC Chair Richard Bagnall – and with 450+ staff across five continents, CARMA’s unparalleled experience, expertise and client service makes it the first-choice media intelligence provider for any organisation looking to understand the media and refine and prove the value of their public relations.
For more information about CARMA International Ltd, its expert team, and their work, visit www.carma.com
To schedule an interview with key CARMA stakeholders, or for further information please contact Mina Al Samarrai or Alexia Lawrence-Jones at Brazen MENA
E: CARMA@wearebrazenpr.com | T: +971 4 240 8395