E-marketing

Maldives Islamic
Bank

Asma Moosa
S030624
Bachelors of Business sem6

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Table of Contents
Executive Summary....................................................................................................... 3
Introduction.................................................................................................................... 4
Mission & Vision............................................................................................................. 4
Improvements from banking........................................................................................5
Target Audience............................................................................................................. 5
Situational Analysis....................................................................................................... 6
PESTAL Analysis.......................................................................................................... 6
Political Situation....................................................................................................... 6
Economic and Social Environment...........................................................................7
SWOT Analysis.............................................................................................................. 10
Strength....................................................................................................................... 10
Weakness..................................................................................................................... 10
Opportunities............................................................................................................... 10
Threats......................................................................................................................... 10
Competitor Analysis..................................................................................................... 11
BML............................................................................................................................. 11
HSBC (Hong Kong and Shanghai Banking Corporation Ltd)...............................11
Bank of Ceylon (BOC)...............................................................................................12
Internet marketing strategies....................................................................................12
E marketing plan.......................................................................................................... 12
E marketing Objective.................................................................................................13
Building relationships with your customers.........................................................13
Provide engaging content.......................................................................................13
Answering frequently asked questions.................................................................13
Cost saving................................................................................................................ 14
Social media.............................................................................................................. 14
Website....................................................................................................................... 14
Facebook.................................................................................................................... 15
Twitter........................................................................................................................ 16
Product and services................................................................................................... 16
Current account........................................................................................................ 16
Saving Accounts........................................................................................................ 16
General Investment Account...................................................................................16
Personal Account / Joint Account............................................................................17
Children Account....................................................................................................... 17

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Motorbike Leasing Facility.......................................................................................17
Consumer Goods Financing.....................................................................................17
Istisna Home Financing...........................................................................................17
Murabaha General Asset Financing.......................................................................18
Fisa Card....................................................................................................................... 18
Fisa ATM....................................................................................................................... 18
E marketing strategies............................................................................................19
Search engine optimization....................................................................................19
Website usage and navigation...................................................................................19
Website user friendliness........................................................................................20
Home page layout..................................................................................................... 20
Pay per click search engine marketing..................................................................21
Recommended PROMOTION........................................................................................ 21
FAQ.............................................................................................................................. 21
Mihaaru...................................................................................................................... 22
Bill Payments............................................................................................................. 22
Social network........................................................................................................... 22
SMS services.............................................................................................................. 23
Write articles and distribute online.......................................................................23
Implementation............................................................................................................ 23
Budget........................................................................................................................... 24
Budget........................................................................................................................ 24
Monthly cost.............................................................................................................. 24
Website....................................................................................................................... 25
Social Networks........................................................................................................ 25
Bibliography.................................................................................................................. 26

Executive Summary
This is an E marketing plan developed for Maldives Islamic Bank. Despite the
countrys struggle in its desperate economic condition of recession, instability
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and political uprising Maldives Islamic Bank has challenged to business market
themselves through the latest technological advances. So this report will cover a
detail of the PESTEL analysis and SWOT analysis. In addition to this it will also
present a competitor analysis on how well they are doing in E marketing. Based
on the situation the E marketing strategies will be implemented to win
customers. In this plan, main focus is given to E marketing plan through which a
viable suggestion and ideal recommendations will be provided to go for online
banking by using the following tools.

Search engine optimization

Website usage and navigation
Website user friendly
Home page layout
Pay per click search engine marketing (Payment option)

Also some recommendations will be provided on how to improve their services

and in addition to this new services will be suggested for Maldives Islamic Bank.
And how the implementation process and how events will begin and end for how
long. The plan will also show the budget allocated for the marketing process.

Introduction
The development in education has enlarged the level of services and production
in the Maldives. The main industry that it has developed is the banking industry.
The banking industry in Maldives has been achieving a consistent advancement
and developments in the last few years. People have never been so aware and
concerned about saving and plan to spend as they have never been before. The

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customer database has also achieved standard improvements for every financial
institution in Maldives. In addition to this, consciousness about benefits and
feasibility of keeping the money with financial institution has improved
significantly in the recent years.
Maldives economy is consistently rising in the service industry and a lot of new
banks have emerged from the forthcoming events. Moreover, internet banking
and e-business have got a sound demand through which banks have taken their
operations globally.
The purpose of this report is to create a practical E-marketing plan for Maldives
Islamic bank and to give a clear picture of the external environment for Maldives
and to elucidate the effective marketing strategies based on these factors. The
recently established Islamic bank provides its services moving towards offering
their financial services by combining Islamic Values together with modern
technology and innovation to achieve their mission.
The arrangement to set up Maldives Islamic Bank was started path in 2007 when
the Maldives Monetary Authority allowed authorization to the Islamic Corporation
for the Development of the Private Sector (ICD) to set up the primary Islamic
bank in the Maldives. In 2009, ICD consented to the shareholder's arrangement
with the Government of Maldives to start the venture. This was trailed by the
fuse of Maldives Islamic Bank (MIB) on first April 2010 and the accommodation of
a formal application for a managing an account permit to the MMA. MIB got the
managing an account permit to lead Islamic saving money business from the
MMA on second August 2010. On seventh March 2011, the bank began its
business operations formally. MIB intends to give a contrasting option to people
in general and organizations who wish to benefit themselves to managing an
account exchanges and dealings in strict consistence with Islamic keeping money
standards.

Mission & Vision

MIB's Vision is to be recognized as the leader and preferred partner in Shariah
banking and an active player in the promotion and development of Islamic
banking in Maldives.

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MIB's Mission is to serve as a trusted provider of Islamic financial products and

services by focusing on the following key Objectives:

Raising public awareness of Shariah financial services

Creating values for customers, shareholders, employees and other
stakeholder

Meeting the bank's financial goals

Attracting, training and retaining staff that are best able to accomplish
the mission of MIB

Creating a rewarding, challenging, supportive and trusting work

environment

Constantly exceeding customer's expectations

Proactively growing and developing valuable long-term customer
relationships.

(http://www.mib.com.mv/pages/view/about-us-mission-and-vision)

Improvements from banking

Today banking has made live easier and due to the increase in awareness people
have needed banking services more than ever. The debit and credit card facilities
have enabled customers to deal and make trade transactions any time without
the availability of monetary notes making it safer in terms of security. This
service has been a part of our daily life with a simple transaction on our daily
shopping. Current accounts enable the customers to deal with their cash and a
cheque for personal and business transactions. In addition to this, internet
banking has changed the tradition of going to different institutions to pay utility
bills and phone bills, plummeting a huge encumbrance to people who have a
busy working schedule. Moreover, even though many banks provided internet

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banking, among them only a few banks help the customer to do and manage
their transaction twenty-four hours a day.

Target Audience
Islamic bank has a great advantage compared to the rest of the banks. Islamic
bank has the potential and has to consider the Maldivian, expatriate and tourists
as a target market. Through secondary sources, Islamic bank could identify
information on customer demographic like age, gender, geographic location,
marital status, ethnicity, and income for the purpose of implementing an
effective strategy that will capture the potential market. It is important to
distinguish and classify demographical information to categorize and classifies
the population in a way that makes easy for MIB at a standard procedure with
different customers regarding their culture. Because of the banks policies and
values Maldives Islamic bank has the opportunity to target any Muslim, no
matter their nation or age.

Situational Analysis
PESTAL Analysis
Political Situation
The period preceding the first multiparty elections held in Maldives gave us a
glimpse of what a real presidential election should look like. The six candidates
campaign hard made promises and openly criticized each other. It paved the way
for our current political situation, which in turn affects all businesses and their
banks.
Since the late 1970s foreign investors have been interested in investing in our
tourism sector. While some private individuals and companies and also other
governments have helped other industries in infinite ways, the most notable
foreign investments have always been based on the tourism sector. The rapid
rise in tourism revenue (our version of oil and natural gas), led to many foreign
banks also establishing their branches in Maldives. This helped the flow of
currency both in and out. Many banks facilitate or even base their activities on
tourism, among them State Bank of India (SBI), Bank of Ceylon, HSBC, Habib
Bank and also Bank of Maldives (BML); the only bank owned by Maldivians.
However, the inefficient way BML was run led to many Maldivians being
dissatisfied with their services. BML is modern in the sense of plastic replacing
hard cash, but very backward when it comes to providing services in accordance

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with the current time. For example, BML would be happy to accept deposits from
any person (as would any bank), but when it comes to lending they often are
accused of blatant corruption and double standards; they would be willing to loan
large amounts to certain individuals with little or no collateral, but not so eager
to loan money to the vast majority of its customers without a collateral worth
twice the given loan. Also, their interest rates are exorbitant, much higher than
global interest rates. And their unwillingness to invest in a new venture or take
risks has been responsible for or economy being so stagnant. Matters were not
helped when civil servants salary is paid out in BML accounts. This reinforces
most Maldivians to bank with BML. Many of the early Board of Directors were not
suitable for their jobs, being either educated in a different area or not educated
at all. They also lacked the vision to more BML forward as an investment bank.
This highlights the poor political and economic situation during Maumoons
regime. While doing business, it is a widely accepted fact that governments are
inefficient and a poor substitute for private individuals and ownership. Because
while civil servants may not view financial affairs as too important, as other
peoples money, private individuals will always try to do better and increase
profits and reduce loss, as it is their own survival at stake.
After President Nasheed took office in late 2008, his policy for the government
doing business is a tried-and-tested model all over the world; dont do it. He was
the first President to actively advocate for Public Private Partnership (PPP), his
plan to privatize public corporations into private hands to cut off losses and make
operations efficient and modern. It also proved to be a solution to raise extra
cash for the government budget, to carry out the vows and policies upon which
he had been elected. Public Private Partnership (PPP) proved to be an immediate
success with privatizing Dhiraagu, STELCO (to utility companies) and even Male
International Airport to Ibrahim Nasir International Airport (INIA to GMR).
However, political opponents of Nasheed quickly seized upon the issue of renting
the airport to GMR, stating that it was a matter of national security and starting
rumors that the airport has been sold. Truth was, while the airport is the only
gateway for tourists it is in a pitiful condition; most countries would barely call it
a regional landing strip. The only way was to build a new airport (which the
government didnt have money for), and GMR is an internationally recognized
and highly reputable company to build and run airports.

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During Maumoons rule, the only way foreign investors could do business in
Maldives was if they sold the majority shares to the government, thus further
impeding investments. However, the Islamic Bank of Maldives, which started its
operations officially in 20

had no such restrictions placed upon them and

quickly started work collecting deposits from eager customers who were willing
them to be a rival and even surpass the operations of BML. They quickly started
providing modern financial services in accordance with Islamic Shariah (law) and
began lease-purchase services for motor vehicles, giving low-interest (fixed
interest) loans for real estate market, and even risked investing in new ventures,
the only way any economy can grow. Their efforts bore fruit; the Islamic Bank of
Maldives quickly established themselves as a modern financial institution with a
glowing reputation from the general public.
The disintegrating social framework of our traditional peaceful roots is
reflected in our business environment to the current (coup) regime has been
forced to stop all ongoing projects and also government subsidies as they find
themselves in dire financial straits. They mostly concentrate on prosecuting and
trying to convict members of Nasheed's administration, and nothing more
constructive than that. This leads to an unprecedented loss of faith for Police,
Army, Parliament, independent commissions, judiciary and the government by
vast Majority of Maldivians. This atmosphere is hardly conducive to increased
business investments, especially foreign investors, most businesses and banks
seem to be waiting for the current political situation to cool down or resolve
itself before they decide their next step forward, this uncertainty cripples the
economy and constricts it. Further constraints are put on Maldives by foreign
governments and even G20 countries like the UK and Canada, who view this
current regime as undemocratic and therefore unpopular.

Economic and Social Environment

The current generations of Maldivian Youth are different; they defy all convention
models

economical

patterns

of

spending

during

global

recessions

and

depressions. During the last economic recession in late 2008, when Millions lost
their jobs, economies contracted and individual spending decreased, it was
common to see Maldivian youth saving just enough (or skiving from their
parents) to buy the latest model of iPhone or other such luxury goods. It is not
the norm, rather the minority of Maldivians who plan to spend budgets and
decide how much to save this afflicts not just youth but also transcends to nearly

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all Maldivians when it comes to spending more than they could afford. The social
pattern is such that popular culture is obeyed; therefore the latest electronic
gadgetry, the highest fashions, eating out regularly and of course, coffee must
be purchased even while other expenses are delayed. In this respect, the
Maldivian economy is a product promoter dream such in that the general
populations are just gullible enough to buy anything provided it has style and
glamor.
This social observation applies in business areas as well when it comes to
borrowing money Maldivians are generally adept at it without thinking of interest
rates, or even the means to pay it back. This presents a problem for banks as
they should be careful when allowing a loan in order to reduce bad debts, but not
so much as to hinder operations. The pattern holds the same whether its leasepurchase for motor vehicles or home loans or business loans, Maldivians
generally will use the loan at any price. But it can also be argued that we are left
with little or no choice in our environment because so few banks actually give
loans, so we take what we get even at a higher interest rate. In this respect,
Islamic Bank of Maldives has become competitive with other banks and is far
ahead as they provide fixed interest rates on their loans instead of cumulative
interest rate.
Our spending patterns were somewhat held in check as higher spending led to
inflation, thus we controlled expenditure somewhat to reduce prices. But it
caught up with us until finally our annual budget was fully exhausted with three
months left on the calendar. Therefore our current government had to resort to
borrowing from banks to just pay for civil servants salary. This high level of
dependency on banks by the government is sure to be felt in a negative way in
the coming months.
In order to provide regular and sufficient revenue to carry out the budget,
Nasheed's administration implemented taxation in Maldives for the first time.
Currently, over 42 different types of taxes are taken by the government;
including the more commonly known GST, BPT and CPT, and also tourism taxes
import duties and expatriate and rent fee, etc. also a specialist tax called Bank
tax is collected from banks annually. This deters some investors to Maldives, who
formerly thought of Maldives as a tax heaven, but now they refuse to invest in
Maldives (although our taxes are comparatively low when compared to other
countries), particularly in light of the political situation.
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However, taxation pares the way to solving another cultural defect in our
society; namely, we are not fond of keeping proper documentation of business
matters. This is a large problem as accurate sales data and therefore revenue
and profits cannot be had, also proper expenditure and accounting standards are
not followed. This hinders banking as well because if standard accounting
practices are not followed it would be difficult to differentiate between legit
operations from doctored documents. So by implementing taxation Maldives is
finally being on par with the rest of world.
Looking into natural resources in the country, Maldives has its great asset of sun
and white sand which has its value more than our forefathers expected. All food
products, raw materials, and intermediate goods need to be imported.
Significantly staple food is heavily imported through a controlled mechanism.
The export is even narrow with only around 16% of GDP which is not a
considerable percent of a country when taking a general view. Moreover tourism
industry which is said to be the heart and blood of the economy has not got a
firm direct linkage with the rest of the economy. Maldives has been experiencing
typical and critical constraints because of small island state.
Inflation has risen to a level that we have never experienced before. Over the
years Maldivians have never got the taste a floating exchange rate in their lives.
A number of issues arose through misunderstanding and misconception in the
minds of the people in the country. According to MMA official website Inflation
Rate in Maldives averaged 5.89 percent from 2005 until 2016. It is believed that
MMA would take proper actions and formalize effective strategies to bring a
stabilized pricing while not encouraging for a fiscal deficit.
The economy has been struggling to finance the huge amounts to heal the deficit
balance of payment. With the global economic crises, even the foreign Banks
branches in Male have nearly stopped lending to cope up with dollar shortage in
the country. Moreover, the real picture changed when the new government
introduced the floating exchange rate for the first time in Maldives. In order to
manage the expenditure and revenue, the government has started their
economic reform program through privatization and opening investment
opportunities for the private sector. Corporate profit tax, Goods and Services Tax
(GST), Tourism Goods and Services Tax (TGST) is being introduced to yield up the
state revenue.

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SWOT Analysis

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Strength

The first Islamic Bank in Maldives

Backed by Islamic Development

Bank.

Located in Male, Kulhudhuhfushi,

Thinadhoo

Provide

Shariah

Compliant

Banking Solution

Educated

and

well

trained

workforce

The

management

has

got

experience

from

worldly

recognized

Islamic

financial

institutions

Islamic

laws

and

system

is

heartened by a lot of citizens in

Maldives

as

the

nation

is

Muslim nation.

Weakness

There is no strong mechanism

for gaining Dollars especially in
low economic situations

Lack of awareness among the

public

Opportunities

Extension of business to the Atoll

islands

Introduce more retail banking

services

Threats

Booming

theories

competitors

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Dollar rate changes.

from

E-MARKETING

Political instability

Economic instability

Competitor Analysis
Knowing the situation of the nation is not enough. It is also important to
understand the competitors strength and weaknesses are obligatory and the
market in which you operate. Fore by only knowing what types of online
marketing the competitors use and what level of service they provide will enable
MIB to counter their competitors.

BML
The financial industry has always been competitive in Maldives and Maldives
Islamic Bank is a very late comer. It will be a challenge to obtain market share. It
is obvious that BML being the National Bank of Maldives and having being
established branches around the country, the majority of the population have not
experienced other banks. Bank of Maldives was registered as a company on 23rd
May 1982 and banking license was issued on 10 Nov 1982 after registering by
Maldives Monetary Authority. Bank of Maldives PLC was inaugurated on 11 Nov
1982. And when comparing the E-marketing strategies BML has a very good and
probably the best optimization in the Maldives Domain. The first website to
approach will be the BML site if typed the word bank. So it is likely that the first
bank or website to approach will be the BML website. Their website has a color
theme of red which goes according to their uniform code and by observing the
functions of a website it is quite clear that the website is designed for E-banking.
Today, with the educational awareness and professional developments that have
come to our business environment, people have started to approach to different
institutions through their effective strategies to make a viable decision in funding
and investing in their projects. With the current the observing the current level of
customers which BML has captured it is quite oblivious that BML has the market
share and kind of operate like a monopoly in Maldives. But there is still an
advantage that Maldives Islamic Bank can take over the BML website.

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HSBC (Hong Kong and Shanghai Banking Corporation Ltd)

Honk Kong and Shanghai Banking Corporation Ltd were established in 1865 to
finance the growing trade between Europe, India, and China. The Headquarter of
HSBC is established in London with 7,500 offices in 87 countries and 221,000
shareholders in 127 countries. HSBC is recognized as one of the largest financial
service organization in the World.
HDFC uses an official website and a website specialized for Maldives. This is a
commendable way to market them. But when it comes to optimization the HSBC
website has no chance of appearing to stimuli the customers. When typed
banks in Maldives in the Maldives domain the HSBC website doesnt even seem
to appear any even on the second page. So the chances of catching customers
attention are low.

Bank of Ceylon (BOC)

Bank of Ceylon was established on 1st of August 1939 as the first state-owned
commercial bank in Fort, Colombo. Looking into Male Branch of BOC, the bank
has been offering effective and efficient service blended with professionalism to
the industry. It is obvious that BOC moved through successful and profitable 28
years in Maldives. Today having finished over seven many years of brilliant
presence, the Bank is solidly settled in as Sri Lanka's chief monetary
administrations association offering an expansive scope of administrations
comprises of business managing an account, exchange back, improvement
financing, contract financing, rent financing, venture saving money, corporate
financing, managing in Government securities, pawn broking, MasterCard offices,
seaward

saving

money,

outside

cash

operations

and

other

budgetary

administrations.
The bank of Ceylon website uses a lot of graphics and animation. When
observing the home page of their official website there is a color theme that
represents their country and a lot of revolving pictures. The website seeks to get
the attention of customer through the high graphics. This is advantageous but
also creates some limitation. It will obviously increase the duration of the loading
time making it slower. So the website is not used for E-banking but rather to
market them.

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Internet marketing strategies

With the establishment of Maldives Islamic Bank, there is a total of 8 banks
operating in Maldives. All competitors are using E-marketing in different ways to
take advantage. MIB must make their website an effective and a differentiated
that web marketing plan or strategy that is updated and effectively managed. A
web-based marketing concept should cover basic essentials, internet marketing
opportunities, highly developed features, interactive service process in order to
effectively lead and raise MIBs online presence. Management should keep in
mind that website is the starting point for all online marketing effort. This
includes website strategy, graphic design, content writing, usability and a
developing effective navigation.

E marketing plan
It is unrealistic to overlook the need to modify the advertising blend to the
adjustments in the general public and the market created by the dispersion of
computerized advancements. MIB must choose any economical effective
medium that allows them to challenge competitors. E mail can be a cheap way to
communicate and market them. Almost everyone in the developing generation
will surely have an e mail account. Creating a website is a flexible method that
can serve as a business model for MIB. Today more individuals are looking to the
web for the items and administrations they require. Customers need to have the
capacity to get to items and administrations on the web. The Internet is the most
sparing and productive approach to work together. Maldives Islamic Bank as of
now has a site that gives them opportunity go for online as the opposition.
The website must serve several functions in order to fulfill its purpose. Managing
a website is an online low-cost marketing tool which is used by many
organizations in the world. Its significance has gone beyond our expectations
while it is available 24hours a day with texts, pictures, sounds and videos. There
many reasons why a business must use a website in order to market them. Some
are:

E marketing Objective
Maldives Islamic Banks mission is To be recognized as the leader and preferred
partner in Shariah banking and active player in promotion and development of
Islamic banking in Maldives backed by IDB and the government of Maldives in
the form of ownership that reflect true sincerity. So an E-marketing objective can

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be held as to position themselves as a banking leaders through the values of

Islamic SHARIAH and to achieve a market share of 50% within 5 years.

Building relationships with your customers

One of the main purposes of a website is to provide an ongoing point of contact
with customers and serve them in a useful way. This way Maldives Islamic Bank
can be useful in of collecting information and can create and implement better
marketing strategies.

Provide engaging content

Maldives Islamic bank provides and converse the products and services that they
provide as engaging as possible. Having a blog or other 'onsite' or 'owned' social
media can be another way of providing more engaging content for your
customers. Increasing the interest and value of your website will improve your
brand and encourage visitors to come back. In the underlying stage Maldives
Islamic Bank began with a basic store administration and current records which
intended to be helpful and basic with saving money arrangements that permits
overseeing day by day funds, and giving month to month articulations which will
be given instantly upon demand. But now the MIB has improved their level of
service and introduce a lot more new services.

Answering frequently asked questions

Answering the frequently asked questions or FAQ system is a system that
demonstrates that the service provider is ready to help the customers. It will also
save time and money by reducing the number of phone queries. Currently
Islamic bank does not have a FAQ page. It is important to note that they must be
quick in providing these services to challenge the rest of the banks.
Notwithstanding this the site should likewise give an email office to questions
and client criticism and guarantee somebody checks them routinely. React to
questions speedily and let individuals know their remarks are valued. These
feedback means will allow observing performance and overcoming the weak
areas in marketing.

Cost saving
A website is probably one of the cheapest ways of marketing a business. And it
does not even cost much to the customer either.

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Social media
Website can serve as a social media that communicate with the clients and have
them recommend for customer relation and improvement. The social network
system can act as a Customer Relation Management CRM system that supports
customers. As they already have a Facebook and Twitter account.

Website

From their website they can check the queue of the customer service as well the
Deposit/Withdrawal queue. And those who doesnt have much time to wait on
the queue they have an Hotmail number to contact which is 7970202 in which
they have to send their ID number and query and they will get back to you. As
now they have their internet banking facility for their customers and they have
FisaCard as well as Fisa ATM services.

Facebook

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This is a screenshot of a MIBs Facebook account. They update their account often yet
many are still not aware about MIB and they have got not much likes to the page.
Checking Facebook insights will help them give what the customers want from them. And
while posting things on Facebook keep them short and sweet because the lengthy the
posts get people wouldnt really read them.

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Twitter

. Twitter has been used a lot of famous people like politicians and celebrities now
a days as they have a Twitter account. As seen above in the screenshot of MIBs
twitter account they are active in this too although they dont have much
followers currently.

Product and services

Current account
MIB offers current account for its customers with simple banking solution to
assist in managing daily finances, with monthly statements delivered to the
customers doorstop.
Minimum initial deposit for Individual/Joint account can be opened with MVR
2,500/USD250 and for Company and others his minimum initial deposit is MVR
5,000/USD 500.

Saving Accounts
Maldives Islamic Bank offers saving deposit account service with benefits and
features including:
Enjoy returns out of investment profits

General Investment Account

Our General Investment Accounts are likewise in light of the Islamic Investment
Concept also called Mudharaba or surplus sharing. We offer you amazingly

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adaptable speculation terms of 3 months to 5 years. You additionally have the

chance to reinvest once the speculation develops. This empowers you to
appreciate the advantages of your speculation while keeping up consistence to
the Shariah and helpful access to your assets at whatever time.

Personal Account / Joint Account

Our personal or joint account administrations are accommodated people
matured 18 or above, and can be opened as either a USD or MVR account.
Application structures can be gotten from our branches and can likewise be
downloaded from our site here. Alongside the application frame, local people will
be required to introduce a duplicate and the first of their legitimate national
personality card. Exiles are required to show the firsts and duplicates of their visa
and work allow. Keeping in mind the end goal to open a record you should store
at least MVR 5,000 for MVR records or USD 500 for USD accounts.

Children Account
Children's accounts are accommodated kids matured underneath 18, and can be
opened as either a USD or MVR account. Application structures can be gotten
from our branches and can likewise be downloaded from our site here. Alongside
the application frame, the parent or legitimate gatekeeper will be required to
exhibit a duplicate and the first of their substantial national character card. On
the off chance that the tyke is between 10 to 18 years of age, the first birth
endorsement is likewise required. Keeping in mind the end goal to open a record
you should store at least MVR 5,000 for MVR records or USD 500 for USD
accounts.

Motorbike Leasing Facility

Taking into account the Islamic back idea of Al-Ijarah ("leasing") which is a twosided plan where we purchase the motorbike from chose merchant and leases it
to the customer at a concurred month to month rental and period. Toward the
end of the rent time frame, the bank may offer client to buy the motorbike at
ostensible.

Consumer Goods Financing

Need a new laptop, a TV, a new bedroom, or redesign your home? With this
office, you can purchase and obtain assortment of merchandise. We offer you
focused alternatives and adaptability with congruity with Islamic Shariah.

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Taking into account the Islamic fund idea of Murabaha, rather than loaning you
with money, we buy the wanted item from the vender and re-offer it to you at a
foreordained

and

aggressive

value

which

incorporates

bank's

benefit.

Consequently, you repay the aggregate sum over settled upon regularly
scheduled payments.

Istisna Home Financing

For personal home financing needs MIB provide extensive support and Shariah
compliant financing solution. The Istisna Project Financing offers customer
financial assistance. With Shariah compliant in mind, under Istisna financing, we
act as the main contractor to construct the property on your behalf and appoint a
reliable contractor to perform the task. In order to increase your convenience we
may appoint a construction company of your choice to perform the task.

Murabaha General Asset Financing

Under Murabaha General Asset Financing we give broad Shariah agreeable
financing answer for your own needs, for example, securing versatile resources
locally. Murabaha is a cost-in addition to deal contract, and is otherwise called
increase deal. The cost will be made known to you. The deal can be made either
in real money or credit or on portion premise. Through this idea, we will buy the
advantage and offer it to you with an alternative to pay the business cost in
portions over a predetermined timeframe. The Bank's benefit is the increase
added to the cost brought about in buying the advantage for you.

Fisa Card
MIB FisaCard offers you managing an account accommodation and gives simpler
techniques to get to your records at our bank. FisaCard is utilized for managing
an account exchanges as a part of Maldives from any FisaATMs stand, vendor
foundations with F'isaPOS terminals. Each FisaCard is allowed with a legitimacy
time of five years from the date of issuance.
MIB are continually attempting to enhance our FisaATMs systems to guarantee
dealing with your financial balances easily and accommodation. F'isaATMs gives
general ATM administrations like withdrawal, adjust request, scaled down
explanation and record exchange. We give specific regard for the security of the
ATM exchanges and hence our F'isaATMs has an element that will give the
adaptability to change their PIN whenever.

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Fisa ATM
To spare time and increment proficiency, you can utilize F'isaATMs to demand
Bank Account Statements and Check books. They will be made accessible at the
branch for you to gather the exact following day. The Fast Cash benefit
accessible in F'isaATMs gives you the adaptability of pulling back money right
away with negligible strides, and without the need to sit tight for the receipt.

E marketing strategies
It is the IT and managements duty to observe how effective the website is
performing. Following tools could be used to measure the performance level of
the website.

Search engine optimization

Web usage and navigation
User friendliness
Home page layout
Payment option

Search engine optimization

Search engine optimization has become a concern for every organization in
marketing their products and services through websites. Website optimization
simply means to The main objective of search engine optimization is to keep the
web address of Maldives Islamic Bank in the very first page when a person
searches for a related topic in the internet. Current website of Maldives Islamic
Bank a very good optimization, but there are still better bank websites. The
objective of MIB should to appear on the top of the first page when associated
with any term referred to bank in Maldives
Creating a unique and accurate title page is important as internet is an ocean of
websites

with

billions

of

web

addresses.

The

current

address

is

http://www.mib.com.mv/ and this seems to be quite common when considering

the letters. Instead of this URL, a unique address can be created with some
wordings which describe Maldives Islamic Bank in a more meaningful way.

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The page content should be accurately described and titles that has no relation
to the content on the page or using default or vague like Untitled or New
Page should be avoided. A unique title tags for each page would be more eye
catching and helps to optimize the search engines. Furthermore, using brief, but
descriptive titles would make a change when a person uses to search for a
related topic. Improving the structure of URL is also a helpful tool for search
engine optimization as complicated and confusing URLs are not easy to link with
other websites too. Using words instead of numbers in creating URL is more
advisable.

Website usage and navigation

MIB has a very unique role and has the advantage of being the first Islamic bank
in Maldives. Marketing themselves through online presence is obligatory in
todays business environment. Implementing effective strategies that will
capture customer is vital as the nation is a Muslim nation. Using the website as a
business model and providing information about the services available are what
the website delivers. But it is important that the website is easy to use and
navigate.

The management should always remember that the website is

designed not for the management or the employees but for the visitors and
customers. Creating confusion among the customers could mean losing them.
Paying utility bills, shop online has made things easy in our life. The virtual
business environment has improve the way of doing things as websites and web
pages could show the physical presence of the service provided by Maldives
Islamic Bank in a meaningful manner. In order to win customers the website
must enable to provide the user with relevant search results for such important
terms. The Web site is an effective tool for getting customer feedback through
their complaints, comments, views, opinion and ideas can be gathered easily. So
the website must involve a strong point of interaction. In the homepage, a link or
space can be providing to post their comments and ideas. Moreover, ratings and
polls can be organized for different service provided by the MIB. The fast
development of social networks can be an opportunity to the banks can boost
the level of integration with such social networks such as Facebook and twitter.
Likewise clients should likewise have the capacity to go through the site
effortlessly. To improve this component the clients must have the capacity to go
to any page of the site through any page, not only the Home page. Utilizing
different pages as section focuses is accomplished through web search tools,

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joins from other sites or bookmarks. Additionally on the off chance that clients
can't discover any segments they need, there must be an intense route
framework that empowers them to search for the data they need.

Website user friendliness

User friendliness of the website is really important the website must not be too
complicated and must use a color theme that the customers find it easy for
vision. The font sizes must also be in an appropriate size. When going for online
as a complicated website may not be effective for the target customer.

Home page layout

Home page becomes important because, it is the first picture to be seen by any
person who visits to the website for any reason. First impression should create
the best impression in the minds of the visitors. The graphics and the coloring
should not be in a confusing manner as colorful graphics and creative writings
may not help the visitors if the visitor feels difficult to distinguish the different
topics in the webpage. In addition to this, it should not take too much of time to
load home page as if it takes more time to load home page, visitors may get
bored to visit the website in next time too. It is understandable that visitors will
visit the website for a reason with expectations.

Pay per click search engine marketing

As MIB is a financial service provider, it is understandable that customers would
prefer to do online banking. The major issue concerned with the payment option
is security and trust for the service providers. Moreover, in doing this, it
important to consider that recently there some case in Bank of Maldives, in
which loss of lump sum of money from a customer account. Therefore,
encrypting the crucial and sensitive credit card details like credit card numbers of
the shopper and sending the same to merchant and from the merchant to
payment processor.

Recommended PROMOTION
FAQ
Currently there is no FAQ system in the website. Creating a FAQ page in the
website will increase the speed which services can be delivered as customers
can easily find the basic ways on how to do banking. The load will also be lower
on the company itself as the customers can find more information on the website
and would not have to call the customer service. And put some more exciting

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pictures in the website and make it more attractive so that the visitors of the
website would like it. And Since a considerable measure of our group of
onlookers visits our webpage utilizing their cell phones or tablets, MIB can make
it an indicate assemble a portable affair that is ostensibly superior to anything
our site's desktop perusing background. In other words, MIB ought to amplify the
visibility and reach of their site through investment in online networking locales,
for example, Facebook and Twitter. This can be extraordinary for "verbal"
promoting and helping clients feel that they have a more extensive assortment
of choices for speaking with your MIB straightforwardly.

Mihaaru
Mihaaru online news is one of the most famous and visited website in Maldives.
The company provides marketing opportunity through the website. Purchasing an
advertisement slot from the business section is a very good opportunity to
market Maldives Islamic Bank.

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Bill Payments
Banking has made life and trade much easier with credit and debit card facilities.
People use and expect some kind of convenience from banking. Islamic bank
provide the opportunity to settle bills and payment like basic necessities
(Electricity and water) and modem bills through their website. The website will
allow paying the bills with what is deposited in the bank account. With the
introduction of a convenient service like this, Maldives Islamic Bank is more likely
to win customers in the future and also make a lot of customers register to the
website.

Social network
Website can serve as a social media that communicate with the clients and have
them recommend for customer relation and improvement. The social network
system can act as a Customer Relation Management CRM system that supports
customers. As Facebook is currently now a very popular network, and now
Maldives Islamic Bank has created a Facebook page and Twitter account to
market themselves through interacting customers and encouraging the values of
Islam.
In Facebook page they have 6720 likes now. To increase the likes they get and
they need to promote their page with promotional activities like free giveaways
and so on. And in their Twitter account they have 1622 followers as of in Maldives
in people those who use Twitter are politicians and government influenced
people. Yet they could increase their followers they could create an event to

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make aware the people about MIB and their services they offer. Some of the time
it's critical for organizations to tell their potential clients they exist. By building
up a rundown of prospects an organization can start to connect with their
individual target gathers keeping in mind the end goal to discover new clients.

SMS services
Almost everyone has a mobile phone today in Maldives it has become a part of
their daily lives. So texting can be considered as a viable and cheap way of
communicating with the customer. As people who are opening accounts in MIB
they need to provide their contact numbers and they could make use of these
contact numbers to send messages to their current customers about their
promotional activities and yes they need to be careful about the ethics their
current customers shouldnt be disturbed about the texts they send it has to be
on limits the amount they send the messages like once in a month or so.

Write articles and distribute online

Creating and managing an effective website bridges the company and a
spreading point of information. Daily articles could keep customers in touch with
website every day. Informative articles about Islamic Banking and MIB can be
used as tool to keep the customers updated with the upcoming changes and
improvement to MIB. Online articles eliminate the printing and distribution cost
while creative written articles can influence the mind of the customers and helps
a lot in creating a good image in the minds of the customers.

Implementation
As the implementation duration is 12 months thats from 1 st November 2016 to
1st November 2017.

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Budget
Maldives Islamic Bank has a web site with limited contents and features. So the
first thing that has to be done is to create an effective website in order to build
an online presence. The website should be with full security and advanced
features. So it is best to allocate a budget for its website development like
improving optimization and adding features and marketing.

Budget
Task
Website development
Optimization

Cost in RF
20000
12000

Monthly cost
Task
Online Advertising (MIHAARU)
Face book page
SMS promotion process
Total cost

.Control and Evaluation

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Cost in RF
12000
500
6000
50500

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As of late, the advancement of the monetary and money related frameworks has
confronted the impact of an assortment of variables: deregulation of the
budgetary movement, mechanical development, and developing versatility of
capital at the worldwide level. Surely, the nearby eccentricities as far as
standards, social viewpoints and shared practices are pertinent, despite the fact
that the expanding relationships on a worldwide scale have made, and still
effect, a domino procedure of non-controllable impacts.
The standards framework is, truth be told, crucial for the social request; be that
as it may, this adjust can be accomplished in an alternate blend of interior and
outside powers, a self-decision, advanced by the aggressive procedures of the
working commercial center.
It is from this point of view that inside control frameworks are viewed as the
result of profound impression of administration: it speaks to the bases of a wide
assessment for the single agent instruments and for the general culture of the
hazard control. The important figures in charge of the inward control frameworks
know the results that could show in the event that the basic viewpoints
connected with dangers happen. The determination of the put money on the
bases of the inward control frameworks rises as a typical conduct of the client or
the business accomplice. They know about the esteem to credit to the control
culture in the wide significance of institutional and administrative excellences.
From this strong beginning stage creates conditions for consistence and
administrative best practices as vital institutional rules and driving focused
elements.

Website
A website may be always 24 hours available and have a global reach, making the
companys marketing strategies more effective. But this is possible only if the
website is properly maintained and updated. If this is not done the website will
be nothing more than a display. So Maldives Islamic Bank should also hire expert
IT technicians and an online team of IT technicians to maintain and make sure
that the website does not go down. Also these teams must be updated with the
current exchange rates of different currencies in different countries. And make
sure that queue numbers are updated so that itd be easy for the customers
those who are checking it from their homes or offices.

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Social Networks
The adequacy of the Facebook page can be measured in term of the quantity of
preferences, shares, remarks and the quantity of calls got for the hotline number.
In the event that these pointers are low, an adjustment is required for the limited
time materials. Leading an overview will recognize main driver of this
insufficiency. And make them aware about MIB through promotional activities like
creating events so that new customers and current customers would know more
about their services they are offering.

Bibliography
(2016). Mma.gov.mv. Retrieved 13 October 2016, from
http://www.mma.gov.mv/2/#/
Bank of Ceylon. (2016). Web.boc.lk. Retrieved 13 October 2016, from
http://web.boc.lk/index.php?
route=product/category&path=217_218_220

Bank of Maldives PLC. (2016). Bankofmaldives.com.mv. Retrieved 13

October 2016, from https://www.bankofmaldives.com.mv

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Maldives Islamic Bank. (2016). Mib.com.mv. Retrieved 13 October

2016, from http://www.mib.com.mv

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