HSBC is rolling out a global ad campaign for its Islamic banking division Amanah. The move follows a change of strategy and positioning for the two-year-old brand and highlights the growing trend for banks to offer Shariah-compliant products.
HSBC Amanah is targeting itself at modern, young Muslims, though it insists all products must pass muster with “ultra-conservative” families and factions.
The campaign, created by JWT Worldwide, will target regions such as Glasgow, Leeds, Bradford and the South-east with TV and radio spots on specialist channels.
Mohammed Ismaeel, director of global marketing at HSBC Amanah, says the brand wants to establish its own identity. “Previously our advertising was not distinguishable from the parent brand,” he says. “We wanted to stay close but we wanted our own identity.”
All work has the same format as HSBC’s “different points of view” campaigns but uses Islamic “arch” borders rather than HSBC’s red boxes.
Ismaeel, a former Procter & Gamble marketer, says: “We want to be relevant to the modern Muslims who want to have Shariah-compliant products but aren’t willing to compromise on price or promise. Now it is more about ‘ethical’ banking and should be applicable to everyone.”
Last week Lloyds TSB announced it would be the first high street lender to offer mortgages and current accounts that comply with Islamic law at all of its UK branches.
There are currently 1.6 million Muslims in the UK. Research company Datamonitor says the sector is growing rapidly. According to its research, the Islamic mortgage market in the UK was worth &£208m in 2005, up from &£36m in 2001.