Islamic economy between sharia and high-tech.
Professor Cedomir Nestorovic, professor of International Marketing and director of the Executive MBA Asia-Pacific at the ESSEC Business School, SingaporeThe MCI Alumni & Friends lecture series managed to engage an excellent lecturer in the person of Prof. Cedomir Nestorovic, to talk on the topic of Islamic business.Nestorovic, presently teaching at the ESSEC Business School in Singapore, has many years of experience in geopolitics and international marketing with a particular focus on Islamic economy. Furthermore, he is the initiator of and a keynote speaker on Islamic marketing and brand development at international conferences such as the Global Islamic Marketing Conference in Dubai and Abu Dhabi or the International Conference on Islamic Marketing and Branding in Kuala Lumpur and London.He obtained a significant award in 2012, when the Financial Times named him “Professor of the Week” for is contribution to the lexicon on Islamic finance.In the context of his lecture, Nestorovic addressed the various properties, regularities and changes over time of the Islamic market. He started by identifying seven segments that have a great influence on overall Muslim economy, with two fields having a special significance: the food industry (halal food) on the one hand and banking and finance (Islamic finance) on the other hand. Of all the relevant segments these have the greatest influence on Islamic economy. A peculiarity of these market segments is found in the fact that the market leaders stem from Western countries, including Nestlé and McDonald’s in the food sector and the Western Union Bank in the finance economy.Furthermore, Nestorovic identified the Islamic market as an exclusive market, presented and consequently perceived as being solely accessible to Muslims. This exclusivity reduces the number of consumers, while the Western products enter the shared market area. Nestorovic sees this as a serious future problem for Islamic economy, which is strongly influenced by Western products such as various TV formats, foods etc. Particularly new TV formats and new media shape the younger generations and sensitize their consumer behavior to Western products. Facebook and YouTube are considered the prime information sources in Muslim countries. The originally strict regulation of the media by authoritarian state leadership is thus circumvented.The fading of language barriers is perceived by the lecturer as a further problem for the Islamic market. In particular the increasing intrusion of English and French into the media reduces the barriers to Western products. In addition, these languages compete with, and threaten to displace national languages like, for example, Arabic on an intercultural level.In summary, this means that the Islamic market is presented with the great challenge to change from an exclusive market to an inclusive market. Nestorovic believes especially international marketing to provide an opportunity to overcome this problem.>>> Invitation{phocagallery view=category|categoryid=1218}
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