Co-creation of Socioeconomic. Banking Service: Case Study Research in Pakistan. Amna Javed 1 Youji Kohda 1 Hisashi Masuda 1.

Transcription

1 Banking and Value Co-creation of Socioeconomic Values in Islamic Banking Service: Case Study Research in Pakistan Journal of Creating Value 2(1) SAGE SAGE Publications sagepub.in/home.nav DOI: / Amna Javed 1 Youji Kohda 1 Hisashi Masuda 1 Abstract This study examines the case study research in Pakistan to show the importance of socio-economic values in the banking world by citing the case of Islamic banking. Following Sharia traditions, Islamic banking is more concerned with socioeconomic values, such as well-being, trust, ethics and partnership than with economic values, such as money in terms of interest. To investigate the unique value, service system and value proposition in Islamic banking, we combined the results from literature review, press releases and interviews. The literature review showed that the Islamic banks ensure secure investments and profit or loss sharing. The press releases on banking websites showed that Islamic banking focuses on socio-economic values rather than economic values. The interview analysis showed that Islamic banking is mostly focused on justice and transparency of projects, achieved under the benevolent watch of the Sharia board, over all banking activities. These findings reveal that the backbone of value co-creation in Islamic banking is contract-based projects which create economic opportunities and social experiences, and ensure that in Islamic banks, values create value for the customer. This concept is typically seen even in modern services. Keywords Islamic banking, socio-economic values, value proposition, service system, value co-creation 1 School of Knowledge Science, Japan Advanced Institute of Science and Technology (JAIST), Nomi City, Ishikawa, Japan. Corresponding author: Amna Javed, School of Knowledge Science, Japan Advanced Institute of Science and Technology (JAIST), 1-1 Asahidai, Nomi City, Ishikawa , Japan. amna.javed@jaist.ac.jp

2 110 Journal of Creating Value 2(1) Introduction The banking industry has gained importance in promoting business operations to boost the economy, so it is necessary to focus on customer needs than only on making profits. In today s global market, there is a dominant banking sector known as conventional banking. However, in relation to this sector, there is an enlightened part of the banking sector called as the Islamic banking sector. Islamic banks play a significant role in economic progress and the well-being of human race by organizing the funds and performance of social activities. As Islamic banking is largely based on a business association and partnership style, it helps to exterminate unfair actions of the diverse stakeholders that are formed by the interest-based banking system (Javed, Umemoto & Kohda, 2013; Masruki, Ibrahim, Osman & Wahab, 2011). The Islamic banking system is a flourishing banking system that utilizes funds by following the principles of Islamic law (Sharia 1 ) and fulfils their deeds under the principles of Islam. It is an interest-free banking system that supports the partnership concept. There are two basic principles behind Islamic banking: first, the sharing of profit and loss, whereby interest (riba) is prohibited and money is not treated as a commodity, and second, a prevalence of justice, uncertainty (gharar) is prohibited. As Islamic banking follows Islam, it focuses mostly on ethics and human rights that relate to socio-economic values, for example, well-being, partnership, fairness, sharing and justice that build on the foundation of economic value proposition. Basically, value is what a product/service is worth to someone. By using service-dominant logic framework, the definition is elaborated that value is always uniquely determined and evaluated by the beneficiary (Lusch & Vargo, 2014). This article focuses only on the value transferred from the firm to the customer that creates better financial gains or other benefits for the customers. The banking industry is mainly concerned with economic benefits, but Islamic banking is an exception in that it has a socio-economic as well as economic dimension. In contrast, conventional banking is grounded on a financial model that involves interest with the purpose of profit maximization (Parashar & Venkatesh, 2010). This study is about exploring the value propositions in Islamic and conventional banking services by making service differentiations and elaborating the concept of service systems. In this study, we will also explain that socio-economic values are value propositions in the Islamic banking system that are used for the advancement of society. Value proposition can be defined as the value that is proposed by suppliers to the buyers or customers (Lusch & Vargo, 2014). Islamic banks have many financial products and services that are concerned with economic benefits with the ultimate purpose of fostering socio-economic values. Economic values are profit, service charges, etc. (Iqbal & Mirakhor, 2007). On the contrary, socio-economic values are standards of human actions and motives, such as partnership, clearness, justice and teamwork (Javed, Masuda & Kohda, 2014). The organization of this article is as follows. First, we provide our research objectives, significance and methodology and the results generated from our

3 Javed et al. 111 studies. Subsequently, we present a theoretical and practical implication of this research. We conclude with suggestions for future research. Research Objectives and Significance The objective of this research is to evaluate collaboration or sharing practices among the banks and customers in Islamic banking and to analyze their strength of value co-creation. In particular, this research will explore the hidden socioeconomic values of Islamic banking. Most developed countries do not have Islamic banking system, even though they may find it interesting to introduce. This research will show the real or deep reasons of acceptance and penetration of Islamic banking worldwide by focusing on the difference between value proposition in Islamic and conventional banking. Research Methodology This study comprises of different methods, such as iterative triangulation, phenomenological (quantitative) and qualitative methods of research. This article combines the results from a literature review to make clear the differences between Islamic and conventional banking with the reason why Islamic banking is popular by showing similarities among the products introduced by Islamic banks; press release data available on the websites of banks to find the unique value characteristics of banks related to economic and socio-economic benefits of each banking system; and finally, interviews conducted in Pakistan with Islamic and conventional banks to know the banking policies and business models used to explain value proposition and sharing mechanism in the Islamic banking system. Interviews were conducted with top management and middle management in both Islamic and conventional banking. Interviews were conducted for 2 months (from 25 November 2013 to 25 January 2014) in Pakistan. This research focuses mainly on bank side and customer side will be discussed in future. But before going to the customers, it is preferable to understand the value offered and realized by the banks first. We selected Pakistan because Islamic banking is a fast-growing trend there. Pakistan has a dual-banking system, and the growth rate of Islamic banking is twice that of conventional banking. Actually, in Pakistan, Sharia compliant funds have exceeded over 50 per cent of total market capitalization (Ramzan et al., 2012). The data were collected from Islamic banks (Bank Alfalah Limited, Islamic Banking and Meezan Bank Limited) and conventional banks (National Bank of Pakistan [NBP] and Allied Bank Limited [ABL]). The banks were not chosen randomly; they are considered as dedicated banking divisions in the history of the banking sector of Pakistan.

4 112 Journal of Creating Value 2(1) Literature Review (Overview of Islamic Banking Products) Islamic banks deal in different financing products and services from conventional banks. By reviewing the articles on Islamic banking, two main results are extracted: first, common features of Islamic banking products, and second, differences of Islamic and conventional banking system. Common Features among Islamic Banking Products By observing representative financing products of Islamic banking, we found some commonalities among the products (Table 1). Islamic banking is a secure banking system because it is based on the Islamic principles and the bank always acts as an intermediary (Usmani, 2002). Islamic banks participate actively in a transaction with a profit- and loss-sharing concept. Table 1. Overview of Common Features among All Financing Modes in Islamic Banking Common Features Profit and loss sharing (if applicable) Bank plays the role of an intermediary Agreement/contract-based projects Asset-based approach, not currency-based No interest or mark-up involved Prohibition of uncertainty and speculation Economic value is accompanied by socio-economic values Differences between Islamic and Conventional Banking Both banking systems operate on different grounds but still exist together. The differences are in terms of deposits and loans, priorities and risks, values and drivers of operations and governing principles (Table 2). Table 2. Differences between Islamic Banking and Conventional Banking Islamic Banking Loans backed by assets than simply lending More checks and balances in terms of Sharia audit to ensure fairness and transparency Deal in restricted but secure investments Promote profit and loss sharing and charity concept for human well-being Conventional Banking Interest-based mobilization of funds and lending Less checks and balances, and customers do not know everything about the transaction Deal in all kind of investments with no restriction Promote interest for profit maximization

5 Javed et al. 113 Islamic banks promote partnership-based concepts because most of the transactions are carried out under the terms and conditions of a contract developed between parties involved in a transaction under Sharia principles (Haniffa & Hudaib, 2007). Islamic banking is more concerned with loans backed by assets than simply money-based loans; it makes Islamic banking different from conventional banking. Also Islamic banks have more checks and balances in terms of audits than conventional banks to ensure fairness and transparency (Hanif, 2011). Press Release Data Analysis This study is an empirical study that was conducted basically in order to establish a link between the literature survey and evidence collected from press releases. By observing the press release data, we can know the providers point of view about the value propositions along with the unique characteristics of the Islamic and conventional banking systems in terms of value. The data were collected from the press releases published on the websites of each bank (two Islamic banks and two conventional banks) in Pakistan during We found 478 press releases in total from all four banks. The data were analyzed using the following steps. First, the data was divided into approximately 8,000 words by using the Statistical Package for the Social Sciences (SPSS) text mining tool. Second, after removing common occurrences and grammatical words, we extracted a list of 549 words that were related to economic and socio-economic words in Islamic and conventional banks. Third, we again shortened the word list by selecting the words related to the value concept, specifically referencing frequent words in the articles for economic, financial and social science traits of the banking sector, and we got 192 words. Then, we divided the 192 words into three main groups to observe the unique characteristics of each banking system. The first group had 68 words in Islamic banking that were not found in conventional banking (Table 3). All the categories were chosen by the authors from the value derived from the keywords by reviewing the literature and a thesaurus dictionary. Table 3. Values in Islamic Banking (68 words) Categories Values Spirit Belief, charity, justice, moral, religious, unification Teamwork Association, assisting, amalgamation, coordination, collaboration, interaction, interconnection jointly, mutual, participation, partnership Trustworthy Affirm, accomplishment, assert, aspiration, fair, custody, commitments, consistency, noticeable, protected, promising, realism, supervision, sustainability, safety Practicability Accessible, affordable, benefit, careful, creatively, competence, discipline, diversity, deliberation, excellent, endowment, endeavour, empower, endorsement, experiences, feasibility, freedom, honour, indemnified, insistence, knowledgeable, motivation, notable, noteworthy, perfect, prosperous, praising, reputation, realization, respect, revitalization, societies, speculation, satisfactory, transformation, unique

6 114 Journal of Creating Value 2(1) The second group possessed 16 words that were observed in conventional banking only, not in Islamic banking (Table 4). Table 4. Values in Conventional Banking (16 words) Categories Paper money Transaction fee Funds Financial terms Value Draft, receipt Cost, mark up, profit, service charge Allowance, income tax, pension, remittance, salary Advances, cash flow, equity, capital expense, loans The third group displayed all other words that exist in both banking systems with 108 words; they are not considered in this article, because this article focuses on unique and different characteristics of each banking system (Tables 3 and 4). Results After empirical analysis, Table 3 clearly shows that Islamic banks focused on socioeconomic values that include human relationship values and community values, having unique features, such as teamwork, Islamic spirit, trust worthiness and finally, practicability which all relate to the co-creation between the provider and the customer. In comparison, Table 4 illustrates that conventional banks have a focus on economic value with the purpose of profit maximization. From the results, it was concluded that in Islamic banking socio-economic values are in fact, value propositions that are the base of Islamic banking and consistent with the growing trend in modern services. Interview Study To verify the results of the literature review and press release analysis, interviews were conducted with two representatives of the Islamic banks and two from the conventional banks. To provide the evidence, we collected a total of 10 interviews (six from the Islamic banks and four from the conventional banks) from bank management and then translated the audio data into text. The text was mainly about the banking activities, customer satisfaction and social activities. We used a qualitative data analysis method for analyzing the transcribed text. By highlighting specific concepts in the text data, a large amount of text for Islamic and conventional banks were summarized into different fragments of text, and finally, we derived the main concepts from the set of fragments of text that helped us to discriminate between Islamic and conventional banking system. Table 5 shows an example of concept derivation from the Islamic banking interviews. Two sub-concepts related to customer perception were identified in the fragments of text in the interviews and aggregated into the main concept, which configures one of the co-created value in Islamic banking discussed later (Table 6).

7 Javed et al. 115 Table 5. Example of Conceptualization Concept Sub-concept Interviewee s Comments in Islamic Banking involvement understanding and requirement Mutual participation In Islamic banks, our Sharia representatives explain the process flow of the product to the customers, starting from how to purchase the product and ending with how to make bank as an intermediation during the whole transaction. s and banks are normally co-owners. Islamic banking is rapidly growing because of higher customer satisfaction. Banks are fully aware of the customer s needs and providing them all services at their convenience level. Islamic banking works in accordance with the principles of sharing profit and loss on a post facto basis arising from the deferred trading and profit margin from the seller. When a customer enters into a transaction with an Islamic bank, it is usually contract based. We give him a form to explain the detail of the transaction, such as the profit and loss sharing ratios and service charges to make him understand fully the transaction to be carried out. Results Service System and Value Co-creation in Islamic Banking: From the interview analysis, a structure was developed for the service system in Islamic banking. The service system shows that Sharia board 2 is the source of Islamic banking, and the community is the destination of the transaction. As one interviewee said, Behind Islamic banking dealings, there is a Sharia board. Before introducing and implementing any product or service, there is an approval from a Sharia board to make sure that it is as per Islamic principles or not. The interview results showed that the Sharia board has checks and balances over each transaction processed in Islamic banking and the banks are not allowed to make investment in illegal products and services (Figure 1). With respect to the community, one interviewee said, In case of bank, any profit or income earned in a transaction against Sharia rules is declared as charity by Sharia board and goes to the community. In case of customer, any penalty imposed becomes charity, such as by delay in fulfilling the contract or other negligence. The amount of charity from any transaction must be consumed for the wellbeing of the community and of mankind under Sharia supervision. This service system can be applied to all the products and services provided by Islamic banks. The basic purpose of a service system is to represent value co-creation among different actors involved in a transaction. As described by Prahald and

8 116 Journal of Creating Value 2(1) Ramaswamy (2004), Co-creation is a joint creation of value by the company and the customer, and value is determined by the both parties. Islamic banking works in accordance with the principles of sharing profit and loss, which results in value co-creation and deeper involvement of related parties. Sharia board Govern Own Value co-creation Value co-creation Islamic bank Supplier Govern Govern Own Own Own Contract Contract Penalty charged during transaction Community Figure 1. Islamic Banking Service System and Value Co-creation One interviewee said, When a customer enters into a transaction with an Islamic bank, it is usually contract based. We give him a form to explain the details of the transaction such as the profit and loss sharing ratios and service charges to make him understand fully the transaction to be carried out. Islamic banks play the role of an intermediary between the supplier and the customer in all the transactions. As one interviewee said, In Islamic banks, our Sharia representatives explain the process flow of the product to the customer, starting from how to purchase the product and ending with how to make bank as an intermediation during the whole transaction, because the bank has to share the loss with the customer. So both parties act as normally co-owners. On the basis of the results, we summarized the value co-creation model as a subsystem, shown in the dotted area of Figure 1. As a financing practice, a bank enters into two types of contracts, one with a customer and the other with a supplier or manufacturer. Therefore, value co-creation occurs at both sides strongly because all parties involved have the right of negotiation and can revise the contents of the contract under the supervision of Sharia board. Both contracts are further governed by Sharia to make a transaction as per the Islamic principles.

9 Javed et al. 117 Now, the customer, bank and supplier act as partners and can co-create values, such as sharing of profit and loss, fairness, justice and transparency as well. As one interviewee said, All the contracts initiated in Islamic banks are supervised by Sharia board to make sure that all the terms and conditions are consistent with Islamic regulations. Value Propositions in Islamic Banking: Table 6 demonstrates the value offered by Islamic banks within the established service system. It shows the deep reasons of acceptance and penetration of Islamic banking worldwide, identified by our interview analysis. The results are summarized mainly from the bank s point of view because this article discusses value propositions, either economic or socioeconomic, and the perception of customers regarding proposed value. Table 6. Value Propositions in Islamic Banking Service Value Embedded in Islamic Banking Products Sharing of profit and loss Compliance with Sharia Implementation of Service Value Project-based contracting between stakeholders Seeking directions from Sharia board Implemented Features s Perceived Value Identification of customer need Consensus building between stakeholders Check-up/audit of contents of contracts Anomaly detection of performance of contracts Sense of involvement Sense of benevolent watch The first is sharing of profit and loss, which can be implemented by establishing some contract between the customers and providers. This contract is important as it considers the identification of the customer s needs through the direct communication between the customer and the provider, which resembles the money-sharing concept, where lenders offer their money after deep understanding of real needs of the borrowers (Robert & Waller, 2006). It also builds consensus between customers and the providers that encourages co-operative working, and this feature is similar to crowd-funding, where a crowd of people could express their needs to proposals and proposers could reflect the needs on their projects on a flexible basis (Mollick, 2014). In this service, the customer s perceived value is a higher sense of involvement, because the customer knows everything about the product and work under partnership deed. The second is compliance with Sharia. Islamic banks seek instruction from Sharia board before entering into a contract with customers that assures a precheck and audit of the contents of the contract to confirm secure investment. It is similar to a fair trademark because before issuing anything pre-checking of the information is compulsory. Also, there is an anomaly detection of the performance of the contracts by the Sharia board that ensures a real-time check, similar to call centre service operated by the sharing service provider. The

10 118 Journal of Creating Value 2(1) customer can make the complaint directly to the managing body in case of emergency, such as car not there or a dirty car unexpectedly in the car-sharing service (Kohda & Masuda, 2013). In these kinds of modern services, the customer s perceived value is a higher sense of benevolent watch, because the customer recognizes that the transactions are inspected for security, and fraud chances are minimized due to the involvement of Sharia board. Discussion Theoretical Implications This study represents the first attempt to shed light on how and what value is co-created as a result of value propositions in Islamic and conventional banking. On the basis of the differences between Islamic and conventional banking, value propositions and service system, we built a theoretical service model of both banking systems. Conventional Banking Service Model: Figure 2 shows that the conventional banking service model is concerned mainly with the economic dimension. The proposed value by conventional banks to the customers is banking products. There is a fixed rate of interest either to the bank or to the customer that defines the flow of the transaction and used in order to get the final results. Normally, the whole profit or whole loss falls on one party, and the other party can only receive a fixed rate of interest. There is no sharing of profit and loss. Conventional banking products One-side-take-all (profit or loss) except fixed interest Interest Conventional bank Figure 2. Conventional Banking Service Model

11 Javed et al. 119 The final result is the generation of an economic output in terms of interest. As banks are financial institutions, their main purpose is to focus on the profit generation in order to survive in the market. Islamic Banking Service Model: Islamic banking is one of the latest popular services these days. Figure 3 shows that Islamic banking focuses on economic and socio-economic dimensions in parallel. Islamic banking products focus on individual customers under Sharia supervision. The ultimate target of the socio-economic value proposition is not only the individual customer but the whole community, which includes other stakeholders, such as suppliers, manufacturers and sellers. Islamic banking transaction Other stakeholders Sense of involvement Sense of benevolent watch Compliance with Sharia Islamic banking products Service charges loyalty Islamic bank Figure 3. Islamic Banking Service Model In Islamic banks, the sharing concept is based on the partnership contract that leads the whole transaction. Socio-economic value exchange is normally created between the customers and stakeholders, and the purpose of a service platform is to carry out this exchange between the customers and communities to extract the perceived value as a sense of involvement and sense of benevolent watch which ensure confidence in the transaction. As a result of this exchange, final results in terms of economic output (service charges) and socio-economic output (customer loyalty) are generated. By availing the value proposed by Islamic banks, the customers perceive value from the feeling of involvement and the sense of benevolent watch. This value is basically the results of co-creation in a given service system.

12 120 Journal of Creating Value 2(1) Practical Implications As a practical implication, the theoretical model is developed to both conventional and modern services by using the terminologies of value constellation and profit equation. The value constellation determines the whole process flow which involves not only the company s own value chain but also its value network with its suppliers and partners and the profit equation includes the economic, social and environmental profit from the customers and market as well. In the conventional service model, value constellation ensures the economic value proposition and results in economic profit equation (Figure 4). Economic value proposition Value constellation Economic profit equation Service platform Figure 4. Conventional Service Model However, the modern service model is more successful because it includes both the economic and socio-economic dimensions. The economic part involves mainly two or more parties who are involved directly, but socio-economic part focuses on the expansion of the circle of people that includes in-service community, for example, the bank, customers, suppliers, manufacturers and the surrounding as well. In the modern service model, value constellation confirms the socioeconomic value proposition as well as economic value proposition that results in economic and socio-economic profit equation (Figure 5). Conclusion The fundamental objective of this research was to evaluate proposed and created value in Islamic banking with the purpose of assembling modernized services. One

13 Javed et al. 121 of the perceived values to the customer is a higher sense of involvement. They are dealing in a partnership contract that includes sharing of profit and loss. The other value is a sense of benevolent watch by a legitimate audit (Sharia audit in Islamic banking). This ensures that in Islamic banks values create value for the customer. In contrast, conventional banks try to create value for the customer. In-service community Other stakeholders Socio-economic value exchange Socio-economic Economic value value proposition proposition Value constellation Economic Socio-economic profit profit equation equation Service platform Figure 5. Modern Service Model Islamic banking is a complex but successful service worldwide with several service mechanisms that approach the popularity of the latest services. These findings from the Islamic banking case show similarities with emerging modern services like crowd funding, money sharing, fair trademark and call centre service operated by service providers (Javed et al., 2014). With the growing trends in the business world, Islamic banks provide a great opportunity to broaden the view of value proposition and co-creation with respect to socio-economic values in service science. These values are the main source of attraction towards the Islamic banking system, even for non-islamic people. This research denotes an innovative area in both customer and service research that can aid in understanding and reducing the intriguing problems facing today s society. This research also identifies the value propositions of new services. All services should advertise the value propositions to attract new customers and to retain old customers because customers are the main asset of any organization. As per the results generated by this study, it is concluded that Islamic banks are successful in passing value propositions to their potential customers in terms of two main benefits, profit and loss sharing and compliance with a legitimate audit that results in a higher sense of customer involvement and of benevolent watch. The extracted value from this study can be used in the future to build new services.

14 122 Journal of Creating Value 2(1) Future Research Currently, this research is about Muslims in a Muslim country. Most Islamic banks are situated in Muslim countries. Islamic banking services are, however, offered in other countries as well. An increasing number of conventional banks have opened Islamic branches. Therefore, in the future, this research will be expanded to non-muslims in order to learn the differences in their perceptions about Islamic banking. Despite the better service and value products offered by the Islamic banks, people are still using conventional banks because they are not fully aware of the differences between Islamic and conventional banking and the success factors of Islamic banking at present. In future this research will conduct quantitative research by questionnaire survey to know the customers perception and awareness about Islamic banking. Moreover, this research has considered only the banks perception to know the added benefits and structure of Islamic banking. In future, this research will be expanded to consider customers perception to fully understand the implementation of added benefits and the structure of Islamic banking in the market by conducting a questionnaire survey. Acknowledgement This work was supported by JSPS KAKENHI Grant Number Note 1. Sharia is a religious law derived from the Quran (Islamic sacred book) and the Hadith (opinions and life examples of Muhammad). 2. Sharia board is a regulatory authority that ensures the compliance of the transactions with Islamic principles. References Hanif, M. (2011). Difference and similarities in Islamic and conventional banking. International Journal of Business and Social Sciences, 2(2), Haniffa, R., & Hudaib, M. (2007). Exploring the ethical identity of Islamic banks via communication in annual reports. Journal of Business Ethics, 76(1), Iqbal, Z., & Mirakhor, A. (2007). An introduction to Islamic finance: Theory and practice. Chichester: John Wiley & Sons Limited. Javed, A., Masuda, H., & Kohda, Y. (2014). Value analysis of Islamic banking and conventional banking to measure value co-creation. International Journal of Social, Human Science and Engineering, 8(2), Javed, A., Umemoto, K., & Kohda, Y. (2013). Co-creation of non-economic values in Islamic banking: A new frontier in service science. International Journal of Social, Human Science and Engineering, 7(9), 1 8. Kohda, Y., & Masuda, K. (2013). How do sharing service providers create value? From ACIS conference, held on 31 October 2013, at Phuket, Thailand. Lusch, R.F., & Vargo, S.L. (2014). Service dominant logic: Premises, perspectives, possibilities. New York, NY: Cambridge University Press.

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