Third-Party Fund Mobilization Through The Rindu Hajj Savings Program: A Case Study of Bank Muamalat Indonesia Sumenep
DOI:
https://doi.org/10.28944/masyrif.v7i1.2618Keywords:
Rindu Hajj Program, Islamic banking, Third party funds, 7P marketing mix, resource based viewAbstract
Third-party fund mobilization is essential to Islamic banking sustainability. This study examines the strategy, effectiveness indicators, and implementation challenges of the Rindu Hajj Savings Program at Bank Muamalat Indonesia, Sumenep. Using a descriptive qualitative approach, data were collected through interviews, observation, and documentation, analyzed using the Miles and Huberman interactive model, and validated through source and technique triangulation. The analysis integrates the resource-based view (RBV) and the seven-element service marketing mix (7P). Findings indicate that all seven marketing elements support program implementation, with the product element playing a central role through fresh-fund requirements, regular deposits via standing instructions, and reward incentives. Interviews and documentary evidence suggest growth in customer interest, customer numbers, and funds collected, indicating the program’s potential contribution to fund mobilization. However, implementation faces constraints, including limited direct personal selling, uneven public understanding, competition from other Islamic banks’ Hajj savings products, and reliance on extrinsic rewards. This study contributes contextual insights into reward-based savings as a fund mobilization mechanism by demonstrating how marketing practices interact with organizational resources. The findings inform strategies to strengthen customer engagement and sustain third-party fund growth in Islamic banking.
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