Strategic Management from an Islamic Perspective. Text and Cases. Islamic Finance Series

  • ID: 2500217
  • Book
  • 256 Pages
  • John Wiley and Sons Ltd
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Praise for Strategic Management from an Islamic Perspective

"This is an excellent textbook that reflects a depth in coverage and practicality in treatment of strategic issues. While the book offers a genuine view of Islamic perspectives on strategic management, it does not ignore the current developments in strategy formulation and execution. It offers a fine balance between theory and practice; reporting on the activities of leading multinational corporations and presenting a framework for analyzing strategic trends. Students will gain the knowledge and skills necessary for becoming an effective manager in a highly turbulent but interdependent world."
Abbas J. Ali, PhD, Distinguished University Professor and Director, School of International Management, Indiana University of Pennsylvania

"The main theme of the book is that 90 percent of strategies fail. These initiatives fail because of certain assumptions. In particular, in order to generate higher profits, CEOs take unreasonable risks. Typically, the corporate culture of many organizations is based on hiding bad information from the top. The book describes how Islamic principles found in the Qur′an can help overcome these problems. At the end of the day, the outcome is organizational justice (for the employees) and a higher organizational survival rate (for the shareholders)."
Ali Khatibi, Professor of Marketing, Management and Science University, Malaysia

"Western–based leadership and management models have not been consistently driving global social and corporate successes. This prompted a team of learning and development professionals to seek alternative models. In a publication identifying the world′s 100 greatest leaders, Prophet Muhammad SAW was one of the top greatest leaders recognized. This interesting result became the basis to look at his leadership and management from an Islamic perspective.

"I recommend reading the book Strategic Management from an Islamic Perspective as it explores an alternative model to consider embracing."
Ramlan Ahmad, Vice President, Advisory, Research & Consultancy, Malaysian Association of Learning and Development (MyLeaD)

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Foreword xiii

Preface xv

Acknowledgments xvii

Part I Strategy: An Islamic Perspective 1

1 Introduction 3

Leading an Organization Is Like Driving a Car 4

Critical Thinking 5

The Problem with Conventional Management 6

The Problem with Conventional Strategic Management 7

The Value of Strategic Management from an Islamic Perspective 9

References 11

Notes 12

2 Conventional Strategic Management 13

Introduction 13

The Importance of Competitive Advantage 13

Competitive Advantage: A Means or an End? 15

The Importance of Stakeholders 16

The Strategic Management Process 17

Strategic Management in Developing Countries 19

Why Do Most Strategies Fail? 20

First Observation: Causal Ambiguity 24

Second Observation: Strategic Thinking 24

Third Observation: Profitability versus Risk 27

Summary 28

References 28

Notes 30

3 Four Fundamental Problems 31

Introduction 31

FP 1: The Use of Interest–Based Loans 31

FP 2: Developing Sustainable Organizations 35

FP 3: Overcoming Defensive Routines 43

FP 4: Overcoming Conflicts of Interest 45

Discussion 49

Summary 51

References 52

Notes 54

4 Organizational Justice 55

Introduction 55

Elements in Organizational Justice 56

Hammer and Champy 60

W. Edwards Deming 62

Eli Goldratt 64

Discussion 66

Summary 70

References 70

Notes 72

5 Islam Transforms People and Leaders 73

Introduction 73

The Individual as the Unit of Analysis 74

Belief in Islam Appeals to the Intellect 80

Islam in the Context of an Organization 82

Islam in the Context of Multicultural Societies 83

The Importance of Prayer 90

The PIES Model 91

The Driving Analogy 91

Summary 92

References 92

Notes 94

6 The Challenge of Culture 95

Introduction 95

The Link between Culture and Strategy 96

Lessons from Research at the International Islamic University Malaysia 97

The Role of Top Management 101

Summary 106

References 107

Note 108

7 The Role of Islamic Law 109

Introduction 109

Why Do We Need Islamic Law? 109

Principles of Islamic Law 111

The Importance of Intention and Knowledge 113

Islamic Law for Top Management 114

Islamic Law for Middle Management 115

Islamic Law for Subordinates 116

Shariah and Fiqh 117

The Need for Further Research 118

Summary 119

References 119

Notes 120

8 Strategic Decision Making 121

Introduction 121

A Broader View of Strategy 124

Strategy as Problem Solving 125

Errors in Strategic Decision Making 126

Defining the Strategic Problem 127

Understanding the Strategic Problem 128

Experimenting 131

Strategic Decision Making 132

Evaluating the Strategic Process 134

Summary 135

References 137

Notes 139

9 Analyzing a Case 141

The Purpose of Analyzing a Case 141

Choosing the Story 148

Part II Case Studies 151

Cases in This Textbook 151

Note 154

10 Case 1: IBM and Lou Gerstner 155

Introduction 155

The Beginning 155

The Writing on the Wall 156

Finding a New CEO 157

The First Days at IBM 157

The Corporate Culture Problem 159

Do We Need a Strategic Vision? 160

Getting the Execution Right 161

The Essence of Leadership 161

Reviving the Brand 162

Compensation 162

Making the Company Grow Again 163

References 164

11 Case 2: Al Rajhi Bank 165

The Job Offer 165

Al Rajhi s Background 166

Bilal s Conclusions 172

12 Case 3: Bank Muamalat 173

Zabeda s Report 173

The Beginning of Bank Muamalat 173

Top Management Structure 174

The Financial Performance 175

Putting IT to Work 176

The Competitive Environment 177

Zabeda s Supervisor s Comments 179

References 180

13 Case 4: Bank Rakyat 181

The Strategic Challenge 181

The Cooperative Movement 181

Bank Rakyat 182

Marketing at Bank Rakyat 183

Putting IT to Work 184

Future Plans 185

References 185

Note 186

14 Case 5: MUSLEH (Part 1) 187

The Dilemma 187

MUSLEH 187

The Founding of MUSLEH 188

The Personality of Ustaz Amin 189

The Classical Strategic Management Framework 189

Connections with Other Professionals 191

Setting a New Direction for the Group 192

Note 192

15 Case 6: MUSLEH (Part 2) 193

Introduction 193

Changes in the Middle East 193

Dr. Tareq Al Suwaidan 194

Dr. Amr Khaled 196

The Debate 196

A Trip to Kuwait City 197

What to Do Next? 198

16 Case 7: Fuji Xerox 201

The Phone Call 201

An Overview of Fuji Xerox 202

Fuji s Emphasis on CSR and Sustainability 202

Fuji s Marketing Initiatives 205

A SWOT Analysis of Fuji Strategy 206

An Analysis of Fuji s Financial Results 207

Conclusion 208

17 Case 8: McDonald s Pakistan 209

The Dilemma 209

The Company Profile 210

Raza Ali 211

Rashid Ibrahim 211

McCafé 212

McDonald s Target Market 213

The Main Competitor: Gloria Jean s Coffees 213

Back to the Dilemma 214

18 Case 9: Unilever Bangladesh 215

The Appointment 215

Bangladesh 215

Industry Factors 216

Industry Players 217

The Organization s Structure 220

Financial Management 221

Marketing Management 221

UBL Products 222

Brand Promotion 222

Pricing 223

Operations Management 223

Human Resources Management 223

Conculsion 224

Notes 224

Appendix: A Primer on Evolution 225

About the Authors 231

About the Contributors 233

Index 235

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Rodrigue Fontaine, PhD, is an assistant professor in management at the International Islamic University Malaysia. Prior to joining the IIUM faculty, he worked at Intel Corporation (UK) and Raychem Corporation (UK). Dr. Fontaine was a member of the faculty of Multimedia University (MMU) from 1999 to 2008, after which he joined the Management and Science University (MSU) in Selangor, Malaysia.

Khaliq Ahmad, PhD, is Dean, Kulliyyah (Faculty) of Economics and Management Sciences, at the International Islamic University Malaysia. Over the past 23 years, he has held various academic positions, including Deputy Dean (Research & Academic training) and Director of the Graduate School of Management. Currently, Dr. Ahmad is a member of the General Council of MIM and Vice Chairman after working as Hon. Secretary of the Chartered Institute of Marketing, Malaysia (CIMM) for five years.

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