Transformation - of - Bank - Islam - Malaysia - Be (2017)

Journal on Banking Financial Services & Insurance Research
Vol. 7, Issue 1, January 2017, Impact Factor: 5.601ISSN: (2231-4288)

www.skirec.orgEmail Id: skirec.org@gmail.com
TRANSFORMATION OF BANK ISLAM MALAYSIA BERHAD: LEADING & MANAGING STRATEGICALLY

Sarah SyahirahMohamadDaud
Li Jisheng
Elly Juliana Mohd Ali
M. S. B. Siddiq
UniversitiTun Abdul Razak, Malaysia
ABSTRACT:
The main purpose of this study is to identify and explore the adoption of strategic management
practices in the Islamic banking and finance industry, with the primary focus on Bank Islam Malaysia
Berhad. These practices have enabled Bank Islam to attain its competitive advantage as a leader in
the Islamic financial market. This study helps to validate the strategic orientation, service positioning
and differentiation Bank Islam has adopted to remain relevant, competitive and sustainable.
Moreover, in contemplation of providing an analytical and comprehensive view on the strategic
implementation by Bank Islam Malaysia, this study utilized a wide range of academic resources and
websites to enrich the discussion. Porter’s five forces framework was adopted to analyze the
strategic positioning of Bank Islam in the competitive Malaysian financial environment. PESTEL
Framework was adopted to dissect in depth the current external macro environment of Bank Islam.
Lastly, Balanced Scorecard methodology was employed to overview Bank Islam’s performance, in
the wake its endeavors to sustain and enhance its strategic leadership.
KEY WORDS:Islamic Finance, Bank Islam, Competitive Advantage, Porter’s Five Forces,
PESTEL Framework, Balanced Scorecard
CASE PERSPECTIVE:
This case has been developed as a basis for academic discussion for exemplifying the issues and
perspectives of managing, leading and strategizing rather than to illustrate either effective or
ineffective handling of any business or management situation. It is based on the information publicly
available through company reports, brochures, pamphlets, leaflets, newspapers, magazines,
websites, and other such material. It should not be viewed as a typical business case, but rather an
insightful and comprehensive elucidation of what we expect the students of a management program
to understand appreciate and demonstrate when they review, analyze, and discuss a highly
competitive environment from the standpoints of leaders of a corporate enterprise.
An International Double-Blind, Peer Reviewed, Refereed Open Access Journal - Included in the International Indexing Directories
Page 16
INTRODUCTION:
OVERVIEW OF ISLAMIC FINANCIAL SERVICE INDUSTRY IN MALAYSIA:
Malaysia is well-established and recognized across the globe for its unique and distinctive manner of
the Islamic finance. The strength lies in the highly regulated operational environment, supportive
authorities and favorable tax rates. The Islamic banking industry in Malaysia has shown a significant
increase in the assets during the past 5 years. Shariah-compliant finance that is well-known in the
Islamic banking is the term that describes banking activities that apply and follow Islamic principles,
and are in compliance with the principles of Shariah law in order to promote ethical and responsible
financing. The financial transactions need to be supported by emphasis on risk-sharing and genuine
productive activity, and must be acceptable in pursuance with the Islamic finance principles, as well
as strengthen the connection of finance and the real economy.
The Islamic financial service industry in Malaysia is still in its early stage of development. The change
was driven from the implementation of the Islamic Financial Service Acts 2013(IFSA). To be specific,
the IFSA has contributed to the compliance with the Shariah law, and has supported the financial
stability. The implementation of IFSA shows the commitment of the government to make the Islamic
banking industry in Malaysia to be the center of reference and one of the Islamic finance hubs,
under the control of Bank Negara Malaysia. Furthermore, the IFSA has been promulgated to provide
a guideline for the Islamic financial institutions in practicing the Shariah rules and principles by
following the Shariah compliant regulatory framework. As a pioneer to the market, Bank Islam
Malaysia Berhad or popularly known as the Bank Islam has become a leader in all sectors of Islamic
banking in Malaysia, thanks to its better understanding and expertise in Islamic finance.
OVERVIEW OF BANK ISLAM MALAYSIA BERHAD: LEADER IN ISLAMIC FINANCE:
Bank Islam’s was officially established on 1st July 1983, and since then, the Bank Islam has set its
benchmark to carry out innovative endeavors to improve its Shariah-based banking services and
products on an on-going basis. The innovation has been emphasized in all aspects of the Bank Islam
services and product offerings from the traditional to the comprehensive, end-to-end financial
solution.
Bank Islam has the widest dedicated Islamic banking network in Malaysia, where it is changing
Malaysia’s economic landscape and leading the way for the growth of the Malaysia economy as one
of the world’s major Islamic financial hubs.
Furthermore, the transformation in the industry is important for the competition and sustainable
banking industry, as well as other industries. Banks are transforming themselves with various steps
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being taken, process being streamlined, managing teams and individuals, and offering innovative
services and products to their customers. Among these banks that are implementing transformation
programs, a forefront role has been assumed by Bank Islam Malaysia Berhad. Through the last
fourteen years of its existence, the Bank has persistently worked to set a firm basis for its business as
an Islamic commercial bank. One critical area is the development of Islamic banking facilities and
services for both, the sources and uses of funds. This has been embarked upon in an environment,
which is well diversified and fast expanding and with a futuristic eye towards the Vision 2020, with
the objective of making Malaysia a developed country. This naturally demands varied, sophisticated
and efficient banking services.
In introducing the Islamic financial service in Malaysia, the country has taken one step forward. Bank
Islam has planned for continuous improvement (Kaizen) of finance and Islamic banking sector. After
working successfully, when Bank Islam unexpectedly found itself incurring losses for the first time
since its commencement, it had to adjust the way it operates from traditional to more competitive
approaches, by hiring a new management team and a new managing director. The new mangers
then were given the difficult task of stopping the losses, and transforming the direction of the bank
to more sustainable and competitive advantages. This paper follows the transformation journey of
Bank Islam in its pursuit of becoming “A Global Leader in Islamic Banking”, which has become the
vision of Bank Islam Malaysia Berhad.
PORTER’S FIVE FORCES ANALYSIS ON INDUSTRY STRUCTURE:
Porter's five forces framework is being used here to look at industry structure. For the threat of new
entrants in the Islamic financial service industry, the numbers of new entrants are few because of
the lack of understanding of the Islamic finance system. The threat of new entrants comes from the
regulatory and the economic cycle conditions. Banking industry is highly regulated in many parts of
the world, and so is the case with the banking sector in Malaysia, which is regulated by Bank Negara
Malaysia. Entry of the new players is strictly regulated by the federal government. However, the
barriers to entry are moderately low because the existing players are highly supported by the
government.Bank Islam is a pioneer in the Malaysian market, and the power of suppliers is high. It is
so because Bank Islam has enjoyed a monopolistic or at least a key position in the Islamic financial
market. However, when the new players enter into the market, the power of existing suppliers is
bound to go low.
The bargaining power of buyers in the Islamic financial service industry is low. Since the Islamic
financial industry is based on the Shariah law, the buyers or the customers cannot argue for the
Shariah compliance finance, but the buyers can argue on the ability of the bank to compete on
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quality of service. The customers in an Islamic financial service industry can be basically broken
down into two main segments: Muslim and Non-Muslim. The availability of substitutes in the Islamic
financial service sector is moderately high because of the existence of Tabung Haji and Bank
Muamalat Malaysia, which also function in accordance with the Shariah compliance. The factors that
matter include the service, personal preference, and location of the branch. As regards the
competitive rivalry dimension, at first the Islamic banking industry in Malaysia was characterized as a
Monopoly, with the first-mover advantage to the benefit of the Bank Islam. But when the new
entrants entered the market, the Islamic financial service industry came to be characterized as an
imperfect oligopoly, in which a few Islamic banks have been dominating the market. On the whole,
the Islamic banking industry has gradually become more concentrated due to support from
government.
STRATEGIC ORIENTATION OF BANK ISLAM MALAYSIA BERHAD:
The vision of Bank Islam’s to become ‘A Global Leader in Islamic Banking’ illustrates its dedication to
bring Malaysia’s brand of Islamic finance to the international stature. As the icon of Islamic banking
in Malaysia, Bank Islam continues to strive towards excellence by placing value to its best services
environment, by exercising a quality control to make sure that it has the resources, competencies,
and capabilities to maintain the highest possible standards of the services, leading to customer
satisfaction.
Bank Islam has been emphasizing on excellent service delivery across all customer touch points. The
leadership has realized and demonstrated the necessity to shift towards a customer-centric
organization. Today, about 90 percent of the transactions through electronic channels are
constituted by the customers of Bank Islam. The total transactions of Bank Islam from the various
ways of delivery system from traditional to the modern ways are also continuously carried out
through efficiently planned systems in order to cater the customer needs in a more effective way.
Correspondingly, to develop convenience and easy access for all the customers to make any
transaction, the new technology has been acquired by the bank to meet the customers’ demand.
Automated Teller Machines (ATMs) have been installed in all convenient locations across Malaysia.
Bank Islam has built up long lasting relationships with customers by establishing more branches in
order to ensure human interaction with the customers. With the objective to attain service
excellence, the significance of delivering personal, flexible and practical service could be fulfilled by
requiring the well-trained staff to go out of their way to help resolve issues and problems of the
customers.
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Based on the Porter’s five generic competitive strategies, Bank Islam Malaysia Berhad is using a
broad differentiation strategy in the transformation process of the industry. Bank Islam’s main
strategy is that of differentiating the company by offering unique products of Shariah compliance
financial services, compared to the existence of the conventional banking rivals in the market with
attributes to appeal to a broader customers’ segmentation, not only to Muslim customers but also
to non-Muslim customers.
BANK ISLAM MALAYSIA BERHAD SERVICE POSITIONING AND DIFFERENTIATION:
Bank Islam is anticipating having sustainable growth, in order to be more competitive in the future
market. On the other hand, financial forecast and desires of customers have lately turned out to be
more unstable, making the company to own a new strategy in penetrating the markets to increase
the global dimensions of Bank Islam, by having a funding from the global pools of talent and
resources, optimizing operations across borders, and finding the right skills and abilities to drive for
the growth of Bank Islam. In Malaysia, Bank Islam faces numerous challenges in the growth and
viability in the long-term projects, such as the requirements of stricter Shariah adherence, fierce
competition, and regulatory compliance. Bank Islam that was entrusted with the responsibility of
advancing Islamic banking has received a benefit from the Malaysian government’s budget to
reinforce the country’s position as a global Islamic financial center.
Bank Islam Malaysia Berhad has to recover its operational competence and the strategic positioning,
because of the shifting in the dynamics of the market. In order to forward, the size and range of the
consolidation among banks would become an important indicator. Consolidation possibly will lead to
greater competitive advantage and to enhanced efficiency. Thus, Bank Islam needs to create a
platform for the growth of assets, which has of course to be Shariah compliant. Furthermore, it will
be essential for the managers of Islamic finance to have a better understanding of the Islamic
banking system as demand has been growing over the past few years. The managers and the Islamic
banking institutions should take appropriate initiatives to create awareness and impart knowledge
to the Muslims and non-Muslims customers on Islamic finance services so that they are able to take
informed decisions,
As the first entrant, Bank Islam has significantly differentiated itself from its competitors by having a
strong brand name. Over the years, as Bank Islam continuously strived to preserve its position as the
flag bearer of the Islamic banking industry, Bank Islam has offered different products that have been
the providers of the key competitive advantage for the bank. Bank Islam was the first bank to
innovate and market new Islamic offerings. Overall, Bank Islam enjoyed the benefit for being the
first mover of personal financing, based on a floating rate.
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Bank Islam has taken adequate precautionary steps. Bank Islam is determined to maintain its
concentration on the retailing sector, in which it has a circumference. The consumer banking was
primarily determined as the financing sector of Bank Islam. In relation to co-mingling of marketing of
the products and the funds, Bank Islam has created loyal customers who do not conciliate on Shariah
principles and banking on convictions. The growing demand for Islamic products was led from the
change in the society’s way of thinking and its better consciousness about Islamic finance.
At the same time, Bank Islam has strategized to take actions to avoid possible collusion of the
macro-prudential measures, by adapting and innovating to cater customer needs and at the same
time focusing on growth in these areas.
PESTEL ANALYSIS:
PESTEL Analysis is a framework used to scan an organization’s external macro environment. For the
first factor, i.e. the political factor, the ongoing financial instability in the world had led the
government in Malaysia to take an action to strengthen the country’s position as a global Islamic
financial center, by giving incentives to this sector to growth. As a pioneer in the market, Bank Islam
has taken initiatives to strengthen the country’s position in global Islamic financial services industry.
The second analysis pertains to economic factors. Due to shifting of economies landscape from
collision of the macro-prudential measures, Bank Islam has been focusing on growth in these areas
and at the same time innovating and adapting to cater the customer needs in this situation. The
third analysis is about social factor, because customers are becoming aware of the economic
condition and the role of the ‘halal’ market, especially from the religious standpoints of the Muslim
customers in Malaysia, Bank Islam is adapting to these changes by accommodating the products and
service from the angles of the implications of Shariah. The fourth analysis is focused on the
technological factors. The development and introduction of online banking and Automated Teller
Machines (ATM) have provided convenience and ease for customers, which in turn have reduced
customer service time. The fifth analysis is about the legal factors. The government policies and
legislations also directly impact the performance of Bank Islam as all the local banks in Malaysia are
regulated under the system of Bank Negara Malaysia. As regards the last analysis, which is about
the environmental factors, it is worth-mentioning that the Bank Islam is committed to save the
environment through its various corporate social responsibility programs.
SUCCESSFUL MANAGERIAL LEADERSHIP:
Regardless of the accomplishments Islamic Bank enjoys these days; it has not been easy for Bank
Islam to climb towards its present status. The current managing director, Dato’ Sri ZukriSamat has
successfully imparted knowledge to the people of Malaysia about the Malaysia’s maiden Islamic
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bank. Through his strategic initiatives, he has managed to make the bank as one of the competitive
banks.Zukri has taken several measures to improve the performance of the bank through a
turnaround strategy in the wake of the setback suffered as a consequence of the financial crisis in
2006. The transformation of Bank Islam has been led from the visionary perspectives and through
effective implementation. The credit goes to the dynamic leadership of ZukriSamat to change the
Bank Islam Malaysia Berhad into a significant progression and growth by re-prioritizing and
restructuring the bank’s operations to suit to the customer needs. He has championed a flourishing
reinvention of the Bank Islam image. His efficiency towards the change and implementation of new
strategy has improved the bank position within a short period of time of his leadership. His
leadership has resulted in developing Bank Islam into a profitable business. He has been recognized
and awarded for the exemplary leadership. The extensive growth and success of Bank Islam have
positioned the bank as Malaysia’s leading player in the Islamic financial service industry.
BALANCED SCORE CARD:
To look into performance and initiate improvements in its operations, balanced score card could be
used to align business activities to the vision and strategy of the bank by monitoring performance
against strategic goals. By addressing the four key perspectives, namely financial, internal,
customers, and learning and growth perspectives, a balanced approach can be .adopted for
developing a competitive advantage.
FINANCIAL PERSPECTIVE:
The transformation of Bank Islam was taken up as a part of the management strategy when the
financial statements of the company showed massive losses, having a potential to lead into the
insolvency of Bank Islam. The management team conducted SWOT analysis of the bank for
identifying and examining the problems. The management team led by the managing director,
ZukriSamat came out with the three-year turnaround plan as an outcome from the study conducted.
The main objective of the turnaround plan is to position the bank for the sustainable growth and
bring back the profitability to it. Besides that, this turnaround plan relies on the five main categories
of measures, namely to overhaul the IT infrastructure, recapitalize and restructure the balance
sheet, cost rationalization, human capital development and organizational transformation. Under
this three-year turnaround plan, the first thing that needs to be focused by the management team is
to recapitalize and restructure the balance sheet. Bank Islam brought in an extra capital to the
company in 2009, to support the expansion plan and to reinforce the capital in the company.
Additionally, the recapitalization processes had been done by identifying and improving the bank’s
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non-performing businesses. The bank’s balance sheet was further strengthened by the restructuring
process and the aggressive revitalization efforts that had been initiated by the management team.
CUSTOMER PERSPECTIVE:
Furthermore, the IT infrastructure in the Bank Islam needed to be overhauled as a strategy to
support the expansion plan, changing the outdated system and technologies. The old hardware and
the software, and the traditional delivery as well as traditional core banking systems had led to
numerous breaks – downs, and resulted in huge and expensive repairs. The lack of adequate
financing, and collection and origination system, coupled with the inefficient risk management
system led to inefficiency as well as ineffectiveness. The revamping of the IT infrastructure and the
improvement of the core banking system in the three-year turnaround plan hastened the
transformation process of Bank Islam.
INTERNAL PERSPECTIVE:
A significant feature of the development of brand is change in the image of the bank to be more
trendy and attractive. The brand awareness survey had shown that the bank needed to revamp its
logo and image as a part of transformation. The survey also discovered that the first impression of
the non-Muslims regarding the Bank Islam is that it is there just to serve the Muslim customers only.
Most of the respondents further agreed that the logo of Bank Islam Malaysia Berhad was not
attractive. Thus, from the analysis of the survey, Bank Islam got the ideas to revolutionize its image
as well as positioning by introducing new logo to demonstrate that Bank Islam Malaysia Berhad
welcomes customers of divergent backgrounds. In order to attract and achieve greater number of
non-Muslim customers, the bank adopted alternative ways by having a new image of the Bank Islam,
through advertisements in the Chinese TV channel(s) and newspapers in Mandarin language .
Generally, Bank Islam’s commercial image was also distressful. In order to attract the young and
teenage customers to use the products and services offered by bank Islam, the rebranding proved
helpful, and created an impression of being more trendy to enhance the customers’ experience, by
giving a new look as regards lay-out at all the branches of Bank Islam. The new contemporary image
that had been shown by Bank Islam encouraged all the branches to perform better, with pleasing
manners, compared to their previous approach. The individual targets were also given by the
director of Bank Islam to the branch managers to cope and be responsible for all the activities at
branch levels. This created a superior sense of ownership, particularly in areas that the bank was
hitherto lacking like credit recovery, risk management and product development. New talent and
specialists were brought into the bank to enhance skills inside the organization and to maintain the
sustainability as a leader in Islamic finance. However, modification and uplifting initiatives at branch
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levels were inadequate to enhance performance and growth. A top priority was given for the
competence to convey bank’s command and to the process of building a talent pool among the staff.
The bank employees were sent to the various training programs to reduce the gaps of skills and
knowledge, especially with regard to technical skills. Besides that, a performance-based
remuneration service was also introduced to create a high performance culture throughout the
organization. Anincentive based remuneration structure was adopted to initiate actual
transformation to make sure a paradigm shift from mere service provision and delivery to customer
satisfaction. The rationale of encouraging the sales teams by giving them incentives for every
product that had been marketed by them under the auspices of this scheme that could increase the
bank’s profitability and sustainability.
Bank Islam has been facing an increased competitive pressure as the foreign banks have also been
permitted to open their Islamic banking units. The Islamic financial service industry has become an
attractive market, and is predicted to have an intensive growth in Malaysia. To become a major
competitor in the worldwide Islamic banking industry, Bank Islam is well positioned as a result of
transformation initiatives.
LEARNING AND GROWTH PERSPECTIVE:
In order to accomplish strategic goals, the main obstacle was to change the way of thinking as well
as the work culture of the employees. When Zukri took over the control of the bank, he recognized
that the fundamental error in the midst of Bank Islam’s empire was the employees’ way of thinking.
With modest view for marketable principles, the Bank Islam was run just like a public sector
enterprise. The bank was closely controlled as regards the business processes and its management
style. There was no sense of urgency when dealing with customers’ complaints and queries. The
entire scenario was extremely frustrating to the new managing director. Right from the beginning,
he had to come out with a strategy to break the conservative ways of thinking as well as the then
existing mental framework of the bank’s employees at different levels. The resistance emerged from
several quarters. A lot of employees felt strongly not in favor of pursuing clients who are incapable
to pay back their loans and advances. They probably thought that there should be no push to collect
bad debts in the Islamic sector, and they believed that it was not the right way for Bank Islam to do
so. However, the system of bonuses and rewards was there in place, based on the performance of
workers as individuals. As an alternative, equivalent to what public servants were getting, the bank
would reimburse fixed bonuses to every employee, ranging between three and four months’
salaries. The notion of accountability linked with performance was required for each employee in
Bank Islam to change the bank culture. The leadership realized that there was a need to explain the
Page 24
information pertaining to turnaround initiatives of the Bank Islam through appropriate media.
Employees’ engagement was identified as an essential aspect in the bank’s overall turnaround plan
as it required everybody to understand his/ her responsibility and that everyone must move towards
the same direction.
Subsequently, the focus of the leadership was shifted tothe goal of sustainability, in order to
reinforce its domestic anchorage and high growth potentialities. After three years of putting
strenuous efforts, the Bank Islam began making profits. The managing director and his team set the
vision to position Bank Islam as a worldwide leader in Islamic financial service industry with a focal
point on achieving an extra vigorous financing intensification along with gaining a superior share of
customers’ wallets throughout the pursuit of a “Sustainable Growth Plan”. Bank Islam offered a
range of new Shariah based products, which were innovative, and were based on prudent financial
strategies. Bank Islam has introduced ‘banking on the move’ service that reflects the bank’s
approach to enter the emergent segment of young clients. Ever since its start, the service has
fascinated a lot of new customers who are mainly teenagers. Moreover, the Ar-Rahnu business was
also introduced to offers financing opportunities to small businesses. Furthermore, Islamic bank also
entered into a joint venture with Tabung Haji for uniteller services. Uniteller is Bank Islam’s counter
service which enables Tabung Haji customers to perform cash transactions such as deposit (cash and
non-cash), withdrawal and fund transfer as well as non-cash transactions such as account opening,
passbook maintenance and Hajj registration at Bank Islam branches. Transactions can be done at all
Bank Islam 104 branches nationwide and 780 self-service terminals nationwide.
The expansion strategies also included initiatives like acquiring stakes in Islamic banks in Indonesia
and Bangladesh. The strategy of expansion into Indonesia was halted when the Central Bank of
Indonesia restricted the Financial Institution Ownership Policy, which fundamentally restricts the
stakes in banks by individual shareholders. The bank has also recognized Bangladesh as an emerging
market with a huge Muslim population. However, there is a need of transformation and introduction
of an appropriate Islamic banking structure in Bangladesh in order for Islamic banks to play a part on
a level playing field with other conventional banks.
The leadership of Bank Islam emphasized the need of putting the customer at the heart of the
business. Bank Islam acknowledged that competitive advantage can only be achieved through
modernization and the provision of premium customer care programs. Resultantly, Bank Islam
requires intensifying customer loyalty through programs that increase the customer banking
experience. Quite a lot of customer care programs were set up with the goal of serving customers
who are facing financial difficulties to restructure and rearrange their financing obligations. To
Page 25
sustain and lead its employees in the delivery of better customer service, the bank came out with
five corporate principles for its employees, namely to endeavor to direct all possible efforts to
become skilled, leader, honest, compassionate and energetic. These standards were communicated
as a guide to the employees to implement the bank’s strategic plan and to manage the operations as
well. Vigorous risk management was emphasized as an important element of development.
For Bank Islam to shift subsequently into the segment of sustainable growth, a transformation was
required. Bank Islam implemented its innovative business plan called “Hijrah to Excellence”. Hijrah is
an Arabic word, which means ‘to make a journey’. This plan hinges on six pillars, which are Syariah-
led innovation, service excellence, vigorous organic growth, regionalization, resource optimization,
and employer of choice.
CONCLUDING REMARKS:
Bank Islam believes in the significance of modernization, and has created a number of innovative
banking solutions for the market. As a strong advocate of principled and accountable financing, Bank
Islam’s revolutionary initiatives have given a benefit by having a strong brand name that significantly
differentiates it from its competitors by creating an attractive image of being the purest Islamic
bank, which is fascinating to attract an increasing number of loyal customers. Bank has constantly
dedicated itself towards corporate social responsibility, not only by giving back to the community in
which it operates, but to the entire Islamic finance industry through information distribution and
becoming the source of reference for the industry. Recently, the Bank not only had exhibited major
improvements in terms of monetary performance but applied dynamic risk management, in addition
to make sure the sustainable growth in the business.
Since Bank Islam continues to improve its services and products offerings, the customer service
remains the bank’s top strategic precedence. Improved customer superiority has added to the
complexity of customer service along with raised outlook of personalized services. The altering
market dynamics are also putting a challenge to Bank Islam to develop its strategic positioning as
well as to operate in a more competent way. The bank’s journey towards distinction has made it a
source of reference to several institutions, both locally and globally. Under the leadership of
ZukriSamat, Bank Islam has planned to keep on advancing its Shariah capabilities in order to become
a center of excellence for Islamic banking. ZukriSamat is a good leader who has demonstrated all the
managerial roles of a leader, namely as a monitor, disseminator, spokesperson, figurehead, leader,
liaison, entrepreneur, disturbance handler, resource allocator and as a negotiator, during the
process of transformation of Bank Islam.
Page 26
REFERENCES:
Bank Islam Malaysia: A Global Leader in Islamic Finance. Retrieved from
https://internationalbanker.com/banking/bank-islam-malaysia-global-leader-islamic-finance/
Corporate Profile | Bank Islam Malaysia Berhad (2016). Retrieved from
www.bankislam.com.my/home/corporate-info/about-us/corporate-profile/
Chapter VI Bank Islam Malaysia Berhad - Durham e-Theses. Retrieved from
etheses.dur.ac.uk/1510/1/1510.pdf
Co-operative Bank, Islamic Bank, Conventional Bank, Data. Retrieved from
https://umexpert.um.edu.my/file/publication/00001583_95997.pdf
Dare to Lead: Transformation of Bank Islam Malaysia Berhad. Retrieved from
www.aif.org.my/clients/aif_d01/assets/multimediaMS/.../CaseStudy_DareToLead.pdf
Dare to Lead: Transformation of Bank Islam Malaysia Berhad | Bank Retrieved from
www.bankislam.com.my/.../dare-to-lead-transformation-of-bank-islam-malaysia-berhad/
Problems and issues in transformation from conventional banking to Islamic banking. Retrieved from
www.cityuniversity.edu.pk/curj/Journals/Journal/July%202015/10.pdf
World Islamic Banking Competitiveness Report 2013–14 – EY. Retrieved from
www.ey.com/...Islamic_Banking.../World%20Islamic%20Banking%20Competitivenes
Page 27

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Journal on Banking Financial Services & Insurance Research

Vol. 7, Issue 1, January 2017, Impact Factor: 5.601ISSN: (2231-4288)

TRANSFORMATION OF BANK ISLAM MALAYSIA BERHAD: LEADING & MANAGING STRATEGICALLY

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