Management Analysis Dubai Islamic Bank

Final Project
MBA Semester 1, Batch: 2010-2013

Submitted to: Ms Saira Farooqi Submitted by: Wajiha Shaukat Nazish Tariq Hira Ikram

Management Analysis Dubai Islamic Bank

Acknowledgement
We are very thankful to everyone who all supported us, for we have completed our project effectively and moreover on time. We are equally grateful to my teacher Ms. Saira Farooqi. She gave us moral support and guided us in different matters regarding the topic. She had been very kind and patient while suggesting us the outlines of this project and correcting our doubts. I thank her for her overall support. Last but not the least, we would like to thank Mr. Waqas Shaukat who helped us a lot in gathering different information, collecting data and guiding us from time to time in making this project .Despite of his busy schedules ,he gave us different ideas in making this project unique. Thanking you all.

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Management Analysis Dubai Islamic Bank

Contents Executive Summary COMPANY PROFILE PLANNING Organizing Staffing Leading Controlling Recommendations & Suggestions References 4 5 7 10 16 22 25 29 30

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Management Analysis Dubai Islamic Bank

Executive Summary
In this report firstly we have given overview of the organization that Dubai Islamic Bank originated on 1975, and in Pakistan bank commenced operations in 2006. Since then, DIBPL has undertaken major initiatives to expand its branch network across the country. Mission of the bank is to provide Sharia compliant financial services and products through the best of innovation, talent and technology. The bank has the following departments: Corporate banking Consumer financing Deposits priority banking Shariah

This report also give reader full information about the hiring process of the bank. Types of Recruitment, the training process is also described in this report, the performances of the employees are appraised yearly at Dubai Islamic Bank. Our project would focus the different aspects of the management, leadership style, management structure, and role of mangers that how they motivate their employees and guide them to achieve the targets. At the end, the controlling managerial function is described that how the bank control its employees, and how they measure effective performance. The core of this project is to describe the various aspect of management in the organization and analysis of management practices.

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Management Analysis Dubai Islamic Bank

COMPANY PROFILE
Dubai Islamic Bank has the unique distinction of being the worlds first full-fledged Islamic bank, a pioneering institution that has combined the best of traditional Islamic values with the technology and innovation that characterize the best of modern banking. Since its formation in 1975, Dubai Islamic Bank has established itself as the undisputed leader in its field, setting the standards for others to follow as the trend towards Islamic banking gathers momentum in the Arab world and internationally. Islamic banking and finance is now one of the worlds fastest-growing economic sectors that comprise more than 400 institutions with assets under management in excess of US$ 1 trillion (US$1,000 billion). In this context, the role of Dubai Islamic Bank is even more impressive. Yet, the bank remains true to its roots as a customer-centered organization where close personal service and understanding form the basis of all its relationships. Tradition and heritage join with a commitment to flexibility, innovation and modernity, so that customers of every nature are provided with comprehensive solutions to all their financial needs. Dubai Islamic Bank Pakistan Limited (DIBPL) Junaid Ahmed - CEO DIBPL commenced operations in 2006. Since then, DIBPL has undertaken major initiatives to expand its branch network across the country. DIBP is pursuing an aggressive expansion plan and already has 18 branches in nine major cities including Karachi, Lahore, Rawalpindi, Islamabad, Peshawar, Faisalabad, Multan, Gujranwala and Gujrat. Under its consumer banking division, the bank is offering state-of-the-art Sharia compliant products that effectively compete with those being offered in the market by conventional banks. It also has expertise in providing Retail, Private, Small and Medium Enterprises, Corporate, Investment Banking and Advisory services. The Bank launched Pakistan's first Islamic Visa Debit Card and introduced financial products covering Home Financing, Auto Financing, and Depository products. DIBPL has also introduced Priority Banking and Internet Banking, both of which are being recognized as benchmark products in their respective categories. Besides regular banking services, the Bank is committed to bringing foreign investment to the country. DIBPL's corporate wing has actively pursued foreign investors and convinced world renowned giants from the GCC to be part of Pakistan's economy. In a short span of two years Dubai Islamic Bank Pakistan has emerged as one of the fastest growing banks in Pakistan DIBPL is 100% owned by Dubai Islamic Bank PJSC (Public Joint Stock Company) and its nominated shareholders. The parent company is a listed company in Dubai. Dubai Islamic Bank
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Management Analysis Dubai Islamic Bank

Pakistan brings with it a legacy of outstanding success, constant innovation and a solid commitment to practice Islamic financing to the letter and spirit. Dubai Islamic Bank Pakistan is a wholly owned subsidiary of Dubai Islamic Bank headquartered in UAE. As the worlds first Islamic bank, Dubai Islamic Bank has maintained its status quo as an undisputed market leader in Islamic financing since its inception in 1975. DIB is the leading arranger of Sukuk issuances globally and has led the single largest Sukuk in the world. DIBs Sharia expertise is respected globally. DIB is proud to have received numerous prestigious awards for its innovative Islamic Finance deals. Having set a standard of excellence in the UAE, The Bank offers state-of-the-art Islamic banking solutions and creates a centre of excellence in Pakistan. DIB is committed to providing Shariah compliant solutions to major local and international companies as well as private individuals.

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Management Analysis Dubai Islamic Bank

PLANNING

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Management Analysis Dubai Islamic Bank

PLANNING:
Planning involves selecting missions and objectives as well as the actions to achieve them, which requires decision making i.e. choosing a course of action amongst all alternatives. It is the basic primary function of management of any organization. It determines in which direction an organization has to move and the steps to be taken to achieve objectives. Its a sensitive part of management and every successful organization gives it due importance.

PLANS AND GOALS OF DIB:

The organization has both long term and short term plans and goals. They are already operating worldwide and their success can be measured by their successful operations internationally. They plan to prove themselves leaders in Islamic banking. Their vision and mission statement present such a picture.

Vision:
Dubai Islamic Bank Pakistan will be the leading provider of world class banking the Islamic way by being the first choice of our customers and our employees.

Mission:
Dubai Islamic Bank Pakistan provides Sharia compliant financial services and products through the best of innovation, talent and technology.

Short term planning:

They basically have per annum planning. At the beginning, each year, they set goals to be achieved in the current year keeping in mind the goals of the organization and the environment around. A monthly performance review is also carried out to ensure accomplishment of goals. Midyear evaluation is also carried out to keep the organization in the right direction. They carry out a year end evaluation of their performance and further plan accordingly. Their per annum goals are further divided into achievable sub goals.

Decision making (DM)

Decision making is a tough and crucial matter but DIB relies on its efficient and experienced managers and good decision makers. Before making any decision The current situation is kept under consideration and alternatives identified. Keeping them in view, best possible decisions are made. Decision making is also subject to their managers keen acumen and vast experience. After taking a decision, the results are then evaluated and changed accordingly. They make value maximizing decisions including the risk factor.
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Management Analysis Dubai Islamic Bank

They have a conceptual and behavioral style of DM for day to day issues. They try to communicate well with their workers to avoid confusion.

Conflict resolution:
Almost all the day to day operations of the bank are well structured. For such problems they follow pre structured policies and procedures. If any ill structured problem occurs, managers come to action. They are pretty competent enough to face such issues. Also they try to help and guide their sub ordinates as well in this regard. Also they have formed a policy formation process for such problems.

Policy making:
It is very important for organizations to review their policies from time to time especially when the environment is highly disruptive and unpredictable. Policies need revision to be effective at different times. Intense scrutiny of the workforce and the environment is done. Management takes up the affairs and conducts board meetings (presided by the CEO) and an agenda is prepared. Management discusses issues and policies with concerned people. Any suggested policy is approved by the board of directors. The upper management after making policies communicates to respective departments or branches. The policies are implemented as soon as possible and the follow up process is very strong. Lower management can only give suggestions but its the upper management which holds the authority of policy making. The bank has a comprehensive framework of written policies and procedures on all major areas of operations such as Credit, Finance, Treasury operations, internal audit and compliance approved by the board.

Recommendations:
DIB should promote its service of E-Statement through different programs. In a short span of two years Dubai Islamic Bank Pakistan has emerged as one of the fastest growing banks in Pakistan, recording an incremental growth of 152 percent in its total asset base which stands at PKR 21 billion as of Dec 2007. DIBP customer base has grown by 228% to approximately 21,000 customers in 2007; up from 6,400 in the year 2006.DIB should maintain its growth rate by launching unique projects.

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Management Analysis Dubai Islamic Bank

ORGANIZING

Organizing:
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Management Analysis Dubai Islamic Bank

The Organizing plays an important job of getting the work done. The basic concept of organizing is to divide the organization into different departments according to its specialization. In simple words, it can be described by using the word, departments.

Nature of Organization Decentralization:

It is the tendency to disperse decision making authority in an organized culture. It is a fundamental aspect of delegation to the extent that authority that is delegated is decenteralized. Dubai Islamic Bank follows Decenteralization. The process of delegation in the Bank involves: Determining the results expected from a position Assigning tasks to the position Delegating authority for accomplishing tasks Holding the person in that position responsible for the accomplishment of the tasks.

The Board of Directors set the goals and targets and then delegate authority for the accomplishment of these goals.

Hierarchical Structure
The hierarchical structure of the bank is given below. The bank has 10 departmental heads. Corporate banking, Consumer banking and distribution department have further 3 regional heads. Then they have supported staff which includes senior managers, managers, assistant managers and clerical staff. All other departments have supporting staff directly.

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Management Analysis Dubai Islamic Bank

Board of Directors

Internal audit Shariah Board Shariah advisor

CEO

Head of corporate banking

Head of Consumer Banking

Head of Risk Management

Head of distribution

Head of Legal

Head of Operation

Head of compliance

Head of HR

Head of finance

Head of treasury

Regional Heads
Support Staff

Regional Heads
Support Staff

Support Staff

Regional heads
Support Staff

support staff

Support staff

Support Staff

Support Staff

Support Staff

Support Staff

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Management Analysis Dubai Islamic Bank

Organizational structure &Functional departmentalization

The organization is divided into different departments that are based on the functions they perform. And the organizational structure indicates authority and responsibility

Departments:
Corporate banking Consumer financing Deposits priority banking Shariah 1- corporate banking: Banking institutions execute transactions directly with customers rather than corporations or other banks corporate banking offers tailor made products. DIBPL provides a wide range of services specifically designed to assist Pakistani businesses. Key Features of Corporate Banking

Cash Management Services Trade Related Services Investment Banking Services Services for Small and Medium sized Enterprises

2- Consumer financing: Finance packages are designed to meet our needs and with DIBPL Internet Banking service, we can manage our finances with a click of our mouse! Key features of consumer banking Auto finance Business finance Home finance 3- Deposits:
DIBPL offers a variety of depository account types.

Key features of deposits Current Account

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Management Analysis Dubai Islamic Bank

Saving Account Saving plus Account Fixed Deposits Lockers 4- Priority Banking: Priority Banking, where a world of luxury, convenience and financial innovation awaits you. Dubai Lounge Priority Banking experience with 100% Sharia compliant banking facilities. Key features of priority banking Dedicated Relationship Managers (RMs) and Customer Relationship Officers (CROs) Dubai Lounge - VISA ATM/Debit card Priority Service to all DIBPL branches 24 Hour Dedicated Phone Banking Valet Parking 5- Shariah: It is a banking system which provides banking services and products in line with the rules and principles of Sharia and is conducted under direct supervision and audit of Sharia scholars. Key features of Shariah Following are the most commonly used modes of Islamic banking and finance:

MURABAHA: It is a sale contract in which an individual/entity sells an asset at cost plus an agreed profit. The sale price could be paid on spot or deferred. IJARA: It is a leasing contract in which the owner of an asset or its usufruct sells the usufruct of the underlying asset to the lessee for an agreed rental. MUDHARABA: is a form of partnership where one party provides the funds while the other provides management services against a pre-agreed share in the profit of the investment. However, if there is any loss, it is borne solely by the capital provider. MUSHARAKA: is a partnership with all the parties contributing to the capital of the Musharaka on the basis of profit and loss sharing. The profit shall be shared as per the agreement but the loss will be borne pro rata. SALAM: It is a kind of sale in which payment is made on spot while the delivery of the goods is deferred. ISTISNA: It refers to a sale in which the buyer orders the would-be manufacturer to produce and deliver a fully described commodity .from raw materials of its own. It is basically an order to manufacture.

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Management Analysis Dubai Islamic Bank

Recommendations:
There should be no hidden charges or any conditions which would create problem in long run at the time of repayment Should increase their management department strength specially the marketing side as it lags behind in this sector. It should also promote ATMs and other customer based departmental network (which are directly involved in providing services) instead of opening a full fledged high cost branch.

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Management Analysis Dubai Islamic Bank

STAFFING

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Management Analysis Dubai Islamic Bank

Staffing
Staffing covers everything from hiring to training the employees till they leave the organization. The basic concept behind staffing is to hire and retain right man for the right job. All things related to human resources management are covered in staffing. Thus Staffing is the policies and practices involved in carrying out the People or human Resource aspects of a management position, including recruiting, screening, training, rewarding and appraising. In Dubai Islamic Bank all the processes regarding Staffing are carried out by the HRM department.

HRM department of Dubai Islamic Bank:

Like other organizations HRM department acts as the mind of the organization.HRM department works hard for the success of organization. The department performs the following function: Conducting job analysis Planning labor needs and recruiting job candidates Selecting job candidates Orienting and training new employees Managing wages and salaries Providing incentives and benefits Appraising performance Interviewing Counseling Disciplining Training and developing managers Building Employee Commitment Policy Making Retention Program Improve Working Relation of Employees

Recruitment:
Recruitment is the development of a pool of applicants for jobs in the organization.

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Management Analysis Dubai Islamic Bank

Eligibility criteria:
The eligibility criteria of the bank for most of the posts are as follows: Education: All degrees should be from reputable and HEC recognized institutions. Experience: Candidates with relevant banking experience will be preffered.

Types of Recruitment in the Bank:

There are two types of recruitment in Dubai Islamic Bank: 1. Internal 2. External 3. Referrals

Internal Recruitment includes in-house placement and in house notice. The transfer and
promotion of employees from one department to another is included in it. Internal recruitment is very reliable for top management positions of the bank.

External Recruitment includes hiring and retaining of new people. The bank hires fresh
graduates in their MTO program every year. The external Recruitment is further divided into two categories: Direct Recruitment: Direct hiring is the one in which employees drop their CV at the bank or apply online. Campus Recruitment: Campus recruitment is the most reliable source to hire competent students. Professional teams go in different universities to select students. The screened students are, then, interviewed by a panel.

Referrals: Whenever there is a vacancy in the bank, People within the organization and
from outside the organizations are recommended to the top management. They are then called for an interview. Referral is a very secure and effective way of hiring people.

Recruitment of interns:
Dubai Islamic Bank offers 4 to 6 weeks internship program in summer vacations. Students are given a chance to work in the department of their choice. Students can drop their CV directly in the office or they can apply online. Selected students are called for an interview.

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Management Analysis Dubai Islamic Bank

Orientation of Employees:
The orientation of employees takes place at both training centre and on first day at the Bank. It includes: General Introduction of the Bank Printed Employee Hand book of the Bank Introduction to the existing employees Introducing the work units of the Bank

Nature of Job:
The bank hires both permanent and contractual employees.

Training at the bank:

Following are the basic steps in training employees in Dubai Islamic Bank: Need analysis In structural design Validation Implementation Evaluation and follow up

Training managers and faculty is hired for training purposes. Dubai Islamic Banks management believes in enhancing the skills of the employees. The training centre of the bank is in Karachi. The centre is responsible for providing multi level high quality training programs to all the employees of the Bank. It trains people in the following areas: Consumer Banking Operations Credit Marketing and Credit Proposals Credit administration Credit documentation Marketing skills Corporate banking Customer services leadership and management skills Grooming of the employees Performance appraisal skills
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Management Analysis Dubai Islamic Bank

Time management and personal effectiveness

It is compulsory for each new employee to attend the introductory training session.

Performance Appraisal system:

Performance Appraisal system is evaluating an employees current or past performance relative to his or her performance standards. From the very first day till the employee leave the organization, the behavior and performance is being analyzed, observed, evaluated and written by the immediate boss and counter signed by the departmental head. All the career of an employee is dependent upon this appraisal. The performances of the employees are appraised yearly at Dubai Islamic Bank. The appraisal is of two types in the bank:

Qualitative: It is in subjective form. Quantitative: It is performa based. The bank has different performa for different departments. Behavior Appraisal:
In the service oriented industry, behavior is as important as performance on job. Thus each employee is rated against his behavior.

Incentive Plans:
Incentives are provided to Managers and executives and to Middle and lower level employees. These incentives are: Attractive salaries Employees provident fund Gratuity fund Medical insurance Life insurance Performance based promotions and bonuses Various types of staffing loans Assistance in pursuing higher education Rewards on completion of professional qualifications

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Management Analysis Dubai Islamic Bank

Pay Plans:
Pay plans of the Bank are establish on the basis of job ratings. All jobs are ranked from top to bottom, on the basis of compensable factor. Employee with higher rank gets highest pay and incentives. Pay plan of permanent employees include: Basic Salary Bonus Medical facilities Allowances Other long term incentives

Pay plan of contractual employees include: Basic salary Bonus

Recommendations:
On job Training must be compulsory for every employee. Character building programs should also be designed for all types of employees. The hiring should be fair and more chance should be given to fresh graduates. Advertisement for jobs must be given in newspapers. The proper human resource department must be developed in every major city of Pakistan.

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Management Analysis Dubai Islamic Bank

LEADING

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Management Analysis Dubai Islamic Bank

Leading is an important function of management. Leading is a process of influencing people so that they will contribute to organizational and group goals. It is the responsibility of the leader to create a vision. In order to be a successful leader one has to have enough power and authority.

Leader in Dubai Islamic Bank:

In Dubai Islamic Bank, The managers act as leaders. Whatever the roles and actions of the leaders, the managers have to act accordingly in order to be effective and efficient. The leadership of the bank is very clear in their vision and they are doing everything to convert their dream into reality.

Management Structures:
Dubai Islamic bank has a particular management structure which helps to lead the bank in a proper manner. Basically the leadership styles how the bank leads its employees to achieve the targets. These targets are given by the top management to the bottom ladder. The management structure is given as follows: CEO Group Head Regional Manager Area Manager Branch Manager Assistant Managers

Leadership Style:
The top management of the Bank gives different targets to the heads of all departments. These heads further delegate their authority to their subordinates. The subordinated are guided and supervised by their respective heads. The subordinates are continuously analyzed by their immediate boss. If a subordinate fails to achieve a target then the leader conducts a meeting to know the reason behind the failure. Thus Dubai Islamic Bank has a Directive/ Path leadership style; they guide followers in the direction of established goals by clarifying role and task requirements.

Role of Managers at Dubai Islamic Bank Motivation:

Motivation is a force giving direction to behavior. Motivation of employee is very necessary. To become an effective and efficient, the managers should be aware of the needs of the employees. It is his duty to identify the unsatisfied need of his subordinate.
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Management Analysis Dubai Islamic Bank

Managers at Dubai Islamic Bank use different techniques to motivate their subordinates and increase productivity. These techniques are as follows: They offer bonuses to the Employees Awards are given for outstanding performance Promotion is given They personally communicate with their subordinates and appreciate his work.

Developing trust in Stakeholders and subordinates:

A manager must be trusted by Stakeholders and his subordinates. The managers at the bank have following characteristics: Integrity Competence Consistency Loyalty

Recommendations:
Young leaders should be encouraged New ideas must be encouraged More authority must be delegated Negative feedback must be avoided by the managers

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Management Analysis Dubai Islamic Bank

CONTROLLING

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Management Analysis Dubai Islamic Bank

Controlling:
Controlling involves monitoring actual performance, comparing actual to standard, and taking necessary action. It is an efficient way to: Find out the accomplishments of their goals, and if not, then the reasons behind it. Managers make it sure everything is there where it is supposed to be. It plays a vital role in empowering employees which can result in effective performance.

THE CONTROLLING PROCESS OF DIB:

The controlling process of DIB is as follows: Measuring actual performance. Comparing actual with the standard. Correcting variations from standards and plans.

Measurement of actual performance:

Managers are responsible for actual performance. Managers are aided by: Personal observation of the managers. Statistical reports Oral reports Written reports

Comparing with standards:

Managers compare the employee performance with standards (set goal achievements). Any discrepancy or gap prompts the managers to sort out the underlying reasons.

Financial control:
DIBs performance is measured by its productivity. Financial ratios are much help to them.

Information control:
DIB has strong network of communication i.e. all branches are inter linked thanks to IT. Information control is critical because managers need to be informed with the right information at the right time.

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Management Analysis Dubai Islamic Bank

Confidentiality:
Employees are not allowed to discuss/reveal any sensitive information of the bank, during and after their employment.

Security policy:
Due to prevailing law and order issues, bank has revised its security issues. One or two guards are posted on gates. Armed guard will not allow any equipment and furniture to pass the gates without a proper gate pass issued by the Head of Administration/ Head of IT. Administration dept also maintains a record of the entire gate pass issued.

Correcting variations from standards and plans

Managerial action is taken out. For serious deviations, meetings are held to investigate the root cause.

Counseling:
A counseling session of the employee causing problem is conducted by the supervisor. If shortcomings judged, then he is judged under GAP analyses or some kind of training is given which is mentioned in his performance appraisal or immediate supervisors recommendations.

Complaint process:
Complaint process is not only essential for customer satisfaction; but it is also important for formulation of new policies or a review of the existing ones. Also it helps to indicate any discrepancy in services procedure. DIB has the following complaint process: There is a proper complaint management system in which the customers fill a brochure which consists of different questions regarding the opinion about the bank, their satisfaction level etc which they drop it in a complaint box. All the complaints are collected and sent to their main branch where they are thoroughly analyzed and reviewed by the responsible persons and then a committee is formed which further investigates. Telephone Banking: Dubai Islamic Bank Pakistan Ltd. offers a state-of-the art 24/7 Phone banking service which provides quality services and financial solutions to esteemed customers. Their highly trained Phone Banking Officers are available round the clock to assist and provide their customers with services like Account Balance Inquiry, Transaction Inquiry etc to general enquiries. Visa Global Customer Assistance Service (GCAS) this service provides emergency assistance and any query/ complaint reception around the world
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Management Analysis Dubai Islamic Bank

Shariah board: DIB claims to be a leader in Islamic banking. It has a Shariah Board which keeps an eye on religious aspects of its financial dealings. Its members are widely acclaimed as leaders in the field of Islamic Finance like Dr. Hussain Hamid Hassan (Chairman and Shariah Advisor), Dr. Muhammad Qaseem, and Dr. Ajil Jasimal Nashim. They also offer ask Sharia advisor services because any query/objection related to religious financial matters are dealt here otherwise any slight rumor against DIBs Islamic way of banking can badly affect them. Problem Resolution unit: DIB has a special problem resolution unit in Karim Chambers,
Karachi Branch. Any problem or query is exclusively dealt here.

Recommendations:
The staff members monitoring expansion are far less than the requirement due to expansion. The bank should also try to achieve ISO Award Certificate to gain country wide reputation in quality standards.

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Management Analysis Dubai Islamic Bank

Recommendations & Suggestions

DIB should promote its service of E-Statement through different programs. In a short span of two years Dubai Islamic Bank Pakistan has emerged as one of the fastest growing banks in Pakistan, recording an incremental growth of 152 percent in its total asset base which stands at PKR 21 billion as of Dec 2007. DIBP customer base has grown by 228% to approximately 21,000 customers in 2007; up from 6,400 in the year 2006.DIB should maintain its growth rate by launching unique projects. There should be no hidden charges or any conditions which would create problem in long run at the time of repayment. Should also increase their management department strength specially the marketing side as it lags behind in this sector. It should also promote ATMs and other customer based departmental network (which are directly involved in providing services) instead of opening a full fledged high cost branch. On job Training must be compulsory for every employee and character building programs should also be designed for all types of employees. The hiring should be fair and more chance should be given to fresh graduates and advertisement for jobs must be given in newspapers. The proper human resource department must be developed in every major city of Pakistan Young leaders and new ideas should be encouraged More authority must be delegated Negative feedback must be avoided by the managers The staff members monitoring expansion are far less than the requirement due to expansion. The bank should also try to achieve ISO Award Certificate to gain country wide reputation in quality standards

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Management Analysis Dubai Islamic Bank

References
Waqas Shaukat (AVP) Farhan Riaz (Relationship Manager)

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