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Bank Rakyat Malaysia: vision remains while mission is revisited

Khaliq, Ahmad and Kazmi, Azhar (2011) Bank Rakyat Malaysia: vision remains while mission is revisited. IIUM Journal of Case Studies in Management, 2 (1). pp. 41-48. ISSN 1394-7680

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Abstract

The slogan, “of the people, for the people, by the people” comes home. Bank Rakyat Malaysia (BRM) offers a different kind of retail banking. Bank Rakyat underwent a drastic evolution from a cooperative system of management to a highly creative market entity ready to face the very aggressive competitive market forces of the Islamic banking and finance industry. The BRM was a cooperative bank before it entered the Islamic banking and finance industry. It needed to create a culture of change and flexibility to adapt to the changing external environments. The challenge was to remain consistent in its vision but revisit its mission. The consistency had to be maintained as it was in line with the founding fathers’ idea of serving its members. Thus the vision of serving its members was maintained while a new structure was created to aid efficient decision making and communication with stakeholders. This change subsequently facilitated the implementation of its growth strategies and planning activities, an imperative for its survival. All of this change was being effected while sustaining its image as a responsive, transparent and honest corporate citizen despite a host of issues and challenges that lie ahead.

Item Type: Article (Journal)
Additional Information: 1820/2625
Uncontrolled Keywords: Bank Rakyat Malaysia,Vision, Mission,Islamic banking, Islamic finance
Subjects: H Social Sciences > HG Finance > HG1501 Banking
H Social Sciences > HG Finance > HG4001 Financial management. Business finance. Corporation finance.
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button): Kulliyyah of Economics and Management Sciences > Department of Business Administration
Depositing User: Prof. Dr. Khaliq Ahmad
Date Deposited: 20 Sep 2011 15:04
Last Modified: 11 Feb 2014 18:30
URI: http://irep.iium.edu.my/id/eprint/2625

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