Introduction
This essay will discuss the inspirational story behind Abu Dhabi Islamic Bank, a United Arab Emirates business. Their mission is to provide financial solutions to the Islamic community on a global scale. The vision shared by stakeholders is to tier up into a financial group providing services to Muslims across the globe. The main specialties of the business include Islamic, private, trade, comprehensive, and enclosed banking. The essay will include elucidation of how the business started. In addition, it will discuss the leadership of the business, its organizational structure, and management teams. Finally, it will discuss evident key success factors of the business, how it managed to acquire and maintain competitive advantage, as well as it’s brand and reputation.
History
Abu Dhabi Islamic Bank is one of the businesses that operate under the United Arab Emirates commercial laws. The financial reservoir launched its operations in 1997 as a business under the Public Joint Stock Company category. The pecuniary organization operates from its headquarters located in Abu Dhabi. It operates under the guidance of, and adherence to Islamic principles called the Islamic Sharia. The business focuses on providing banking and other financial services to the Muslim community in Abu Dhabi and the other two countries in which it operates. Apart from Abu Dhabi, the depository financial institution operates in Egypt and the city of London in the United Kingdom. Commercially, the bank began offering its services to clients in 1998, one year after it had identified its target group and the services it would provide.
Its official opening ceremony took place on 18 April 1999 under the stewardship of the then United Arab Emirates Minister of Culture and Information. The initial capital used in launching the bank’s operations was one billion United Arab Emirate dirhams. Three large shareholders in the business relationship as the founders of the successful depository institution. Shareholders include members of the royal family, renowned United Arab Emirates citizens, and the Abu Dhabi Investment Authority. The three groups of investors hold close to 29% of the bank’s equity, while the rest of the institution’s equity is held by shareholders who are more than 100, 000 in number.
Leadership, Organization and Management Teams
The banking industry supports the operations of this business. Abu Dhabi Islamic Bank operates as a public company and currently has close to 5,000 employees. The business has a mission, vision and numerous corporate values that form part of its organizational culture. Its vision is to tier up into a group providing financial services to Muslims across the globe. Its main specialties include Islamic, private, trade, comprehensive, and enclosed banking.
The business has corporate values that guide the services it provides to clients, as well the manner in which it executes its operations. Some of the corporate values at Abu Dhabi Islamic Bank include simplicity and sensibility, transparency, as well as hospitality and tolerance. Others include a desire to work with an aim to achieve mutual benefits and inspiration from Sharia.
The leadership and management teams at Abu Dhabi Islamic bank constitute part of its organizational structure. The board of directors oversees the two crucial functions of leadership and management of the institution. The board of directors constitutes the Chief Executive Officer, the chairperson, the deputy chairperson, the managing director, and four board members. This structure applies at all centers of the bank in Egypt and in London.
Success and Branding
Abu Dhabi Islamic Bank has experienced prolonged success and a strong brand since it launched its operations in 1997. One of the key contributing factors to the success of the business has been its organizational structure. The way the depository institution is organized allows for an easy decision-making process, as there is the inclusion of all stakeholders. The business has also managed to maintain the same structure of management and leadership in its international market locations. This has enhanced the growth of its brand through the maintenance of quality in service provision. The second factor that has contributed to the bank’s success and a strong brand is their corporate values. Corporate values at Abu Dhabi Islamic Bank are strong and oriented towards quality and continuity.
A strong organizational culture is an ingredient for success in any organization, especially those that expand operations beyond local markets. Another contributing factor to prolonged success is strong risk identification and management strategy. Risk management practices at the bank have been very effective over the years, thus enabling them to build a strong brand that adheres to global principles of operations. The main motivation behind the effective approach to risk management has been the office of Group Chief Risk, which has been coordinating all operations.
Conclusion
In conclusion, Abu Dhabi Islamic Bank is one of the leading players in the banking industry. The story of how the bank began, its organization, leadership, and management are very inspirational to upcoming entrepreneurs who need to understand the market before venturing as the bank’s competitor. The most inspiring thing about Abu Dhabi Islamic Bank is its strong mission, vision, and cultural values. These aspects have guided its operations towards building and maintaining a strong successful brand through quality service delivery.