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Brand Audit
of
BankIslami Pakistan Limited
Presented To:
Mr. Ghulam Ahmad Rana
Presented By:
Waqas Sattar 1205
Bilawal Shabbir 1210
Arham Javed 1215Ch.Awais Zahid 1211
Usman Ali 1220
Bilal Nawaz 1201
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Islamic banking
Islamic banking is banking or banking activity that is consistent
with the principles of Islamic law (Shariah) and its practical
application through the development of Islamic economics.
Shariah prohibits the fixed or floating payment or acceptance of
specific interest or fees for loans of money.
In the late 20th century that a number of Islamic banks wereformed to work according to Shariah private or semi-private
commercial institutions.
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Type:
Public Limited Industry:
Islamic banking
Headquarters:
Principal Office, Karachi Pakistan
Key people:
Hasan A Bilgrami (CEO)
Chief Justice (R) Mahboob Ahmed
Products:
Retail Banking, Consumer Banking, Investment
Banking, Trade Financing etc.
INTRODUCTION
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History
The idea of BankIslami was conceptualized by Jahangir Siddiqui & Company
Limited and DCD Group in late 2003.
He presented the concept paper of BankIslami to sponsors on March 24, 2004.
The State Bank of Pakistan issued a No Objection Certificate in no time on
August 19, 2004.
BankIslami Pakistan Limited was the first Bank to receive the Islamic Banking
license under the Islamic Banking policy of 2003 on March 31, 2005.
BankIslami Pakistan Limited made a public offering of Rs. 400 Million, at par,
from 6th to 8th March.
BankIslami started its Banking operations on 7th April 2006 with its first
branch in SITE, Karachi.
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Sponsors of BankIslami
BankIslami is a joint venture among three shareholders:
1. Dubai Bank
2. Jahangir Siddiqui & Co. Ltd
3. Randeree family of the DCD Group
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MissionThe Mission of BankIslami is to create value for their stakeholders
by offering Authentic, Shariah Compliant and technologicallyadvanced product and services.
Authenticity
Innovation
Understanding client's needs
Commitment to excellence
Fast
Efficient
Seamless delivery of solution
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Vision
TheVision of BankIslami is to be recognized as the
leading Authentic Islamic Bank.
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Core Values
BankIslami is strongly committed towards its core
values:
Product authenticity
Customer focus
Meritocracy
Integrity
Team work
Humility
Innovation
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Major Clients of BIPL
Shahmurad Sugar Mills Limited
Pak Elektron Limited
New Allied Electronics
Eden Housing Limited
Eden Developers (Private) Limited
Sui Southern Gas Company Limited
Pace (Pakistan) Limited
Lahore Electric Supply Corporation Limited
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Products & Services
Consumer Banking: MUSKUN Home Financing
Islami Auto Ijarah
Retail Banking:
Islami Current Account
Islami Foreign Currency Account
Islami Bachat Account
Islami Mahana MunafaAccount
Corporate Banking: Account Services
Trade Services
Services for Exporters
Services for Importers
Working Capital Finance
Project Finance
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Value Added Services
Online Banking
Inter Bank Fund Transfer
Internet Banking
Visa/Debit Card
Biometric ATM
24/7 Phone Banking
E-Statement
Self Service Phone Banking
Lockers
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Brand Elements
ofBankIslami Pakistan Limited
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Name:
BankIslami
The name of bank represent
that the bank is working under the
light of Shariah.
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Logo:
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Slogan:
Serving you, the Right way
Nearly all banks dealing in interest and this is forbidden
in Islam.
BankIslami is working under the light of Shariah.
And thats why slogan represents BankIslami serving in a
right way.
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http://www.bankislami.com.pk
URL:
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Future Planning
BankIslami joins companies like ABN AMRO Holding, Citigroup and Standard
Chartered with its plan to expand Islamic banking to meet demand in the world'ssecond-most populous Muslim nation.
BankIslami plans to open 18 new branches in five Pakistani
cities this year.
100 new branches in 50 cities within the next three years.
The bank plans to open its first overseas branch in
Afghanistan in the next three years.
At least 2 branches in Sirilanka within 5 years.
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Brand Image
BankIslami has been able to build a strong image by using smart
marketing ideas that resonate well with the public mind. For
example, the calligraphy of the Bank's name in Urdu have been
done by the same calligrapher Shafiq uz Zaman who has been
working in the Holy Mosque of Medina in Saudi Arabia.
The name of bank also have good image in minds of people.
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Brand Positioning
BankIslami is trying to set a positioning in mind of
customers that BankIslami is working on Islamic
way and trying to create more brand awareness inminds of people.
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Marketing Strategy
BankIslami is trying to promote the brand in thecustomers by actually providing value to its customers no
matter that BankIslami promotional campaign is
comparatively slower as compared to other Banks.
BankIslami is using print media comparatively more as
electronic media because its also big source of providing
information.
BankIslami is trying to capture maximum of the market
share by providing value services.
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BankIslami is trying to associate certain things
strongly with its brand name.
BankIslami provides, better quality services,better customer services, most caring e-banking
service that cares about customers expectations
and customer satisfaction.
Introducing new services for customers.
Brand Association
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SWOT Analysis
Due to globalization and management studies now
organizations cannot survive until they compete with
their surroundings .
SWOT analysis is the kind of tool which is used to
analyze the organizations performance in relation to its
internal and external environment strength; weakness,
opportunities and threats faces by BIPL.
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SWOT Analysis
Strengths:
It has a competitive advantage of doing less marketing as compassed
to conventional banking and as a result better cost control.
For speculative motive less money is used due to which there is
reduction in volatility in investment and chances of investment
failure.
It is feasible location wise and geographically to attract new
customers and retain potential customers by beginning innovative
products and service like BIPL offers e-banking, phone banking etc.
As bank made on name of Islam in Pakistan so, it have advantage of
religious position in a country.
Saving can be mobilized and increasing deposits of banks using as
charities and zakat fund schemes etc.
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Weaknesses:
SWOT Analysis
To complete with conventional banks a lot of capital is required
and large amount of recourses have to maintain to meet any loss
situation in Islamic finance modes of investment.
To do job efficiently and serve Islamic financial services,training is required for improving skills of management and
staff.
Staff of BIPL is less experienced and young.
Main weakness o BIPL is lack of specialization i.e. employees
are rotated from one job to another job of totally different
characteristic
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SWOT Analysis
Threats:
Market demand is less as compared to conventional interest
based banking.
After 9/11 attacks on WTC environment of Islamic banking inwest has declined.
For implementation of Islamic banking a lot of legislation is
required especially in non-Muslim countries.
Increasing competition in Islamic banking sector.
Poor economic condition of country.
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Major Competitors of BankIslami
Meezan Bank
AlBaraka Bank
Burj Bank
Dubai Islamic Bank
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ANALYSIS OF MEEZAN BANK
Strengths:
Continued to expand its branch net work.
Highly invested in technology.
Weaknesses:
Charges are very high for different activities as
compared to competitors.
Low promotion and advertisement of products andservices.
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Opportunities:
ANALYSIS OF MEEZAN BANK
Increasing demand of Islamic financial products and
services.
Market share increases through branch expression
through out the country.
Threats:
Charges in Govt. policies
Political instability
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Analysis of Al-Baraka bank
Strength:Staff are qualified and experience in field of management and
banking.
Relationship of manager with staff and staff with customers is quite
good.
Weaknesses:
Lack of training at all levels
Lengthy process of recruitment.
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Opportunities:
Analysis of Al-Baraka bank
Better Management
Location of branch is very suitable
place
Increasing competition in both domestic and foreign market.
Good job opportunities offer outside attract our current
employees.
Threats:
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Meezan bank has 274 branches throughout the country while
BIPL has 102 branches so; Meezan bank has strength of increasing
market share in country through expending its branch network.
Meezan bank provides training facility to their staff members ascompared to BIPL.
Location wise BIPL is better that Meezan bank.
Work is over loaded to employees in BIPL as compared to Meezan
Bank.
Comparison of Competitors Analysis
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Services and financial instruments offered by Meezan bank are
charged highly as compared to its competitor BIPL.
As compared to other conventional banks BIPL, MBL and Albaraka
bank are not following marketing strategies like advertisement.
Few services are offered by Albaraka bank than BIPL and MBL.
Process of recruitment is lengthy in Albaraka and MBL than in BIPL.
Comparison of Competitors Analysis
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Recommendations
It is observed that the employees were overburdened so they have to stayat branch till late at night. In this way their efficiency is affected and
hiring more employees can reduce their work.
The employees should be assigned jobs for specific period and than they
should rotated to other department so that they gain knowledge/experience of other jobs.
BankIslami should properly advertise and Communicate to public about
the services provided by it, so that more customers will be attracted.
The banks management should give more incentives and pay scale of
officers should be revised & improved.
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Recommendations
System and operations should be more defined and
organized.
BankIslami has not strong position in market. SoBankIslami should do heavy advertisement both
electronically and print media to create public awareness.
BankIslami should increase branches in different cities.
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