ORSC 5301: Organization and Leadership

FINAL REPORT

FAYSAL BANK LIMITED

Submitted To: Muhammad Ghufran Ahmad

Submitted By:
21230007 Alisha Ali
21230004 Iman Zaib
21190003 Hina Hafeez
21240010 Shehroz Iqbal

1
History

Faysal Islamic Bank, one of the leading Islamic banks of Pakistan, is a subsidiary of Ithmar
Bank. Ithimar Bank is a Bahrain-based Islamic retail bank that offers retail, commercial,
treasury and financial institutions and other banking services in multiple overseas markets,
through its subsidiaries.
Ithmar Bank was initially an investment bank and shifted towards Islamic retail bank after its
restructuring in April 2010. Today, it offers a diverse range of Shariah-compliant products
and services, catering to the investment and financing needs of many individuals and
institutions.
Faysal Bank Limited started its operations in Pakistan in 1987 as Faysal Islamic Bank of
Bahrain. In October 1994, it became a locally incorporated Pakistani Conventional bank, by
the current name of Faysal Bank Limited. In August 2009, it launched its first Islamic branch
in accordance to the regulations of the State Bank of Pakistan and by 2014 it had announced
its complete transformation to an Islamic Bank.

Vision, Mission and Values

It is often highlighted that the most successful companies have fixed purpose and values
while their business strategies and practices are continuously evolving with the changing
needs of the markets. The vision of an organization provides direction in terms of what future
to stimulate growth towards and what values to preserve during that journey. The mission on
the other hand, defines the business, its objectives and its approach towards achieving those
objectives.
In 2019, with Faysal Bank’s shift towards becoming more Shariah compliant in terms of the
services it offered, the vision and mission of the bank were also revised as below:

Vision
“Be the leading Islamic bank in Pakistan”
Mission
“Achieve leadership in providing Shariah compliant financial services, with customer
care and employee focus at the heart of our business ethos together with innovation
and technology being the pillars of our growth”
(Refer to Exhibit 1 for changes in mission and vision statements over the years.)

2
During our interviews with some of the management staff at Faysal Bank Limited, it was
highlighted that from its inception, the bank was intended to be an Islamic bank. However,
due to some regulatory constraints the operations were moved towards conventional banking.
The change in the vision was therefore a long lasting wish of the board of directors, who
wanted to revert back to the real purpose of creating Faysal Bank.
Moreover, a huge gap was identified in the market as a survey conducted by the State Bank
of Pakistan highlighted that most of the unbanked population of Pakistan felt restricted by
their religious ideologies. Providing them with Shariah-compliant services could help capture
a huge market.
Like any other organizational change, this shift did not come without challenges. The Head
of Regional Learning, Diversity and Inclusion said “We never thought this could be possible
at that time in point”. The change had to be inculcated in the practices, people and culture
while maintaining the core values of the Faysal Bank Limited. Faysal Bank took a lot of pride
in the values it held and categorized them as follows:
Threshold Values

 Team work
 Respect
 Professionalism
 Integrity

Differentiating Values

 Passion
 Innovation
 Responsiveness
 Compassion

3
 Organizational Structure and Culture
The change from conventional banking to Islamic banking required complete restructuring of
the organization. After 2016, all new branches that opened up were Islamic branches and
many existing branches were under the process of conversion.
A Shariah Board comprising of renowned Shariah Scholars was formed. They were the
leading force, providing guidelines and ensuring implementation of those rules.
One of the biggest challenges was communicating this change, both internally and externally.
Convincing the customers that Faysal Bank was truly converting to Islamic banking was a
difficult task. “You hold your ear from the right hand or the left hand, it’s the same thing.
You’re basically holding your ear.” This was a common phrase used by people who did not
understand the true essence of Islamic banking and thought it was the same as conventional
banking, said Mr. Amin Karim Chagan, Head of Rewards and HR Services.
So a lot of thought was put into rebranding and marketing of Faysal Bank Limited. The
smallest details, e.g. the color of the logo changing from blue to green and the pattern used in
the background were well-thought of, in order to convey the right message.
For the initial stages the change was mainly focused on the processes and policies, however
after a few years, the management realized the need for a change in culture to give a true feel
of an Islamic bank. They then took a regimented top down approach to bring about a change.
With its colorful history of mergers and takeovers, Faysal Bank had people from very diverse
backgrounds bringing in their own unique cultures to the workplace. Changing the culture
was therefore a greater challenge than ever realized.
The change in uniform, asking the female staff to cover their heads, provoked a furious
backlash. Employees, as well as the customers had negative reactions to this change. It was
then that the importance of finding and retaining the “culturally-fit” employees was
highlighted.

4
 Recruitment and Compensation Management at Faysal Bank
Bringing about organizational change can be challenging as the established processes and
systems within an organization are being challenged. Recruitment strategy mainly relates to
the particular roles that are to be filled and the needed competencies for filling these
particular positions. Such a workforce needs to be brought on board that will align with the
goals of the organization (Srivastava, Franklin & Martinette, 2013). The same can be said
about the compensation strategy of the company, as employees need to be awarded for
showing the desired level of performance. Both these tools tend to play an important role in
influencing organizational outcomes. For this reason, it would be important to study how the
recruitment and compensation of Faysal Bank changed when its mission changed from being
the customer's top choice in Pakistan to meet the un-served needs of Islamic banking. Both
these functions hold relevance in an organization as recruitment helps get the right employees
whereas compensations ensure that effort is made towards the achievement of organizational
objectives set out.

RECRUITMENT

The Head of Rewards and HR services of Faysal Bank stated that a comprehensive
recruitment procedure is followed depending on the job role and organizational position.
Lower-level employees like the sales representatives or cashiers are hired in batches ranging
from 100 to 200 individuals.
Lateral hiring is carried out through a three-step interviewing process in which the
department with an empty position files a request to the HR department, defining the
specification and requirements of a suitable candidate. The HR screens and provides a
shortlisted group of people to be interviewed by line manager. Another interview is carried
out within the HR department to negotiate the compensation and determine if the candidate is
culturally fit or not. The process becomes more comprehensive when hiring for a higher level
position.

5
During the hiring process, the main areas of focus are the candidates’ knowledge of Islamic
banking and the different policies and instruments that distinguish it from conventional
banking, and the cultural-fit. These have also been a pressing challenge for Faysal Bank over
its transition. Firstly, only recently universities have increased focus on teaching Islamic
banking as a subject. There was a general lack of knowledge in the area of Islamic banking so
the bank arranged specialized courses and training programs for its employees. Secondly, the
need to find that right people with an inclination towards religion, had been highlighted by
the resistance that came to this change.
The HR team has done extensive research to develop an internal tool for testing cultural fit
through behavioral based interviews Certain behavior and competency-based questions are
asked from participants in order to see whether they match the culture or not.
The inclination of the participant towards the Shariah-compliant approach is an important
aspect to be assessed. It doesn’t matter if the employees are actually pious but they need to
have a solid understanding of Islamic values and Islamic financial instruments through which
they can sell the products more efficiently. Ibrahim, et al, (2019) also pointed out such
challenges faced by the banking industry to find employees that possess knowledge regarding
Muamalah Jurisprudence. Such understanding is particularly needed while hiring employees
for upper management positions. The employer branding also somewhat changed with the
change in vision as it presented an image of halal earnings. Earnings from conventional banks
were disputed by scholars, due to which many people avoided such employment. The brand
image of Faysal Bank was already well established in Pakistan with its large network of
branches but adding the element of Shariah compliance proved to be highly beneficial for the
company.

COMPENSATION

The labour market in the banking sector is highly competitive. Strong competition can be
seen between different banks due to which retaining skilled workers has become very
challenging. It is important to offer a healthy compensation package through which
employees can be retained. Generally, there are three key categories of compensation
provided to employees, which include direct financial compensation, indirect financial
compensation, and non-financial compensation (Kebede, 2017).

6
Faysal Bank has a market-oriented approach towards the salary compensations it offers. The
compensation is determined through the use of independent surveyors, who collect
information regarding the job position and the salary brackets being offered in the market. A
competitive salary package is then devised keeping in mind some important factors about the
job role and the candidate.
Some important characteristics of the candidate that are taken into account while determining
pay include his seniority, years of experience, and potential for growth. In this way, Faysal
Bank offers a market competitive salary to its employees since the pay for that position in the
market is taken into account first. A strategy map is created usually for a period of five years
and is tracked accordingly. It points out objectives for each year that needs to be pursued for
achieving the end goal of the five-year plan. Another major reward that is provided to
employees is promotion after years which is determined based on evaluation of performance
for a certain period. Every job is evaluated and the key aim is to not promote employees that
are underperforming.
A range of fringe benefits is provided to employees based on their position such as paid
leaves, gym facility at head office, life insurance, house insurance, car insurance, and bank
loans. Profit-sharing plan such as stock options is not provided to employees. The
interviewee stated that little change was noted due to the transition towards Shariah-
compliant banking, as the key aim of a bank is to sell its services against which the
compensation is awarded. The same goes for the case of Islamic banking, as the key aim is to
sell the Islamic products against which the employees will be provided compensation. For
this reason, little change was noted in the compensation structure as the nature of the
products and services changed but the overall measures remained the same. The facilities
being offered to employees also had to go through somewhat changes in order to conform
with the Islamic principles.
An example can be taken of the car financing offer that was given to employees who had to
switch to Islamic financing for the employees. The same can be said about the provident fund
option that is offered to employees which can be no longer be invested in funds that do not
conform with Islamic principles.

7
 PERFORMANCE MANAGEMENT SYSTEM
“Performance management is the continuous process of improving performance by setting
individual and team goals that are aligned to the strategic goals of the organization, planning
performance to achieve the goals, reviewing and assessing progress, and developing the
knowledge, skills, and abilities of people.”
Faysal Bank has also aligned its performance management system with bank’s overall aim to
achieve leadership in providing Shariah compliant products and services to its customers.
With the shift in bank’s vision to be the leader in providing innovative and value-based
financial solutions to its customers to becoming the leading Islamic bank in the industry,
Faysal Bank also restructured its performance management system accordingly. The focus
was diverted from finding conventional financial solutions towards making employees and
customers aware of the positives of Islamic Banking. This change also required the
employees to be more compliant towards Islamic Codes of Conduct. Therefore, now the
performance management system paid equal attention towards improving behaviors of
employees.
Moreover, it was also observed that the current performance management system aimed at
preserving the core values of Faysal Bank, that include; teamwork, respect, professionalism,
integrity, passion, innovation, responsiveness, compassion. The performance management
system of Faysal Bank is structured to measure all these attributes and to ensure that the
employees comply to these values.
The basic framework of performance management system involves four levels of policies,
and practices: (Exhibit 5)

1. Executive Leadership
2. Structure of strategy, measurement, control and processes
3. Role of Human Resource department
4. Working conditions and Organizational Culture

At Faysal Bank a new strategy is designed every five years by the top management. This
strategy incorporates the objectives and goals to be achieved for the next five years. This
comprehensive strategy is then translated into year-on-year based short term strategic goals
which correspond to that year’s budget. The employee performance is measured based on
their capabilities to fulfill these strategic targets and their alignment of personal goals to the
Bank’s overall objectives.

8
The overall 5-year strategy is a full-fledged, comprehensive, actionable document which is
prepared through the following process:

1. Planning Stage
This stage requires a vigourous planning process in which the interests of all stakeholders are
matched to the Bank’s overall aims. The top management sits together and decides the future
path of its employees. Here the next 5 year plans for the bank are finalised and the
management also devises plans to get the employees ready so they are able to achieve these
objectives. The purpose of extensive planning stage is to devise SMART and actionable
targets that can be achieved in the next five years.
“Everything is black and white, and everything happens on its prescribed timeline.”
When faysal Bank decided to convert towards an Islamic Banking system in 2019, the Bank’s
management planned the performance management cycle accordingly as now the employees
were supposed to work with new products and strategies and even in a different culture than
before.
The entire Performance Management Plan of Faysal Bank is devised to improve the
performance of employees, hence, the performance management and employee development
plans go hand in hand. The development plans are designed by Learning and Development
Area at the centre. All courses are not mandatory for everyone, since, the line managers are
aware of the Strengths and Weaknesses of employees, they are the ones who suggest which
employees must be enrolled in these programs. Line managers are also responsibe for making
sure that the employees are developed.
“The employee Development Plans are like a joint venture between line manager and
L&D department. However, the fundamental responsibility lies with the line
manager”
Thus, the managers are encouraged to develop the coaching leadership style based on theory
Y of employee motivation. Further, this structure complements the introduction of Islamic
Banking System as it focuses more on personal development, improving acceptability
towards change and developing people for the future, which Faysal Bank believes will be
Islamic banking.

2. Implementation Stage

9
The second stage in performance management cycle is to actually act upon these established
guidelines. It is the manament’s responsibility to ensure that the employees have complete
understanding of the strategic objectives set in the planning phase and are equipped to meet
these targets in a timely manner. Here the management makes use of the Strategy Maps as
they provide with a blue print of value-added activities and the impact of these activities on
the overall objectives of the Bank. Based on these maps the yearly performance management
plans are segmented on departmental basis. From here, different KPIs are assigned to
different functional heads and then they assign KPIs to lower levels.

3. Tracking The Performance Efficiency

The next stage in performance management cycle is to track the progress of employees. In
this stage the line managers and the employees themselves are responsible to ensure that they
are fulfilling the assigned KPIs efficiently. During this stage, the managers also look for any
constraints in the acheivement of targrets and try to adress these obstacles.
Faysal Bank has developed a culture of continous feedback. Faysal Bank has an established
system of Annual Formal Assesssment at the year end but in addition to this line managers
also conduct Mid-Year Reviews and informal checkins. The limitation of annual reviews is
that peolple are rewrded or punished on the basis of their past performance, at this point their
mistakes are also irreversible, mostly. Therefore, Faysal Bank’s mananegement is taught to
assisst the employee performance throughout the year and to remove any discrepancies that
might make it difficult to achieve Bank’s objectives.

4. Evaluating The Performance

The last stage in the Performance Management Cycle is to review the performance of
employees. It is an annual consolidated process. The Fasysal Bank has adopted a very robust
review process:
“Within two months of the beginning of the year managers and employees have to
lock down their KPIs. People keep reviewing their own performance during the year,
sometimes on month-on-month basis. They keep tracking the completion of KPIs
throughout the year and discuss these with the line managers. At the year-end full
annual review process alonwith the self-assessments is discusssed with the line
managers. Managers agree or disagree with these results and then the complete
evaluations are sent by the functional heads to the Human Resuce Department.”

10
Faysal Bank makes use of the Balanced Scorecard as a tool to evaluate the performance of
emploees.

The Balanced Scorecard

“The balanced scorecard includes financial measures that tell the results of actions already
taken. And it complements the financial measures with operational measures on customer
satisfaction, internal processes, and the organization’s innovation and improvement
activities—operational measures that are the drivers of future financial performance.”
With the change in the Vision and Mission statements of the bank the employee behaviors
became an integral part of Bank’s overall objectives. The focus shifted towards the
realization of 4 perspectives:

1. Customer perspective- Communicating the benefits of Islamic Banking to the

customers
2. Internal Perspective- Overall Acceptability of Shariah compliant Banking internally
3. Innovation and learning perspective- Employee training programmes on Islamic
Banking and designing new value-creating Islamic Products
4. Financial perspective- Increase the acceptability towards Shariah compliant products
by proving their profitability

Moreover, the management of Faysal Bank is well aware of the fact that the Balanced
Scorecard is a running document and they also explain it to the employees that why balanced
scorecard is a running document and what benefits it will provide if they keep it as a running
document. This keeps employees competitive at present and prepare them for future
challenges.

11
 Performance Rating System
The final step in performance management cycle is to rate the employees based on their
performance so they can be rewarded or penalized accordingly. The HR Manager told that is
a rigorous challenge to finalize the ratings and takes 2-3 months to complete this entire
process. During this process the HR department does a comprehensive analysis of the entire
performance management cycle. All the documents submitted by line managers and
functional heads are thoroughly scrutinized and after discussing them with the respective
departments any discrepancies found are eliminated.
“I haven’t seen a single grievance, regarding rating system, from any employee for
the past three years.”
Having a well-developed rating process is crucial to keep the employees motivated because
after all this is exactly what the employees keep working for throughout the year and it also
gives them an overview of their weaknesses and strengths.

Identification of Poor Performers

The performance management process also enables the identification of poor performers as it
is like an audit of all their activities. The promotions and rewards are also based on
performance ratings so the Bank it becomes crucial to identify poor performance to prevent
them from getting promoted to higher levels, as this might not only reduce the profitability of
the bank but might also demotivate other employees.
The approach of Bank towards non-performers is that they are not fired right away but are
given a three-month period to improve their performance, specifically the sales personnel.
“Someone not performing for 3 months straight is given a one month pulling-off
period. His performance is reassessed in the 5th month; if it comes up one notch, he
stays; if not, he is given one month warning period. If the performance still doesn’t
improve during the 6th month he is then fired.”
In the end, the good performers are rewarded on for their accomplishments and Performance
Improvement Plans (PIPs) are composed for the coming period through the planning stage.
This completes the entire Performance Management Cycle.

12
 LEADERSHIP: Roles, Styles, Behaviors and Team Dynamics

Leadership in the banking sector of Pakistan has a strong effect on employees’

performance, commitment and behavior at work. Majority of for-profit organizations
success depends largely on the management team and the variety of leadership being
practiced by them.
The head of external communications FBL, Mr. Tahir Yaqoob Bhatti, when interviewed
to ask what was his role in the bank:
‘Being the face of the bank, I have to be a role model for all my subordinates. I
am in a position to guide people, to motivate them. I have to be the bigger person
who will have every ones’ back in times of crisis or any problems’.

Generally, types of leadership styles include coercive, authoritative, democratic, pace

setting, coaching. The leadership style adopted plays an important role in an employees
productivity level and how engaged he/she is in their work and organization. It will
ultimately effect the satisfaction of an employee and determine whether the employee
will beneficial for the bank future or not. An effective leadership can ultimately help us
in retain good employees in a company and at the same time happy, satisfied and result
oriented employees
In FBL, all types of leadership roles have to be adopted accruing to the changing
environment and changing employees of the banking sector. As per the information
collected from HR managers and the head of FBL, authoritative is used to attain short-
term employee performance. For example, when a new employee is hired and need to
quickly make them learn about their responsibilities in the bank. Democratic type of
leadership is useful in the short as well as long term employee performance. For example
FBL kept all the employees in the loop, took their opinions and advice when large-scale
conversion from conventional to Islamic happened. Both leaders of the bank and the
employees were part of this change and played equally important role in making this
change happen. When conflicting situations prompted between employees, then a
coaching style was adopted to resolve the issues.

13
In an interview with one of the HR managers, Amin Karim Chagan, when asked that
different leadership styles may affect staff effectiveness or performance: in your capacity
as a HR manager, what is your specific leadership style and do you think your leadership
style has changed after the conversion from conventional to Islamic:
“If you work for a for-profit organization, there is no complete democracy ever.
Hierarchical structure is always in place. Authority lies somewhere. We being a
progressive bank, being a for-profit organization and having a hierarchical
structure, these 2 are fundamental characteristics of this organization, we use
same ingredients for converting into Islamic banking”

Habiba Salman’s take on this question was that leadership style changes from people to
people. Some of her employees consider her behavior to be a very humble, but for some
she is a dictator. Her role and behavior changes to the types of employees she is dealing
with.
“Once you work for an organization, which works on a hierarchical structure,
there is a cosi democratic/bureaucratic/autocratic, whatever you want to call it,
combination of all types of leadership has to come into play, there is no 1
specific leadership style, depends on situation to situation”, said Mr. Karim.

When asked about whether Mr. Karim’s leadership style kept his employees happy and
work oriented at work, he replied:
“FBL is the 1st bank in an industry who adopted an open door policy. Anyone
can enter any time in my or managers office to discuss any issue. This gave a
level of freedom to our employees and friendly environment to work in. This has
positively affected the employees’ performance and satisfaction, as there was no
barrier to communicate with the head or manager. It helped formulate a strong
bond between the boss and the fellow colleagues.”

14
When a policy to change of attire of the staff was proposed, many resisted the change, so
managers had to adopt a coaching style to gain employees compliance. They organized
training and meetings to spell out why the attire had to be part of Islamic banking. Those
who were very resilient and were not willing to adopt the change, a coercive leadership
style was used. This was important because the organization was going through a
crucial change and such measures had to be taken. There was difference of opinions
between managers, employees and their behavioral issues.
For some, coercive style resulted in immediate compliance, but for some it did not work.
Some employees lost dedication to their work that put a halt to their work performance
and they left the organization thinking they were too harsh.
Policy launched proposed a change in the attire, specifically for women employees, in
terms of Islamic banking. Female employees were asked to wear ‘abayas’ and cover
their heads. There were employees who agreed to the change but were not willing to be
part of it. Conflicts aroused as some thought it organization was being a hypocrite
towards the female staff members
An employee questioned:
“Why don’t you make men wear shalwar kameez too and keep long beards, why
is it only for women?”
During the conversion from Conventional to Islamic, this was one of the major conflicts
between existing employees and the management of FBL.
To cater to this, the management did not threaten them to leave the job or strictly told to
wear an abaya or fired from the job. Instead, multiple training sessions were conducted
in which they were educated about the vision of why this change in attire would be part
of the mega conversion into Islamic banking and what the customers would expect an
Islamic banking to be.
When asked how this matter was handled and how it affected the employees:
“All the changes, of course, it made some existing employees uncomfortable, but
management did not hammer the policy change into people, the attire change
wasn’t forcefully implemented on people. They were given freedom yet told them
that these are the principles, if you want to follow you can, we never forced them,
we just invited and guided them on our journey towards changing into Islamic
banking” said Mr. Karim.

15
But there were some employees who, even after explaining why this change is
important, were a hindrance to he growth of the banks new mission. Managers had to
step up, adopt strict behavioral measures. Habiba Salman when asked about how these
employees wee managed:
“In circumstances where employees did not retain, authoritative leadership was
enforced. This resulted in some disengaged employees who stopped giving a
100% at work, filed multiple complaints, some left the work place. But majority,
through training sessions and explanation about why this change is important for
the organization, many employees showed a positive response. For some it was
not just an organizational change but a lifestyle change as well”.
In an interview with one of the female employees working at FBL when this policy was
implemented, tells about her experience and how it affected her:
“I have been working with FBL since the past 3 years and have been wearing a
‘burka’ all my life, so this conversion really didn’t have any effect on me. But one
of my best friends left. She was not willing to change her dressing style just
because an organization was changing from conventional to Islamic. I was very
sad at first, there were times I didn’t feel like going to work. Work wasn’t fun
after my friends left, but with time I became okay because other people at the
workplace are very welcoming and I need to earn for a living.”

Together Everyone Achieves More

TEAMWORK
Banking is a team game. Teamwork is not only working in sizeable teams but also,
forming a sense of unity that contributes immensely towards job satisfaction amongst
employees. People may even out perform if they have trust, compassion and positive
attitude towards their team member, provided they are working towards a common goal.
A support network helps overcoming challenging and stressful times at work. It is one of
the most important constituents for banking sector success in the todays’ era. Teamwork
leads to greater employee, batch, and organizational performance.
Multiple things are done in FBL to assemble a serviceable team. There are formal and
informal activities, which take place and showed positive effects on the employees.

16
In a formal event, every year line manager is responsible for organizing a session with
his team. This is a meeting centrally controlled by the head office. Employees are briefly
explained about what is team, what is team building, multiple interactive sessions and
trainings are also carried out.
There are also informal meetings encouraged and sponsored by FBL, which help
employees formulate their own decisions about a project or strategy. Workers are given
an open field to play in as long as they have a solid plan. This helps develop a sense of
autonomy in each employee in terms of decision-making outside the setting of his or her
work place. Employees become more dedicated to their projects and deliver more then
what is expected out of them.
When an in interview we asked the HR how these formal events have helped in
improving employee performance and commitment:
“As this is a compulsory, annual engagement plan organized for the employees,
it has really helped in bonding between the colleagues and helped in resolving
conflicts between some line managers and employees. Employees seem more
engaged and give exceptional performances when they return to work the next
day, even happier! Our employee engagement rate is reported to reach 84% in
these last 2 years.”
Studies state that behavior of the teammates, the quality of teamwork, and team
cooperation show positive results in terms work performance. FBL has invested heavily
in their employees, and firmly believe that an FBLs employee is an asset to the
organization. Keeping that asset highly functional requires rigorous trainings to improve
their at-work performance and effort to keep them engaged in their work. All it requires
is a healthy, effective leadership, good behavior and an exceptional teamwork.
Chairman’s message as per the FBL 2021 report states:
“ We at Faysal bank believed that our employees are our greatest strength. In
2020, bank continued to invest in the training and development, as we firmly
believe in developing capabilities from within an organization. Islamic banking
courses were conducted through in house and external trainers to institutionalize
and reinforce our commitment towards transformation and career growth
opportunities and necessary knowledge to staff so that they may serve the
customers.” - Farooq Rehmat ullah khan, Chairman of the board.

17
 Exhibit 1.Vision and Mission Statements Over the Years
•Vision
“To be the bank of first choice with the highest ethical principles as our guiding
force”
•Mission
“To excel in providing innovative, value-based banking solutions to meet the
2007 changing needs of customers and further strengthen our image of trust and
reliability”

•Vision
•“Excellence in all that we do”
•Mission
2008 to •“Achieve leadership in providing financial services in chosen markets through
innovation”
2018

•Vision
•“Be the leading Islamic bank in Pakistan”
•Mission
•“Achieve leadership in providing Shariah compliant financial services, with
2019 to customer care and employee focus at the heart of our business ethos together with
2021 innovation and technology being the pillars of our growth”

Exhibit 2: Conceptual framework showing relationship between leadership styles, work

engagement, task performance and outcome behavior.
Common Leadership Styles

Coaercive

Affiliative Authoritative

Coaching Democratic

Pacesetting

18
 Exhibit 3: Balanced Scorecard

Exhibit 5: Performance Management Cycle

19
 References

Ibrahim, M.A., Eprianti, N. and Yusup, A., 2020, March. Selection of Priority Needs for
Employee Recruitment in Islamic Banking. In 2nd Social and Humaniora Research
Symposium (SoRes 2019) (pp. 365-368). Atlantis Press.

KEBEDE, E., 2017. ASSESSMENT OF COMPENSATION PRACTICE AND EMPLOYEE

TURNOVER INTENTION IN SELLECTED PRIVATE COMMERCIAL BANKS IN
ETHIOPIA (Doctoral dissertation, St. Mary's University).

Khurosani, A., 2013. Adhocracy culture support and leader's working

creativity. International Journal of Social Science and Humanity, 3(4), p.411.

Srivastava, M., Franklin, A., & Martinette, L. (2013). Building a sustainable competitive
advantage. Journal of technology management & innovation, 8(2), 47-60.

Bass, B. M., & Avolio, B. J. (1990). Transformational leadership development: Manual

for the multifactor leadership questionnaire. Palo Alto, CA: Consulting
Psychologists Press

Rynetta R Washington, Charlotte D Sutton and Hubert (2006),"Individual differences in

servant leadership: the roles of values and personality", Leadership &
Organization Development Journal

Shamir, B., House, R. J., & Arthur, M. B. (1993). The motivational effects of
charismatic leadership: A self-concept based theory. Organization science, 4(4),
577-594

Gallie, D., Zhou, Y., Felstead, A. and Green, F. (2012). Teamwork, skill development and
employee welfare. British Journal of Industrial Relations, 50(1), pp.23-46

Hanaysha, J., & Tahir, P. R. (2016). Examining the Effects of Employee Empowerment,
Teamwork, and Employee Training on Job Satisfaction. Procedia-Social and
Behavioral Sciences, 219, 272-282.

20