Integrating Quality Management, Creativity and Innovation in Islamic Banks
 

Integrating Quality Management,
Creativity and Innovation in
Islamic Banks
by
Gillian Rice, Ph.D.
Thunderbird, The American Graduate Sc
hool of International Management
Email
riceg@t-bird.edu
And
Essam Mahmoud, Ph.D.
Independent Consultant
Email
essammah@hotmail.com
Paper prepared for presentation at th
e American Finance House - Lariba 8
th
Annual
International Conference, Pasadena, CA, June 16, 2001
© Gillian Rice and Essam Mahmoud. Work
ing draft. Please do not quote without
permission.
2
Integrating Quality Management,
Creativity and Innovation in
Islamic Banks
ABSTRACT
Islamic banking transactions and organizations
have been growing in the last decade in
response to increasing demand. Simultaneously,
however, Islamic banks face challenges
from non-Islamic institutions because of the mergers of several institutions, inter-
organizational collaboration, introduction
of new products and services, improved
services, and so on. Other contemporary ch
allenges include continuous environmental
change, the speed of change, the impact of th
e Internet and mobile
banking, and the need
for an international focus. To respond effectively to these challenges, Islamic financial
institutions need to establish management
systems that integrate quality management,
creativity, and innovation. This paper presen
ts a framework for such a management
system and discusses its implementation.