Total Quality Management For Islamic Financial Institutions
Historically banks, Insurance companies and other financial institutions used to consider themselves as a part of finance industry rather than service industry. As a result, they tend to compete more on financial power rather than service quality. Organizational resources like people, time and systems were devoted more on managing assets and liabilities rather than managing customers and services. Off late, due to intense competition, the banks and other IFI’s are forced to focus more on customer satisfaction. The customers now enjoy more options and have easy access to information. In order to attract more customers the IFI’s are offering more and more services under one roof. This proliferation of services may backfire if the quality of service delivery is below standard.