Monzer KahfWhile it is neither morally wrong nor against the principle of profit
maximization that a bank should offer its big clients special services that
correspond to the level of profit it makes from dealing with them and their
financial transactions, experiences have shown that banks that are able to
improve the services they offer to medium depositors and small traders can
still make huge profits through economies of scale. Clearly a bank can offer
improved services to all clients in addition to the higher segment of clients by
offering all of them an enjoyable banking practice. This can be achieved
through the following means:
Personalizing the banking services: by that we mean making banking
services individually tailored to every client such that he feels a personal link
with the bank he deals with.
Raising the professional level of employees who deal directly with clients
such that they can offer professional services quickly and efficiently and gain
the client’s confidence.
Strong concern in the investment department to realize for investors -
depositors or shareholder- a rate of profit higher than other banks that
operate in the same market serviced by the bank, especially other competing
Islamic banks.
Improving the working environment and making it comfortable and
enthusiastic for the bank employees.
Providing social services that are noticeable by the segment of the society
from which the bank derives its clientele and staff. The word “noticeable”
should be underlined because the objective behind services to the social
environment is to raise profit and as such the choice of the type of social
services has an impact on its returns. For instance, it may be better for a bank
to award a scholarships of Dinars 1,000 each to 10 school graduates in a
public ceremony that will be talked about by people than quietly awarding a
single scholarship of Dinars 10,000 to the best student.
Finally, raising the quality of banking services may depend on
improvement of three elements: professionalism, knowledge of clients and
establishing personal rapports with them. Correct banking professionalism is
the first point of departure for creating confidence in the bank and its
employees. Improving professionalism, therefore, centres around improving
the bank employees’ knowledge and perfection of their jobs, It also focuses
on the staff's ability to carry out a client’s needs quickly, efficiently and
accurately, which would generate a great deal of confidence in the mind of
clients regarding the bank and its employees., The knowledge of clients is