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The case discusses Islamic Banking Principles and Products (Banking), Business Strategy for Niche Markets (Strategic Management) and Segmentation and Marketing Strategy (Marketing Management).

Undergraduate Graduate Training – Executives at junior level.

This case is about the dilemma faced by Azhar Mehmud, a newly recruited Marketing Manager, Islamic Products (MMIP) in Bank Islam on six-month probation. Prior to Bank Islam, Azhar had an MBA degree from the UK and about 15 years of experience of business development in a multi-national bank in Indonesia. Looking at his experience, he was awarded to promote Islamic banking (IB) products in Malaysia where the competition was very intense. After his interactions with customers for about six to seven months, he prepared a report for his boss, General Manager, Consumer Banking (GMCB). In this report, he had summarized the challenges of marketing IB products in a market meant for conventional banking. When he presented the report to GMCB, he met with unfavorable reactions. GMCB was not convinced that IB products had any competition from conventional banking. He gave Azhar one additional month to either revise his thinking or quit the organization.

The expected learning outcomes are as follows: to enhance the awareness of IB products, principles and differences from the conventional banking products; to introduce the concept of business strategies for niche markets; to make students realize the importance of segmentation in view of niche market like IB.

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Islamic Banking has been in the limelight since the recession of 2008. Although around for a long time, it is enjoying a renaissance of sorts. This case provides an introduction.

EMBA and/or MBA introduction to banking, senior semester undergraduate, specialization in Islamic Banking.

This case is written in the form of an interview with Meezan Bank, one of the leading financial institutions in the Islamic banking sector. It is based on primary as well as secondary data obtained via interviews and documentary analysis.

This is an analytical case and not a decision-making one. The main theme of the case revolves around analysing what Islamic banking is, the challenges that Meezan has faced, the pros and cons of doing business this way and the future issues it can face.

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CSS 7: Management Science.

This case serves as a useful backdrop for discussing a few important conceptual frameworks in the field of finance. The dilemmas are still evolving for Sharīʿah-compliant asset management company (AMC); i.e. Al Meezan, and may seem complex to the students – particularly in the Pakistan’s financial structure – but framing the discussion from a market perspective ought to help the students of finance.

This case study focuses on Al Meezan Investment Management Limited (Al Meezan) journey since inception. Al Meezan is a full-fledged Sharīʿah-compliant AMC and one of the major players in the mutual funds industry of Pakistan. Al Meezan offers a comprehensive range of Sharīʿah-compliant investment solutions especially designed to meet the financial goals of their existing and potential clients. The case study covers all the key events before the inception of Al Meezan, from late 1990s till March 2020. The case is based on interview with chief executive officer (CEO) (the protagonist) of Al Meezan. The case also covers various challenges faced by Mohammad Shoaib, CEO and his senior team, to make Al Meezan a vibrant institution offering Islamic financial services.

This case is aimed at undergraduate students in their final year (i.e. taking electives in the field of Finance/Islamic Finance) or graduate students majoring in Finance/Islamic Finance.

Teaching notes are available for educators only.

CSS1: Accounting and Finance.

The learning outcomes are as follows: Students/participants can understand the type of financial fraud pertaining to the case; Students/participants can analyse the case using the fraud triangle perspective; students/participants can describe detection/anticipation strategies to prevent such acts from taking place in the future; students/participants can evaluate the case using the ethical decision-making framework; and students/participants can comprehend the importance of financial literacy when investing, especially in this digital era.

This case discusses the investment funds mismanagement accusations addressed to PT Jouska Finansial Indonesia (Jouska). Jouska is a financial planner business that was immensely popular among Indonesian young investors. It actively posted interesting content on its social media accounts, gaining attention from the millennial and Gen Z generations. However, in 2020, many of its clients reported and filed complaints that their portfolio values decreased significantly because of Jouska’s decision to invest their funds in low-quality stocks. Jouska was also alleged to violate its role as a financial planner by being able to perform several activities that fell under the authority of investment managers. This case attracted the attention of authorities so that the Investment Alert Task Force (SWI) stopped Jouska’s operational activities and initiated an investigation into the case. SWI also blocked Jouska’s websites, applications and social media accounts, in cooperation with the Ministry of Communication and Information. Despite settlement agreements that Jouska claimed had been offered to several clients, at the end of 2020 some of its clients and former clients filed a formal lawsuit. As of January 2021, several alleged criminal actions attributed to Jouska were still under investigation, comprised of money laundering, clients’ funds embezzlement, fraud, and insider trading. In October 2021, Aakar’s status was a suspect in the allegations. This case is another example of investment misconduct or fraud; to put it another way, it is the effect. It is expected that the participants can deliberate other perspectives during the discussion that could be the cause of such a case, hence viewing it holistically.

Undergraduate level.

Teaching notes are available for educators only.

CSS 1: Accounting and Finance.

The case presents a lot of information, directly and via references and Web-based links, about the economic consequences of the virus. Several themes are evident: As an opening theory-base, the decades-long stakeholder versus shareholder debate is invoked – but does this extend beyond “stakeholders” to the “public good”? There are contexts (generally wars) in which governments are empowered to instruct private companies to engage in the public good – but how far should/must they voluntarily go? The underlying macro-economic issue is: where will we get the capital? Central banks have not recovered from the 2008 global financial crisis and have limited “ammunition” to address the anticipated economic problems introduced by the virus. The case presents data on selected financial metrics (interest rates, debt levels, risk pricing, etc.) and outlines the conventional stimulatory steps used: lowering short-term rates (monetary policy) and investment in assets (fiscal policy) and the less-conventional Quantitative Easing “QE”.

The coronavirus appears to herald a devastating blow to lives and to the world economy – its impact is yet unknown, but likely to be comparable to war and pestilence of biblical proportion. This case focuses on the possible economic trajectories as a consequence of the virus, with emphasis on bailing-out (restructuring) struggling companies and restoring jobs. Within the framework of a world desperately in need of capital, it raises questions about accountability and responsibility. Should retrenched workers in restaurants, banks and airlines feel the consequences of their poor career choices? Must shareholders (read pensioners) shoulder losses to support the public good? Ought governments bail-out whole industries – using tax-payer money? Or do we allow central banks to conjure-up billions and hope for the best? The case does not attempt to provide answers to these questions but presents several vignettes and offers a context in which participants can debate the merits of these problems.

MBA and Exec-ed.

Teaching Notes are available for educators only.

CSS: 1 Accounting and Finance.

Amongst others, these are that students should be able to: identify key components of corporate entrepreneurship; assess the role of technology innovation in terms of creating a competitive advantage; appreciate how an entrepreneurial orientation is related to innovation and growth; and make an informed decision regarding key success factors in influencing growth and sustainability.

TymeBank became the first fully branchless, digital bank in South Africa when it launched in February 2019. Since then, the bank’s customer base had grown beyond expectation, but the market had also become more competitive, as new digital banks opened for business and traditional banks expanded their range of digital offerings. The case situates the chief executive officer, Tauriq Keeran, in November 2019, considering how whether the bank was doing enough to grow, in the face of this competition.

Master’s level business students, as well as entrepreneurship, innovation and digital business at both undergraduate and postgraduate level.

Teaching Notes are available for educators only.

CSS 3: Entrepreneurship.

The learning objectives of this case include:

▪ Outline the brand repositioning approaches that Equity Bank used in its various stages of growth.

▪ Identify the impact of Equity’s brand repositioning in supporting its growth.

▪ Develop a brand repositioning framework for Equity bank as a fintech.

▪ Identify the theoretical frameworks that informed Equity’s brand repositioning during the various growth stages.

▪ Suggest a theoretical framework that would help Equity to reposition the new brand in the market.

In March 2020, the Government of Kenya declared a lockdown to slow down the spread of the Covid-19 pandemic. The lockdown of entire economic sectors put pressure on the adoption of technology to deliver services such as education, training and financial services. Banks had to innovate ways of supporting customers transactions with minimal physical and cash contact. Equity Bank had been implementing a digital banking strategy which had demonstrated successful adoption. Covid-19 accelerated the adoption and usage of Equity Bank’s digital banking by consumers. The bank found itself in a new territory competing fiercely with new and more agile fintechs. Consequently, Dr James Mwangi, the Group Managing Director and CEO of Equity Group, was contemplating the possibility of bringing forward the bank's strategic intention of repositioning as a fintech. He was convinced that such a move would bring massive success to the bank’s digital banking strategy, achieve enhanced efficiency, improve customer experience and attract a new segment of digital-savvy customers. But he needed to carry the Board, his management team and customers along in this repositioning strategy without sacrificing the gains made in the consumers' minds about Equity's brand as a bank.

This case can be taught to graduate-level students of marketing courses. It can also be taught to participants of executive education undertaking short courses in in business management and entrepreneurship.

Teaching notes are available for educators only.

CSS 8: Marketing.

The case study uses a strategic foresight method, scenario-planning, to examine the strategic options for a financial services firm. As such, it covers the fields of strategy, environment of business, innovation, digital disruption and organizational change as they relate to the firm’s ability to adapt to changes in the environment of business in an emerging market context.

The case was developed with master's-level students in mind, particularly those seeking a master of business administration, masters in strategic foresight or related management degrees.

The case of NEDBANK, a longstanding and successful financial services firm based in South Africa is confronted with major challenges from competitors because of technological change in the industry as well as having to expand their market penetration across Africa. A rising regulatory burden, tough economic conditions and the need to access low income markets, provide a significant organizational development challenge as a decades-old bank, known for a relational approach to banking, has to navigate the new domains of “fintech”, micro-lending and public sector banking.

Students will gain comprehensive insight into the industry environment in emerging markets, understand the strategic management challenge before financial services firms in this environment and be able to consider the alternative strategic interventions that may be used to ensure corporate sustainability amid these challenges. Simultaneously, the case provides a comprehensive view into the use and application of scenario-planning for strategic management.

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CSS: 11: Strategy

To understand the challenges of building a successful business in an emerging market like Yola, Nigeria. To understand the role of micro-finance banks in doing business in Yola, Nigeria. To comprehend strategies adopted in market segmentation and sales of products or services to the customer. To apprehend strategies adopted to sustain and compete in Nigeria – both rural and urban.

Standard Microfinance Bank Limited (SMFB) was a private micro-finance bank situated at Yola, Adamawa State of Nigeria. It initially started as a community bank in 1992 to provide loans to individuals and small business owners in Adamawa. It started with the services of payment service and savings account with a limited lending capacity. It had become a full-fledged retail bank and was grown to 13 branches across Nigeria. It planned for expansion such as market development, product development and diversification by the year 2020. It had a customer base of 60,000 till the end of December 2018. Vazheparambil Mani Francis was the Chief Executive Officer (CEO) of the SMFB. The SMFB faced challenges such as operating the remote villages, lack of financial literacy among people, recovery of the loan amount, submission of false credentials and change of customer identity after loan by their customer. It was not going to be an easy task for him to operate the business of SMFB in Nigeria. However, in December 2018, Francis was facing a dilemma about the future success of SMFB business in Nigeria by looking into the challenges and complexities of business. Francis was determined to figure out the appropriate growth strategy for managing the challenges.

Undergraduate and graduate early-stage program.

Teaching notes are available for educators only.

CSS 11: Strategy.

Ben Chang, the CEO of a small credit union, Neighbourhood Credit Union (Neighbourhood), located in Atlantic Canada was evaluating a possible merger with another larger credit union, Pleasantview Credit Union (Pleasantview). Chang and Neighbourhood’s Board of Directors (Board) were interested in a merger that would enhance member benefits via improved technology, innovative delivery channels and a more robust financial planning and wealth management capability. Chang, along with a team of experts, was methodical in seeking out interested credit unions. Pleasantview emerged as a strong candidate from the expression of interest stage. The initial due diligence review was complete, the memorandum of understanding signed and a working group comprised of members from both credit unions formed. Chang, however, was becoming increasingly concerned about the lack of strategic fit between Neighbourhood and Pleasantview. In conversation with the consultant hired to assist with the merger process, Chang was considering recommending to the Board that the merger process with Pleasantview be halted. It was January 2015 and Chang was set to retire in May. Before he retired he wanted a plan in place that ensured increased member benefits, as well one that balanced growth and sustainability for Neighbourhood. Chang was scheduled to meet with the Board in four days. He needed a recommendation that would address the current merger situation, as well as provide other options for Neighbourhood.

This case is based upon primary and secondary data collection. Formal and follow-up informal interviews were conducted in 2015 with the CEO and “merger” consultant at Neighbourhood Credit Union. Organisational documents and publicly available documents were also consulted. To ensure the confidentiality terms of the merger discussions, the case is disguised with respect to the name and location of the credit unions, the names of the CEO and consultant, as well as the financials. The timeline, process followed, key decision and opinions of the CEO and merger consultant as presented in the case are real.

This case is formulated for university undergraduate students in their third or fourth years of study and graduate students. It is appropriate for strategic management and co-operative/not-for-profit management classes intended for a 60–75 min class session.