The importance of Islamic Excellence Model in today’s world is highly visible. The international financial crisis coupled with ecological threats stimulates high interest not only in providing governance but also in developing and implementing different economic approaches. When businesses face with crisis, people start estimating and judging the current economic models and approaches they have been using. They value corporate social responsibility less and take it as a peripheral activity they do everything for the investor and keep about less than 1% for the society, all they need and value is money.
Because of this crisis conscious capitalism is developing in people, they are talking about for-benefit organizations and Islamic economics is being considered as the avenues for sustainable success, they are talking about value-driven organizations and effective corporate governance for corruption control and how value driven organizations have been outperforming their competitors. Islamic Economics is limited to Islamic finance and Islamic financial institutions are not necessarily for-benefit organizations.
Islamic Economic System Being a value based system, may relate to value-driven organizations and the increasingly popular conscious capitalism, and for-benefit organizations. Over the period many Islamic governance standards have been set, but, most of them are only focused on Islamic Financial Institutions (IFIs) and are hardly used/ deployed in the industry.
Chamber of commerce in Sharjah developed an Excellence based Islamic model. For any model to be build it is important to have some guiding concepts on which you can base the model. The one build by Sharjah is based on 5 key principles: (i) We have to have Nobel means by translating values into actions. (ii) We need to have Nobel ends, a sustaining outstanding benefit for all stakeholders. (iii) We must have Islamic governance; it will give us the insurance that we are within the Islamic boundaries (iv) Creativity and Innovation which is common for all excellence models without it attaining excellence is not possible (v) We need to have quality assurance in order to ensure that we get same quality no matter who gives is the service or make the product.
In order to asses this model we have to measure it on the scale of alignment, application, credibility and impact (AACI). Scores will be given based on the level of evidence provided; the scale ranges form no evidence to complete evidence.
The Different Excellence Models (Left top: European, Left Down: American, Right Top: Saudi)
The European Excellence models are based on some basic concepts:
Adding values for customers and creating sustainable future
Developing organizational capabilities and doing management by fact and managing for innovation
Valuing workforce members and partners, focusing on future, results and creating value
Sustaining outstanding results and developing organizational capabilities
Leading with vision, inspiration and integrity and sustaining through the talent of people.
For the Bal ridge model (the American model) the fundamental values and concepts are:
Visionary leadership and customer-driven excellence
Organizational and personal learning and valuing workforce members and partners.
Managing for innovation and managing by fact
Societal responsibility and focus on result and creating value.
Using these models, we can disseminate the information of for- benefit organizations, Islamic economics and continuous capitalism. These excellence models can help in this era where we have suffered a lot from economic crisis already.