dc.description.abstract | This study concentrated on the challenges of strategy of strategy implementation at First
Community Bank (FCB). Most organizations fail not because they had a bad strategy but
how the strategy was executed. The process of strategy implementation faces many
challenges leading to most organizations failing to successfully implement their
strategies. The objective of this study is to establish the strategies implemented by FCB,
to determine the challenges encountered and to establish measures taken by FCB to deal
with the challenges. This was a case study and data was collected from senior staff of the
bank through an interview guide. The data obtained from the interview guide was
analyzed using qualitative analysis.
The study aimed at determining the challenges faced by First Community bank as a fully
fledged Islamic bank in Kenya. In doing so, the study identified the various strategies in
which the organization has put in place in order to remain competitive in an uncertain
market it is operating in consideration of the many challenges it is facing.
The findings of the study suggest that the organization had developed strategies which
were geared towards accomplishment of the organization objectives. The study
established that the bank has undertaken a series of strategies in aiming at fulfilling its
objectives in continuously responding to challenges encountered in implementing these
strategies. The organization has also realized that to achieve their objectives and also be
competitive enough, they need well equipped workforce. Toward this end, the bank has
continued training their staff in Islamic banking concept to be well equipped in
understanding the concepts in Islamic banking. The study is helpful to First community
Bank as they review both short and long-term strategies. The study should be of
importance to other commercial banks and financial institutions whose responsibilities
include strategy formulation and implementation.
The study revealed various challenges. The challenges ranged from lack of awareness of
the existence of the product, no much differentiation among the products within Islamic
banking, difficult in changing the perception of the customers, practitioners, and
regulators in understanding Islamic concepts, lack of proper infrastructure available in
location areas were banks operates, shortage of trained staff about Islamic banking and
staff not having adequate knowledge about Islamic banking. All these challenges were
overcome through proactive managerial interventions. Most of the recommendations
included in this report are not simply external prescriptions. This is because some were
proposed by interviewees in the course of data collection. If these are transformed into
action plans with proper time lines and performance measures, management could
positively transform the situation to a positive direction necessary for improving the
strategic management practice in the bank. | en |