The Theory and Practice of Islamic Management Style: The Experience of Bank Muamalat Indonesia

A distinctive  Islamic management style  is a very new discourse  that needs to be developed much  further.  Islamic  values  are  the main  fuel on which to  run  the distinctively  Islamic  management  style,  and  the  individuals, who  constitute  the  smallest  units  in  the  organization, need  to  internalize and actualize  those values. Only  then can  those values be  reflected within organizational structure and operation, which  then enables the individual to achieve the same Islamic values, gradually establishing a virtuous circle. The ZIKR-PIKR-MIKR  procedures  as  currently  implemented  in PT Bank Muamalat  Indonesia Tbk, clearly does enable  staff  to  realize personal and collective objectives without compromising ethical principles.

The  approach  of  ZIKR-PIKR-MIKR  does  perhaps  bring  us  nearer to  the  ideal  Islamic  management  style.  However,  in  the  very  dynamic conditions  of  the modern  economic  system,  the  approach would  benefit from  enrichment  by  the  theory  of  learning  organization, which will  lead individuals working in an organization to maintain learning and enhancing their capabilities within dynamic environment. Only  flexible and adaptive individuals, consecutively, will cope effectively with the challenges, and only their success in doing so can ensure the survival of the organization. 

M. Luthfi Hamidi

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