Strategic Management from an Islamic Perspective

Which of the following statements is incorrect regarding the word ‘strategy’:

• Strategy comes from the Latin word strategia which means art of troop leader or general

• Strategy can be defined as a high-level plan to achieve one or more goals under conditions of uncertainty

• There are 3 levels of strategy: Corporate strategy level, Business strategy level and Functional strategy level

• Strategy is identical with planning

From the different strategy types below, which one involves analyzing data, identifying trends, and taking them to their logical conclusion, and is a favorite among management consultants?

• Visionary strategy

• Extrapolation strategy

• Reactionary strategy

• Emergent strategy

Which of the follow statements regarding efficiency and effectiveness is correct?

• Efficiency is about doing the right things

• Effectiveness is about doing things right

• Effectiveness is about getting the most output for the least inputs

• Efficiency is related to resource usage that is low in waste

When a manager is expected to handle unexpected events and crises, he is playing the role as a:

• Disturbance handler

• Disseminator

• Figurehead

• Resource allocator

Which of the below are the chronological order of stages of strategic management:

• Strategy formulation, strategy implementation and strategy evaluation

• Strategy formulation, strategy evaluation and strategy implementation

• Strategy implementation, strategy evaluation, and strategy formulation

• Strategy implementation strategy formulation, and strategy evaluation

Which of the following is not included in usul al fiqh (principles of Islamic jurisprudence) as a source of Shari’ah

• The Quran

• The Sunnah

• Ijma’ or consensus among Muslim jurists

• History

In the Battle of Badr of one of the lessons that can be taken and applied as an important business strategy lesson is:

• The importance of strategic innovation

• The importance of environmental analysis

• The importance of speed

• The importance of having a succession plan

Which prophet best exemplifies the importance of management during a crisis:

• Musa AS

• Ibrahim AS

• Luth AS

• Yusuf AS

Which of the following is not included as one of the cultures of the Prophet Muhammad SAW and his companions?

• Musyawarah and participation in dialogue

• Cost and time efficiency

• Achievement of justice

• All of the options provided are included as the culture of Prophet SAW

An Islamic financial institution that emphasizes on excessively marketing their loan-based products to the general public in order for people to take on more debt for consumption purposes is a failure of upholding which objective of Shari’ah?

• Educating the ummah

• Achieving justice

• Achievement of social welfare

• There is no issue with excessively marketing loan-based products in Islamic finance