Ethica Institute Logo
aaoifi-compliant-certified-label

Case Study: How Ethica Trains Entire Banks

Why Mashreq Bank Chose Ethica For Bank-Wide E-Learning

customer-Mashreqbank-logo-thumb.jpg

Mashreq's Challenges, Ethica's Solutions

How do we train hundreds of bankers across hundreds of branches?
Ethica offers Mashreq the most trusted 100% online training solution in Islamic finance.

How do we deliver training that conforms to the bank's Shariah standards?
Ethica offers Mashreq an e-learning solution conforming to AAOIFI, the most widely accepted Shariah standard in the world.

How do we make e-learning interesting?
Ethica delivers Mashreq with interactive case studies, practical exercises, and quizzes, keeping bankers engaged throughout.

How do we stop wasting money on face-to-face crash courses?
Ethica reduces Mashreq's per employee training cost by upto $3,000 per employee per year.

How do we stop wasting time trying to develop our own e-learning?
Ethica saves Mashreq over 20,000 man hours in training and development.

5 Reasons Why Mashreq Upgraded After Only 6 Months

  1. Return-on-Investment: Mashreq increases return on investment with knowledge process outsourcing (KPO) with a more motivated and knowledgeable workforce trained at a fraction of the cost.
  2. 100% Online: Mashreq's bankers are scattered in numerous locations, so they were excited that Ethica's e-learning solution, complete with training, testing, and certification, could be delivered 100% online.
  3. Flexibility: Mashreq enjoys the flexibility of Ethica's train-them-when-you-want approach.
  4. Standardized: Mashreq's bankers and scholars saw eye-to-eye on Ethica's AAOIFI-based standards, the most widely accepted Islamic finance standards in the world.
  5. Assessment Dashboard: Module tracking, user activity, quiz and examination assessment, and certification delivery. All handled without ever leaving Mashreq.

Ethica Empowers Mashreq's HR

Are you caught between using expensive external classroom trainers and trying to develop in-house e-learning solutions? Ethica is your solution to all Islamic finance knowledge process outsourcing (KPO) challenges. We take care of all your end-to-end training needs at a fraction of the cost of hiring external trainers or developing your own training material.

Ethica's e-learning allows you to:

  • Cost-effectively transfer maximum knowledge in minimum time
  • Use one solution for all your training needs
  • Rapidly deliver engaging, self-paced learning
  • Administer formal assessments and gauge the effectiveness of courses
  • Customize and manage all facets of online training
  • Leverage your existing infrastructure

"But My Manager Says..."

Do Ethica's Shariah standards conflict with our bank's Shariah standards?

  • We designed our training material to be detailed enough to be practical, and general enough to be useful to individual banks that have their own policies and practices. We follow internationally recognized standards already followed by the majority of the industry.

Does Ethica's training cannibalize HR functions? If everything is done on computers, what happens to internal trainers?

  • Internal trainers are indispensable to Ethica: conduct bank-wide, CIFE™ training online at Ethica; then deliver blended, high-level training face-to-face with HR and training professionals. Without internal trainers, "blended" training never happens. With Ethica, HR and training managers become even more important.

Won't we save money by developing our own training?

  • Knowledge process outsourcing, or KPO, is one of the fastest growing sectors of the banking industry because it saves banks money. At Ethica, training 500 staff costs $395 per trainee per year; and training 1,000 staff costs $235 per trainee per year.

"We upgraded to twice as many users after only 6 months with Ethica. We foresee unlimited opportunities for learning and growth with Ethica. Their e-learning solution combines the three things that we were looking for: scalability, quality, and industry Shariah standards. Ethica provided us with the flexibility to train as many or as few bankers as we wanted throughout the year."

 

Moinuddin Malim

CEO, Mashreq Al Islami

"With Ethica we are able to impart the basic understanding of Islamic banking to our bankers in just 4 months with a certification examination to prove their learning. Ethica now makes my job easy: weekly reports, quiz and exam scores, and 24/7 tracking. All at my desk."

 

Sameera Khan

Learning and Development Consultant, Mashreq Bank

"Rapid e-learning is the wave of the future. Ethica's e-learning brings engaging content and appealing design."

 

Yuvakumar Ramchander

Head, Mashreq Learning Systems, Mashreq Bank

"My favorite part of the day is learning Islamic finance online with Ethica Institute.™"

 

 

Mashreq Banker

"Finally, AAOIFI based industry training at my desk!"

 

 

Mashreq Banker

"The case studies, quizzes, diagrams, and overall design really keep me engaged. And because training videos come in 20 minute chunks, I can fit training into my schedule any time I want."

 

 

Mashreq Banker

Ethica's Dashboard: Empowering Managers

  1. Weekly snapshots for quick previews
  2. Drill-down reports for detailed tracking
  3. Schedule CIFE™ examinations for controlled testing and monitoring
  4. CIFE™ examination reports
  5. Advanced search (including user, training module and/or date range)
  6. WYSIWYG: What you see on the screen is what you 'Print' or 'Save as Excel'

A Day at Mashreq Bank

8:58 AM
Meeting with capital markets team to discuss Sukuk strategy for the week

10:49 AM
At EthicaInstitute.com reviewing Sukuk Case Study 'Nakheel Development Sukuk And Aldar Properties Sukuk'

1:34 PM
At Emirates Towers - Lunch with Legal Counsel to discuss Ijarah Sukuk documentation

4:01 PM
At EthicaInstitute.com - Spend 20 minutes going through Ijarah documentation module; Score 95% on the Quiz

4:33 PM
Updating senior management on Sukuk structuring progress

6:07 PM
On my Blackberry reading Q&As on Sukuk at EthicaInstitute.com

The Case For E-Learning: Less Cost, More Learning

  1. Travel costs = zero
    In tough times, employee travel gets slashed first. And not just air travel, but also time spent travelling locally to training centers. Dow Chemical reduced average spending of $95 per learner per course on classroom training to only $11 per learner per course with e-learning, saving them $34 million.
  2. Marginal cost of delivery = zero
    The cost of e-learning is all in the production. There's no marginal cost of delivery - rolling out e-learning to 100 or 10,000 learners costs the same. No classrooms, no additional trainer costs, no lunches, and no binders.
  3. Management and HR have more visibility on learning
    With e-learning tracking and assessment, you have total visibility on what your learners are doing. When, where, and how often they access the training, how well they score, and how quickly they get certified...all easily measurable for maximum ROI.
  4. Learner time is better spent
    E-learning is generally shorter than classroom training on the same subject by up to 25-60% (Brandon Hall, Rosenberg 2001). Time is compressed in e-learning, since you do not have the logistics that come with classroom instruction: welcomes, introductions, delivery, and breaks. Since the biggest cost of any training is learner time spent in training, this makes a big difference to the bottom line. Ernst & Young cut training costs 35% while improving consistency and scalability by condensing 2,900 hours of classroom training into 1400 hours of blended e-learning.
  5. It gives learners more control
    E-learning is accessed on demand, giving your learners control over their time. Learners can access the material on the move or from home so can use down time productively. Repeating and reviewing complex material can be better accomplished with the click of a button rather than scheduling meetings and conference calls with live instructors, which may or may not even happen.
    (Source: Kineo 2008)

 

I Want My First 7 CIFE™ Lessons Absolutely Free!

Please enter your first name and email address to start receiving your CIFE™ lessons instantly!



We value your privacy. We will never rent, sell, or spam email addresses.

 

JOIN A LIVE WEBINAR

to learn the latest in the industry

Upcoming Webinar:

Riba (Interest) and its Dust, How to Start Up a Company in the Islamic Finance Sector




close

 

Mashreq Bank Adib Bank Noor Islamic Bank Amal RakBank Al Hilal Bank NBK Capital