Quantities reasoning demand that the leadership comes critically thought results that show comprehension and understanding of the working environment (Linda, 2012). The rationale to issue the customers of Inma Bank with debit cards instead of credit cards was informed by the wisdom that the debit cards have the potential to give the bank good returns in comparison to the ATMS. For a bank that is out to make profit this would have been a noble idea, and it has worked in many other areas, this however had to conform to the culture and the beliefs of the people whom were expected to use it. If this reasoning was properly applied, it calls for extensive research and understanding of what the society is like and the values they hold before deciding to introduce a product to them. Inma bank made the blunder of overlooking some of the traditional and historical beliefs concerning interest and profit.
Muslin faith and the Saudi culture have no difference; they live by the teachings that have a great control when it comes to financial matters. The idea of introducing to the Saudis debit cards, instead of the ATMs was bound to go against the Muslim faith, which is the most dominant with entire country professing to that faith. The use of Debit cards failed to pick as Inma Bank had projected because in their culture, they do not believe in lending at an interest. The use Debit Cards instead of ATM cards in Saudi Arabia was faced with bleakness as according to their culture, it is against good human practices to advance any amount or an item and charge it later at a higher amount. The functioning of a Debit Card allows a holder to load money into their card; they are able to make purchases, which can go beyond the limit that one holds in the account (Michelle, 2007). This creates an over draft and since this overdraft will have to be repaid at an interest, and the environment in the country is against such a thing. This was bound to bring very high rates of defaulters especially amongst Muslims who happen to be almost the entire population. There has never been a facility offering advance credit at an interest in the country, the population has never had a consideration of such a provision, and hence it was abused. In case one uses a debit card and they go over the limit, or one exceeds the available balance many at times the card will come with a penalty, this is another issue that Inma Bank had over looked. Penalizing a customer by taking some of their cash, and it is the bank that has brought such a provision was bound to raise serious issues amongst a community that was not used to such practices before.
Debit, ATM Cards Comparison
The use of debit card contrary to the ATM card, which has a limit that can be spent in a day and it, only uses the available balance in the account. The ATM holder also feels that they have control over the spending of the money in the account and hence it is more acceptable. The debit card also attracts an interest that is surcharged later for its use at a certain profit (Martin (2010). This is the clause that went against what the Imam Bank did; in the management’s thinking, they can use Debt Cards instead of ATM cards to increase their profit margin. From a financial point, the idea was worthwhile had it been introduced in other countries that are non-Muslim and have provisions for profit making. The debit card is also susceptible to fraud, there are high rates of these incidents where skimmers are able to steal the pin numbers and clean the customer’s accounts. The worst part is that the bank was not liable in case of any losses; the customer will have to bear any losses incurred. This was another issue that the Inma Bank had failed to consider, since the card transactions are sanctioned by the bank the customers expect it to be liable for any loses that are occasioned by its use. If one was to lose money in fraud while using an ATM card, the banks takes responsibilities and they indemnify the customer against the loss. The bank failed to consider that the laws of the land could not support them if they were to attempt to recover any money from defaulters. The systems had no provision for anyone lending at an interest, so anyone who would be claiming money that was advanced that way would be a farfetched idea.
The Saudi Arabian bank consumers are conservative lot, the society remains largely unchanged in many aspects of life. They still hold strongly to the teachings of their religion, which happens to come up with the issue of interest and profit making. Inma bank ought to have had a survey that could have revealed the kind of environment they were working in since different areas have their peculiarity. This could have informed the decision on the kind of ventures they are to make in different countries. The question of whether to introduce debit cards or stick to the conventional ATMs would have been informed by the community beliefs. Inma bank could have used quantative reasoning to deduce all the information needed about a certain market.
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