The impact of information system on general banking and foreign exchange a case for Al Arafah Islami Bank

Abstract

Management information system utilizes and effectively maintains information technology to improve business decision-making processes and obtain a competitive edge in the marketplace. Management Information System (MIS), as defined by the World Bank, is a system that aids management in formulating, carrying out, and managing decisions. A program monitoring system effectively functions as a management information system that gives management information for decision-making. MIS has typically been seen by its practitioners as just having a supporting role, however, has recently changed from its traditional role as an application of backroom support to one offering opportunities for significantly increasing competitive advantage as a result of a significant decline in the cost of information technology (IT) and significantly improved speed and power of computers. It is being seen as having the potential to change fundamental organizational philosophies, refocus business strategy, and restructure industry structure. Recently, firms have become more conscious of the potential of IT and the use of MIS to fully realize that potential. There is little doubt that numerous prosperous local financial institutions have shown how effective information systems and technologies can be as a tool for competition that can be used for increase market share, enhance customer service, lower operational costs, and develop new goods and services.