First Security Islami Bank Internship Report
First Security Islami Bank Internship Report
First Security Islami Bank Internship Report
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• To show the differences with conventional banking regarding different aspects.
• To identify strength and weakness of FSIBL.
• To find problems or lacking that FSIBL is facing.
• To recommend actions that may be necessary to redesign the investments of FSIBL
1.3 Methodology
In order to carry out the report, we have collected the required data from both primary and
secondary sources. We focused on taking the interviews of the personnel involved in the
different departments, Manager and Senior Level Employees, Business Clients and Account
Holders. After collecting information the data were used to analyze information, Graphical
tools were used to get clear picture of the situation.
Secondary sources of data: Manuals provided by Islami Bank Training & Research
Academy, Published financial statement & Website of First Security Islami bank Bangladesh
Limited.
Analytical Review:
• PEST Analysis
• SWOT Analysis
• Graphical Analysis
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1.4 Scope of the Study
Islami Bank is the pioneer of welfare driven economy and promoter of balanced growth in a
country like Bangladesh which has a poverty stricken contemporary economic background.
To address the ongoing condition of IB and their bright prospects is a vital issue to be
explored.
1.5 Limitations
During preparing this report I have faced these following limitations:
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Interest-based banking, which is considered a practice of Riba in financial transactions, is
unanimously identified as anti-Islamic. That means all transactions made under conventional
banking are unlawful according to Islamic Shari’ah. Thus, the emergence of Islamic banking
is clearly intended to provide for Shari’ah approved financial transactions.
Islamic Banking for Development:
Islamic banking is claimed to be more development- oriented than its conventional
counterpart. The concept of profit sharing is a built-in development promoter since it
establishes a direct relationship between the bank’s return on investment and the successful
operation of the business by the entrepreneurs.
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An effective legal framework ensuring speedy justice is essential for a good society, it is
more so for the success of Islamic banking, because its investment risk is more than that
of a conventional interest-based bank as its dealings are on profit and loss basis.
• Disciplined Entrepreneurship:
It would minimize cases of malfeasance and mismanagement. Besides, a banker must
extend from being merely a financier to a role-player in business. Although a Murabaha
transaction in Islamic banking does provide an opportunity to a banker to share in
business, the Islamic banks generally limit themselves to being inactive partners for their
credit risk only. The real entrepreneurial role of an Islamic bank needs, therefore, to be
increased.
• Conceptual Change from Credit Risk to Overall Risk Management:
While it is difficult to predict, with any degree of certainty, the operating results of an
enterprise and the magnitudes of profit and loss, all the same, it seems unjust if the party
providing the capital is guaranteed a fixed and predetermined rate of return, and the other
party undertaking the enterprise is made to bear the uncertainty alone. Under the
circumstances, an Islamic banker has not only to focus on credit risk but also to view all
the business risks of the enterprises in which he has invested the bank money.
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Islamic Fiqh Academy at Jeddah, Saudi Arabia under the auspices of the Organization of
Islamic Conference (OIC) but its role has to be augmented.
• Uniform Accounting Standards:
There is need for harmonization of financial reporting of Islamic banks in respect,
particularly, of the following;
The significant accounting policies on which the statements are based should be
fully and clearly declared,
The methods of translating foreign currency transactions would be appropriately
disclosed,
Appropriate and sufficient disclosures regarding the quality of banks assets is of
much concern to the depositors,
Additional disclosure of the nature of the financial contingencies and commitments
of the banks in their financial statements.
• Committed Management:
If the management of a bank is determined to step into the business of Islamic banking, it
can easily evolve a strategy for the same, formulate a plan for a specific time - frame and
implement it accordingly.
• Progressive and Modern outlook:
In order to ensure successful management in Islamic banks, there is need to apply all the
available modern tools of managing corporate business, including management of human
assets, offices, information resources, marketing etc.
• Body to Evaluate Islamic Financial Institutions:
In order to ensure quality and standard in management of Islamic financial institutions
and to build confidence of the general public in Islamic banking, there is need to establish
some professional body responsible to define professional standards and ethics and other
aspects of Islamic financial institutions. It may also certify the level of financial health of
such institutions.
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Islamic banks believe in participatory financing. They do the investment through profit &
loss sharing. Their investment modes depend on mudaraba & murabaha principles which
require participatory financing of both the parties.
Islamic Banking has experienced a phenomenal growth and expansion in Bangladesh in the
backdrop of strong public demand and support for the system along with its gradually
increasing popularity across the world. As a result, a number of full-fledged Islamic Banks
has been established, while a good number of conventional banks have come forward to offer
services compliant with Islamic Shari’ah through opening of Islamic branches along with
conventional ones. There is also a trend of conversion of conventional banks into Islamic
bank.
It has, therefore, become necessary to ensure that activities of the fast growing Islamic Banks
are carried out properly and uniformly according to the principles of Islamic Shari’ah. With
this end in view, Bangladesh Bank constituted a Focus group comprising representatives of
the central Bank, a number of Islamic Banks and the Central Shari’ah Board for Islamic
Banks of Bangladesh to formulate an integrated guideline for conducting banking business of
the Islamic Bank/Islamic bank branches of conventional banks. Based on the
recommendations of the Focus group this guideline embodying different terminologies used
in Islamic Banking operations, definitions of the terminologies, the principles and modes of
deposits and investments has been prepared. It also dwelt upon the issues of liquidity,
maintenance of books of accounts and preparation of financial statements and other related
issues. This guideline has been prepared mainly on the basis of Banking Companies Act
1991, Companies Act 1994 and Prudential Regulations of Bangladesh Bank. However, this
guideline should be treated as supplementary, not a substitute, to the existing banking laws,
rules and regulations. Incase of any point not covered under this Guideline as also in case of
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any contradiction, the instructions issued under the Banking Companies Act and Companies
Act will prevail.
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• "Compensation" means such financial penalty as is imposed by a Islamic Banking
Company over and above the amount of installment when a client fails to repay Bank's
investment on due dates as per the agreement executed by him
Bangladesh is one of the largest Muslim countries in the world. The people of this country
are deeply committed to Islamic way of life as enshrined in the Holy Qur’an and the Sunnah.
Naturally it remains a deep cry in their hearts to direct and design their economic lives in
accordance with the precepts of Islam. The establishment and commencement of Islamic
banks in Bangladesh, is the true reflection of this inner urge of its people.
In our banking sector there operates 7 banks which are backed by Islamic Shari’ah and
approved principles according to Quran and Sunnah. First Islamic bank is FSIBL which is
established in 1983. This was in fact the one of a kind bank in the Southeast Asia. Other
players in the market are:
• EXIM Bank
• SJBL
• First Security Islami Bank Ltd
• Al-Arafah Islami Bank Ltd
• Social Islami bank Ltd
• ICB Islamic Bank
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CAMELSRating Status of Islamic Banks Operating in Bangladesh
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Chapter Two
About the Organization
2.1 First Security Islami Bank Bangladesh Limited
The establishment of First Security Islamic Bank Bangladesh Limited, is the true reflection of
this inner urge of its people, which started functioning with effect from March 30, 1983. This
Bank is the first of its kind in Southeast Asia. It is committed to conduct all banking and
investment activities on the basis of interest-free profit-loss sharing system. With the active
co-operation and participation of Islamic Development Bank (IDB) and some other Islamic
banks, financial institutions, government bodies and eminent personalities of the Middle East
and the Gulf countries, Islamic Bank Islamic Bank Bangladesh Limited has by now earned
the unique position of a leading private commercial bank in Bangladesh.
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2.2 VISION OF FSIBL
The vision of First Security Islami Bank Bangladesh limited is to strive to achieve superior
financial performance be considered a leading Islamic bank by reputation and performance.
• To establish and maintain the modern banking techniques
• To ensure the soundness and development of the financial system based on Islamic
principles and to become the strong and efficient organization with highly motivated
professionals, working for the benefit of people, based upon
• Accountability, transparency and integrity in order to ensure stability of financial
systems.
• Encourage savings in the form of direct investment.
• To encourage investment particularly in projects which are more likely to lead higher
employment
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2.4 Special features of
The bank is committed to run all its activities as per Islamic Shariah. FSIBL through its
steady progress and continuous success has earned the reputation of being one of the leading
Private Sector Banks’ of the country. The distinguishing features of FSIBL are as follows:
• All activities are conducted on interest-free banking system in accordance with
Islamic Shari’ah.
• Investment is made through different modes permitted under Islami Shari’ah.
• Establishment of participatory banking instead of banking on debtor-creditor
relationship.
• Investment income of the Bank is shared with the Mudaraba depositors according to a
ratio to ensure a reasonable fair rate of return on their depositors.
• Its aims are to introduce a welfare-oriented banking system and also to establish
equity and justice in the field of all economic activities.
• It extends Socio-economic and financial services to the poor, helpless and low-income
group of the people for their economic enlistment particularly in the rural areas.
• It plays a vital role in human resource development and employment generation
particularly for the unemployment youths.
• Its aim is to achieve balanced growth and equitable development of the county
through diversified investment operations particularly in the priority sectors and in the
less developed areas.
• It extends co-operation to the poor, the helpless and the low-income group for their
economic development
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2.5 MANAGEMENT OF FSIBL
First Security Islami Bank Bangladesh limited is being managed by a board of directors
comprising foreigners and local. An executive committee is formed by the board of directors
for efficient and smooth operation of the Bank. Besides a management committee looks after
the affairs of the bank.
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Financial Performance of FSIBL at a glance
Table-2.1
Chapter Three
Analytical Part of FSIBL
3.1 PEST Analysis of Islami Banking System
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Political > Economical > Social > Technological
• Political factors:
Regional legislation, legal procedure, law and order of a country influence the
banking mechanism to a greater extent. Our provision is more or less friendly towards
the banking sector. Principles directed by the regulatory authority and international
bodies’ impact the banking performance of our country.
• Economical:
GDP, corporate income tax provision and distribution channels, market routes and
customer base are components of economical factor. Our country background and
increasing customer demand raise the importance and evolution of Islamic banking
system.
• Societal factors:
The biggest proposition of Islamic banking system is the religious perception in minds
of people since most of the residents of our country are Muslims. Media support, life
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style, major events like RAMADAN, Eid festivals and Hajj saving propensity also
stimulate the advancement of Islamic banking.
• Technological aspect:
Technological factors involve competitive development, research methodology,
revolutionary online transaction system, innovative potentials, one stop service
delivery system manipulate the Islamic shari’ah powered banks operating in our
country.
3.2 SWOT ANALYSIS
STRENGTH WEAKNESS OPPORTUNITY THREATS
SWOT analysis is a tool for screening an organization and its environment. It is the first stage
of planning and helps marketers to focus on key issues. It helps to detect the possible threats
and opportunities in the market and viability. It helps recognize internal strength and
overcome weaknesses.
It is the scanning of the internal and external environment is an important part of the strategic
planning process. Environmental factors internal to the firm usually can be classified as
strengths, or weaknesses, and those external to the firm can be classified as opportunities or
threats.
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STRENGTHS
• Islamic Banking will explicitly reorganize the deplorable condition of the poor and
marginalized segments of society. Banking products which comply with Islamic law are
becoming increasingly popular, not only in the Gulf countries and far eastern states like
Malaysia, but also in other developed markets such as the United Kingdom. Reputed
banks like Standard Chartered, Citibank, and HSBC are operating interest free windows
in several West Asian countries, Europe and USA. There is a huge potential market in
Bangladesh for Islamic banking products.
• Moreover, Islamic banking helps the weaker and hapless section of the society through
various financial products. Islamic banking finances (through its Joint ventures,
partnerships and leasing)are provided by investors or banks to the borrowers with a
condition that financial risk is to be borne by the investors, and other risks to be borne
by the borrower. This helps even the indigent and vulnerable to get finance at a no risk
and cost basis, but definitely requires other credits like strong business proposal,
rational planning, skilled hands and specialized art to attract the financier. Better
business proposals succeed in fetching funds as opposed to the projects with
comparatively poor propositions. Such inclusive growth will aggrandize the
Bangladeshi economy.
• There is no room for diversion of funds. Therefore, investment in consonance with
Islamic banking principles will surely boost the engine of economic growth in our
country.
• Commercial banks cannot raise deposits without promising a specified rate of return to
depositors, but under Shari’ah, returns can only be determined post-facto depending on
profit. Also banks have to maintain a Statutory Liquidity Ratio (SLR), which involves
locking up a substantial portion of funds either as cash, gold or in government
securities. Such cash will not get any return, keeping it in gold is risky as it could
depreciate and government securities come with interest.
• We have seen the fall of giants in the world of financial sector like Lehman Brothers in
the aftermath of the US sub-prime mortgage crisis. Therefore, it is of paramount
importance to be strict about credit rating system, to circumvent any chance of further
bankruptcy. Since Islamic banking adheres to strict credit rating
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• system and prohibits indebted economic agents to avail more debt finance, it could save
our financial and economic enterprises from bankruptcy.
• Religious appeal.
WEAKNESS
• Islamic banking needs to introduce corporate governance with transparent accounting
standards. It needs to perform detailed evaluation before embarking Profit Loss
Sharing Scheme, which demand a pool of highly trained professionals. The imparting
of professional training is costly. Detailed principles are still to be laid down and
techniques and procedures evolved to carry them out.
• The financial institutions in Bangladesh comprises of Banks and Non Banking
Financial Institutions. Banks in Bangladesh are governed through some Regulatory
Acts. But Islamic banking operations sometimes contradict with the set laws. Like:
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anybody. The widespread lack of business ethics among certain business community
will be another major hurdle in the path of Islamic banking in Bangladesh.
• The practices in use by the Islamic banks have evoked questions of morality. Bai
mu'ajjal (sale with deferred payment) and Murabaha (cost-plus financing) are
permitted in the Shari’ah under certain conditions. What are being done in many
countries are fictitious deals which ensure a predetermined profit to the bank without
actually dealing in goods or sharing any real risk. This is against the letter and spirit
of Shariah.
Opportunity
• Fastest growing religion in the world.
• The size of the market will be very large if it can be targeted properly.
• In the name of religious faith, people are looking for interest free banking and finance.
It is significant to mention here that Islamic banking is not meant for Muslims only
but non Muslims may also avail the benefit of it. And it is feasible to have a parallel
banking system based on Shari’ah along with a conventional one.
• After 4/5, most of the countries started pulling out their investments from the US and
Europe because of the fear of freezing of assets. Another reason could be the
slowdown in the economies of western countries. A growing Bangladeshi economy
has created a huge enthusiasm among Islamic nations as it sees the unlimited
opportunities it can avail.
• If Islamic banking is introduced, the inadequate labor capital ratio, for informal sector
workers associated with agriculture and manufacturing industries could be resolved
through equity finance, which might be a revolution in our agriculture and
unorganized sector. With improved labor capital ratio, our vulnerable workers
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associated with agriculture and unorganized sector might be able to compete
effectively with the formal sector workers. Thus Islamic Banking may financially
empower majority of our work force.
• Islamic banking should not be a religion based banking business, but could be
profitably used to resolve our issues pertaining to economy.
Threats
• Moving towards more Shari’ah compliant services offered by mainstream banks.
• It may bring financial segregation in the economy. The compartmentalization of
Shari’ah compliant and Non Shari’ah Compliant banking might be dangerous for the
stability of our financial environment.
Chapter Four
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Functions of FSIBL
Cash Section
Bills & Remittance Section
Clearing and Collection Section
Accounts Section
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Maintenance of security in transaction hour by armed security guard.
Correspondence, receipt & dispatch.
Personal administration
Proper house keeping , maintenance of Books and Records and Computer
(eIBS Software)
Maintenance of ATM, Electronic Funds Transfer, Internet Banking, Phone
Banking etc.
Maintenance of security in transaction hour by armed security guard.
Correspondence, receipt & dispatch.
Personal administration
Mobilizing Deposits
Islami Bank accepts deposits under two principles viz. Al-Wadeah principle and Mudaraba
principle. Current account is operated on Al-Wadeah principle and all other deposit accounts
on Mudaraba principle of Islamic Shari’ah.
Al-Wadeah
The word 'Al-Wadeah' has been derived from the Arabic word 'Wada'yun' which means to
keep/to deposit/to give up/Amanat.
In case of Amanat, Bank/any other person/institution can not use, invest, and amalgamate the
funds of Amanat with the banks/his/its other funds without prior permission of the owner of
the Amanat.
Thus, in Al-Wadeah account there is a provision to obtain prior permission from the owner of
the fund to use, invest, amalgamate the said fund with their/other funds and return the same
within banking hour on demand. Bank is here ‘Muaddah Elaihe’ and depositor is ‘Muaddi
Mudaraba
The word 'Mudaraba' has been derived from Arabic word 'Darb'/'Darbun' which means
“Travel”. Thus the word ‘Mudaraba’ means travel for undertaking business.
Mudaraba is a form of partnership in profit whereby one party provides capital and the other
party provides skill and labour.
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The provider of capital is called ‘Shahib-al-Mal’ or the ‘Rabb-ul-Mal’ (the financier or owner
of the fund) and acts like a sleeping or dormant partner while the provider of skill and labour
is called ‘Mudarib’ (entrepreneur/organizer) who provides the entrepreneurship and
management for carrying on any venture, trade, industry or service with the objectives of
earning profits.
Both the parties share the profit as per pre-agreed ratio and the losses, if any, being borne by
the provider of capital i.e. ‘Shahib-al-Mal’ except if it is due to breach of trust, misconduct,
negligence or violation of the conditions agreed upon by the Mudarib becomes liable for that.
The Mudarib is in the nature of a trustee as well as an agent of the business. He is to work
with honesty and sincerity and to exercise the maximum possible care and precaution in the
exercise of his functions.
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Al-Wadeah Current Account
The major features of this account are as follows:
The depositor can deposit any amount in this account and the bank receives money
from the clients for safe-custody with the condition to return the money on demand.
The depositor can withdraw any amount at any time through cheque or any other
acceptable means retaining the minimum balance in the account.
As the depositors do not take the risk of losses with Al-Wadeah account they are not
entitled to any profit from use of their deposits by the investors.
Cheques, bills etc. may be collected in this account.
Govt. excise and incidental charges for safe keeping of the depositors’ money or for
services rendered to them can be realized from the account as per rule.
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Mudaraba Term Deposit Account
MTDR holders can withdraw profit yearly basis against 1(one) year and above
MTDR. In case of no withdrawal of profit, the same to be considered principal
amount for further period.
If MTDR is not encash within 1(one) month of its maturity date, it is automatically
renewed for a further same period.
Any Muslim intending to perform Hajj can open this account for accumulating
savings with a view to meeting Hajj expenses and may select 25 alternative choices
based on duration from 1 year to 25 years.
The Bank accepts deposits on installment basis under Mudaraba principle.
Considering the religious aspects and to inspire the individual to perform Hajj, the
Bank gives here the highest weightage in distribution of profit in compare to other
accounts.
Premature encashment is allowed. To avail the highest weightage which is 1.35 for
above 10 years term and 1.30 up to 10 years term, the accountholder has to show the
proof of performing Hajj.
It is opened in the name of single person.
Mudaraba Savings Bond Scheme
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Mudaraba Savings Bond Scheme
• The person (s) aged 18 years and above shall be eligible to purchase Bond (s) in
single name or in joint name.
• Educational Institutions, Clubs, Associations and other non-trading and non-profit
socio-economic institutions shall also be eligible to purchase Bond(s) in the name of
the institutions.
• Guardian(s) shall be allowed to purchase Bond(s) jointly with a Minor mentioning the
age of the Minor.
• The profit of Bond may be withdrawn by the bondholder once in a year. No profit
shall be paid for the period after maturing of the Bond, if not encashed on maturity.
• The terms of Bond are 5-year & 8-year.
• Available denominations are Tk.5,000; Tk.10,000; Tk.25,000; Tk.50,000;
Tk.1,00,000; Tk.5,00,000; & Tk.10,00,000.
• Present weightages are 1.10 & 1.25 respectively.
FSIBL has introduced such Scheme (viz. MSS) so that a person can get the
opportunity to build-up savings by contributing small monthly installments for getting
an attractive amount at the end of a specific term of maturity.
Generally the terms of maturity are 5-year & 10- year. Under this scheme, account
may be opened for monthly deposits of Tk.100; Tk.200; Tk.500; Tk.1,000 and
multiple of Tk.1,000 upto Tk.20,000 only.
Any bonafide citizen of Bangladesh of 18 years and above can open this account in
his own name or in the name of Minor.
The applicant shall have to introduce by a bonafide account holder of the Branch
where he intends to open account or any client of any Branch of FSIBL or any
respectable person known to the Bank.
The MSS account can be transferred from one Branch to another Branch.
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The depositors may issue written standing instruction for monthly transfer of
installment from any other account maintained with the same Branch for credit to his
MSS account. The client has to pay a charge of Tk.5/= only for each such transfer.
Benefits of full weightage with yearly cumulating of profit shall become payable if
withdrawn on maturity. No profit shall accrue if the account is closed within 1(one)
year.
In case of premature encash/withdrawn after 1(one) year, profit shall be payable at the
rate applicable for Mudaraba Savings Deposits. In case of 10 years term MSS account
encashed after 5 years but before 10 years, profit shall be payable at the rate
applicable to 5 years term MSS account for 5 years and at the rate of Mudaraba
Savings Deposit for the subsequent period.
Mudaraba Monthly Profit Deposit Scheme
Any individual may open an account under this Scheme by depositing a minimum
amount of Tk.1, 00,000 and multiples thereof at a time for 3 or 5 years.
Monthly provisional profit is given to the account just after completion of 30 days
from the date of opening of the account.
The profit amount shall be adjusted after completion of each accounting year after
declaration of final rate of profit.
FSIBL has introduced Mudaraba Waqf Cash Deposit Account through which fund is
pooled for the purpose of Waqf from the well-off and the rich people of the society.
The income to be generated thereon may be spent for different benevolent purposes
including various religious, educational and social services.
Under this scheme one may create Cash Waqf at a time or may start with a minimum
deposits of Tk.10,000/- only and the subsequent deposit shall be made by
installment(s) in Thousand Taka or in multiple of thousand Taka. The highest
weightage is given here for encouraging Waqf system of Islam which is now 1.35.
Profit from this account is utilized as per instruction of the Accountholders.
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Mudaraba Foreign Currency Deposit (Savings) Account
Mudaraba Foreign Currency Deposit Account has been introduced by FSIBL under
Mudaraba principle. The following categories of people can open this account.
Chart 4.1
0.01, 0%
4.32, 4% MSA
1.67, 2%
2.25, 2%
6.8, 7% MSS
MTA
9.12, 9% 38.92, 39%
AWCA
MSBA
MMPA
18.16, 18% MSNA
FCA
18.75, 19%
Other
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Trend of Deposits over years:
Deposits
Table-4.1
In Million
Year 2008 2009 2010 2011 2012
Chart-4.2
FSIBL is the bank which is able to collect highest amount of deposits among the whole
banks. No one can compete with this bank. From 2005 to 2009 the amount of deposits is just
doubled. For this reason the bank has the great opportunity to invest its huge amount of
money. And at the same time this never faces any type of liquidity crisis in spite of
maintaining this huge amount of deposits. Now FSIBL maintains more than TK. 2 lac million
as deposit.
Local Remittance
Remittance represents transmission/transfer of money from one place to another. Local
remittance represents remittance that takes place within the territory of a country.
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Banks have a wide network of branches all over the country and offer various types of
remittance facilities to the public/customer/client etc.
Payment of Draft
The drawee branch should exercise proper care while paying drafts.
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• When the draft is presented to the drawee branch for payment, the particulars of the
draft is/are checked with the advice and signature (s) therein to be verified.
• Payment of the DD has not been stopped is to be ensured
• Verification of Test no, if any, is to be done
• If the DD issued for cash payment ‘A/c. Payee' rubber stamp’ should be cancelled and
a letter requesting the drawee branch to pay the DD in cash should be issued under
sealed cover and signature of the payee should be attested.
• DD Advice should be sent on the same day.
• The drawee branch should ensure that the payment of the instrument is made in due
course.
• As the demand draft is payable to order it is duty of the paying branch to obtain
identification of the payee if payment is desired over counter.
• If the DD is presented through a bank, the endorsement(s) appearing on the
instrument should be prima-facie in order of certification by the collecting banker.
Cancellation of Draft
• Some times the purchaser returns the draft to the issuing branch and requests for
payment by cancellation thereof. In such case we must make sure that the request is
from the genuine purchaser, that the draft was issued by him and is not a fake one and
that he has not already issued a duplicate thereof. However, if the purchaser of the
draft makes a request to cancel the draft and refund him the amount of draft, the bank
should do so after taking the following precautions:-
• Bank should satisfy itself that the draft has not been delivered to the payee. Section 46
of the NI Act states that the making, accepting and endorsement of a negotiable
instrument is completed only when it is delivered to the person concerned. Thus, a
banker should refuse to cancel the draft, if it is found that the draft has been delivered
to the payee. As a matter of fact, the purchaser losses the right of getting the draft
cancelled as soon as he sends the drafts to the payee. If the purchaser wants to get the
draft cancelled after delivering it to the payee he can do so only with the consent of
payee.
• If the draft is sent by post, the act of posting itself proves the delivery of the draft to
the payee. This is because the post office is taken as the agent of the payee of the
draft.
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TT (Telegraphic Transfer)
Telegraphic transfer is so far the quickest method of transferring funds from one place to
another. Some times, the remitter of the funds requires the money to be available to the payee
immediately. In that case the banker is requested by the remitter to remit the funds over
telephone. It is an instruction conveyed by telegraph/telex/telephone to the drawee branch for
paying certain amount of money to a specified person.
Issuance of TT
TT application form (F-22) is to be filled in by the remitter with full particulars signature of
the remitter is to verify by the bank's officials. Money to be received in cash or by debiting
remitters account with commission and Telex/Telephone charges. Entry should be given in
B-44 branch wise serially under supervision of authorised official. Message to be passed
immediately to the drawee branch under secret test by Telex, Telephone, Telegram followed
by IBCA for confirmation. Cost memo F-23 to be issued and handed over to the client.
Payment of TT
The amount transferred by TT is either credited to the account of the beneficiary, if he/she
maintains an account, or paid by means of a TT payment order if he/she does not maintain an
account. Cash is paid to the beneficiary on proper identification, if he/she has no account.
Payment Order
Payment order is meant for making payment of the banker’s own or of the customer’s dues
locally and not for affecting any remittance to an out station. In a sense, the payment order is
used for making a remittance to the local creditors.
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From Tk. 10,00,001/- and above Tk. 50/-
• Printed Payment Order leaf should be filled in as per F-19 and signed by two
authorised officers.
• The instrument should be handed over to the purchaser.
• Payment Orders are required to be discharged by the beneficiary, where applicable on
revenue stamp of appropriate value against in cash or through account.
Online banking:
FSIBL is the only bank in Bangladesh that has developed and implemented core banking
software eIBS having online features by its own software engineers based on open source
technology and oracle. The online banking section of FSIBL does the following activities:
• Post all kinds of online related vouchers
• Post all kinds of deposits accounts
• Issue balance confirmation letter to the A/C holder
• Check daily computer transaction list
• Prepare IBCA/IBDA vouchers etc.
• Sale of Share: Islamic banks sell primary shares of a company registered with the
Stock Exchange in exchange for a commission. This contributes to the raising of
capital for a company. Companies make arrangements with Islamic Banks to issue
shares for public subscriptions. These are known as “new issues” which a company
intends to sell to the public. Islamic banks are the most effective method of selling
the shares to the public.
• Transfer of Money: Islamic banks transfer money from one place to another place
as per the order of its customers through Mail Transfer (MT), Telephonic Transfer
(TT), Demand Draft (DD), and Pay Order (PO). They receive a fee or commission
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for performing such services. Customers benefit from these services, as it helps
them to fulfill their financial needs timely.
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rendered, the bank must prepare and communicate to its customer periodic
statements of the account.
• Opening of L/C: Islamic Banks also offer Letters of Credit (L/C) for domestic and
international trade on a commission basis. Thus, they facilitate business
relationships between importers and exporters through this service.
• Transaction of Foreign Currency: Islamic banks buy and sell foreign currencies.
They allow their customers to draw local currency against foreign currency
deposited in a foreign currency account with the bank.
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• Publication Works: Islamic banks publish books, journals, booklets, pamphlets to
advertise the bank’s services. Important information related to trade, commerce and
industry are published in these forums to address the needs of the banks customers.
Such services have created social awareness about Islamic banking in the economy.
Today, more people are familiar with the terms of Islamic banking like Bai-
Murabaha, Mudaraba, and Musharaka. In addition, they also know the special
features of the Islamic Economy.
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• Issue of Qard Cards: Islamic banks can issue Qard Cards (QC) unto certain limits
to their valued customers. The card will enable a holder of it to purchase goods from
the market without cash or a check. The merchants indicate clearly which cards they
will accept. At the point of purchase, the Cardholder presents his card to the
merchant who runs the card through a special machine, which imprints account
information on a form to be signed by the Cardholder. Thus, a customer can make
his purchase without having to pay cash on the spot. In addition, the (QC) can also
be used like an ATM card at participating banks.
• Issue of Travelers Cheques: Islamic banks also issue Travelers Cheques (TC).
These are special types of cheques drawn on the issuing bank and signed by the
person to whom they are issued. The issuing bank guarantees the payment of these
cheques. Thus, it is accepted worldwide without a question. When the item is
presented for payment, the person to whom it was issued needs to countersign it.
The signature should be similar to the one that already appears on the cheque.
Normally a passport is required as proper identification when the check is being
used for payment. If a TC is lost or stolen it can be replaced again through a local
branch/agent of the issuing bank subject to verification of the signature.
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Modes of Investment of FSIBL
Investment is the action of deploying funds with the intention and expectation that they will
earn a positive return for the owner. Funds may be invested in either real assets or financial
assets. When resources are used for purchasing fixed and current assets in a production
process or for a trading purpose, then it can be termed as real investment. Specific examples
of financial investments are: deposits of money in a bank account, the purchase of
Mudaraba Savings Bonds or stock in a company. Since Islam condemns hoarding savings
and a 2.5 percent annual tax (Zakat) is imposed on savings, the owner of excess savings, if
he is unable to invest in real assets, has no option but to invest his savings in financial
assets.
Investment is one of the important functions of FSIBL. FSIBL collect Deposits on Al-
wadeah and Mudaraba principles and deploy the collected fund using shari’ah-based
Mechanism & Modes of Investment.
Objectives and principles of investment
The objectives and principles of investment operations of the Bank are:
• To invest fund strictly in accordance with the principles of Islamic Shari’ah.
• To diversify its investment portfolio by size of investment, by sectors (public &
private), by economic purpose, by securities and by geographical area including
industrial, commercial & agricultural.
• To ensure mutual benefit both for the Bank and the investment-client by professional
appraisal of investment proposals, judicious sanction of investment, close and
constant supervision and monitoring thereof.
• To make investment keeping the socio-economic requirement of the country in view.
• To increase the number of potential investors by making participatory and productive
investment.
• To finance various development schemes for poverty alleviation, income and
employment generation with a view to accelerating sustainable socio-economic
growth and uplift of the society.
• To invest in the form of goods and commodities rather than give out cash money to
the investment clients.
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Mechanisms & Modes of Investment of FSIBL
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seller undertakes to supply some specific commodity (ies) product(s) to the buyer at a future
time in exchange of an advance price fully paid on the spot.
IV) Bai- Istisna’a:
Istisna’a is a sale contract by which al-sani’ (the seller) on the basis of the order placed by
al-mustasni’ (the buyer) after having manufactured or otherwise acquired al-masnoo’ (the
goods) as per specification and sells the same to al-mustasni’ for an agreed upon price and
method of settlement whether that be in advance, by installments or deferred to a specific
time. It is a condition of Istisna’a contract that the seller should provide either the raw
material or the labour.
V) Bai-Assarf: Related with foreign currency buying and selling.
Under this mode the bank engaged with buying and selling of foreign currency.
V1) Mudaraba
It is a form of partnership in profit where one party provides the funds while the other
provides expertise and management. The First party is called the Sahib-al-Maal and the later
is referred to as the Mudarib. Any profit accrued is shared between two parties on a pre-
agreed ratio, while capital loss is exclusively borne by the supplier of the capital except the
loss it is due to the breach of trust by the Mudarib.
V1I) Musharaka
Musharaka is a contract of partnership between two or more individuals or bodies in which
all partners contribute capital, participate in the management, share the profit as per pre
agreed ratio and bear the loss, if any, in proportion to their capital/equity ratio.
VII1) Hpsm (Hire Purchase Under Shirkatul Melk)
Hire purchase under Shirkatul Melk is a special type of contract which has been developed
through practice. Actually, it is a synthesis of three contracts: Shirkat, Ijara and Sale. Shirkat
means partnership. Shirkatul Melk means share in ownership. When two or more persons
supply equity, purchase an asset, own the same jointly, and share the benefit as per
agreement, the contract is called Shirkatul Melk contract.
Along with these modes there is another important mode of investment of FSIBL which is
Quard-al-Hasana.
Quard-al-Hasana:
A virtuous loan. A loan with the stipulation to return the principal sum in the future without
any increase.
*Specially the Modes applicable to RDS
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Welfare Oriented Special Investment Schemes
1. Household Durables Scheme
2. Housing Investment Scheme
3. Real Estate Investment Scheme
4. Transport Investment Scheme
5. Car Investment Scheme
6. Investment Scheme for Doctors
7. Small Business Investment Scheme
8. Agriculture Implements Investment Scheme
9. Rural Development Scheme
10. Micro Industries Investment Scheme
11. Women Entrepreneurs Investment Scheme
12. Mirpur Silk Weavers Investment Scheme
13. Equity and Entrepreneurship Fund of Bangladesh Bank
Chart 4.3
Bai Muajjal
Bai Salam
Musharaka
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Chart 4.4
3.4, 4% Industry
2.27,
5.06, 5%2% Commercial
5.65, 6%
Real Estate
Agriculture
53.53, 54%
28.51, 29% Transport
Other
Investment
Table-4.2
In Million
Year 2008 2009 2010 2011 2012
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Details of Special Investment Schemes under Investment Mode
Name of Eligibility Maximum Client’s Period of Mode of
Scheme invested equity investment investment
money
Household Govt., semi govt, 500000 25% 2 years Bai-Muazzal
Durables autonomous official,
scheme teachers, doctors,
engineers etc.
Housing Govt., semi govt, 3000000 50%/ 15 years HPSM
Investment autonomous official, 40%
Scheme universities teachers,
doctors, engineers etc.
of City Corporations
Transport Govt.semi-govt, 2000000 30% 3 years HPSM
Investment autonomous official,
Scheme universities teachers,
doctors, engineers,
business man, etc.
Car Investment Govt.semi-govt, 350000 30% 4 years HPSM
Scheme autonomous official,
universities teachers,
doctors, engineers,
business man, etc.
Investment for New, experienced, 1000000 20-30% 5 years HPSM, Bai-
Doctors specialized doctors muazzal
Small Business Fishery, livestock, 100000 0-20% 1-2 years HPSM, Bai-
manufacturing. muazzal
Agriculture Farmer, half educated 200000 20% 2 years
Implements rural youth HPSM
Micro Diploma, skilled & 200000 Nil 5 years HPSM, Bai-
Industries semi skilled youth muazzal
Real Estate For all Kind of land 50% of cost 50% 10-15 HPSM
Investment owners under City of years
Program Corporation & construction
important business
places
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FSIBL is playing a very important role in foreign exchange business of the country. Islami
Bank offers different trade products and services complying Shari’ah and law of the land.
The foreign exchange operations can be categorized in following four areas:
1. Import Services and Import Finance
• Remittance
• Letter of Credit
• Performance Bond
Kifalah Commission basis
• Bid Bond
• Advance payment
• Guarantee
• Murabaha Import
Bai • Murabaha Import Bills Mark up basis
Shirkat • Mudaraba
• Musharaka Sharing basis
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Islami Bank follows the following shari’ah aspects at the time of Foreign Exchange
Operations:
Shirkat: Partnership
• Shirkat means partnership for undertaking any lawful business.
• There are two broad categories of partnership include:
- Mudaraba
- Musharaka
Ijarah: Leasing
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It is an arrangement to lease equipments, buildings or other facilities to a client against an
agreed rental .There are two broad categories of of Ijarah:
- Ijarah Muntahia bit Tamlik (Hirepurchase)
- Ijarah wa liqtina (Leasing)
Welfare is a condition of having good health, comfortable living and pleasant working
conditions (Hornby). Hence, it can be said that welfare services are those which ensure
conditions of having good health, comfortable living and working conditions, which are
generally one’s basic needs. Islam views work as the primary means of earning and acquiring
income and wealth. But if real income is not sufficient to purchase necessities of life, then
welfare services become essential in a society to maintain the minimum standard of living of
the people. In fact, in every society, there are many people who lack the necessary income
and, consequently, face inadequate lifestyles due to unemployment and under-employment.
Their condition cannot improve if welfare services remain absent and concentration wealth
remains in certain segments of society. The Quran states the principle that “wealth should not
circulate only among the rich” [59:7].
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The Quran also encourages people to contribute generously to social welfare and helping the
needy in society. Thus the Quran establishes the general principle of generous welfare
spending while encouraging sacrificial levels of spending perhaps for social crises and for
conditions demanding high financial support. Thus Islam calls for the meeting of the basic
needs of the poverty groups through welfare services, which might include –
Zakat:
Zakat is one of the five pillars of Islam. In a broad sense, it is only for social welfare purposes
as specified by the Quran: “The Zakat is (meant) only for the poor and the needy, those who
collect the tax, those whose hearts are to be won over, for the freeing of human beings from
bondage, for the relief of those overwhelmed by debts, for the cause of God (all priority
social needs), and for the wayfarer: (this is) an ordinance from God and God is all-knowing,
Wise”[9:60].
Mobilization of Zakah
A pioneering experiment putting the principles of Islamic banking into practice was
conducted in Mit-Ghamr in Egypt from 1963 to 1967, in which three types of accounts were
operated. A Zakah account was one of them. The Zakah account attracted the stipulated
amount of Zakah for redistribution amongst the poor (Ausaf Ahmed, op cit, p.21). Since
Islamic banks follow the rules of The Islamic Shari’ah, they have to pay Zakah on their own
resources (capital assets etc.), which paved the way for mobilization of financial resources for
the needy and poor. “An Islamic bank accumulates its Zakah in the Zakah fund and
distributes amongst the poor as per Islamic Shari’ah”.
Chapter Five
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Difference between Conventional & Islamic banking
One must refrain from making a direct comparison between Islamic banking and
Conventional banking (apple to apple comparison). This is because they are extremely
different in many ways. The key difference is that Islamic Banking is based on Shari’ah
foundation. Thus all dealing, transaction, business approach, product feature, investment
focus, responsibility are derived from the Shari’ah law, which lead to the significant
difference in many part of the operations with as of the conventional.
By the way of the definition an Islamic bank & Conventional bank can be distinguished:
• “Islamic Bank is a financial institution whose statutes, rules and procedures expressly
state its commitment to the principles of Islamic Shari’ah and to the banning of the
receipt and payment of interest on any of its operations”.- OIC
• “A commercial (conventional) bank is dealer in capital or more properly a dealer in
money. It is an intermediate party between the borrower and the lender. It borrows
from one party and lends to another and the difference between the terms at which it
borrows and those at which it lends from the source of its profit”.- Prof. Gilbert
Conventional Bank
1. Loan
Bank
Bank Bank
Bank Page | 51
Client
Client
4. Principle Investment
3. Good 2. Cash
Payment
Supplie
Supplie
Islamic Bank rr
4. Cost plus agreed profit
Bank
Bank Bank
Bank
3. Goods Client
Client
2. Good 1. Cash Payment
Supplier
Supplier
• Foundation:
The foundation of Islamic bank is based on the Islamic faith and must stay within the limits
of Islamic law or the Shari’ah in all of its actions and deeds. The meaning of Shari’ah is the
way to the source of life and is now used to refer to legal system in keeping with the code of
behavior called for by the Holly Qur’an.
On the other hand, the conventional bank is based on man made principles. There many
fundamental and functional differences exist in these principles. As a result various conflicts
arise within the internal and external management systems. These principles vary man to
man, place to place. As a result it increases complexity in the conventional banking systems.
• Maintenance of CRR/SLR:
All Islamic Banking Companies shall maintain Cash Reserve Ratio (CRR) and
Statutory Liquidity Ratio (SLR) as per rates prescribed by Bangladesh Bank from time to
time. Every commercial Bank having Islamic bank branches shall maintain SLR/CRR for its
Islamic branches at the same rate as prescribed for the Islamic banks and shall, for the
purpose, maintain a separate Current Account for the Islamic branches with Bangladesh
Bank. For Islamic banks, SLR is 10.5%, CRR is 4.5% & LRR is 5%. But Conventional banks
SLR is 18.5%, CRR is 5.5% & LRR is 13%.
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fluctuate with the fluctuations in the profit generated from the specific projects. Since return
from loan is fixed, it gives little importance to project appraisal and evaluations.
• Moral Dimension
In the Islamic banking system all economic agents have to work within moral value system of
Islam. They can not finance any project which conflicts with the moral value system of Islam.
They will not finance a wine factory, a casino, a night club or any other activity which is
prohibited by Islam or is known to be harmful for the society.
But the conventional banking is secular in its orientation. It has no restriction to finance any
project like Islamic banking systems. It emphasizes on the possibility of earning maximum
profit. It does not follow any religious rules and regulations or does not obey any restriction.
• Allocate Efficiency:
The income distribution scheme under conventional banking works against the goal of
optimum allocation of scarce financial resources. This is because of the fact that conventional
banking, instead of financing in terms profitability of projects, diverts funds to projects with
sound collateral. These results in loans being made to higher income borrower that can be
meet the collateral requirements. But in Islamic banking, the productivity of the projects is
more important. In this way, the resources instead of going to low to higher return projects
even if the creditability of the borrower is lower. Therefore, this system is more efficient in
allocation of resources. Since, they are specialized in the area of finance and investment; their
expertise will be improving the profitability of the project as well as contribute in the
management of that project.
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returns equilibrium between the assets and the liabilities of the Islamic banks. So there is a
very likelihood of bank failures.
Chapter Six
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Findings, Recommendations, Conclusion,
Bibliography & Appendix
6.1 Findings
From the above analysis we found that the overall functions and performance of FSIBL over
the years are quite satisfactory. Though the no of branches in not enough for this
overpopulated country, the FSIBL is performing well. Though it’s a profitable bank, it has
some lacking which are constrains for its operations.
They have not yet been successful in devising an interest-free mechanism to place
their funds on a short-term basis. They face the same problem in financing consumer
loans and government deficits.
• Risk of profit-sharing:
The risk involved in profit-sharing seems to be so high that almost all of the Islamic
banks in Bangladesh have resorted to those techniques of financing which bring them
a fixed assured return. As a result, there is a lot of genuine criticism that these banks
have not abolished interest but, they have, in fact, only changed the nomenclature of
their transactions.
The Islamic banks do not have the legal support of the Central bank in Bangladesh, do
not have the necessary expertise and trained manpower to appraise, monitor, evaluate
an audit the projects that are required to finance. As a result, they can not expand
despite huge excess financial liquidity.
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The prohibition against “riba” and some “fiqh” issues in the interpretation of
“gharar” mean that many risk-hedging instruments based on traditional tools, such as
option, futures and forwards are not available to Islamic banks in the current state of
Islamic banking.
• Underdeveloped money market and government securities based on
profit-loss sharing:
This may difficult to manage the liquidity in terms of mismatching the asst-liquidity
and increases the liquidity shocks. Fortunately, significant progress has been made in
Iran for government securities and short-term instruments such as National
Participation Certificates and Central Bank Mushrakah for such issues.
Islamic banks have historically been forced to hold a large proportion of their assets in
reserve accounts in central banks or in correspondent accounts than conventional
banks. This has significantly affected their profitability because Central Bank gives
minimum or no return to these reserves. This in turn, has affected their
competitiveness ad increases their potentiality to the external shocks with its
consequences.
• Operational risks:
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Salam (purchase with deferred delivery) contracts expose Islamic banks to both credit
and commodity price risk. This is because banks agree to buy the commodity on a
future date against current payment and also hold the commodity until it can be
converted to a cash.
• Risks involved with ‘Ijarah’:
Ijarah also contain the credit and commodity price risk because this contract do not
provide Islamic banks with the ability to transfer substantial risks and rewards to the
lessee as leased assets must be carried on the balance sheet of banks for the term of
the issue.
6.2 Recommendations
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After observing the operation procedure of FSIBL, we recommend the following:
FSIBL should launch new financial products to attract customers as Consumer Credit
Scheme, Child Education Scheme, and Plastic Money etc. FSIBL can also lunch ATM as
diversification.
Marketing Division:
To increase the faith of people, FSIBL should convince them in the best manner, so that
market share can be captured. Marketing division should concentrate more on investment
strategy.
Diversify Assets Portfolio:
Leading portfolio of FSIBL should be diversified. It should not concentrate or give weight
only in working capital financing.
IT Facilities:
IT facilities of FSIBL are not satisfactory enough. Computer system which owned by branch
are not up to date, not sufficient and moreover some of computer system not work properly
when they are needed. There is no sufficient and high bandwidth Internet connection
available in the bank. So, FSIBL should develop Information Technology to ensure better
service for the customer and support communication with outside
Upgrading website:
First Security Islami Bank Bangladesh Ltd. should upgrade its website regularly and provide
details information of Consumer Credit Scheme.
Human resource is another sector for the branch to be developed urgently. Human resources,
in the branch, need to be equipped with adequate banking knowledge. Majority of the human
resources must have basic knowledge regarding money, banking, finance and accounting.
Without proper knowledge in these subjects, efficiency cannot be optimized. Bank can
arrange training program on these subjects.
Ensure Proper Maintenance of Files:
FSIBL gives personalized services. All the officers have to give concentration to the
customers, while maintaining the customer files. Every staff should try to reduce these
irregularities.
Ensure Proper Communication System and Maintenance of Machineries:
Sometimes Communication System remains out of order. Attention should be given on
proper maintenance of phone, computer, fax machine and photocopier.
6.3 Conclusion:
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Banks play a very vital role in the economic development of the country. The popularity of
banks is increasing day by day which leads to increase competition as well. Currently 57
Banks are operated in Bangladesh. All the Commercial banks are offering almost the same
products and services. But the way they provide the services are different from each other. So
people choose their bank according to their satisfaction and need. On the other hand, Banks
innovate new products and services to attract their desired customer. First Security Islami
Bank Bangladesh Ltd. is one of the fast growing banks in Bangladesh because of its rapid
customers’ satisfaction. The bank is committed to run all its activities as per Islamic Shari’ah.
FSIBL through its steady process and continued success has, by now, earned the reputation of
being one of the leading private sector banks of the country. First Security Islami Bank
Bangladesh Ltd. is also playing an important role in establishing Islamic Economics by
combing the economic values with social and moral values. By following the novelty of
Islamic Economics the bank is trying to make a balance development between spiritual and
material life. Still now hear about 301 Islamic banking and financial institutions in about 49
countries of Asia, Africa, Europe, America and countries like Pakistan, U.K., U.S.A.,
Germany, Argentina, Denmark, Luxembourg, Switzerland and India have been established.
The banking system of Pakistan and Iran was totally remodeled on the basis of Islamic
Shari’ah services. FSIBL will be more effective in our economy by launching new financial
products to attract deposit as Consumer Credit Scheme, Pension Scheme, and Child
Education Scheme and contribute more to develop the living standard of middle class people.
Bibliography
1. Islamic Banking
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- Habibur Rahman
2. Annual Reports of First Security Islami Bank- 2008-2013
3. http://www.fsiblbd.com
4. Handout provided by IBTRA
5. Chowdhury, L R. A Text book on banker’s advances, Dhaka: Fair corporation.
6. Chowdhury, Omar, (2003) “Bank’s non performing loans- some lessions for
bank Loan.” Journal of institute of bankers, Bangladesh Vol-50, No-2 Dec-2003,
Pp- 183-193.
7. Khan, Dr. A R, Bank Management: A fund emphasis, Dhaka: Ruby
Publications.
8. Khan, Dr Majibur Rahman, (1989) “Agricultural credit in Bangladesh: some
issues and considerations in policy planning.” Krishi Bank Paraikrama, Vol.-9 &
10, June- Dec.-1989, pp-70-84.
Appendix
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Questioner
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10. For how many period(s) you provide investment facility
a) 1 year
b) 2 year
c) 3year
d) more than 5years
11. Does FSIBL participate at call money market?
• Yes
• No
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• Master L/C
• Pre shipment financing
• Post shipment financing
• All of them
19. Does it take long time for the bank for making payment to the customers?
• Yes
• No
20. Does the bank charge high commission for any service?
• Yes
• No
21. Do you think your customers are satisfied with all of your services?
• Strongly agree
• Agree
• Neutral
• Disagree
• Strongly disagree
22. Do your customers fell comfortable with your percentage on profit?
• Strongly agree
• Agree
• Neutral
• Disagree
• Strongly Disagree
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