Fsibl

Introduction Muslim tilling in Bangladesh There ar currently 7 commercial savings banks operating chthonic Islamic principles. They ar 1. Islami cashbox Bangladesh moderate, 2. Al-Arafah verify Ltd. 3. Social enthronization believe Ltd, 4. Exim fix Ltd, 5. Shahjalal Islami edge Ltd. 6. Icb Islamic Bank Ltd 7. eldest protective c overing Islami Bank Ltd. HISTORICAL BACKGROUND First credentials Islami Bank Limited (FSIBL) was incorporated in Bangladesh on 29 dread 1999as a banking company low Companies Act 1994 to carry on banking business.It obtained permissionfrom Bangladesh Bankon 22September 1999to commence itsbusiness. TheBankcarries banking activities done its Fifty Three (53) disseveres in the country. The commercialbanking activities of the bank encompass a wide range of function including accepting specifys,makingloans,discounting bills, conductingmoney transferand alienexchangetransactions,andperforming other related assistant suchas safekeeping,collect ionsandissuingguarantees,acceptances and letter of citation. At the beginning, FSIBL started their business with traditional commercial banking run.However, from 2008 they converted their business to Islamic Banking with Islamic shariah Act. The FSIBL has played a pioneering role in shaping the future of the Banking intentness inBangladesh since its inception. The Bank started in 1999 with 14 branches and now it has 53branches in Bangladesh and recently the bank chisel in an Exchange House in Canada. The Bank also maintains a plenary correspondent dealingship with top ranking banks. FSIBL has already started their on-line, SMS and ATM banking facilities for their clients. 2. 2 Vision of the Bank Wherever you be, you can Bank with us is the proverb ofFirst Security Islami Bank. FSIBL isprep ard to construe the challenge of the 21st carbon well ahead of time. To cope with the challengeof the new millennium it hired see and well-reputed banker of the country from theincepti on. Thebankhasefficientanddedicatedprofessionalandequippedwithmodemtechnology to put up the best service in the need of the people and consequently to realise its vision. Sothe Bank defamed its Vision to be the most efficient Islamic Bank in terms of guest serviceprofitability and technology drillMission To develop & deliver the most innovative products, maintain customer experience, deliver qualityservices that contributes to brand strength, establishes a competitive advantage and enhancesprofitability, thus providing value to the stakeholders of the bank 2. 4 Goal of the bank Toexceed customer expectations throughinnovative Islamic financial products &servicesandestablish a strong presence to recognize sh atomic flake 18holders expectation and perfect their rewardsthrough dedicated work force. . 5 Special Features of FSIBL All activities of FSIBL are conducted under a profit/loss ground ashes according toIslamic Shariah to get the nation rid of Usury. Its enthro nisation policies under opposite modes are fully Shariah compliant and wellmonitored by the board of Shariah Council. FSIBLhasincludeonlinebankinginits widerangeofservices. Bangladeshisoftware has been introduced in this feature topromote the local developers. FSIBL regularly arranges its AGMs (Annual General Meeting).Whenever neededEGMs (Extraordinary General Meeting) are also arranged. They believe in providing dedicated services to the clients imbued with Islamic spiritof brotherhood, peace andfraternity. The bank is committed towards establishing a welfare-oriented banking system tomeet the needs of low income and underprivileged class of people. The Bank upholds the Islamic values of establishment of a justified economic systemthrough accessible freedom and equitabledistribution of wealth. FollowingtheIslamictraditions,itisassistingintheeconomic pull aheadofthesociallydeprivedpeopleinthecreationofemploymentopportunitiesandin promotional material of rural areas to ensur e a balance development of the country. 2. 6 FSIBLs Inter Division andBranch Coordination Allthe53branchesarecomputerizedunderdistributedserverenvironment. A nonherfewbranches areplanningto openin nearfuture. FSIBL hasalready started their on-line, SMS andATM banking facilities for their clients.FSIBLhavesetupWide cranial orbitNetworkthroughRadio,Fiber-Optics&other uncommittedcommunication media systems to provide any branch banking to their customers. Customer ofonebranchisnowabletodepositand studymoneyatanyofourbranches. 2. 7 Online Banking FSIBLOnlinebankingapplicationaddressestheneedsofsmall, one-on-oneandcorporateaccountholdersofthebank. Thisapplicationprovidesacomprehensiverangeofbankingservices that enable the customer to meet most of their banking requirements over the Net at anybranch. . 8 SMS Banking SMS bankingis atechnology-enabledserviceoffering frombanks toits customers,permittingthem to operate selected banking services over their mobile phones utilise SMS messagi ng. FirstSecurity Islami Bank Ltd. has officially launched SMS banking service from December 17,2007. 2. 9 Merchant Banking FSIBLs Merchant Banking Group is strongly sighted to offer perfect financial solutions itsclients business. They specialize in the arrangement of various forms of Foreign propertyCredits for Corporate.FSIBL provide the resources, thingummy and services to meet its clientsneeds by arranging Foreign Currency credits through Commercial loans Syndicated loans Lines of Credit from Foreign Banks and monetary Institutions FCNR loans Loans from merchandise Credit Agencies Financing of Imports. 2. 10 annex and go In the inscription and articles of association of the First Security Islami Bank is revised itsarea of operation is clear written. The product of FSIBL is targeted to fulfill that aim.Theproduct and services that are currently available are kick downstairsn below Depository Products First Security Islami Bank is now offering 09 depository products fo r mobilizing the savings ofthe general people. There are also emphasizing on non-fund business and fee based income. playing periodbond/ bid security can be issued at our customers request. FSIBL is constitute to extend L/C facilities to its importers / exporters through establishment ofcorrespondent relations and Nostro Accounts with leading banks all over the world. Loan ProductsFirst Security Islami Bank offers a wide range of loan and advance product to the client forfinancing different purpose that fulfill the requirements of the bank and have good break to theinvestment as well as satisfy the client. Other Product and Services The bank has its concentration for new product and services development for whole itscustomer and change magnitude its customer base. They prefer now faster service with to the lowest degree cost. Fordelivering faster service the bank has introduced online banking service. There are other productsand services that FSIBL has introduced.They are * Online Banking Services * Locker Services * Utility Bills * ATM services FLUCTUATION OF SHARE PRICE (ONE YEAR) BALANCE SHEET ANALYSYS 3. 1. 5 Types of investment Facilities The Banks Policy is to introduce diversified / new types of Products / Product derivativesalong with usual Banking Products. At present the Bank offers the following facilities i. Investment/ Deployment of money a. Bai-Murabaha(DeferredLumpSum/Installment deal)b. Bai-Muajjal(DeferredInstallment /LumpSumSale)c. Ijara (Leasing)d. Musharaka (Joint-Venture Profit-Sharing)e.Mudaraba (Trustee Profit-Sharing)f. Bai-Salam(AdvanceSale andPurchase)g. Hire-Purchaseh. Direct Investmentsi. PostImportInvestmentj. PurchaseandNegotiation of exporting Billsk. Inland BillsPurchasedl. MurabahaImportBillsm. Bai-Muajjal Import Billsn. Pre Shipment Investmento. Quard-ul-Hasan (Benevolent Investment) KYC Concept The Investment bitrs/RM essential know their customers and conduct due diligence onnew borrowers, principals and guaran tors to ensure such parties are in fact who theyrepresent themselves to be i. e. , KnowYour Customer (KYC).The Banker Customer kind would be established first through opening of CD/STD / SB accounts. Proper introduction, photographs of the account holders / signatories,passport,TradeLicense,MemorandumandArticlesoftheCompany,certificateofincorporation, certificate of first gear of business, List of Directors, resolution, etc. i. e. all the required papers as per Banks policy and regulatory requirements are to beobtained at the time of opening of the account. A declaration deliberateing approximatetransaction to the account is to be obtained during opening of account.Informationregardingbusinesspattern, constitutionofbusiness,volumeofbusinessetc. istobeascertained. Any suspicious transaction essential be timely addressed and brought down tothe noticeofthe HeadOffice /Bangladesh Bankasrequiredandalsoappropriatecorrective measures to be taken as per the direction of Bank Managemen t/BangladeshBank SWOT analysis Strength modify ownership pattern Strong market share Good Financial performance Good investment portfolio Comfortable Liquidity position see management team Sound HR development programmes Improvement in automation Wide branch networkSignificant involvement in corporate social responsibility Weakness Unmatched asset versus capital growth Limited delegation of power Limited modern customer service facilities normalize recovery of rescheduled investments High large investment exposures Initial stage of system based internal control procedures Opportunities Investment in SME and Agro based industry Real time online banking Credit card in dual currentness Creation of Islamic Money market product Introduce supra 5 years Islamic bond Threats Market pressure for increasing the SLR Overall liquidity crisis in money marketGovernment pressure to reduce investment rate Increase the capital adequacy position Findings * Most of the costumers do not know the reg ulations of the investment modes. * Shortage of human resources in Investment Section. * Deposit schemes favoring to the customers. * Senior level executives should be more cooperative with the subordinates. * Regarding security service of the bank, account opening and closing system, phone query, cash bring and deposit facility, credit profit rate, online banking, external and internal environment are satisfactory to the customers. Most of the customers are service holder and businessman they alike(p) to come to FSIBL because near to residence / office / work place, better service, easier banking procedure. * Employees of the bank are more cooperative with the customers. * Employees of the bank have good companionship to solve the queries of the customers. * According to the customers opinion more ATM booths needed to be setup in different places. According to the data analysis customers pinch round banking in FSIBL are very satisfied. Recommendations Different types of produc ts and services are available in FSIBL but clients are not concerned about that so advertisement and promotional activities should be increased. * Increasing more deposit schemes under consumer banking. * Providing prompt service in account opening. * Now a day, the online banking service is very much popular in all over the world, so the bank should try to develop in this side. * FSIBL should increase debit card credit card facilities. * SJIBL online service should be fast accurate. The website of SJIBL is not good enough most of the pages are under construction. The page should be constructed as soon as possible. * Should increase the ATM Booths. * More hands is required to run the business smoothly. * Employee trainings and workshops should be administered in order to give them knowledge and professionalism in customer interactions. They should be taught about how to deal with the fuss of customers and problematic situations. * Physical and technological facilities should be increased in evaluating credit proposals. Experienced and expert personnel should be kept within the bank, which lead lead to a quality selection of clients * SJIBL should more commission on customer needs. They need to concentrate more on their existing services and product innovation. * A yearly conference with the employees should be arranged where they leave alone exchange their views with the management about different aspects. This will help to increase the efficiency of the employees. * Prompt service should be given to the customers. In this regard arranging job rotation regularly for employees to improve the skills in different types of service.This will increase the efficiency of the service. * More emphasis should be given on the customers complaint. * Informal training can be a way to improve the skills of the employee. Allocating job responsibility to the employees according to their profit. * Try to create a good envision to customers through different promotiona l tools Conclusion First security Islami Bank Limited is one of the leading Islamic sharah based commercial bank in Bangladesh. FSIBL is committed to provide excellent service to its valued customers. The management of FSIBL always gives special efforts to uphold the interest and institutionalize of their customers.By providing excellence service and special effort First Security Islami Bank has placed itself to a strong position among all the banks. The main focus of FSIBL is to concentrate on the consumer demand, which differentiates FSIBL with other banks. FSIBL has been successfully created a brand image Islamic sharah based in the market and is maintaining a strong position in the market. But still it has some weakness, which can be good overcome. FSIBL has much more potential to explore the existing market. So, to be the number one forever they have to be very perfect in their business.