Electronic Banking System of First Security Islami Bank Limited

Executive Summary

First Security Islami Bank Limited is one of the leading private sector banks in Bangladesh. Through its country wide branch network is providing comprehensive and competitive banking services to its valued customers. This report had shown that part of activities of FSIBL. For the future planning and the successful operation for achieving its prime goal in this current competitive environment this report can be a helpful guideline.

First Security Islami Bank started its journey with a vision to develop itself as a modern Islami bank and to make effective contribution in national economy. At the same time it would work for sustainable growth to achieve trust of the stake holders for their money and share.

Besides the vision FSIB set its mission to build a customer caring and friendly banking environment. Modern Technology based fast and accurate service is its principle. Its function would be ethical and transparent at all levels. And its ultimate target is seamless growth for clients and positive contribution in national economy.

This report is presented in several parts in a sequential manner. At first, I have highlighted the brief of history of First Security IslamiBank , In the second part I discuss the organization profile. It also include banks mission, vision, and goal, retail banking service and corporate information. Product, Deposit, Account opening & General Activities is the main part in this report.

From the practical point of view I can declare boldly that I really have enjoyed my internship at Fast security Islami Bank Limited in the first day. Moreover, internship program that is mandatory for my BBA program, although it is obviously helpful for my further thinking about my career.

Introduction

My internship report is based on Bank. At first we need to know what is bank. “A bank is any business offering deposits subject to withdrawal on demand and making loans of a commercial or business nature”. There are different types of banks like commercial bank, investment bank, international bank etc.  My chosen bank is commercial bank. It is well reputed private bank in Bangladesh named “First Security Islami Bank Limited” (FSIBL). First Security Islami Bank Limited (FSIBL) was incorporated in Bangladesh on 29 August 1999 as a banking company under Companies Act 1994 to carry on banking business. It obtained permission from Bangladesh Bank (BB) on 22 September 1999 to commence its business. Banks provides the opportunity to its clients to deposit and lending money also at the same time attractive services are ensured as per the client’s needs wants & demand with the changing environment and competition. Activities of a bank permits to open & close accounts, issuing cheque books, remit funds, issue bank drafts, pay order, mail transfer, demand draft, receive cheque for clearing, FDR (Fixed Deposit Receipts)DBS(Double benefit Scheme) opening with attractive interest rate etc. It also includes the process of communicating, summarizing and explaining the economic events of a bank within a specific period of time.

Background of the report:

Banking sector of the world is contributed in the present global economy. To establish a strong banking sector it is required to have good study in all operations of banking. For that we should do all of these operations step by step & obviously we must have to know about banking activities & transaction procedure of banking sector. Not only this, but also evaluation of performance to compare with other financial institution & taking corrective action has become compulsory for any bank. So, it is also applicable for FSBL to run with strong competition & to take proper action. I had been placed at Mohakhali branch of First Security Islami Bank Limited in order to do my internship. The report is based on

“E-Banking System” I have been preparing this report under the guidance of Sonjoy Maitra, Assistant Professor of Dhaka International University.

Significance of the Report

This Internship Report is an important partial requirement of four year BBA graduation program. This is because knowledge and learning become perfect when it is associated with theory and practice. By this Internship program students can establish contacts and networking. Contacts may help to get a job in practical life. That is, students can train and prepare themselves for the job market. A poor country like Bangladesh has an Overwhelming number of unemployed educated graduates. As they have no internship experience they have not been able to gain normal professional experience of establish networking system, which is important in getting a job. Therefore, it is obvious that the significance of Internship is clearly justified as the crucial requirement of four year BBA graduation.

 Objectives of the Report

Objective is an important thing for different purpose. Objective helps to go in a good way which is related with the report. The main objectives of this study is to concentrate on the study of the how to use the marketing strategy in Banking sector. However the details of the objective of the study are as follows:

• To know about E-Banking
• To find out the strength, weakness, opportunity and threat of this bank.
• To apply theoretical knowledge in the practical field.
• To know the tasks of different department of the bank.
• To get understanding about the strategy that the bank undertakes in different situation.
• To get an idea aboutVarious kinds of Deposit at FSIBL.

 Methodology of the Study

The study is performed based on the information extracted from different sources collected by using a specific methodology. This report is analytical in nature.

Source of data:

I have collected the data from the following sources, which has helped me to make this report.

The source divided into two parts:

1. Primary source.

2. Secondary source.

• Primary:

Interview was the basic technique that was employed to collect primary data from people within the organization. For the procedure of different banking operations, I had observed the operations and worked with the officers at the same time. I had interviewed FSIBL Officials for getting more information.

• Secondary:

Secondary data was collected from the annual report, journal, FSIBL report, FSIBL employee training, lecture sheet & the website of First Security Islami bank limited. Relevant data for this report will be collected primarily by direct investigations of different records, papers, documents, operational process and different personnel. The interviews were administered by formal and informal discussion. Structured questionnaire will be used. Information regarding office activities of the bank has been collected through consulting bank records and discussion with bank personnel.

Data sources:

The information and data for this report have been collected from both the primary and secondary sources.

The “Primary sources” are as follows:

• Face-to-face conversation with the respective officers and stuffs of the branch and head office.
• Face-to-face conversation with clients visited the branch.
• Practical work experience in the different desk of the department of the branch covered.
• Questionnaire.

The “Secondary Sources” of data and the information are:

• Annual Report of FSIBL
• Website of the FSIBL.
• Various book articles regarding general banking functions, Foreign exchange operations and credit policies.
• Different procedure manual published by FSIBL
  • Different circular sent by head office or FSIBL

 Limitations of the Report

To complete all of these mentioned above, I face some limitations like:

  I am not getting enough time to concentrate on all of the investigation.

  I am not getting all data and information enough to do my study & that’s why sometimes I give emphasis on assumptions.

  The website of FSBL is not that much rich to collect data.

  Sometimes such kinds of tasks were given in the Bank that was no way related to my topic & really it was responsible to do and so that break my concentration in my major area of investigation.

  I am preparing the report on the activities of all of the branches, but I am not permitted & it is not possible to visit & collect data & information from all of the branches.

Overview of FSIBL

History of First Security Islami Bank Limited

The First security Islami Bank Limited is the third generation private sector Bank in Bangladesh. FSIBL is fully owned by Bangladeshi entrepreneurs. The bank was opened on August 29, 1999 but the first branch at 23, Dilkusha Commercial Area, Dhaka started commercial operation on August 29, 1999. The 2nd Branch was opened on 11 November 1999 at Khatungonj, Chittagong.

At present, FSIBL has been carrying on business through its 84 branches. FSIBL was the first domestic bank to establish agency arrangement with the world famous Western Union in order to facilitate quick and safe remittance of the valuable foreign exchanges earned by the expatriate Bangladeshi nationals. FSIBL was also the first among domestic banks to introduce international Master Card in Bangladesh. In the meantime, FSIBL has also introduced the Visa Card and Power Card. The Bank has in its use the latest information technology services of SWIFT and REUTERS. FSIBL has been continuing its small credit program for disbursement of collateral free agricultural loans among the poor farmers of Agrabad area in Chittagong district for improving their lot. Alongside banking activities, FSIBL is actively involved in sports and games as well as in various Socio-Cultural activities.

First Security Ialami Bank Limited is the leading private sector bank in Bangladesh offering full range of Personal, Corporate, International Trade, Foreign Exchange, Lease Finance and Capital Market Services. First Security Islami Bank Limited is the preferred choice in banking for friendly and personalized services, cutting edge technology, tailored solutions for business needs, global reach in trade and commerce and high yield on investments, assuring excellence in Banking Services.

Vision of the Bank

To be the unique modern Islami bank in Bangladesh and to make significant contribution to the national economy and enhance customer’s trust and wealth, quality investment, employee’s value and rapid growth in shareholder’s equity.

 Mission of The Bank

The bank has chalked out the following corporate objectives in order to ensure smooth achievement of its goals:

• To be the most caring and customer friendly and service oriented bank.
• To create a technology based most efficient banking environment for its customers.
• To ensure ethics and transparency in all levels.
• To ensure sustainable growth and establish full value of the honorable shareholders and
• Above all, to add effective contribution to the national economy.

 Objectives of the Bank

The objectives of the FSIBL are given below:

• To provide efficient computerized banking system.
• To enhance foreign exchange operations.
• To accept deposits on profit-loss sharing basis.
• To establish a welfare-oriented banking system.
• To play a vital role in human development and employment generation.
• To contribute towards balanced growth and development of the country through investment operations particularly in the less developed areas.
• To establish participatory banking instead of banking on debtor-creditor relationship.

Organ gram of FSIBL:

 Performance of FSIBL

Credit Rating Agency of Bangladesh (CRAB) has given BBB 3 (pronounced triple B three) rating in Long Term and “ST-4” rating in Short Term to First Security Islami Bank Limited. Commercial Banks rated ‘BBB’ have adequate capacity to meet their financial commitments. However, adverse economic conditions or changing circumstances are more likely to lead the Banks into a weakened capacity to meet their financia commitments. BBB rated banks are subject to moderate credit risk. Such banks are considered medium-grade and as such may possess certain speculative characteristics. At the same time, banks rated “ST-4” in short term are considered to have below average capacity for timely repayment of obligations. Such capacity is highly susceptible to

Adverse changes in business, economic, or financial conditions than for obligations in higher categories.

 Key Features of the Banking services:

 Computerized Banking system

The head office and the other branches have been provided with the State-of-the-art computer hardware as well as software to carry on day-to-day accounting and routine work efficiently and quickly. The FSIBL is moving to the next stage of automation through introduction of on line banking in all branches.

SWIFT Services    

• Rationalizing security mechanisms leads to tighter security management and control. S.W.I.F.T. uses the highest levels of encryption and authentication technology available.
• In the SWIFT environment, registered users do not need to be aware of each other’s physical location or technical configuration. There is no dependence on another party’s setup.
• Operating a single communication platform, as opposed to multiple and diverse electronic banking systems, greatly simplifies auditing processes and therefore leads to easier compliance.

ATM Banking

 First Security Islami Bank Ltd. has implemented successfully Automated Teller Machine (ATM) /DBDIT card transaction from June 25, 2008 . Through Automated Teller Machine (ATM) /Debit card, customer can avail the facilities like withdrawal money, balance inquiry and purchase goods from Point of sale (POS) using Dutch Bangla Bank Ltd. ATM Booth and POS.

 Branch Networks and Inter Division and Branch Coordination

At present, the bank has 66 branches of which 25 branches are in Dhaka, 24 branches are in Chittagong, 07 branches are in Sylhet, 04 branch is in Rajshahi, 04 branches is in Khulna and 02 branch is in Barishal.

All the 66 branches are computerized under distributed server environment. FSIBL has already started their on-line and SMS banking facilities for their clients.

Others

Management Structure of FSIBL

For any financial and non financial organization Management is the most valuable and important resources of any kind of organization. And a well-organize management provides the organization to reach its ultimate goal. Management means planning, organizing, staffing, directing and controlling of all financial and non financial resources of an organization. Different aspects of management practice in FSIBL are discussed below.

Planning:

FSIBL has done its planning within the purview of the corporate plan. The overall planning approach of FSIBL is Top-down. Each branch can plan according to the goal

 Imposed by the corporate level. It doesn’t plan independently. And, FSIBL has a planning division. This department is mainly responsible for the overall planning.

Core values

FSIBL score values consist of 6 key elements. These values bind our people together with an emphasis that our people are essential to everything being done in the bank.

 Executive Committee:FSIBL has constituted 09 members executive committee of the board as per Bangladesh Bank guidelines to ensure corporate goverance in the business of which managing director of the Bank is Ex-officio Member. The

executive committee of the board are responsible for developing policy and strategy for smooth operations of business and business development of the bank to ensure maximization of shareholders wealths protecting other stakeholders interest in the company Mr. Alhaj Md. SaifulAlam, Chairman of the board of Directors is the Chairman of the present Executive Committee of the bank. He is very dynamic person and leading the executive committee of the bank in a very manner. 

 Audit Committee:FSIBL has formulated an audit committee can play an effective role in formulating an efficient and secured banking system. The Audit Committee has been formed comprising three members of the Board of Directors. As per corporate governance guidelines the Chairman of the Audit Committee should have sound knowledge and expertise in finance & accounting or auditing.

 Information Technology Division

First Security Islami Bank Ltd. has an Information Technology (IT) Division at the head office to provide IT support to all its branches. The bank has well documented guideline on information and communication technology (ICT). From the very beginning FSBL was using computerized banking software “PcBank/M” for all the branches. Recently the bank has replaced PcBank/M software with “PcBank2000” to provide online banking facilities to its clients. FSIBL is now providing online banking facility with distributed system. The bank also has SMS banking service. FSIBL has planned to introduce centralized system for online banking.

 Loans & Advances

The profit of a commercial bank depends primarily on the utilization of its fund. But Bank cannot lend its fund fully. As per Banking Company Act 1991 every banking company has to maintain a specified minimum (presently 16%) of the total of its demand and time liabilities in the form of cash and approved securities with Bangladesh Bank. This percentage or ratio is termed Statutory Liquid Ratio. Further every scheduled bank has to maintain with Bangladesh Bank an average daily balance, the amount of which has not to be less than a particular percentage (presently 4%) of the total of its demand and time liabilities. As such Commercial Bank generally goes for short-term finance although a small portion of its total deposit is invested as long term lending. Commercial banks allow different forms of advance.

 Foreign Exchange

Bank gives paramount importance in its foreign exchange business to ensure profitability. Bank has been continuing to extend special importance on foreign business from the beginning of its establishment which is still prevailing during the year. To look after the business and also to ensure prompt service to the import and export officers having exposure and expertise in foreign exchange, posted both Head Office and Authorized Dealer branches.

Core values

FSIBL score values consist of 6 key elements. These values bind our people together with an emphasis that our people are essential to everything being done in the bank.

Integrity

• FSIBL protects & safeguards all customer information.
• FSIBL treats everyone in an equitable & consistent manner
• FSIBL creates an environment which earns & maintains customer trust.

 Open communication

• FSIBL builds customer relationships on integrity &respect.
• FSIBL offers a full line of products &excellent service.
• FSIBL is committed to the prosperity of the customers & shareholders.
• In FSIBL customers & employees are judged in terms of their performance.

 Performance driven

• In FSIBL customers & employees are judged in terms of their performance.

 Continuous self-Improvement

• Continuous learning self –challenge &strive make ways for self-improvement of work force at FSIBL.

. Quality

• FSIBL offers hassle free better service timely.
• FSIBL builds-up quality assets in the portfolio.
• Teamwork

Interaction, open communication, and maintaining a positive attitude reflect FSIBL s commitment to supportive environment based on teamwork.

Special Features of FSIBL

•  All activities of FSIBL are conducted under a profit/loss based system according to Islamic Shariah to get the nation rid of Usury.
• Its investment policies under different modes are fully Shariah compliant and well monitored by the board of Shariah Council.
• FSIBL has included online banking in its wide range of services. Bangladeshi software has been introduced in this feature to promote the local developers.
• FSIBL regularly arranges its AGMs (Annual General Meeting). Whenever needed EGMs (Extraordinary General Meeting) are also arranged.
• They believe in providing dedicated services to the clients imbued with Islamic spirit of brotherhood, peace and fraternity.

Deposit Account of FSIBL

 Types of Account, FSIBL

In short, this is all about the Mohakhali branch of First Security Islami Bank Limited. This branch has so much potentiality and the employees of this branch are so much helpful to its clients.

 Performance of Top 5 FSIBL Products

 Amount of Various kinds of Deposit at FSIBL

(Last Four Years)

 From the above table we can see that People are very interested about Mudaraba term deposits including other banks among various Depository Schemes. The amount of Mudaraba deposits under schemes is increasing year by year. It is noticeable that the amount of Al-Wadia current accounts and other deposit accounts was increased in a great amount by 2010. The amount of Mudaraba savings bank deposits of this bank is not in satisfactory level compare to others.

The Scenario of Deposit at First Security Islami Bank:

Source: Annual Report of FSIBL

The amount of deposit has been increased in each year. In 2009, the total amount of deposit was approximately Tk. 4242.31 Crore hasraised up to above approximately Tk. 56, 34.50 Crore by the year 2010 and approximately 60, 61.58 crore in 2011 (March). So, there is a positive increasing rate of the total deposit.

 Investment Product of FSIBL

  Deposits service of FSIBL

Education Saving Scheme

The most gratifying experience for parents are proper education of their children. Educational expense is rapidly increasing and therefore appropriate planning needs to be done by all parents. FSIBL offers you “Education Saving Scheme” to assist in financial planning well ahead in for there children’s higher education.

Mudaraba Monthly Income  Scheme.

Bangladesh is a developing country. But in our country opportunity of is very low. People of our country always try to save their excess money and they are looking for where they can deposit the money. According to their demand FSIBL started this monthly income scheme.

Mudaraba Super Savings Scheme

Saving helps to build up capital and is the prime source of business investment in a country. Investment takes the country towards industrialization, which eventually creates wealth. That is why savings is treated as the very foundation of development. To save, FSIBL offers Super Saving Scheme.

Terms and Conditions of the scheme:

Any individual, company, educational institution, government organization, NGO, trust, society etc may invest their savings under this scheme.

The deposit can be made in multiples of Tk. 10,000/=

• The period of deposit is for six years.
• Any customer can open more than one account in a branch in his name or in joint names. A deposit receipt will be issued at the name of opening the account.
• If the deposit is withdrawn before six years terms, then savings interest rate +10% will be applied before payment is made. However, no interest will be paid if the deposit is withdrawn within 1^st year.
• A depositor can avail loan up to 80% of the deposited amount under this scheme.

• Incase of death of the depositor, before the term, the deposit (with saving rate +1%) will be given to the nominee. In the absence of nominee, the legal heirs/successors will be paid on production of succession certificate.
• Incase of issuing a duplicate deposit receipt the rules of issuing duplicate receipt of term deposit will be applicable.

 MudarabaMultiplus Savings Scheme

Saving helps to built up capital and capital is the prime source of business investment in a country. Investment takes the country towards industrialization that eventually crates wealth.

That is why savings is treated as the very foundation of development. To create, more awareness and motivate people to save, FSIBL offers Multi Plus Savings Scheme.

Some examples are given in the table below. Any amount can be deposited in multiples of Tk. 10,000/=

Mudaraba Monthly Savings Scheme

The savings amount is to be deposited within the 10^th of every month. Incase of holidays the deposit amount is to be on the following day. The deposit may also be made in advance.

The depositor can have a separate account in the bank from which a standing instruction can be given to transfer the deposit in the scheme’s account.

Incase the depositor fail to make the monthly installment in time, then 5% on overdue installment amount will be charged. The charge will be added with the following month(s) installment and the lowest charge will be Tk. 10/=.

Rules

A form has to be filled at the time of opening the account. No introduction is attested photographs are advised.

• The depositor can select any of the installment amounts, which cannot be subsequently changed.
• Incase of minors the guardians may open and supervise the account in this favor.
• A single person can open more than one account for saving under several interest rates.
• The depositor should notify the bank immediately on any change of address.
• The government tax will be deducted from the interest accumulated in this scheme.
• If necessary, at the request of the depositor, the scheme can be transferred to a different branch of the same bank.
• The bank reserves the right to change the rules and regulations of the scheme as and when deemed necessary.

Mudaraba Hajj Scheme

Ninety percent of people in our country are Muslim. Hajj is mandatory of every rich and physically fit Muslim people. As aIslami Bank FSIBL offer Hajj Scheme to the customer to fulfill the desire of religious minded people. One can open this type of scheme in different maturity by paying monthly installment.

Different Types of Electronic Banking Service

 Online Banking: FSIBL have set up Wide Area Network through Radio, Fiber- Optics & other available communication media systems to provide any branch banking to our customers. Customer of one branch is now able to deposit and withdraw money at any of our branches. All Branches are included in our Wide Area Network.No TT/DD or cash carrying will be necessary.

Debit Card

The Bank has launched Master card among its customers in joint collaboration with DBBL Bank Ltd.

FSIBL’s card is accepted at more than 5000 outlets spread around the country; this card can be used in purchase of everyday necessities to luxurious goods and services. This wide range of merchants include hotels, restaurants, airlines, travel agents, departmental stores, hospitals, clinics & diagnostic centers, jewelry shops, electronic shops, health clubs any many more. Numbers of outlets are increasing day by day to cater to growing needs.

FSIBL card provides cash withdrawal facility up to 50% of your credit limit; this may be availed from ATM or from any branches of FSIBL Ltd.  With a nominal cash withdrawal charge.

 ATM Banking: First Security Islami Bank Ltd. has implemented successfully Automated Teller Machine (ATM)/DBDIT card transaction from June 25, 2008. Through Automated Teller Machine (ATM) /Debit card, customer can avail the facilities like withdrawal money, balance inquiry and purchase goods from Point of sale (POS) using Dutch Bangla Bank Ltd. ATM Booth and POS.

SMS Banking: First Security Islami Bank Ltd. has officially launched SMS banking service from December 17, 2007. By sending one SMS from mobile phone client can able to know the information like what is the balance, interest rate etc.

Locker Service: For safekeeping of customer’s valuables like important documents and goods like jewelries and gold ornaments, FSIBL Locker Service is available in most of the Branches in urban areas.

Nature of service         Custody of Locker / Safe

Nature of Charge        Rent

Locker Available Branch:

Dhaka Division           : Dhanmondi, Banani, Gulshan, Mirpur

Chittagong Division    : Agrabad, ProbartakMor

Khulna Division          :  Khulna branch

Shylet Division           : Sylhet branch, Biswanat

Utility Bills: Utility bills received from following branches:

Ready Cash Card Service: The bank has been operating what is called First Security Bank Ready Cash Card under an agreement with American International (BD) Ltd. By using this card the customers are able to deposit/withdraw money from any branch of the Bank as also from some selected branches of Janata Bank (JB). The card holders can pay telephone, water, electricity, gas bills and use it to make purchases from 300 selected retail shops. The Bank is also actively considering introduction of credit cards in collaboration with one of the international card companies. In this regard permission to be solicited from Bangladesh Bank.

New Product of FSIBL

Mudarabah student (school banking) savings account

FSIBL requested all branches to select at least 1 school in their Working Area to launch School banking. Features:

• To buildup savings habit and familiarize new generation with banking system.
• Minimum account opening deposit TK. 100.
• No minimum balance required to maintain.
• (+-) 8% profit is applicable daily basis for this account.
• Account holder will receive an ATM card at free of cost.
• Free one time Cheque book.
• Account holder may pay tuition fees through the accounts.

 Mudarabah Education Deposit  Scheme.

      Features:

• Installments can be deposited in any branch & any working day of the months                                          without any late fees.
• Size of monthly installments are TK. 5oo/-, TK. 1000/-, TK 2000/-, TK. 2500/-, TK. 5000/-, TK. 10000/-, TK. 15000/-, TK. 20000/- TK. 25000/-.
• Maturity periods are 5, 8, 10, 12 or 15 years.
• Investment facilities against deposit.
• TK. 100,000/- (one Lac taka) only life insurance facility.

Mudarabah Marriage Deposit Scheme.

      Features:

• Installments can be deposited in any branch & any working day of the months                                          without any late fees.
• Size of monthly installments are TK. 5oo/-, TK. 1000/-, TK 2000/-, TK. 2500/-, TK. 5000/-, TK. 10000/-, TK. 15000/-, TK. 20000/- TK. 25000/-.
• Maturity periods are 5, 8, 10, 12, 15 & 20 years.

• Investment facilities against deposit.
• TK. 100,000/- (one Lac taka) only life insurance facility.

Mudarabah  Health  Care Deposit Scheme.

Features:

• Installments can be deposited in any branch & any working day of the months                                          without any late fees.
• Size of monthly installments are TK. 5oo/-, TK. 1000/-, TK 2000/-, TK. 2500/-, TK. 5000/-, TK. 10000/-, TK. 15000/-, TK. 20000/- TK. 25000/-.
• Maturity periods are 3, 5, 8, & 10 years.
• Investment facilities against deposit.
• TK. 100,000/- (one Lac taka) only life insurance facility.

 Mudarabah Pension Deposit scheme.

Features:

• Installments can be deposited in any branch & any working day of the months                                          without any late fees.
• Size of monthly installments are TK. 5oo/-, TK. 1000/-, TK 2000/-, TK. 2500/-, TK. 5000/-, TK. 10000/-, TK. 15000/-, TK. 20000/- TK. 25000/-.
• Maturity periods are 5, 10, 15 & 20 years.
• Investment facilities against deposit.
• TK. 100,000/- (one Lac taka) only life insurance facility.

Mudarabah Senior Citizen Savings Account.

Features:

• A savings accounts for senior citizen aged 60 years or above.
• (+-) 7% profit is applicable for this account.
• Profit will add on daily basis and will be credited monthly.
• Minimum account opening balance is TK. 5,000.
• Free ATM Card.

• Free SMS Banking.
• 100 leafs cheque book free.
• 20% discount on locker charges (applicable for branches having locker facility) subject to availability.                                                       Condition Apply.

Mudarabah Salary Account.

Features:

• Individual account for employees of different corporate houses for disbursements of their monthly salary.
• The organization needs to have a minimum of 10 employees and a payout of TK 1,00,000/- (One Lac Taka) per month and an average salary per employee of TK.10,000/- per month.
• (+-) 7% profit is applicable for this account.
• No account Maintenance fees.
• No minimum balance required.
• Investment facility at preferential rates (Personal Loan. Home Lone. Auto Lone).
• Free SMS Banking.
• 100 leafs cheque book free.
• Free ATM Card.

*Condition Apply.

 Al-Wadeeah Current Plus account.

Features:

• Freedom of unlimited transactions.
• Minimum account opening balance requirement is BDT 15,000/-.
• Free intercity Transaction.
• Free ATM Card.
• 100 leafs cheque book free.
• Free SMS Banking.
• TK. 100,000/- (one Lac taka ) only life insurance facility.

*Condition Apply.

 Al-Wadeeah Premium Account.

Features:

• Freedom of unlimited transactions.
• Minimum account opening balance requirement is BDT 15,000/-.

• Free intercity Transaction.
• Free ATM Card.
• 100 leafs cheque book free.
• Free SMS Banking.
• Special Counter.
• TK. 100,000/- (one Lac taka) only life insurance facility.

*Condition Apply

After the promotion of 9 new products (July, 2011),The result of total number of accounts. (March, 2012)

Customer service of FSIBL through E-Banking

Attending Customers

• The very basic job of the officers of the Customer service desk is to attend new as well as existing clients of satisfaction and so as for customer loyalty keep he bank’s image in the customers’ mind. Assisting clients n different aspects such as filling up the form and understand the bank. The activities include the following tasks:
• Answering all the queries of the clients and/or prospect of the bank.
• Providing them with complete information about the services of the bank.
• Providing them with different kind of forms as per their requirements to place the service offer.
• The officer should always attend the clients with a beautiful smile on and welcome them cordially as because the first impression of the client about the banks very important for customer required documents.
• Assisting the customers’ indifferent necessity.
• Interacting with the customers over the phone and assisting them to the banks service over the phone.

 Basic Activities of Customer Service

• Opening various types of accounts according to customers needs.
• Local Remittance incoming/Outgoing
• To issue cheque books
• Plop Payments
• Fund Transfer
• Maintain & balance of all security papers
• ATM Inch replenishment
• Closure of accounts

Opening Accounts

The relationship between a banker and his customer begins with the opening of an account by the former in the name of the latter. Initially, all the accounts are opened with a deposit of money by the customer and hence these accounts are called deposit accounts. The bulk of the resources of a bank are mobilized by accepting deposits from the public.

Types of account

Accounts in a bank may be of different types. Each type of account has its own opening procedure and documentation requirements. The various types of accounts are described below with their opening procedure.

1. Current Accounts (CA)
2. Savings Accounts. (SA)
3. Short Term Deposit Accounts (STD)
4. Fixed Deposit (FDR)
5. RFCD (Resident Foreign Currency Deposit)
6. NFCU Accounts (Non-Resident Foreign Currency Deposit)

Current Account

A current account is a running and active account, which may be operated upon any number of times during a working day. There is no restriction on the number and amount of withdrawals

From a current account, so branches need to keep sufficient cash reserves against such deposits. Usually such accounts are maintained by individuals and organization whose banking transactions are enormous on every working day. Since this is a non-interest bearing account, banks prefer them due to its cost-free nature. This type of account offers maximum flexibility and convenience.

Features:

• Non Interest bearing A/C.
• Minimum balance = Tk.25000.
• Any number of transactions a day.

• Free check book.
• E-Cash/24 Hour banking (Withdrawal).

Charges:

Short Term Deposit Account

A Short Term Deposit (STD) account is a less active account, which cannot be operated upon frequently like a current account. There are certain restrictions on the number of withdrawals from a Short Term Deposit account. These restrictions differ from branch to branch. This is an interest bearing account. Normally, interest is paid at a rate lower than that of savings account. Bank Asia Offers a very competitive interest rate and the interest is 6%.

Savings Account

A Savings Account is designed for people with fixed income who wishes to save a portion of their present income to meet their future needs and earn some income from their savings. Like STD accounts, branches impose certain restrictions on the number and amount of withdrawals from a savings account. This is an interest bearing account and reasonable rate of interest is offered, which is higher than that of STD account but lower than that of Fixed Deposit Account.

Features:

• Allows interest income on deposit.
• Minimum balance = Tk. 15,000/-.
• Withdrawal is allowed twice in a week up to 25% of the balance in the account provided the Customer serves 7 days prior notice. Failure to give notice will entail forfeiture of interest for the month in which the withdrawal is made.
• Any Company account can not be a savings account.
• Free Cheque book.
• E-Cash: 24 hour banking (withdrawal)

Charges:

Fixed Deposit Accounts

Fixed Deposit Accounts are deposits with a bank for a fixed period of time, which is specified at the time of making a deposit. Fixed deposits are repayable on the expiry of the specified period, chosen by the depositor to suit his purpose. Fixed deposit periods in Bank Asia are 1 month, 2 months, 3 months, 6 months & 12 months. Interest rates also vary in accordance with the deposit periods. At the date of repayment of a fixed deposit is determined in advance, the banker need not keep more cash reserves against it and can utilize such amount in more profitable long-term investments. Higher rate of interest is thus offered by bank on such deposits because the depositor forgoes liquidity for a definite period.

Local currency:

The different features and the interest rates of the Fixed Deposit for the local currency are given in the following table

Table: the features of FD (local Currency):

 Foreign Currency:

The different features and the interest rates of the Fixed Deposit for the foreign currency are given in the following table:

 Who can open an account?

An account in bank can be opened by a person who is legally capable of entering into a valid contract, applies to the banker in a proper manner and accepts the terms & conditions stipulated by the banker. Generally all people except minors mentally challenged and undercharged bankrupts are able to open an account with a bank provided he or she has fulfilled the criteria for opening a bank account.

How to open various types of accounts

Opening an account requires a certain procedure specified by the bank. With the introduction of modern communication technology account opening and operating have become much easier. Account opening procedure is described below for different kind of account type.

 Opening a Current Account:

As mentioned before in Fixed Deposit account opening, all accounts opened with bank require proper Introduction & Documentation. But depending on different clients, both documentation & Introducers varies. The procedures of opening of different types of accounts are different which are mentioned below:

• Current account for individuals: Any person eligible of doing contract can open a current account in the bank. An introduction from an existing current account holder is required in this case.
• Current account for sole proprietorship: to open these types of account an introduction of existing current account holder along with the photocopy of valid Trade License is required. The account holder must submit original Trade license before the banker for verification.
• Current account for Partnership firm: the procedure of opening these types of account s similar to sole proprietorship. The extra document required here is the partnership Deed.
• Current Account For limited account: Introduction of current account holder is not required here. The company has to submit copy of Memorandum and Articles of association, copy of Certificate of Incorporation, copy of Commencement of Business, the resolution of the Board of Directors authorizing for opening account etc.

Opening of Savings Account

Any person eligible of doing contract can open this type of account in the same manner as FDR. An introduction from an existing savings/current holder is required to open this account. Unlike the Fixed Deposit Receipt, here the customer will be given a cheque book & a deposit book to facilitate transactions on such account.Savings account can only be open by an individual, not by any company or business entity.

Opening of Short Term deposit account

The procedure of opening of a short term deposit is same as the procedure of opening a current account. An Introduction from an existing current account holder is required to open this account.

Opening a FDR

For opening a fixed deposit account a depositor is required to till up the Account Opening Form of Bank Asia Ltd. wherein the customer mentions the amount of deposit and the period for which deposit is to be made. He also gives his specimen signature. Proper introduction is required for opening all types of account with the bank & in case of an individual opening an account; he must mention the name of a nominee.

After filling up the application form properly, the customer submits necessary documents and deposits money at the cash counter of the bank. Afterwards customer service dept issues a Fixed Deposit Receipt to the depositor, acknowledging the receipt of the sum of money specified therein, to be repaid at the expiry of the period mentioned therein along with interest at the specified rate. Customer service dept posts necessary customer data in the Bank Asia LW accounting software STELAR to maintain record of all the accountholders at the time of opening clients’ accounts.

 Account Opening Procedure

In order to open an account in Bank Asia Limited, the party has to fill up an account opening form and specimen signature card provided by the banker.

There have different format for different types of account. The customer has to fill up that form for which account he wants to open.

In the account opening from the following information he writes down:

• Name of the applicant.
• Business of Profession.
• Permanent and present address.
• Special Instruction regarding the operation of the account.
• Introducers name, and account number.
• Specimen signature.
• Partners name, address and signature in case of partnership account.
• Foreign address (in case of foreign currency account).
• Period of the account (in case of STD account).

The concerned officers verify the information of the A/C opening form. If they feel satisfied about the information, get necessary documents then they will allow (he customer to open the account.

Introduction of the applicant

Before opening an account in the name of a customer, the banker must get true identity of that person in order to ensure that he is a respectable and reliable person. Customer Service department thus cannot open an account in the name of a person whose true identity has not been established or who is considered to be an undesirable person. The applicant may be introduced to the banker in any of the following ways:

• A respectable person-either a customer of the same branch of the bank or who is known to the staff of the branch- introduces him by signing on the application form itself along with his account number of that branch.
• By presenting valid identification card or passport to establish the identity of a person.

 Documentation for opening an Account:

The Customer must observe proper documentation formalities before opening an account with the Bank. Each account holder need to submit the following:

• Two (2) copies of passport size recent photograph attested by the introducer.

• Signature Card duly signed.
• NC Opening Form duly filled in.
• Nominee Card if applicable.
• Any other document required by the Bank from time to time.

Additional documentation and formalities to be observed before opening the account for the following entities:

For Limited Companies:

• Certified true copy of Memorandum and Articles of Association.
• Certified true copy of Certificate of incorporation.
• Certified copy of Certificate of Commencement of Business.
• Copy of Resolution of the Board of Directors authorizing for opening account and specimen Signatures for operation of the Account duty attested by the Chairperson.
• Latest Audited Balance Sheet.
• Trade License.
• TIN Certificate.

For Partnership Enterprises:

• Certified copy of the constitution of the firm.
• Registered Partnership Deed/dully Notarized Partnership Deed at Will (in case of unregistered firm). For Association/Club/Society/Charity etc.:
• Minutes of the Committee meeting authorizing the opening of an account with the Bank duly certified by the Secretary and the Chairperson.
• A copy of Laws and Bye-Laws/Constitution duly attested by proper authority.
• A copy of the resolution of the Committee authorizing specific Signatories to operate the account.
• Certificate of Registration; where applicable.

For Proprietorship Enterprise:

• Trade License.
• T.I.N. Certificate.

An account opening form prescribed by the Bank must be completed in all cases including following documentation. Please note that in some cases additional documents may be required; their branches will assist us in this regard.

 Individual Account

• Two copies of photograph of the Account holder(s) duly attested by the introducer.
• Account to be introduced by a person known to the Bank, usually an account holder.

Club/ Society Account

• Up-to-date list of office bearers.
• Certified copy of Governing Body resolution for opening and operation of account.
• Certified copy of Bye-Laws & regulations/constitution.
• Copy of Government Approval (if registered).

 Co-operative Society/ Private or Public Limited Companies

• Copy of Bye-law duly certified by the Co-operative officer / Memorandum & Articles of Association duly codified by the Company Secretary or the Managing Director.
• List of officer bearers.
• Board Resolution authorizing opening and operation of the account.
• Certified copy of Certificate of Registration issued by registrar, Co-operative Society / Certificate of Commencement of business.

Educational Institutions / Government & Non-Government Organization

• Up to date list of Governing Body/ Managing Committee.
• Certified copy of the Governing Body / Managing Committee Resolution authorizing opening and operation of the account.
• Certified copy of Government approval / registration as applicable.

 Private foreign currency account:

Most branches of Bank Asia Limited have Authorized Dealers license to deal in transactions in foreign currency and open private foreign currency accounts.

Current or Fixed Term accounts in US Dollar or Pound Sterling accounts may be opened in the name of:

• Bangladeshi nationals residing abroad.
• Bangladeshi nationals ordinarily resident in Bangladesh.
• Foreign nationals residing abroad or in Bangladesh.
• Foreign firms registered abroad and operating in Bangladesh or abroad.
• Foreign missions and their expatriate employees.

 Non-resident Foreign Currency Deposit Account (NECD):

NFCD accounts are interest bearing time deposit accounts. Accounts may be opened for 1, 3, 6 months and 1 year term. Interest rates on NFCD accounts are determined after a careful assessment of interest rates on deposit accounts in the international market. The rates they offer are usually higher than the international market.

 Resident Foreign Currency Deposit Accounts (RFCD):

Persons ordinarily resident in Bangladesh may open and maintain RFCD a with foreign exchange brought in at the time of their return from travel abroad. Any amount brought in with declaration to Customs authorities in form FMJ and up to US Dollar 5000 brought in without any declaration can be o into such accounts.

Foreign exchange through inward remittance from abroad and outward remittances may be freely carried out into and from these accounts.

Foreign exchange earned through business done or services rendered in Bangladesh, however, cannot be deposited into these accounts.

Bangladeshi nationals residing abroad may appoint nominees to carry out transactions for family maintenance and other purposes whilst they ace staying abroad.

 Documentation required opening a private foreign currency account:

• Application form, Nomination if any, Signature Card duly filled in and signed.
• Photocopy of first 4 pages of passport/ Photocopy of any other ID.
• Proof of employment / earning abroad (not required for RFCD accounts.)
• Two passport size Photographs of the Nominee duly attested by Account Holder.

Documentation requirement for non-Bangladeshi applicants vary according to type of accounts. Their branches will be pleased to assist us in this regard when we wish to open an account.

 Issuing Cheque Books

When a cheque book is finished, the white leaf is submitted to the customer service. Then the customer service issues a new cheque book. The white Leaf serves as requisition form. The account number, name of the client are written on the top of the new block. In each leaf of the block account number, branch sea round cross seal are given. Signature of the client is verified and verifier gives initial. In the requisition form of the new cheque book the account number and name of the client ace written down. Then posting is given to the stellar module to activate the cheque book. In the stellar module there are three phases of cheque book activation. These are:

• Cheque book request
• Cheque book preparation
• Cheque book issue.

Maintaining Security papers

Since Customer Service department issues various instruments for day to day bank transactions, it is important to maintain the papers or forms that create such mode of transaction at the bank. All the security papers for banking transactions are kept under

Customer services custody i.e. cheque books, pay order receipt, DD receipt, Fixed Deposit Receipt etc. At the end of the day, customer service department keeps such documents at the branch vault.

 ATM Replenishment

Bank Asia issues ATM cards which have easy access to 20 ATM locations in Dhaka, Chittagong & Sylhet. After receiving requests for issuing ATM card from customers, Customer Service department instructs Scotia Branch to issue ATM cards for customers. A customer can withdraw maximum 5000 Taka under normal circumstances daily, weekly or monthly. If he wishes to withdraw more from his/her account using ATM card, the customer sends request to the Customer Service Department to make more fund available in his ATM account. After receiving such request, Customer Service sends an IBCA to Scotia Branch to make fund available as instructed by the customer.

 Remittance of Funds:

Remittance

The remittance department is concerned for the flow of money to different spots and the exchange of different convertible units of money like pay order, drafts, TC. Etc.

Activities

The things done in the remittance department can be listed in the following points-

• Issuing TC
• Refunding or give the changes of TC
• Changing the foreign currency to Taka
• Selling the foreign currency.

• Receiving the application form and issuing pay order, demand draft and telegraphic transfer (local & foreign).
• Receiving the application form for fund transfer.
• Issuing Bangladesh Bank Check.
• Filling the different documents.

When we travel abroad for business, holiday or any other purpose we can obtain our foreign currency and traveler’s checks permissible under Government regulation without any hassle from their branches.

Please note that issuance of foreign exchange requires submission of some documents. In case of a visit abroad for holiday or tourism, when foreign exchange required will not exceed usual annual entitlement, valid visa and confirmed air ticket is required. For visits concerning a workshop, conference or medical treatment, etc. additional documentation are required, the details of which may be obtained by contacting them.

With a network of our branches spread over in Dhaka. Chittagong, Sylhet, Mymensingh and Kishoregonj, Bank Asia can facilitate remittance of funds among these branches. The main instruments for transfer of funds are:

• Pay Order
• Demand draft
• Telegraphic Transfer

 Payment Order:

Pay Order is an instrument of exchange purchased for a fee from a financial institution. The instrument is an order to pay on demand a sum of money specified on the face of the order to a party (the payee) named by the purchaser. Since the purchaser has already paid the face amount of a money order to the issuer, the payee presenting the order to an agent of the issuer is sure of collecting the funds. Thus, money orders are easily converted to cash anywhere the issuer has agents. A customer must have an account with Bank Asia in order to open a Pay Order in favor of a third party. To purchase a Pay Order a customer will have to fill up the Pay Order form whereby he mentions the name of the third party, the amount of money to be paid and the mode of payment to the bank for issuing such pay order which can be done either by debiting the customers account or by paying cash for the amount mentioned in Pay Order. In case of debiting customers own account, customer must issue a cheque or submit a letter whereby he instructs the bank to issue a Pay Order in favor of a third party. In such case customer Debits the customer account and credits Pay order Payable. When a customer wants to open a Pay Order by paying Cash at the Cash Counter, the bank debits its Cash In Hand and credits P0 Payable. Also, for issuing such instrument, bank credits Vat Payable Pay order Commission every time they issue a Pay Order. After making necessary entries in Stellar, Bank issues the Pay order Receipt & hands it over to the customer who sends the Pay order to the 3 rd party. Since it is an account payee instrument, third party submits this Pay Order to his bank for collection which is then sent to Bangladesh bank’s clearing house. Ultimately this pay Order is presented to the Bank who issued it. So it is worth mentioning that a Pay Order is always honored by the branch who issued it. Pay order is issued for making a remittance whereby both the third party & bank issuing the Pay Order is under the same clearing house.

A payment order is an instrument to remit fund within a clearing zone. The P0 can only be cashed through the branch that has issued the instrument.

Issuing of P0:

The procedures for issuing a P0 are as follows:

• Deposit money by the customer along with application form.
• Give necessary entry in the Bills Payable (P0) register where payee’s name, date,    P0 No. etc., is mentioned.
• Prepared the instruments.
• After scrutinized and approved the instrument by authority, it is delivered to the customer.
• Signature of the customer is taken on the counterpart.

Charges for Issuance of Pay Order

Demand Draft:

For remitting money from one place to another, banks issue bank drafts or demand drafts on their branches at the place of destination. A demand draft is an order from one branch to another branch of the same bank to pay a specified sum of money to the person named therein or to his order. A Demand Draft is issued for consideration received in advance.

Just like a Pay Order it is purchased by filling up a Form at the bank & by making payments either in cash or by debiting customers own account at the branch. In addition to Vat & commission, the customer must pay postage charges for opening a Demand Draft.

After issuing the Demand Draft in favor of the third party, customer service issues an IBCA to the responding branch where the amount mentioned in the Demand draft will be realized. A TEST KEY is required in the IBCA if the Demand draft is above tk.50,000 & it is mailed to the responding branch. After receiving the IBCA, the responding branch verifies the TESTKEY & upon successful verification Demand Draft is honored by the responding branch when it is presented by the third party’s bank through clearing house.

A Demand Draft (DD) is also called the ‘Bankers Draft’. It is an instrument issued by a particular branch, drawn on another branch of the same bank, instructing to pay a certain amount of money. DD is very much popular instrument for remitting money from one corner of a country to another. The citizen of Bangladesh can issue DD payable in abroad. To issue of DD there must be valid reason, which matches with the regulation of the Bangladesh. If a customer can successfully meet all the requirement of Bangladesh Bank he will follow the following steps. The remitter of funds can purchase a DD making the amount payable to anyone including him. The banker is discharged from liability only by payment in due course.

Procedures for issuing a DD:

The procedures for issuing a DD are as follows:

• Deposit money with DD application form filled in.
• Necessary entries are given to register name DD OUT-concern (drawn on) branch.
• Issuing of the ‘Account payee only’ crossed instrument.

Charges for Issuance of Demand Draft

 Telegraphic Transfer:

 To send money urgently banks may be requested for telegraphic transfers on payment of a nominal charge & telegram (postage) charges. This facility is available when a customer wishes to transfer a certain amount of funds from his one account to another account maintained with the same bank at different location/ branch. Like Demand draft, the client has to fill up a form for such fund transfers mentioning the amount to be sent & the account to be credited. Afterwards, a TT advice is faxed to the branch where the customer wishes to transfer his fund & such advice also includes a TESTKEY for verification & authentication at the responding branch where the fund is credited. The branch issuing the TT also sends an IBCA to the responding branch via mail.

Sometimes the remitter of the funds requires the money to be available to the payee immediately. In that case, the banker is requested to remit the funds telegraphically. Such type of remittance is called Telegraphic Transfer (TT). TT is affected by the bank through tested telex message attested by secret test signal on receipt of which the paying office pay the amount to the payee in cash through a telegraphic payment order or credit his account, as the case may be. The citizen of Bangladesh can issue TT payable in abroad. To issue of TT there must be valid reason, which matches with the regulation of the Bangladesh. If a customer can successfully meet all the requirement of Bangladesh Bank he will follow theFollowing steps:

Procedure for the Outgoing TT:

• Deposit of money by the customer along with application form.
• In receipt of money a cost memo is given to the customer containing TT serial No. which is informed to the awaiting party in the paying branch by the customer.
• Tested telex message is prepared, where TT serial No. notifying party name is mentioned.
• The telex department confirms transmission of the message.

Procedures for the incoming TT

• After receiving the telex  it is authenticated by tested
• TT serial no. is verified TT in- Concern branch registers.

Charges for issuance of Telegraphic Transfer

Endorsement of US dollars and GBP Pound Starling 

To endorse foreign currency like US dollar or UK pound starling the customer must have to have his confirm air ticket and valid passport with him. He has to fillip an endorsement form and the signature on the form should match with the signature of passport.

Charges for endorsement of FC (cash) / TC in passport

Traveler’s Checks

Bank Asia Limited offer International Traveler’s Checks in various determinations in both US Dollars and GB Pounds.

 Student File

The Bangladesh Government allows remittance of tuition fees and living expenses for Bangladeshi Students undertaking studies abroad. Outgoing students intending to avail this facility require opening a file with the authorized dealers. Their branches have dedicated personnel to assist students in this regard. For efficient handling of the periodic remittances under the scheme we can fully rely on them.

Opening student file is one of the important tasks of the customer service of sank Asia Limited, Scotia Branch. Student who goes abroad for their study required maintaining a student file in this branch. This file is required for sending the foreign exchange i.e. living expenses and Tuition fees. This required mentioning here that, all the files are issued for the one year. After completion of one year student has to submit their progress report to renew the file.

The steps of opening a student file are as follow:

• Students who want to open a file on FSIB, Scotia Branch must have to show their Offer Letter or I 20, Pre-visa. They also have to submit all the document of their Living expenses and Tuition fees.
• The photocopy of first seven pages of passport is required.

• The photocopies of all education certificates are required.
• When the authority of Bank Asia Limited, Scotia Branch finds the document alright then the particular student fill up a form supplied by Bangladesh Bank. Student need to fill up the form to the point and the student are to make sure that signature of the financier is in the form.
• The student must show his original valid passport to the authority of the bank, that the bank authority issue NOC to the passport. As the same time a NOC certificate is issued in favor of the university (tuition fees) and the student (living expenses).
• The students have to pay Tk. 3000/- to the bank as a file maintenance charge. After completing all the required activities the bank authority open file in favor of the student and give a certificate to the student mentioning the number corresponding to file.

 Finding

• All activities of FSIBL are conducted under a profit/loss based system according to Islamic Shariah to get the nation rid of Usury.
• They believe in providing dedicated services to the clients imbued with Islamic spiritof brotherhood, peace and fraternity.
• The Bank upholds the Islamic values of establishment of a justified economic systemthrough social emancipation and equitable distribution of wealth.
• The communication of Fast Security Islami Bank is open and free. Fast Security Islami Bank uses notice board, magazine, newsletters, the suggestion programs etc as a method of communication.
  • Legal advisers take so much time before giving their legal opinion.
  • There is positive relationship between performance appraisal and employee commitment to the organization.
  • Managers do not provide any brief/ discussion or guide to communicate the performance appraisal system of the bank.

Shortage of skilled man power in the branch.

Recommendation:

• Giving better customer service, full computerized of all activities, supply of new PC’s in place of old one, sufficient numbers of PC needed for proper working.
• Interior decoration should be introduced for client’s comfort. The management should give more emphasis on the advertisement of the bank about their
• operationsThe spread out mechanism of the bank should be faster and progressive as well.
• Online banking should be introduced fluently in all branches to compete with multinational banks.
• More products of varied interests should be introduced for the diversified client group.
• The Bank should request the govt. to take necessary steps to reduce fluctuation of domestic currency worth against us dollar, to improve economic and political conditions and to increase port or harbor facilities.
• It should take proper stapes to recover the shortage of foreign currency.
• The bank should take new marketing strategy which will    responds and take effective steps to increase faith on them.
• To enhance the image of the bank and to assume social responsibility, the bank should engage itself to various social programs like scholarship to poor but meritorious students, Campaign against dowry and other social evil etc
• Bank can introduce more advanced MIS system to mobilize its day to day activities. It will help the employee to do their works more quickly and at the same time maintaining their quality of work.
• The bank should try to arrange more training programs for their officials. Quality training will help the officials to enrich them with more recent knowledge of International Trade Financing.
• The entire employee should be assigned with proper and specific assignment.

 Conclusion:

First Security Islami Bank limited is one of the most potential Banks in the banking sector. It has a large portfolio with huge assets to meet up its liabilities and the management of this bank is equipped with the expert bankers and managers in all level of management. So it is not an easy job to find out the drawbacks of this branch. I would rather feel like producing my personal opinion about the ongoing practices in Mohakhali Branch.

From the beginning, the prime objective of the FSIBL was to increase capitalization, to maintain disciplined growth and high corporate ethics standard and enhance the health of the share holders. Its customer service is very much impressive than of other financial institutions. Their effective strategy, time demand offerings, up to date rules and regulations to cope with international market and their friendship customer services easily impress the clients. So, now The FSIBL is in leading position in financial Institutional sectors in Bangladesh. The financial performance of the bank in recent years is pretty well. Moreover, any laxity in operational ground can considerably be compensated through the cordial services provided by a staff of talented officers or employees.

Overall, the bank must make a positive attempt to be more outward looking in their goals and aware of what is happening. They must also emphasize on the domestic scenario more closely and analyze any certain trends and strategies of their competitors. The bank must accept any failures and think of them as an objective to pursue future goals instead of blaming such failures on other factors.

 References

1. Annual Reports of FSIBL, 2009, 2010, 2011.
2. Rose, Peter S. FSI Bank Management. Fifth Edition
3. Lawrence. J Gitman (2003), “Principals of Managerial Finance,” 10^th edition,
4. Pearson Education (Singapore) Pet. Ltd.
5.  Banking Law& practice

–Gordon .E& Natarajan    11 Edition.

6. Hossain, Kabir. Bank Management.
7. CIB Manual of Bangladesh Bank.
8. Ministry of Commerce, Bangladesh, General Banking 1998-2011.
9. www.fsibl.com
10. www.bangladesh_bank.org
11. Frast Security Bank website
12. Email :mohakhali@fsiblbd.com