Products and Services of IFIC Bank

Products and Services of IFIC Bank

Products and Services of IFIC Bank

International Finance Investment and Commerce Bank Limited “IFIC Bank” came in to existence In 1976 as a joint venture between the Government of Bangladesh and sponsors In the private sector with the objective of working as a finance company within the country and setting up joint venture banks/financial Institutions abroad.

IFIC was incorporated as a public limited company with an authorized capital of Tk. 20 core and paid up capital of Tk.10 core. IFIC commenced Its operation on February 28,1977 with a Subscribed capital of Tk.5 core, contributed by leading private sector entrepreneurs In the country. The Government held 49 percent shares and the rest 51 percent were held by the sponsors and general public.

But, In 1983 when the Government allowed banks In the private sector IFIC was converted Into a full-fledged commercial bank. The Investment company has transformed Into banking company In June 13, 1983 and started activities from June 24,1983 through Its Motijheel Branch.

Previously IFIC Bank Ltd was Government owned bank. Now the government of the Peoples Republic of Bangladesh holds 34.34 % of shares of the bank. Leading industrialists of the country own 34% of the shares and the rest of the 31.66 % is held by the general public. The founder of IFIC Bank Ltd was Jahurul Islam of Islam Group of Industries. He was the first Chairman and A.S. F. Rahman was first Vice Chairman. Board of Directors of the Bank is a unique combination of both private and Government sector experience. Currently it consists of 13 Director. Of them eight represent the sponsors and general public and four officials in the rank and status of Additional Secretary/Joint Secretary represent the Government.

At the very beginning the 60 percent share are owned by private entrepreneur and 40 percent are owned by Govt. at the end of 1984 the authorized capital was 10 core and the paid up capital was 7crore 15 lac Taka only.


Over the past ten years, banking system becomes accustomed to accepting the rapid pace of changes in terms of product and services. Change such as computerized banking, consumer credit, automated tellers etc, have been introduced.

Banks and Financial Intuitions play an important role in financial inter-mediation and thereby contribute to the overall growth in the economy. A bank is a financial institution whose primary activity is to act as payment agent for customers and to borrow and lend money. Banks have influenced economics and politics for centuries.

The primary purpose of a bank is to provide loans to trading companies. Banks provided funds to allow business to purchase inventory, and collected those funds back with interest when the goods were sold. Banking services have expanded to include services directed at individuals and risk in these much smaller transactions is pooled.

Banking Industry in Bangladesh is fully guided by the Central Bank, i.e. Bangladesh Bank. However different Bank has different management systems, operational techniques and different guidelines. The banking system of Bangladesh is composed of variety of banks working as Nationalized Commercial banks, Private Banks, Foreign Banks and Development Banks.

However, there are many private Banks in Bangladesh. At present among other banks IFIC Bank Limited operating their banking operations effectively and efficiently and providing bank services with a view to acceleration socio-economic development of the country. IFIC Bank is one of the best private commercial banks in Bangladesh in terms of efficiency, capital adequacy, asset quality, sound management and profitability having strong liquidity. Adoption of modern technology both in terms of equipment and terms of banking practice ensures efficient service to clients. Day by day new competitors appears with better ideas and products as well as services.


Mission & Vision of IFIC Bank Ltd.


“Our Mission is to provide service to our clients with the help of a skilled and dedicated workforce whose creative talents, innovative actions and competitive edge make our position unique in giving quality service to all institutions and individuals that we care for.

We are committed to the welfare and economic prosperity of the people and the community, for we derive from them our inspiration and drive for onward progress to prosperity.”


“We want to be the leader among banks in Bangladesh and make our indelible mark as an active partner in regional banking operating beyond the national boundary.”

Goal of the Bank

To exceed customer expectations through innovative financial products & services and establish a strong presence to recognize shareholders’ expectations and optimize their rewards through dedicated workforce.

  1. a) Long Term Goal

 Keeping ahead of other competitors in productivity and profitability.

  1. b) Short Term Goal

 To attain budgetary targets fixed in each area of business.

Organization Principles of IFIC Bank Limited

  • Flat and flexible organization with few levels of management and broad spans of control, including project teams and task forces. Networking and horizontal communication are encouraged with clear accountability of the mangers and the hierarchy.
  • Clear levels of responsibility and well-defined objectives are a must. Teamwork and networking do not affect the manager’s responsibilities; a team has always a responsible leader.
  • A structure which assures operational speed and personal responsibility, with strong focus on results, reducing bureaucracy as much as possible.

Strategic and Financial Objectives

Strategic Objectives:

  • A bigger market share
  • Broader and more attractive services and products than rivals.
  • Superior customer service
  • Wider geographic coverage than rivals

Financial objectives:

  • Growth in earnings
  • Higher dividend
  • A more diversified revenue base


  • Low cost provider strategy
  • Offensive Strategies to build market share
  • Vacant niche strategy
  • Specialist Strategy
  • Superior Product Strategy
  • Distinctive image strategy

Products & Services of IFIC Bank Ltd

Corporate Banking

IFIC Bank is offering specialist advices and products to corporate clients to meet diverse demands of the changing market scenario. The bank has an extensive branch network all over the country to expedite the client’s business growth. The bank facilitates the clients to face the challenges and realize opportunities. The bank’s main focus is relationship based banking and understanding corporate and institutional business environments. Products and services for corporate clients include: Working Capital Finance, Project Finance, Term Finance, Trade Finance, Lease Finance, Syndication Loan etc.

Retail Banking

Retail Banking is mass-banking facility for individual customers to avail banking services directly from the wide branch network all over the country. The bank provides one-stop financial services to all individual customers through its innovative products & services to cater their need. With a view to provide faster and more convenient centralized online banking services, now, all its branches have been brought under the real time online banking system.

IFIC Bank offers a wide variety of deposit products, loan product & value added services to suit the customer’s banking requirements. Products and services for individual customer include: Consumer Finance, Deposit Product, Card, NRB Account, Student File, SMS Banking etc.

SME Banking

The growth of Small and Medium enterprises (SMEs) in terms of size and number has multiple effects on the national economy, specifically on employment generation, GDP growth, and poverty alleviation in Bangladesh. At present, Small & Medium Enterprise sector is playing a vital role in creation of new generation entrepreneurs and ‘Entrepreneurs Culture’ in the country. Experience shows that borrowers of small enterprise sector prefers collateral free loan since normally they cannot offer high value security to cover the exposure.

To facilitate SME sector of the country, IFIC Bank provides collateral free credit facilities to the small & medium entrepreneurs across the country whose access to traditional credit facilities are very limited. The bank is offering 15 different products for selected target groups, such as – Easy Commercial Loan, Retailers Loan, Muldhan Loan, Women Entrepreneur’s Loan (Protyasha), Transport Loan, Working Capital Loan, Project Loan, letter of Contractor’s Loan, Bidder’s Loan, Working Capital Loan, Project Loan, Letter of Guarantee, Letter of Credit Loan against Imported Merchandize (LIM), Loan against Trust Receipt etc.

Agricultural Credit

Bangladesh is an agro-based country and majority of the population is dependent on Agriculture. Although maximum of the total population is dependent on agriculture, its contribution to GDP has gradually come down. Moreover, every year a huge amount of food grain and other agricultural products are imported to meet the demand of the country. In order to achieve desired growth in agriculture sector of the country the bank is committed to increase present loan portfolio in agricultural sector. IFIC Bank is offering Agriculture Loan products namely –

  1. i) Krishi Saronjam Rin – for Agriculture Equipments
  2. ii) Shech Saronjam Rin – for irrigation equipments

iii) Poshupokkhi & Motsho Khamar Rin – for Live Stock & Fish Culture &

  1. iv) Phalphasali Rin – for Fruit Orchard for individuals & group at micro level.

Lease Finance

Lease means a contractual relationship between the owner of the asset and its user for a specified period against mutually agreed upon rent. The owner i.e. the Bank is called the Lessor and the user i.e. the customer is called the Lessee. Lease finance is one of the most convenient source of financing of assets viz. machinery, equipment vehicle, etc.

IFICBL, the highly capitalized private Commercial Bank in Bangladesh has introduced lease finance to facilitate funding requirement of valued customers and growth of their business houses.

Its lease facility is extended to the items like Industrial Machinery, Luxury bus, Mini bus, Taxi cabs.

Lease items:

  • Vehicles like Luxury Bus, Mini bus, Taxi Cabs, Cars, Pick-up, CNG three wheeler, etc.
  • Industrial Machinery & Equipment.
  • Medical Equipment.
  • Machinery for Agro–based Industry.
  • Construction Equipment.
  • Office Equipment.
  • Generators, Lifts & Elevators for commercial place.
  • Sea or River Transport.
  • Computer for IT Education Center.

Consumer Financing

Consumer finance is the segment of the financial services that tends money to individual consumers for meeting their personal, family and household needs.

Consumer finance is one of the parts of Retail Banking. Other Parts are- Deposit Products, Cards, NRB, Student File, and SMS Banking. The target customer of Retail Banking is individual person to accomplish their personal need such as for buying car, for getting married, for getting higher education in abroad, or for any purpose IFIC Bank gives them these kinds of loan with a fixed interest rates. The IFIC Bank offers 12 different products under Consumer Financing Namely- Easy Loan (Secured Personal Loan), Consumer Durable Loan, Parua (Education Loan), Thikana (House Building Laon), Any Purpose Loan, Marriage Loan, CNG Conversion Loan, Home Renovation/Interior Decoration Loan, Holiday Loan, Peshajeebi Loan( Loan for Professional), Auto Loan and Festival Loan.

Consumer Loans is for individuals need to deal with financial matters in their daily lives. Managing these day to day events correctly is the key to long term financial success and under the consumer loans IFIC offers 12 categories of loans.

Money Transfer

Joining with one of the world renowned money transfer service “Money Gram”, IFICBL has introduced its customers to the faster track of remittance. Now IFICBL can bring money in Bangladesh from any other part of the globe in safer and faster means than ever before.

This simple transfer system, being on line eliminates the complex process and makes it easy and convenient for both the sender and the receiver. Through IFICBL–Money Gram Transfer Service, money will reach its destination in minutes by affordable, reliable and convenient financial services.

Treasury & Capital Market

IFIC Bank Limited is devoted to capital Market of the country and offers world standard brokerage services for individual and institutional investors. The Bank is responsible for origination of sales, buy and trading of securities of Capital markets. It aims to provide relevant support to its customer with sophisticated and innovative financial solutions and delivering the highest quality of services. It has a seat in Dhaka Stock Exchange Limited.

The Treasury Division of IFIC Bank is engaged with Cash Management, Liquidity Planning and Liquidity Protection. It is also conscious to protect all the bank’s Assets and Profits against loss due to domestic as well as global financial realities, particularly Interest and Exchange Rate fluctuations. The Treasury Department is also regarded as a Profit Center, which generates income by trading instruments in the Financial Market.

To manage treasury unit as profit centre, along with guidance from regulatory authorities, the bank equipped itself with clear policies, fit organization structure, deployment of trained staff, modern infrastructural facilities and technological initiatives.

Major functions of treasury division of IFIC Bank are –

  • Fund Management
  • Management of Statutory Requirement
  • Investment
  • Trading of Foreign exchange & Money Market Instruments
  • Asset Liability Management
  • Risk Management

IFIC Bank has a dedicated Treasury team which is capable of providing all treasury solutions through wide range of Treasury products. IFIC Treasury has four different desks, which are specialized in their own area to provide best services with respect to pricing, best possible solution for customer requirement and market information.

Description & Nature of the Job

We the students of Bachelor of Business Administration (BBA) study the subject’s related to business. The school of business familiarizes each student as they move comfortably in the business environment but only the theoretical study in the class room is not enough rather a practical experience and the only means of practical experience is internship program.

In the business environment there is lots of financial institution, business firms and industries that provide this facility towards us. If we could not get this facility of internship then a wide gaps will take place between our study and experience, I think this is a valuable for us.

We the students of business do this usually for three months. In our country there are many banks particularly the esteemed private sector banks, and elite business firms provide this. In this respect I have done my internship at IFIC Bank Ltd (Lalmatia Branch). the one of the most renowned private bank in Bangladesh. I am thankful for this.

I started my internship in International Finance Investment and Commerce (IFIC) Bank Limited, Lalmatia Branch in 11th September, 2011. My internship was for three months. I tried my best to achieve absolute knowledge & experience from the internship.

Specific Responsibilities of the Job

I started my worked in General Banking sector. GB is one of the most important departments where all kind of banking activity starts. Because it includes multi tasks & all kind of transactions actually run in this department. During my internship period I’ve learned most from this section. I worked in the following section under GB division-

  • FDR section
  • Dealing with the clients
  • Helping clients to fill up FDR form and account opening form
  • Provide assistance support according to the need of clients
  • Updated client’s data in software (Mysis)
  • Account opening
  • Account closing
  • Cheque book issue

I also worked in credit division mainly deals with the approval of different types of loan; manage the repayments of their clients to avoid the credit default risk. I think it is the most risky department comparing to the other departments because bank’s main income comes from the loan interest, so if they give loan to wrong person and the loan become default bank will face a huge loss. That’s why to know the creditworthiness of an apllicat, IFIC bank go through several procedures like collect

CIB report from Bangladesh bank, survey the location of applicant’s property, collect information about the income of applicant’s etc.

The Foreign Exchange division in Lalmatia branch is not well established. Mainly have three separate section import, export & foreign remittance. The export & import section basically deals with the opening of LC (Letter of credit) to support different people who have export-import oriented business. Here the IFIC bank basically works as a guarantor for their clients. And to open LC is not a easy procedure, IFIC bank go through a series of complex procedures in case of LC. Some of those procedures are collecting trade license, colleting bill of entry, collecting several information about the applicant’s business, collect VAT, TIN, IRC certificate etc.

Different Aspects of Job Performance

Through my internship period I was assigned for different types of task and activities.

And by doing those I achieved performance appraisal from my supervisor and from all the officers’ work there.

As I worked most in general banking so in FDR section I completed all the pending works like updated the customer information, collected and organized all the forms from the January to till now and posted in Mysis software. I also made serial of all the guard files of FDR Section and my supervisor was very much pleased with my works, dedications and sincerity.

 By working there now I have realized that how much important and difficult is to satisfy our clients. Before that I didn’t have any idea that it could be so tough.

In foreign remittance sectionI wrote pay order letters for the month of October,

November and December and every time I completed it in a very short time that is why they always choose me to write it.

Critical Observation & Recommendation

As a finance student I always prefer to do a job in financial organization so obviously Banks get the first priority to me. An internship in bank like IFIC Bank is a great way to demonstrate interest in the sector and for me to learn more about the actual job I would be doing on a routine basis.

During my internship period all the employees of IFIC Bank are so supportive, friendly and always co-operate me to learn but in this short time period for me it was not possible to know about the all departments.

In the follows I found out some problems in IFIC Bank (Lalmatia Branch) as critical observation and some recommendation regarding the observation.

As now the banking sectors are dependent on different software like in IFIC Bank they uses Mysis software so every officers has to be very clean idea about how to operate this software but in IFIC Bank Lalmatia Branch there are few employees whose ranked is First Grade officers but they don’t know how to operate this software properly and it creates so mass in the office as the clients want fast service. So they need proper training before joining and before transferring them one department to another department as the works pressure and procedures of departments are different.

As I have said very few officers so management of IFIC Bank needs to sort it out and provide them proper training to survive and to compete in the competition with other most qualified officers in the Lalmatia Branch.

 Another thing that I observed in Bank that is they don’t finish the pending works first as a result information of the clients are not available whenever they need.

As I have mentioned that they need proper training to operate computer and with the same time every employees must have the knowledge about every section in the bank because if one employee in FDR or Accounts opening section were absent there were no one to handle that section without few numbers of employees as a result the

Assistant Vice President, the Senior Officers has to handle it.


The Banking arena in recent time is one of the most competitive business fields in Bangladesh. As Bangladesh is a developing country, a strong banking sector can change the socio economic structure of the country. So we can say, the whole economy of the country in linked up with its banking system. IFIC Bank is the bank which is highly potential commercial Bank of Bangladesh. This bank performs hundreds of important activities both for the public and for the government as a whole. It has an outstanding bearing to thrive our business sector. From the learning and experience point of view I can say that I really enjoy my internship at IFIC Bank of Bangladesh Ltd. From the very first day, I was confident that this 3 months internship program at IFIC Bank Ltd. of Bangladesh (Lalmatia Branch) will definitely help me to realize my future carrier in the job market. Performance analysis of a department of a bank is not so sufficient to measure and express perfectly within this short time of my internship period. But it is a great opportunity for me to get use to with the operational environment of commercial banking of IFIC Bank. I have tried by soul to incorporate the research report with necessary relevant information in my report.IFIC Bank should always try to improve their service level in every term.