Report on General Banking Activities of Al Arafah Islami Bank

Main purpose of this report is to identify the major products of General banking practiced by Al-Arafah Islami Bank at Dhanmondi Branch and its competitive performance from the year 2007 to 2008. Report also focus on to know about Islami banking system in our country. Finally make possible recommendations for the internship organization to improve the services and service range so that the department can cater to the needs and demands of customers.

Objectives

There had been some objectives set forward in doing this report so that it can be determined what tasks to perform in the organization. These objectives were not influenced by thought or feeling. These objectives are described in the following:

Broad objective

To identify the major products of General banking practiced by Al-Arafah Islami Bank Ltd., Dhanmondi Branch and its competitive performance from the year 2007 to 2008.

Specific Objective

The prime objectives of the report are as follows:

• To know about Islami banking system in our country.
• To know about Al-Arafah Islami Bank Limtied.
• To identify the major General banking products of Al-Arafah Islami Bank Ltd.
• To understand the General banking products used by the Dhanmondi Branch of Al-Arafah Islami Bank Ltd.
• To focus features and conditions of general banking products Al-Arafah Islami Bank Ltd.
• To identify and evaluate the financial and competitive performance general banking products from the year 2007 to 2008.
• To make a bridge between the theories & practical procedures of banking day-to-day operations.
• To make possible recommendations for the internship organization to improve the services & service range so that the department can cater to the needs and demands of customers.

Methodology

Data collection method

A certain methodology was followed in order to fulfill the objectives of the report, making maximum utilization of the scopes and to avoid the limitations as much as possible to prepare the final outcome of this report.

To prepare this report I mostly depend on the experience and secondary information because as an intern it was difficult for me to collect primary information.

Al-Arafah Islami Bank Ltd. annual reports, Al-Arafah Islami Bank Ltd.product brochures, Al-Arafah Islami Bank Ltd., Dhanmondi Branch statement of affairs, Al-Arafah Islami Bank Ltd., Dhanmondi Branch monthly reports, Al-Arafah Islami Bank Ltd. website etc are the source of secondary information.

Data Analysis Method

In analyzing these data, I used MS-excel to classify the data and locate the pattern to sort out the data under different head and criteria. The statistical tools are used for in-depth ratio analysis.

General Banking Functions at Dhanmondi Branch

Financial institution/ intermediary that mediates or stands between ultimate borrowers and ultimate lenders is knows as banking financial institution. Banks perform this function in two ways- taking deposits from various areas in different forms and lending that accumulated amount of money to the potential investors in other different forms. General banking department aids in taking deposits and simultaneously provides some ancillaries services.

General banking is the front-side banking service department. It provides those customers who come frequently and those customers who come one time in banking for enjoying ancillary services. In some general banking activities, there is no relation between banker and customers who will take only one service form bank. On the other hand, there are some customers with who bank are doing its business frequently. It is an important department for all banks because it provides day-to-day service to the customers. Front Desk is the important for general banking. Customers give their deposits and meet their demand for cash by honoring cheques. Besides this a customer opens new accounts, remit funds, issues bank drafts and pay orders etc. There are various sections in this department, which are as follows: –

• Cash Section
• Accounts Opening Section
• Cheque Clearing Section
• Remittance Section

Cash Section

The most vital and important section of the branch is Cash Department. It deals with all kinds of cash transactions. This department starts the day with cash in vault. Each day some cash that is opening cash balance are transferred to the cash officers from the cash vault. Opening cash balance is adjusted by cash receipts and payments. This figure is called closing balance. This balance is then added to the vault. This is the final cash balance figure for the bank at the end of any particular day. There is an important clause and duty practiced by the branch is to refund the principal amount that exceeds more than Tk. 1 crore at the principle branch of the bank.

Books Maintained By This Section

• Vault Register: It keeps account of cash balance in vault in the bank.
• Cash Receipt Register: Cash receipt in whole of the day is recorded here.
• Cash Payment Register: Cash payments are made in a day are entered here.
• Rough Vault Register: Cash calculation for final entry in vault register is done here as any error and correction here is not acceptable. ,
• Cash Balance Book: Balance here is compared with vault register. If no difference is found, indicates no error.

Functions of Cash Department

1. Cash payment is made only against cheque
2. This is the unique function of the banking system, which is known as “payment on demand”
3. It makes payment only against its printed valid cheque.
4. It receives deposits in form of cash
5. It collects money only its receipts forms.

Cheque Cancellation or Cash Payment Process

Step 1       

• Receiving Cheque by the employee in the cash counter
• Verification of the followings by the cash Officer in the computer section

Step 2       

• Date of the Cheque (present within 6 months from issue date)
• Issued from this branch
• Amounts in figure and sentence written does not differ
• Signature of the drawer does not differ
• Cheque is not torn or mutilated

Step 3

• Gives pay cash seal and sends to the payment counter

Step 4

• Payment officers make payment

Account Opening

Account opening section is an important factor for banks because customer is the main source of bank. Selection of customer is another important factor. Bank’s success and failure largely depends on their customers. If customer is not good then may create fraud and other problems by their account with bank and thus destroy goodwill of banks. Therefore, bank must be conscious in selecting its customer. For this reason Al-Arafah Islami Bank Ltd. keep key information system.

Accounts Opening Process

Recently, Bangladesh Bank has been declared, designed and enforced a unique format of form for every banks. This format should hold the important document in a same manner and process respectively for different kind of accounts. Al-Arafah Islami Bank Ltd. is not different from this practice. Accounts opening process can be as follows:

Step 1

• Receiving filled up application in bank’s prescribed form mentioning what type of account is desired to be opened.
• The form is filled up by the applicant himself/ herself
• Two copies of passport size photographs from individual are taken and in case of firms photographs of all partners are taken
• Officer are taken information from customer by key information system

Step 2

• Applications must submit required documents
• Applications must sign specimen signature sheet and give mandate
• Introducer’s signature and accounts number-verified by legal officer

Step 3

• Filling & signing up KYC or Know Your Customer Form
• Filling & signing up Owner Information Form

Step 4

• Authorized Officer accepts the application

Step 5

• Minimum balance is deposited-only cash is accepted

Step 6

• Account is opened and a cherub book and pay-in-slip book is given

Information Collected to Open Account

Accounts opening information that is collected by the Al-Arafah Islami Bank Ltd. varies for each type of account.

Individual

• Name
• Present and Permanent Address
• Date of birth and age
• Nationality
• Tax Information Number (TIN- if available )
• Passport or certificate provided by the employer
• Photograph of the account holder
• One photograph of the nominee duly attested by the account holder.
• Nominee declaration form
• Money laundering leaflet

Partnership Firm

• All the required information mentioned for Individual Accounts; along with,
• Copy of Partnership Dead
• Mandate from the partners is essential – indicating who will operate the account

Limited Company

• All the required information mentioned for Individual Accounts; along with,
• Certificate of Incorporation
• Copy of Memorandum and Article of Association
• Certificate of Commencement
• Copy of Resolution of the Board of Directors

Dormant Account

If any account is inoperative for more than one year is called dormant account. To operate these accounts manager permission is necessary.

Transfer of Account

An account can be transferred from branch to branch and only from the same bank. Following steps are considered for this purpose:

• Application in written to the Manager of the account maintaining branch
• Manager sends a request to the manager of the desired branch of depositors
• Sends original Account opening application and specimen signature sheet with the balance remained in the account at he sent Manager’s request
• New account is opened at desired branch

Cheque Clearing

Bank receives all kinds of cheque in favor of the client for clearing. When cheque is received it is necessary to endorse it and cross it specially.

Clearing Department

Cheques clearing section of Al-Arafah Islami Bank Ltd. receives cheque, demand drafts and pay orders of their clients. Upon the receipt of the instrument the cheque clearing section examines three types of payment modules.

• Whether the Paying Bank within Dhaka City: The cheques clearing section of Al-Arafah Islami Bank Ltd., Dhanmondi Branch sends Inter Branch Debit Advice (IBDA) to the head office on the receiving day of the instruments. The main branch takes those instruments to the clearing house on the following day. If the instruments are dishonored, Head Office of Al-Arafah Islami Bank Ltd. sends IBDA to the Al-Arafah Islami Bank Ltd., Dhanmond Branch.
• Whether the Paying Bank of their own branch: The cheque clearing section of Al-Arafah Islami Bank Ltd., Dhanmond Branch sends Outward Bills for Collection (OBC) to the concerned paying branch to get Inter Branch Credit Advice (IBCA) from the paying branch. If the paying branch dishonors the instrument, the paying branch returns it to the Al-Arafah Islami Bank Ltd., Dhanmond Branch describing why the instrument is dishonored.

Types of Cheque Collected by Clearing Department:

• Local Bills Collection Cheques (LBC): Local bills collection cheques are those cheques, which are collected and paid by two different branches of a bank situated in the same city.
• Outward Bills Collection Cheque (OBC): OBC cheques are those cheques, which are collected and paid by two different branches of same or different bank situated in the outstation.
• Transfer Cheque: Transfer Cheques are those cheques, which are collected and paid by the same branch of Al-Arafah Islami Bank Ltd.

Clearing House

Clearing House is an arrangement under which member banks agree to meet, through their representatives, at an appointed time and place to deliver instruments drawn on the other and in exchange, to receive instruments drawn on them. The net amount payable or receivable as the case may be, is settled through an account kept with the controlling bank.

Types of Clearing

• Outward Clearing: Outward clearing means when a particular branch receives instruments drawn on the other bank within the clearing zone and those instruments for collection through the clearing arrangement is considered ad outward clearing for that particular branch.
• Inward Clearing: When a particular branch receives instruments, which drawn on them and sent by other member bank for collection are treated as inward clearing.

Remittance

Sending money from one place to another through some charges is called remittance. To pa or receive money of customers in the form of remittance from one place to another, from one person to another inside and outside the national boundary is an earning source of every bank. Dhanmondi Branch, Al-Arafah Islami Bank Ltd. operates both the foreign and local remittance to serve it’s customers. In addition, this service is an important part of country’s payment system. Through this service, people can transfer their funds from one place to another place very quickly.

Foreign Remittance

Foreign remittance is to send money of customers from one place to another, from one person to another outside the national boundary. Though Dhanmondi Branch, Al-Arafah Islami Bank Ltd. is a non-ad branch, it can able to serve the customers by receiving and paying their incoming foreign remittance in the form of local currency. Foreign remittance is received by the bank via some internationally authorized agents. There are two medium of agent for foreign remittance at Dhanmondi Branch, Al-Arafah Islami Bank Ltd.; they are:

Moneygram

Moneygram is a money transfer medium/agent serves both domestic & international services. Its identification number consists 12 digits.

Eldorado

Eldorado is another money transfer agent serves only international services. Its identification number consists 17 digits.

The agents are identified by a serial number which has been supplied by the sender to receiver of customer. After digit identification the dealing also verifies the receiver’s name with documents of sender and e-mail of the agent. Verifying that, send an e-mail to the agent and transfer the amount to the cash department for payment. Any one of the documents required to identify the receiver are as follows:

• National ID card
• Voter ID card
• Salary Statement
• Statement of tuition fees
• Academic/ organization’s ID card

Local Remittance

Sending money of customers in the form of remittance from one place to another, from one person to another inside and outside the national boundary is another earning source of every bank. As being a non-ad branch Dhanmondi Branch of Al-Arafah Islami Bank Ltd. only operates the local remittance to serve the customers. In addition, this service is an important part of country’s payment system. Through this service, people can transfer their funds from one place to another place very quickly. There are several techniques for collecting local remittance. These are:

• Demand Draft (DD)
• Telegraphic Transfer (TT)
• Pay Order

Pay Order

Pay order gives the payee the right to claim payment from the issuing bank. It is payment from issuing branch only within the clearing house area of issuing branch. Payment is made through clearing.

• Examine gentility of the pay order.
• Enter into Pay Order register and give contra entry
• Debit, if the fund is sufficient then it is OK for payment.

Charges of pay order are shown in bellow by a chart:

Demand Draft (DD)

This is an instrument through which customer’s money is remitted to another person/ firm/organization in outstation (Outside the clearing house area or from one district to another). Demand Draft Payment is made through the following process:

• Confirm that the DD is not forged one.
• Confirm with sent advice.
• Check the “Test Code”
• Make payment

Telegraphic Transfer (TT)

This is a mode of transfer/remit customer’s money from a branch of one bank to another branch of the sane bank or to a branch of another bank (with prior arrangement between banks with the Telegraphic Transfer TT issuing branch) through telephonic message. The issuing branch used to send the message of such transfer to the drawer/payee branch through telephone adding certain code number or test number on the basis of text key apparatus developed by the concerned bank for its different branches. The payment process of Telegraphic Transfer (TT) is:

• Confirm issuing branch
• Confirm payee A/C
• Confirm amount
• Make payment
• Receive advice

Various Types of Deposit Account

Al-Arafah Islami Bank Ltd. offers following types of deposit account:

• Mudaraba Savings Deposit Account (MSD)
• Mudaraba Current Deposit Account (CD)
• Mudaraba Term Deposit Receipt Account (MTDR)
• Short Notice Deposit Account (SND)
• Installment Term Deposit (ITD)
  1. Mudaraba Hazz Account
  2. Mudaraba Pension Scheme
  3. Mudaraba Lakhpoti Scheme
  4. Mudaraba Millionaire Scheme
  5. Mudaraba Kotipoti Scheme
  6. Mudarab Double Deposit Scheme

Mudaraba Savings Deposit Account (MSD)

To maintain smooth and certain life in future Mudaraba Savings Deposit Account is very suitable for middle class groups. The attributes of this are:

• 500/- is the minimum amount of initial deposit.
• Client cannot withdraw money more than twice a week,
• The profit rate is 8% against MD account

For opening of this type of accounts following requirements are necessary:

• The introducer must be attested photograph.
• The introducer must be account holder of Al-Arafah Islami Bank Ltd.

Al-Wadia Current Deposit Account

Al-Wadia Current Deposit Account facilitates the account holder to draw money at any times but no profit is given to the current account deposited money. This can be opened by any individual or joint or any name of proprietorship business, private limited company or public limited company, association, clubs, societies, trusts etc. Generally, current account is opened for businessman and traders for easy transaction. By taking this liability, Al-Arafah Islami Bank Ltd. takes a service charge of Tk. 100 for six months.

Mudaraba Term Deposit Receipt Account (MTDR)

It’s a certain period deposited system, which is not repayable before the maturity date of a fixed period. Al-Arafah Islami Bank Ltd. offers higher rates of profit on such deposits. Usually customers are allowed to open this account for a certain period and the rate of profit in accordance with the terms of the deposit. The features of this scheme as follows:

• Minimum balance: TK 10000.00

Short Notice Deposit Account (SND)

Short Term Deposit has following attributes:

• 6% profit rate against STD.
• No restriction over withdrawal of money
• 1000/- is the minimum balance.

Installment Term Deposit (ITD)

Installment Term Deposit (ITD) is a sure investment for a steady return. It can be opened for 5, 8, 10, or 12 years for Tk. 200, Tk. 300, Tk. 500, Tk. 1000, Tk. 1500 and Tk 2000. The savings amount is to be deposited any day of the month. If the depositor has a separate account in the bank for which a standing instruction can be given to transfer the monthly deposit in the schemes’ account. Incase of failure to make the monthly installment in the schedule time 5% on overdue installment amount will be charged. The lowest charge will be Tk. 10 and this will be added with the following monthly installment. After 3 years of savings in this schemed the depositor is eligible for a loan up to 80% of his deposited amount.

Highlights of the Scheme

• Mudaraba Lakhpoti Scheme
• Mudaraba Millionaire Scheme
• Mudaraba Kotipoti Scheme

Mudaraba Lakhpoti Scheme: For Mudaraba Lakhpoti Scheme 3, 5, 8, 10, 12 year’s monthly installments are Tk. 2,375, Tk. 1,275, Tk. 670, Tk. 460 and Tk. 335 respectively and will get Tk. 1 lac.

Mudaraba Millionaire Scheme: For Mudaraba Millionaire Scheme 3, 4, 5, 6, 7, 10, 12, 15 and 20 year’s monthly installments are Tk. 23,950, Tk. 16,950, Tk. 12,750, Tk. 9,950, Tk. 8,000, Tk. 4,600, Tk. 3,345, Tk. 2,170 and Tk. 1,150 respectively and will get Tk. 10 million.

Mudaraba Kotipoti Scheme: This is the most popular & target oriented schemes. One can open for 3,4,5,6,7,10,12,15,18,20 years and have to pay (Monthly installment) Tk. 2,39,500, Tk. 1,69,500, Tk. 1,27,500, Tk. 99,500, Tk. 80,000, Tk. 46,000, Tk. 33,450, Tk. 21,485, Tk. 14,330 and Tk. 11,100 respectively and will get Tk. 1 crore.

Condition of these Schemes

• By filling up a form an account is opened.
• A non-transferable deposit receipt will provide to the customer after opening the account.
• If the deposit is withdrawn before a 5-year term, then saving interest rate will be applicable and paid to the depositor. However, no in profit paid if the deposit is withdrawn within 1 year of opening the account and Monthly Income paid to the customer will be adjusted from the principal amount.
• This scheme will be credited to the loan account until liquidation of the loan amount inclusive of profit. A depositor can avail loan up to 80% of the deposit amount under this scheme.

Mudaraba Double Deposit Scheme: Savings works as the very foundation of development. Savings is the prime source of business investment in a country. So it helps to build up capital. To create more awareness and motivate people to save, Al-Arafah Islami Bank Ltd. offers Mudaraba Double Deposit Scheme. Here people put their money for double return after 6years.

Conditions of the Scheme

• The deposit can be made in multiplies of TK. 10000.00.
• This is 6 years period deposit. The deposit cannot be withdrawn at any time with in the maturity date.

Analysis & Findings

This chapter bases on graphical analysis of deposits for some general banking products of Dhanmondi Branch and their comparative situation from the year 2007 to 2008.

Total Deposit

Comments: From the above graph it is observed that total deposit of Dhanmondi branch increased from 2007 to 2008 compare with 2007 about the increasing rate is 25.27%. This growth is mostly influenced by the deposit accounts of Mudaraba Lakhapoti Deposit Scheme, Mudaraba Millionaire Deposit Scheme, Mudaraba Kotipoti Deposit Scheme and P/P Term Deposit Scheme.

Al-Wadia Current Deposit

Comments: From the above graph it is observed that total Al-Wadia current deposit of Dhanmondi branch decreased from 2007 to 2008 compare with 2007 about the decreasing rate is 2.86%. This is happened as the number of accounts had been decrease in 2008.

Mudaraba Saving Deposit

Comments: From The above graph it is observed that total Mudaraba Saving Deposit of Dhanmondi branch increased from 2007 to 2008 compare with 2007 about the increasing rate is 17.41% and is a strength for the branch of Al-arafah Islami Bank Ltd.

Mudaraba Term Deposit (MTDR)

Comments: From The above graph it is observed that total Mudaraba Term Deposit of Dhanmondi branch increased from 2007 to 2008 compare with 2007 about the increasing rate is 23.30%. The year 2008 was a flourishing year for this scheme at Dhanmondi branch and no. of new accounts were also satisfactorily high.

Installment Term Deposit (ITD)

Comments: From The above graph it is observed that total Installment Term Deposit of Dhanmondi branch increased from 2007 to 2008 compare with 2007 about the increasing rate is 23.58%.

Savings Investment Deposit (SID)

Comments: From The above graph it is observed that total Savings Investment Deposit of Dhanmondi branch increased from 2007 to 2008 compare with 2007 about the increasing rate is 3.53%.

P/P Term Deposit (PTD)

Comments: From The above graph it is observed that total P/P Term Deposit of Dhanmondi branch increased from 2007 to 2008 compare with 2007 about the increasing rate is 9.97%.

Monthly Hajj Deposit

Comments: From The above graph it is observed that total Monthly Hajj Deposit of Dhanmondi branch increased from 2007 to 2008 compare with 2007 about the increasing rate is 56.14% and respondents for this scheme was also frequent and good.

Special Pension Deposit Scheme

Comments: From The above graph it is observed that total Special Pension Deposit Scheme of Dhanmondi branch increased from 2007 to 2008 compare with 2007 about the increasing rate is 35.29%.

Mudaraba Lakhopoti Deposit Scheme (MLDS)

Comments: From The above graph it is observed that total Mudaraba Lakhopoti Deposit Scheme of Dhanmondi Branch increased from 2007 to 2008 compare with 2007 about the increasing rate is 204.81%. It was remarkable for this scheme, at its second year after lauching the Mudaraba Lakhopoti Deposit Scheme in Dhanmondi Branch, Al-arafah islami Bank Ltd. and the reason for that is the Islamic philosophy of the bank for deposit account profit.

Mudaraba Millionaire Deposit Scheme (MMDS)

Comments: From The above graph it is observed that total Mudaraba Millionaire Deposit Scheme of Dhanmondi branch increased from 2007 to 2008 compare with 2007 about the increasing rate is 205.97%. It was also remarkable for this scheme, at its second year after lauching the Mudaraba Millionaire Deposit Scheme in Dhanmondi Branch, Al-arafah islami Bank Ltd. and the reason for general public awareness towards the Islamic philosophy of the bank for such deposit accounts.

Mudaraba Kotipoti Deposit Scheme (MKDS)

Comments: From The above graph it is observed that total Mudaraba Kotipoti Deposit Scheme of Dhanmondi branch increased from 2007 to 2008 compare with 2007 about the increasing rate is 183.93%. Same type of comment goes for the Mudaraba Kotipoti Deposit Scheme like the other two fixed deposit schemes of the branch.

Major Strength and Weakness Factors

Not surprisingly, in the competitive arena of marketing era it is must to analyze the major strength and weakness factors based on product, price, place and promotion of a financial institute like private bank.

Strength and weakness includes the internal factors which are prevailing inside the concern/organization.

Strength

• Good banker-customer relationship.
• Online banking system.
• Islami Shariah based banking system.
• Energetic as well as smart work force.
• Competitive profit provider comparing with other Islamic bank.
• Strong financial position.
• Efficient administration

Weakness

• Reluctance to ad campaign.
• Existing manual vouchers.
• Lack of consumer credit scheme.
• Manpower is not sufficient.
• Marketing policy is not well setup.
• Officers have limited experience and not enough trained
• Many inexpert and laggard assistant officers.
• The bank has no ATM service
• Insufficient number of deposit scheme and loan.

Conclusion

Islamic banking is now a reality in Bangladesh. It is functioning efficiently, smoothly and satisfactorily despite facing various internal and external threats. The economics of the country may be geared towards Islamic Principles and Teachings in order to realize the full potential of Islamic banks in the long run. However, in the short run, the Islamic banks can take a number of concrete steps to facilitate the Islamic banking in Bangladesh.

This report will give a clear idea about the activities, function and operational strategies of Al-Arafah Islami Bank Limited. Al-Arafah Islami Bank Ltd. started its journey in 1995 with the said principles in mind and to introduce a modern banking system based on Al-Quran and Sunnah. During these 13 years of its operation, the bank had been widely acclaimed by the business community from small businesspersons to conglomerates for forward looking outlook and innovative financial solutions. The Dhanmondi Branch, of Al-Arafah Islami Bank Ltd. conducts general banking activities, investments. As it is a non-ad branch, it does not perform the full of the foreign exchange activities by its own.

The fund of bank strongly depends on deposits and it is has a big influence through the number and amount of deposit. Dhanmondi Branch, Al-arfah Islami Bank Ltd. has a better opportunity to have a huge deposit accounts to increase it fund from the savers unit Rayer Bazar, Zigatola and Hagaribagh. Credit card and ATM cards can play an important role in capturing the unutilized money. The bank has to give huge concentration on better customer service and satisfaction. There are a good number of shoping mall, food courts, small & medium factories in the area. So the branch can gladly introduce SME banking L/C and foreign exchange facilities.

Recommendation

Through my work experience at the Dhanmondi Branch, Al-arafah Islami Bank Ltd.,  I came across a few operational drawbacks – for which the following suggestions can be put forward.

• The internal decoration of the branch has scope for much improvement
• More employees should be appointed to manage the increasing customer pressure.
• The behaviour of security guards must be improved. I have experienced some unwanted incidents that occurred through the carelessness of the guards. Sometimes clients also complain about their misbehaviour.
• Leaflets containing AIBL’s product description should be made available at the branches. This will help the prospective customers to be informed about existing and new products, and reduce the hassle of counter staffs to describe new products. This will eventually result in increased employee productivity.
• Upgrade Online Banking.
• Ensure high level customer service.
• Bank should introduce ATM system.
• Bank should introduce consumer credit scheme.

Furthermore, the customers also provided their own suggestions:

• Provision of car loans.
• Individual counters to provide one-stop service for cheque payments.
• More social involvement by AIBL such as providing student scholarship, creating more employment opportunities, rehabilitating the poor.

If the stated recommendations are carried out and the government pays attention to the policy framework of the entire system, then that day would not be far when Bangladesh can proudly focus more on the Islamic banking system than the conventional banking system.