General banking activities in First Security Islami Bank Limited.
AuthorSk. Yaishi Binte Zaman
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A banking institution is indispensable in a modern society. It plays a pivotal role in the economic development of a country and forms the core of the money market in an advanced country. In recent times the banking sector over the world has been undergoing a lot of changes due to deregulation, technological innovation, globalization etc. Bangladesh banking sector is lagging for behind in adopting these changes. Bank plays an important role in the business sectors and in the industrialization of a country. Basically the banks take deposits from the customers against interest and lend it to the borrowers against interest cessation period. Under these circumstances of bank offers different interest rates and other options to the customers to remit and deposit their money. These options are vary common among all the banks, but only the customer services and other facilities very from bank to bank. In our country there are Govt. Banks, Semi Govt. Banks, and Private Sector Commercial Banks of Bangladesh and also it is the third generation private commercial bank in Bangladesh. It started its crucial moment when Bangladesh economy was undergoing through massive economy reforms and pursuing unilateral and multilateral trade liberalization with the backdrop of the World Bank made International Monitory Fund (IMF) recommendations. The First Security Islami Bank Ltd. (One of the Third generation Bank) with its eighty four (84) branches is providing the best quality services to the customers and client. Head Office of the FSIBL located in Dilkusha, Motijheel. First Security Islami Bank Limited (FSIB) 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 on 22 September 1999 to commence its business. The Bank carries banking activities through its 67 branches in the country. The commercial banking activities of the bank encompass a wide range of services including accepting deposits, making loans, discounting bills, conducting money transfer and foreign exchange transactions, and performing other related services such as safe keeping, collections and issuing guarantees, acceptances and letter of credit.From January 01, 2009 bank has converted into islami shariah based banking system instead of conventional banking system. The bank has constituted a sariah council consisting prominent FSIBL has variety of Asset and Liability products, which can provide it a strong foothold in the current banking world. The financial condition of the bank is also very progressive and I think it will be able to achieve a great market share in the futureulama, bankers, lawyer and Economists to advice and guide on the implementation of islami sariah in business activates. Now a day of modern technology, computer and online leads every sphere of lives including banking system, First Security Islami Bank Ltd (FSIBL) have experts in computer and online communication system. I have done my internship on a new and important bank, the First Security Islami Bank Ltd. (FSIBL). My internship report is based on the General Banking Activities: A Case study on First Security Islami Bank Ltd, to gather knowledge for my future career and to identify the problems regarding this matter and to overcome the problems.