General banking practice at First Security Islami Bank Ltd.

Abstract

This report is prepared as requirement of the internship of MBA program of BRAC University. This report focuses Three months working experiences in Rupnagar Branch, FIRST SECUIRITY ISLAMI BANK LIMITED. This report will give a clear idea about General Banking activities and operational strategies of FSIBL. Especially this report focuses on the General Banking practice byFSIBL. FIRST SECUIRITY ISLAMI BANK LIMITED (FSIBL) was established in 29 August 1999 with a clear manifesto of demonstrating the operational meanings of participatory economy, banking and financial activities as an integral part of an Islamic code of life. The philosophy of FIRST SECUIRITY ISLAMI BANK is to establish as egalitarian society based on the principle of social justice and equity. As an integral part of this process FSIBLntroduced measures to abolish interest and charge or pay fixed interest on loans or deposits. Interest of pre-determined interest on deposits; the depositors participate in the profit of the bank as an agreed ratio. Whereas, interest based conventional banks pay a fixed interest on savings and time deposits and grant loans with interest for any purpose. Basically FSIBL is an Islamic Bank based on “ISLAMIC SHARIAH”. With the objective in view FSIBL has formulated a profitable live in a batter society with greater security and peace. FSIBL is opening in a three sectors banking system, such as formal, non-formal and voluntary sector. General banking, Investment and foreign exchange are operated under the formal sector. Development management of Waqf and mosque properties, management of in heritance properties, and joint venture project for management of non-profit foundations, charitable trusts and organizations are executed under the voluntary sector.