Foreign exchange operation of Social Islami Bank Limited

Abstract

This Internship report is prepared as a partial contentment of BBA program of the department of BRAC Business School of BRAC University. This report will give a clear knowledge about the Foreign Exchange Operation of Social Islami Bank Ltd. Banking sector in Bangladesh is considered the most potential sector in recent times. The performance of Social Islami Bank in last 20 years is an inordinate example of that. From the origin in 1995, this bank has walked a lengthy way and reputed itself one of the Islamic banks in private sector. Aiming the poverty, social Islami Bank Ltd is certainly a notion of 21st century contributing 3 sector banking model in one in the formal sector, it mechanism as an Islamic participating commercial bank through human face tactic to tribute and banking on the profit and loss allocation it is a informal banking with casual investment and credit platform that authorize and humanize actual poor family and produce local income chances; “it is a Improvement bank projected to monetize the charitable sector and management of waqf, Mosque properties and introducing cash waqf scheme for the first time in the history. In the formal corporate sector, the Bank would, among others, offer the furthermost up to date banking services. To enhance the performance of the bank our administration adopted strategic plan that include escalation in efficiency, establishment of transparency, efficiency and accountability in all spheres of banking practices and as a rational significance of reform. Launching Central Trade Processing Unit (CTPU), Central Remittance Processing Unit (CRPU) and Central Clearing Unit (CCU) above all customized products and services are the reform processes that they had assumed from 2011 to 2015 to be the submissive in one hand and to serve our client more efficiently and effectively on the other.” (Annual report SIBL 2014). As foreign exchange transaction is measured one of the maximum revenue earning transaction for any bank and commercial banks are playing a vital role in financing import and exports of the country, Social Islami bank gives remarkable emphasize to its foreign exchange transaction. This report emphases on Social Islami Bank as a whole as well as complete process of its Foreign Exchange transactions in brief. This report also gives a vibrant idea about the activities, the operation strategies, Foreign Exchange management, and the performance of Social Islami Bank Ltd. As the supervisor of other banks activities Bangladesh Bank acts its role in governing the foreign exchange act 1947 and foreign exchange guideline 2009.