Expansion of Knowledge in the Modern Era

Owing to the rapid changes and explosion of knowledge we have to combat with the modern era. Research is the basic requirement of this and for the forthcoming challenges of the commercial and materialistic world. So understanding phenomena and making my mind practically explore. I joined FBL Arifwala and collected some data of the bank and compiled this report in such away that a salient feature to be highlighted for the researcher and concerning people of the bank. The division of this report consists of various chapters as in Introduction of Banking system, History of FBL, Marketing & Operations. I discussed about the procedure of getting different type of loans and advances, then I discussed different departments and its function. I discussed the SWOT analysis of FBL. I gave different type of conclusion and recommend to different problems.

History of FBL

"Faysal Bank started operations in Pakistan in 1987, first as a branch set-up of Faysal Islamic Bank of Bahrain and then in 1995 as a locally incorporated Pakistani bank under the present name of Faysal Bank. On January 1, 2002, Al Faysal Investment Bank Limited, another group entity in Pakistan, merged into Faysal Bank Limited which resulted in a larger, stronger and much more versatile institution. Faysal Bank Limited is a full service banking institution offering banking facilities to its individual and corporate customers. Our widespread and growing network of branches in the four provinces of the country and Azad Kashmir, together with corporate offices in major cities, provides efficient services in an effective manner. Faysal Bank also operates standalone Islamic banking branches under "Barkat Islamic Banking" brand. Faysal Bank is a progressive financial institution, forever striving to offer innovative products and quality services in easily accessible ways for greater customer convenience. We offer value added deposit products and customized consumer financing solutions. We also offer a host of corporate, commercial and investment banking services which include funding and trade finance facilities and corporate advisory services, along with a wide array of tools to help customers achieve their business goals. The strength and stability of Faysal Bank Limited is evident through the Credit Rating of "AA" (Double A) for long to medium term and "A-1+" (A One Plus) for short term assigned to it by both JCR-VIS Credit Rating Company Limited and Pakistan Credit Rating Agency Limited (PACRA). The majority share holding of Faysal Bank is held by Ithmaar Bank B.S.C, an investment bank listed in Bahrain with the balance shares in the hands of general public, NIT and other Pakistani institutions".

FBL inaugurated is new branch at Thana Bazar Arifwala in December, 2008. On the very first day Bank gained deposit from different customers almost four lacks. The major competitors of FBL are Habib Bank, Bank Alfalah, The Bank of Punjab and The National Bank earned the huge profits. Therefore, to gain the business FBL launched its Arifwala Branch with bright and clear vision of customer service. In short period of time branch achieved tremendous deposits. Volumes and prove his reorganization in banking industry of Arifwala.

FBL developing & delivering the most innovative products. The customers are satisfied with the bank services. Branch Manager and Area Manager having good coordination with staff and make environment friendly. Customer gives suggestion for the improvement of bank. Bank is having the security system like /CCC. Employees should be provided sufficient salary so that he may work whole heartedly and devotedly Bank provides entertainment facilities to every customer. Backed by strong Ithmarr Bank B.S.C an Investment Bank. FBL is pursuing the path of excellence keeping in view the satisfaction lf its Customers. His priority is the best service to his customers. FBL provides the fianc©s assistance to every individual for car, home fianc©, and agriculture which facilitate bank to get market excellence and move towards prosperity and development. Weaknesses The bank is not educating about his products and services. The bank generally gives importance to rich and educated people while ignoring the uneducated people. The bank should help his customer how to fill forms slips and cheque. The rural customer feel hesitant to enter in executive environment and have problem with language, (Language barrier / Urdu, English conversation. Less volume as compare to big cities. Mismanagement of time is another big mistake FBL branches. The bank is not quick in a Service to the Customers in depositing and withdrawing.

The new government strives to uplift the economy and do reforms in financial sector it will yield positive result in the banking industry of the country. Steps are taken by the Government regarding the betterment of the economy, small borrowers are attracted to get the financing and start small businesses.A FBL faces hard Competition so he should take aggressive steps to increase its business. Introduces credit card facility. Establishing foreign branches FBL introduced number of financial schemes including Faysal Moavin, Faysal Izafa, Faysal Izafa plus, Term deposits etc. During few years FBL deposits have been increasing .this is very healthy sign.

The Competition has become severe by the entrants of so many banks in the town. Excellent arrangements and good services are to be provided to satisfy its shareholders otherwise they will lose their confidence. The current economic situation of the country affecting the business activity. The economic conditions of the country are deteorating day by day and it doesn't make healthy effect on the banking system.

Marketing policies are also one of the most important policies because they are related to the growth of the organization. Marketing for a bank would mean: Creation of new product and services. The bank marketing must be consumer oriented. To provide the maximum awareness of IT (ATM use) to customer. Provide better services to customer satisfaction. Avoid racism among customers. Customize products according to customer need. Provide good environment to customers so that they can easy feel FBL Arifwala branch offers a special rate to customer Advertisement policies of this branch are very attractiveness for customer These policies can be implemented by providing the facilities and services to the customer at the right place, at the right time, at the right price. It is necessary for the managers to keep in touch with consumers, observe their needs and develop products, which meets their needs.

PROMOTIONAL POLICIES:

Public relation and advertising has assumed a great significance in the modern banking business. The main objectives of the bank are to inform and motivate the existing clients as well as new ones. FBL establishes its purpose through The existing account holder. Actuate its own employees. Integration with business organizations. Community relations.

Same is the case with the services offered by Bank. Services are the main tool through which the bank acquires new customers and retain them. These services are not merely to earn profit, but to keep pace with the changing needs of the customers and modern day's banking trends. These services include Home Remittances, Hajj Services, Utility Bills, Lockers and Commodity Operations. Along with these core services provided by the bank, online banking and Internet banking serve as supplementary services.

Documentation In case of Partnership Account:

Application form A copy of partnership deed Signature cards of partners Registration certificate copy A copy of National Identity Card of each partner REMITTANCE DEPARTMENT ACTIVITY The need of remittance is commonly felt in today's business. A major function of any bank is to "transfer of funds from one place to another". FBL uses the following modes of transfer of funds. a)A A A A A A A A  Demand draft (DD) b)A A A A A A A A  Pay order (PO) c)A A A A A A A  Call deposit d)A A A A A A A A  Pay slip Demand Draft It is instrument, which is used to transfer amount from one city to another city it can be made on cash as well as on cheque. If it is made through cheque that it is necessary that person must be A/c account holder while in case of cash any person can make. The demand draft is secured mode of payment. It consists of three copies. 1)A A A A A A A  Original copy, which is given to account holder. 2)A A A A A A A  DD advice is sent to the central branch. 3)A A A A A A A Third copy is for reconciliation. Its photocopy is kept with us (bank) While original is sent to head office for reconciliation. Procedure The client who wants to transfer his fund from one place to another he is required to fill the bank's slip (DD).

Beneficiary name Applicant's name Address Amount to be sent etc. Bank deducts some charges against DD. CASH DEPARTMENT ACTIVITY Cash department of FBL works under the operation department. This department is given the complete responsibility of cash, as result of transaction in touch local and foreign currencies. It is also responsible for the book keeping of these transactions and the safe custody of cash. This department performs the main function. a)A A A A A A A A  Cash receipts b)A A A A A A A  Cash payments Cash Receipts The customer deposit the amount with deposit slip to cash counter. The officer check the amount according to slip and confirm with computerized receipt to the customer. CASH PAYMENTS OF CHEQUE Mr. Tariq deals with cash payments the process for payment of cheque local and foreign currency is same. First the cheque is presented by the customer or holder to cash payment officer. He confirms that it is drawn on the same branch and the particulars of cheque are properly filled in. Two signature of the holder is taken on the back of the cheque. Cheque is handed over to the officer cash department for scrutiny where officer checks the date, amount in words and amount in figures, payee's name, crossing if any, account number, cheque serial number, any material alterations / endorsements and signature of the customer. Account is debited and then the officer cancels cheque. It is posted in the system and posting stamp and number is affixed on it. Cheque is handed over to the cash payment officer for payment. One more signature on that back of the cheque is taken from the holder to match with the first one, and then cash is paid to the cash detail is written on the Back of the cheque. Cash paid stamp is affixed on the face of the cheque. Entry is passed in the cash payment register and system.

 

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