I have completed my six weeks internship in Emirates Global Islamic Bank Limited Arifwala. I try my most excellent to achieve useful knowledge from this prospect. My report starts with the first chapter Introduction to Emirates Global Islamic Bank Limited, background, introduction to EGIBL Arifwala branch, vision and mission of the bank. Bank vision & mission statement shows the focus of bank, the overall scope and the reason of survival. Second chapter start with the business operations of the bank, organizational structure, branch hierarchy of Arifwala branch and SWOT analysis which is very significant for any organization. Business process analysis marketing strategy and competitive strategy is also including in this chapter.
The final chapter includes learning as a student intern.
Emirates Global Islamic Bank Limited provide me a enormous official knowledge through there constructive response to me in which my full attentiveness is also engage to gain knowledge of more and more within a small extent of this valuable time. Consequently, I have entirely pleased from there admirable collaboration with me.
Currently I have knowledge regarding a variety of official activities and also am familiar with how an organization manages its business process.
The purpose is to overcome and obtain benefit from the opportunity that are establish in the market and the opportunity that happen to come in existence due to the mistake of competitors in the market. The main objective is to attain customization through Islamic Banking.
This report also has conclusion and recommendations which I observe during my internship. Glossary and reference is also available at the end of this report.
CHAPTER NO.1
INTRODUCTION TO EMIRATES GLOBAL ISLAMIC BANK LIMITED
1.1 BACKGROUND OF EMIRATES GLOBAL ISLAMIC BANK LTD
Emirates Global Islamic Bank Limited started working in February 2007 in Pakistan. It expands their network in all provinces in rural and urban area of Pakistan. Emirates Global Islamic Bank is a devoted Islamic commercial bank subsidize by UAE and Saudi Arabia. Emirates Global Islamic Bank offers an extensive variety of deposit, customer financing, SME, business finance and savings banking products.
These days the EGIBL is merging with Al-Baraka Islamic bank. In a little while EGIBL should working as Al-Baraka Islamic bank in all cities of Pakistan.
1.2 INTRODUCTION TO EGIBL ARIFWALA BRANCH
Emirates Global Islamic Bank Limited started working in November 2008 in Arifwala. Now it has 67 branches including Arifwala branch. EGIBL is an Islamic bank which introduces Islamic banking, contribution Riba-free so far extremely viable banking products, base on the knowledge of the Quran and Sunnah.
Emirates Global Islamic Bank Limited believe in assembly a constructive part to the public by constantly Islamic banking and motivated to recommend Halal banking products, complement with better-quality service and progressive skill. EGIBL Arifwala Branch has main competitors; Habib Bank, Meezan Bank, Punjab Bank, National Bank and Bank Alfalah earn enormous revenue of this area. EGIBL launch its Arifwala Branch with a brilliant and clear idea of client's services.
1.3 VISION
"To become a recognized and highly respected Islamic commercial bank offering a wide range of Shariah compliant products and services to a cross-section of society, achieved by adhering to stated values of innovation, integrity, dedication and service quality".
1.4 MISSION STATEMENT
"Provide quality and efficient Shariah compliant financial products and services to customers all over the country through an expanding branch network, staffed by motivated professionals and powered by state of the art technology".
CHAPTER NO.2
BUSINESS OPERATIONS
BUSINESS OPERATIONS
Throughout my internship I work with all the departments of Emirates Global Islamic Bank Limited Arifwala and I learn lot of from their business operations. Business operation of EGIBL are very vast bank provide many facilities to their customers. The main aim of bank is provide quality service and customization through Islamic banking.
2.1 ORGANIZATIONAL STRUCTURE
The structure of emirates Global Islamic Bank Limited is similar to other branches. In the top position of the bank is Operation Manager (Officiating Manager). The branch manager is not there operation manger is working as an officiating manager and he is responsible all the working of the branch. Operation manager is responsible all the other departments.
In second position RM relationship manager is placed which is responsible of marketing related activities and create relationship with customers. Third position is remittance officer which is other important department. Remittance department is responsible for collection and clearing. This department also issue cheque books.
In customer relationship department CRO is working. His responsibility is to receive and send letters to the head offices and their customers. She also prepared reports; generate requests for ATM Card, SMS banking and customers dealing.
Teller is also working who is responsible for cash receiving and cash payment. Teller generates reports for whole day transactions in the closing time and also receives utility bills. Teller send reports to the operation department and sort the currency notes and write their denominations according to the system. Two security guards are working in day times and one security guard working in night timing. Two office boys are working at the same time and one assistant of manager is also working there.
2.2 BRANCH HIERARCHY OF EGIBL IN ARIFWALA BRANCH
Operation Manager
(Officiating Manager)
Relationship Manager
Customer Relationship Officer
Remittance officer
Teller
Security guard (1)
Morning Shift
Security guard (2)
Morning Shift
Security guard (1)
Night Shift
2.3 SWOT ANALYSIS
SWOT Analysis is extremely significant for any organization. Because it shows its internal and external environment. For environmental analysis we utilize SWOT analysis. SWOT analysis provides whole information about organization internal situation and external factors.
STRENGTHS:
Quality Assurance
EGIBL provides quality assurance to their customers. Emirates Global Islamic Bank Limited management also check their services and their quality level time to time for providing high quality products to their customers.
First Mover Edge
In November 2008 there is no any Islamic bank exist in Arifwala. So at this time Emirates Global Islamic Bank Limited capture their market through Islamic customization and get first mover edge.
Default Ratio
EGIBL is an Islamic bank that is the reason its default ratio is less when we compare it with other banks.
Qualified Staff
EGIBL has a qualified staff and all staff knows about all products. Customers can take information from any employee.
Attitude and Behavior
Behavior of the employees with customer is good. When customers need any kind of help their first priority is to facilitate the customers. So customers are also feeling happy when employees solve their problems in first time.
Free Services
There are many services which are provided free of charge by the EGIBL like:
ATM Card
SMS Banking
Online facility
So product combination is good so it creates value for their customers.
Environmental Improvement
Environment of EGIBL is good because it provides (centrally air conditioned, neat, clean, ventilated, lighted and decorated).
Staff Coordination
Staff coordination is good among employees. Every employee is concern about bank and wants to participate in the growth of EGIBL.
Relationship with Customers
Marketing is not an easy job it takes lot of time to make high-quality connection with the customers and there is no second chance if u drop customer in first impression. Relationship Manager is also focus on creating relationship with customers.
Organizational Trust
Emirates Global Islamic Bank is a faithful Islamic commercial bank. So its give advantage to EGIBL because it gives Riba free (interest) banking.
WEAKNESS:
Admin Expenses
There are many uncontrollable admin expenses which every employee enjoy their freedom. These expenses can be control by proper attention.
Manual Banking
EGIBL is engaged with IT system but manual system is also exists in the branch that creates some problems for employees.
Branch Network
Emirates Global Islamic Bank Limited has very less branch network. Now it has only one branch which is Arifwala branch in this area. There is no any other branch near Arifwala like Sahiwal, Pakpattan, Bhawalnagar and Okara.
Trouble Shooting
There are many Trouble shooting problems in the branch which need some proper supervision like electrical, mechanical and fitting appliances.
Marketing Skills
There are no any professional employees in the branch for marketing. Marketing plays vital role in every business that is the reason bank position is not good.
Health Policies
Health policy is not organized by the management. Health policy should be in the minds of top management to protect their employees. As we know employees are the asset of every organization management should be focus on this matter.
Untrained Staff
Some employees are not trained they need proper supervision especially new staff should be trained. They do not know about all products. If customers come every employee cannot guide proper for their products.
Difficult Credit Procedure
Credit procedure is very difficult for customer and faces many problems. Because at this time the loan facility is stop by the bank. Customer cannot get loan from the bank. Credit is not met at a time that why the client is not happy.
OPPORTUNITIES:
Population Growth
In this region growth rate of population is high so its makes the strong position of the bank in overall scenario.
Rising Literacy
Rising literacy is very important for every society. As literacy is increase day by day and customers comes to the Islamic banking.
Rate of Return
The rate of return on deposits is high EGIBL gives high rate to its customers according to Islamic banking.
Product Lines
In EGIBL product lines are differentiating that makes it differ from their competitors like:
ATM Card
SMS Banking
Auto Ijara
Lockers
Low Costs
EGIBL provides low cost and free of charge products like ATM Card, SMS Banking and on their deposit. There are no any extra charges if customers account has minimum balance like other banks deduct some amount if balance reaches out of their minimum limit.
Expansion of Branches
Emirates Global Islamic Bank Limited has very less branches. There are many opportunities to expand their branch level.
Repayment System
Repayment system of the bank is good customers feel happy when they receive their payment timely. Employees are cooperative with individual customer.
Comparative Advantage
Emirates Global Islamic Bank Limited has a comparative advantage against their competitors. Bank gives totally Islamic services that are not provide by other banks.
THREATS:
Load Shedding
Load shedding is the main threat in these days load shedding infected every business. Banking sector is also affected by load shedding because most of the time when customers comes electricity is not exist that's why people hesitate to come.
Terrorism
Terrorism also affected every business now days in Karachi the situation is not good for business. If situation is in control in Karachi then the head office of EGIBL works regularly otherwise they close their branches.
Political Instability
In Pakistan there is always fear of political instability. No one knows what next be happened in politics. So banks also hesitate to invest in the country and they do not expand their business.
High Inflation
Inflation rate is increasing day by day. Customers have not much money to save in banks. If inflation rate is not increasing then customers can save their money in banks.
Threat of New Entrants
Many new banks are entering into the market. They see opportunity in the market and want to get benefit from the market.
Technological Threats
New banks have latest technology EGIBL also has latest technology. But there is always some portion available for improvement.
Foreign Competitors
Foreign banks are coming into the country to avail the opportunity. Foreign banks have latest technology and large amount of money for investing.
Government's Intervention
Government interventions are the part of our society. Government intercept in any matter so new taxes are imposes by the government every year that directly goes against customers.
2.4 MARKETING STRATEGY
Marketing policies are also one of the most vital policies because they are linked to the development of the organization. Emirates Global Islamic Bank Limited also introduces many other products time to time like Albait, Auto Ijarah, Rahnuma Travel Services and Sarparast. These Products makes it vary from other banks.
Giving high-quality services and maintains superior communication with the customers.
EGIBL promote through their employees meeting in branches because they have straight relation with customers.
Boost relations with business organizations.
EGIBL use banners in the branch and outer the branch.
EGIBL management is working very hard now a day because the reputation is decreasing day by day.
2.5 COMPETITIVE STRATEGY
Emirates Global Islamic bank Limited offering Riba-free which is extremely competitive strategy between other banks. Emirates Global Islamic Bank limited provides products to clients at better as match up to competitors. All of its products satisfy the requirements of the customers.
Following are the competitive strategies of EGIBL:
Meeting with account holders on every day
Free services like ATM card, SMS banking
Free online facility
Having complete client summary
Contact with agents of different business firms
Get in touch with business owners
2.6 BUSINESS PROCESS ANALYSIS
There are different departments are working in EGIBL which are providing different products and services. Bank providing Islamic services and gives many services free of charge this think make it be different from other banks.
DEPARTMENTS
In EGIBL there are also some departments which are working according to bank rules and regulations these departments are account opening department, finance department, cash dealing department, operation department, remittance department, customer relationship department. Operation department is responsible for all other departments.
Now we observe the functions of all departments running in Emirates Global Islamic Bank Limited Arifwala Branch.
ACCOUNT OPENING DEPARTMENT
Account opening department dealing with different types of accounts, ATM Card, SMS banking and closing of account. After account opening customer can give request to account opening department for their ATM card and SMS banking which is providing free of charge.
Types of Accounts:
Emirates Global Islamic Bank Limited of Pakistan is providing different types of banking account like Current Account, Saving Account, and Islamic Term Deposit account, Mudarabah Premium plus Account, Basic Banking Account and Foreign Currency Account.
These accounts are designed according to their customers like current account is for those customers who do not get any profit and saving account is especially for students and those who want to save their money.
A concise introduction of these accounts is given below:
Current Account:
Current accounts are those accounts in which we give no income to client on their deposit. Bank also deducts no Zakat on this account. In urban and rising countries a very major quantity of money is reserved under current account. Businessmen usually open this sort of account.
Saving Account:
Saving accounts are those accounts in which the bank gives the clients profit on their deposit. Emirates Global Islamic Bank Limited does not give any fix rate of profit. Bank also deducts Zakat on this account. Zakat is deducting at the rate of 2.5%. In saving account income is considered on monthly average basis and circulated on a monthly base.
Mudarabah Premium plus Account:
Mudarabah Premium plus Account is only available in Pak Rupees where the profit is considered on a day by day basis and spread on a monthly base.
Islamic Term Deposit Account:
In this sort of account the amount is deposit for a particular period of time. This period varies from 7 days minimum to maximum 5 years. The profit rate is also changes with the small period to long period. There is superior rate of turnover on long term deposit.
Basic Banking Account:
EGIBL also offers the Basic Banking Account to its depositors. This account is particularly for those clients who are unable to preserve a high balance requirement. EGIBL gives this capacity to its clients for the reason that bank does not want lose any category of customer. The account is opened with Rs1000.
Cheque Book:
When the account is opened, then the customer is given a cheque book. In Emirates Global Islamic Bank Limited cheque book comes from head office. Cheque Book is free for current account and Rs 50 for saving account.
ATM Card:
After opening an account customer can apply for an ATM card. If any customer want to travel then he just take ATM card and can access his account more then 3600 ATMs across Pakistan. There are no charges of ATM card in Emirates Global Islamic Bank Limited. Through ATM card customer can take out cash any time and also can request for a mini statement, duplicate statement and cheque book. Emirates Global Islamic Bank Limited also provides convenience and revolutionary technology.
SMS Banking:
After opening an account customer can give request for SMS banking. SMS banking is very helpful because when we are registered in EGIBL SMS banking then we done any transaction related to withdraw or deposit EGIBL send us a SMS for informing the transaction. There are no charges of SMS banking.
Closing Of Account:
If customer requests to close an account he has to given an application to the head of the operations department for closing his account. Then account holder will return remaining leaves of cheque book and ATM card if issued. Bank gives an account closing form to the customer to fill that form. The Manager first verifies the signature of account holder, then sends this request to the Head Office with all relevant documents like SSC, ID card, closing form, a/c closing application and others if available for this account closing a fee of Rs. 300/- is charge.
FINANCE DEPARTMENT
Finance department of the bank deal with those customers who want to get loan and other products like Local Purchase Murabaha ,Murabaha financing against Imported Merchandise (FIM) ,Murabaha financing against Trust Receipt (MTR) ,Export Murabaha (Pre-shipment) ,Direct Ijarah ,Sale and lease back Ijarah and other products.
Business Banking
EGIBL provide halal products to their customers. Bank always struggles to make sure that your financial transactions are free from Riba (interest). EGIBL financing products are based on the values of Murabaha and Ijarah. Emirates Global offers non stop branch banking from 9am to 5:30 pm with modified concentration (apart from Friday & Saturday)
CASH DEALING DEPARTMENT
Cash department is concerned in cash receipt and cash payment cash department is also responsible for any activity which is associated to cash like sorting of cash, closing of cash, different denominations and report generation. The cash department is that through which all the revenue and expenditure of bank are prepared. Also the bank cash proof remains with this department. The utility bills are also collected by this department.
Denomination
The individual currency values are counted. Individual currency note and cash are count according to system. Cash denomination register in the system displays in a row about all denomination in the cash balance book on the end of the day time. At the end of day time each denomination in the cash balance book should match actually with cash present in the cash room.
Sorting
Cash department receives cash that may include non-issue able Bank Notes. It is duty of cash department to issue only issue able Bank Notes. In sorting currency notes are screened out into issue able and non-issue able. The mixed currency Notes are referred to unsorted cash.
Closing
At the end of the day arrangement of each teller Debit or Credit is transferred. Debit or Credit balance of each teller is refreshed after transfer entry.
Report
After the end of the day teller generate the report for whole day transactions and forward this report to the relevant department.
Utility Bills
Emirates Global Islamic Bank Limited accepts the following types of utility bills:
Electricity Bills
Sui Gas Bills
Ptcl Bills
OPERATION DEPARTMENT
Operations department of the Emirates Global Islamic Bank Limited is accountable for the whole operations of the bank. Mr. Asim Masood (Operations Manager) is in charge for all function under operation department. Operation department are engaged with every department because every department send reports to this department. Operation Manager is also responsible for the whole supervision of the branch when branch manager is not available then operation manager will work as an officiating manager.
Operation department also responsible for the whole cash of the branch and it should make safety for cash. If there is any mistake in cash by the teller then he is also responsible for this mistake. Cash department also send whole day report to the operation department after closing.
Remittance department also send reports to the operation department. When any transaction is passed by remittance department then it sends this transaction to the operation department for approval.
Account opening department is also under the operation department. When any form is fill for account opening then it is send to the operation manager for approval after some verification operation manager approve the from and send it to the head office.
Customer relationship department handle different types of customers and also send report to the operation department. This department also takes request for account opening and generates Business Relation Number (BRN) after operation manager approval.
REMITTANCE DEPARTMENT
Remittance department of Emirates Global Islamic Bank Limited deals with the different sort of remittances like Demand Draft (DD), Pay Order (PO), Mail Transfer (MT) and Telegraphic Transfer (TT). Remittance department also responsible for Inward Bills for Collection (IBC), Outward Bills for Collection (OBC), National Institutional Facilitation Technologies (NIFT). Remittance department also issue the check book to the customer who open their account in the bank. Online facility is also available in EGIBL customers can send online on free of charge.
Pay Order (PO):
As we know pay order is offered for payment in clearing. Pay order is used when payment is made to someone inside the same city. PO is used for protection as not like cheque payment against PO is confirmed. There are many difficulties for a bearer cheque to be bounced like a cheque can be post dated, out of cash, amount in figures and words may not be the same etc. Amount in pay order is guaranteed when buyer has deposit the amount.
Mail Transfer (MT):
Mail Transfer is used when we need transfer of money from one branch to another branch of the same bank through mail service. So in mail transfer there is no call for of guidance as the amount is directly credited to the receiver's account.
Telegraphic Transfer (TT):
When a customer request for a telegraphic transfer then drawee branch is advised through telegram. Telegraphic Transfer is the vital method of remit the currency from one place to place. It is used when the sender requests to send immediately.
In this case the sender requests the manager of the branch to issue TT. Now this facility is not in use.
Collection:
Collection has two types through the outstation cheques are collected. These types are inward bills for collection and outward bills for collection.
Inward Bills for Collection (IBC):
When cheque drafts, etc, of our branch presented to us for clearing by the SBP.
Outward Bills for Collection (OBC):
The cheque of other banks, which the account holder deposit in their accounts is, sends for collection. It incurred charges and takes 4 to 5 days for clearing cheques, pay orders.
Clearing:
Clearing is also collected by remittance department. Clearing is available in all working days and clearing also comes from other cities. Clearing has two types which are inward clearing and outward clearing.
Inward Clearing:
If Emirates Global Islamic Bank Limited receives cheques from other banks for payment then it is called inward clearing. These cheques are received after a procedure and clearing house send it to the relevant branches.
Outward Clearing:
If Emirates Global Islamic Bank Limited send cheques to the other banks for payment on behalf of their customer then it is called outward clearing. These cheques are sending to after some procedure.
National Institutional Facilitation Technologies (NIFT):
Nift is a clearing house that is used for Collection and Clearing. A clearing person comes on daily basis in the branch for collection and clearing.
Online Facility:
Customers can give request to the remittance department for online facility. There is no charge of online facility in EGIBL. Online facility is only available in EGIBL to EGIBL.
Cheque Book Issuance:
When the account is opened, then the customer is given a cheque book. In Emirates Global Islamic Bank Limited cheque book comes from head office and remittance officer gives cheque book to the customer after some verification and customer signature. Cheque book is free for current account and Rs 50 for saving account.
Bank issues the following cheque books:
25 leaves
50 leaves
100 leaves
CUSTOMER RELATIONSHIP DEPARTMENT
Customer relationship department deals with the different types of the customers who come on daily basis with their problems. Customer relationship officer also attend phone call and forward these calls to the relevant department. Customer relationship department is authorized for ATM card, SMS banking and different types of reports. Dealings with customers are the part of customer relationship officer. Customer relationship officer also revise the KYC (know your customer) as per instructions.
CHAPTER NO.3
LEARNING AS A STUDENT INTERN
LEARNING AS A STUDENT INTERN
I had passed an excellent instance in Emirates Global Islamic Bank Limited as an intern. I become skilled on set of awareness from my position.
3.1 DUTIES
I was assign under command of Mr. Jalal Waris. My duty was to look for and find out in general working criteria of organization.
FIRST WEEK
Account Opening Department
In first week I was positioned in account opening department. In account opening department I learned about
Account Opening Procedure
The persons who are eligible to open an account
kind of Accounts offered by EGIBL
Account opening form
KYC (Know Your Customer)
S.S.Card
Documents required by different categories of persons
Issuance of cheque book
Procedure of closing an account
I work with Miss Anila Noreen in this section. She was often busy dealing with clients as in this department lots of clients come daily. But still she told me a lot about account opening procedure.
In this department I worked for 5 days and in this span of time I well-read different kind of accounts existing in bank, stamping leafs, entering of books in cheque book issue book and entries in system.
SECOND WEEK
Finance Department
In finance department I work with Mr. Asif Maneka. He tells me about finance department and Islamic financing.
At this time I learn about the credit facilities provide to customers. He also told what is Murabah financing and how it differ from conventional way of financing. So he clears my concept about Islamic banking.
This department deals with corporate customers who want to avail this facility. Bank is able to pay for any goods purchased but bank would not give them cash. This is main variation between Islamic and conventional banking.
He also showed me different files of corporate clients and I observed what legal documentation is done after receiving approval. All the documents were signed by the customers. He also tells me why stamps are placed on these documents. I also filled a few Murabah papers.
third week
Marketing Department
In third week, I work in marketing department, with Relationship Manager Mr. Saleem Akbar. As we be familiar with marketing is not an easy job. It takes lot of time to make high-quality connection with the customers and there is no second chance if u drop customer in first impression. I go with Relationship Manager to the different customers.
He tell me how create relationship with the customers and how to deal with every individual customer. Because different customers has different attitude.
FOURTH WEEK
Cash Department
In forth week I work in Cash department with Mr. Asif Shabeer Ghouri. Now I learned how cash dealings are completed by the teller. It is significant department of any bank which receives cash receipts and pays cash payment. Cash payment is made after some verification.
FIFTH WEEK
Customer Relationship Department
Next week I work in Customer Relationship department with Miss Anila Noreen. She explains me the whole thing that she can in this short span of time.
Here I gain knowledge about account opening, ATM application and how to generate request for SMS banking. I also learn how deal with customers and solve their problems.
sixth week
Clearing Department/ Remittances Department
As in clearing and remittances department has very fewer work to done so they are joint in single department in Emirates Global Islamic Bank Limited. So I work in remittance department with Mr. Jalal Waris. He told me about different activities of this department.
First of all he told me about:
Procedure of clearing a cheques
Checking of cheques
Inward and outward clearing
Different reason of returning a cheques
Types of clearing stamps
Next he told me about remittance. Here I gain understanding about inward clearing and outward clearing.
He tells me about following things:
Demand draft (D.D)
Pay order (P.O)
Local remittances and outgoing remittances
Schedule of bank charges for remittances
3.2 ACCOMPLISHMENTS
I productively accepted my work and examine nature of operational and find out how it should be. I got awareness about all departments in organization and learn their duties.
3.3 NEW KNOWLEDGE ACQUIRED
Throughout my internship, beside completion of my internship, I learnt how credit is offered, how customers are capture, about the cash transaction round the country. I also got knowledge about different accounts and their procedure for opening. I work with every department of EGIBL that's the motive I learn lot of knowledge from my internship.
3.4 PROBLEMS ENCOUNTERED
For the extent of my training at EGIBL I observed various areas that need become aware of the management like:
Some employees which are not interested in their job. They do not feel any responsibility that is the reason bank is not going well. If top management has proper check and balance then should avoid these happening. In my internship loan facility is not offered but I get knowledge about this facility myself.
3.5 HOW INTERNSHIP WILL IMPACT MY CAREER
This internship at Emirates Global Islamic Bank Limited will demonstrate very important for me during my professional career. Because it was my initial learning practices for working in an organization. It will be very supportive for me to show regulation, hard working and how work is done in any organization. No doubt it will show a brilliant indication in my future.
CONCLUSION AND RECOMMENDATIONS
Throughout my internship in Emirates Global Islamic Bank Limited I have learned a lot and my vision and realistic exposure has broadened immensely from my six weeks internship, concluded that banking sector is given that a precious infrastructure for the facilitation of entire society and for the speeding up of economic activities.
More, I also concluded that present attention, full care, logical, evocative and communication skills and accounts related information are the key basics for working in banking industry as the banking world revolves around the digits.
Contribution to Industry
In the banking sector, EGIBL is contributing a lot at nationwide. The make use of IT has opened new horizons for the banking industry and has changed the business scenario to a large extent.
Career Safety
In EGIBL career of the employees should be secure. If employees are temporary placed then they always fear of job. So competent employees may leave EGIBL and can go for other banks.
Salary and Bonus
Handsome salary should be offer to the employees according to market. Bonus also gives to employees according to their performance that should increase motivation level.
Moreover, accurately talking this internship of six weeks is unforgettable era for me all through which I availed the chance to flourish my communication skills, shine my capabilities and abilities, improve my understanding about banking sector and make wider my vision and exposure towards practical life.
GLOSSARY
Jargons or acronyms
EGIBL (Emirates Global Islamic Bank Limited)
MPPA (Mudarabah Premium Plus Account)
KYC (Know Your Customer)
DD (Demand draft)
PO (Pay order)
MT (Mail Transfer)
TT (Telegraphic Transfer)
S.S Card (Signature Specimen Card)
SBP (State Bank of Pakistan)
RM (Relationship Manager)
CRO (Customer Relationship Officer)
NIFT (National Institutional Facilitation Technologies)
