text:
Video: Protesters Storm Hiram Monserrate Holiday Party, Yell About Broken Bottle, Gay Marriage
And what would the holidays be without Hiram Monserrate? The state senator had a Christmas party, and marriage equality activists busted in on it with cries of "Hiram Monserrate believes marriage should be between one man, one woman, and a broken bottle!" alluding to his assault conviction and anti-gay-marriage vote in Albany this month.
Monserrate Chief of Staff Wayne Mahlke makes a guest appearance, revealing in a shaky voice that he disagrees with the senator on the issue. ¡Feliz Navidad!
Get the This Week's Top Stories Newsletter
Every week we collect the latest news, music and arts stories — along with film and food reviews and the best things to do this week — so that you'll never miss Village Voice's biggest stories.
Sponsor Content
More News
- Sanitation Sergeant Frank Musella Dies on the Job on Staten Island
Upcoming Events
The Basketball Tournament - New York - Semifinals (Doubleheader)Sat., Aug. 1, 1:00pm
New York City FC vs. Montreal ImpactSat., Aug. 1, 2:00pm
Staten Island Yankees vs. Aberdeen IronbirdsSat., Aug. 1, 7:00pm
The Basketball Tournament - New York 1 Million Winner-Take-All ChampioSun., Aug. 2, 3:00pm
- Tickets
- New York's Medical Marijuana Licenses Expected to Be Awarded by Friday
- The Ray of Ray's Candy Store Back in the Shop Despite Heart Surgery


text:
Old Mission Inn
No prices found through our partners. Please contact the business directly or check some of our recommended alternatives.
TripAdvisor Reviews Old Mission Inn Traverse City
Travel Blogs from Traverse City
Back from General RV in Wayland
Got back from General RV in Wayland on Thursday afternoon with a working slide room on the RV. The RV dealer said they found the problem that was causing the problems with the drive gear and I should not be having the problem any more, let hope they are right. I have nothing but good things to say about General ...
Everything is Broke
... problem, but needed to order more parts so I got a rental car. Hopefully I will get the car back today. Oh, did I mention that the boat is ready to pick up, but I can't get the boat because I do not have a car to tow it with.
If we get the car back today, we will leave Tuesday to go down to General RV in Wayland to get the motor home fixed on Wednesday and hopefully be back to Indigo that night or Thursday before the holiday rush starts. ...
Traverse City Michigan to Mackinaw, Michigan
... a cross from a California Redwood was commissioned and a crucifix as well. I will let my pictures speak for this post. It was a wonderful blessing to be able to spend a hour here in the pure presence of God. His presence was so apparent, it was if he was walking along side you as you followed the trails, stations of the cross, and other prayer locations. This place holds mass everyday weather permitting outside. If the weather is not right you ...
Settled in at Indigo
... to fix the slide for two more weeks. We should pick up the boat this weekend, but it is not warm enough to go boating. The weather has been in the low 70's during the day and the 40's at night which I guess is still better than sitting in Florida with the heat and humidity.
Be BOLD!
I'm about to leave!!! HUZZAH!!
Today when I was saying goodbye to people I had a friend say to me "I'm so proud of you! You're being bold! You're going to get so much out of it!" I loved that!
Last year when I was about to leave for my NOLS course I was FREAKING OUT. It was a new place with new people embarking on a major expedition, and I was way nervous. But after doing that and having such an incredible time venturing out ...
Other places to stay in Traverse City
The Inn at Chateau Grand Traverse12301 Center Road, Traverse City | Innfrom $115
Neahtawanta Inn1308 Neahtawanta Road, Traverse City | Innfrom $50

subset: commoncrawl


text:
|Project Name
|Price (USD)
|Project Name
|Price (USD)
|Google Search Results Scraper
|...tool that allows me to scrape the search results of a given Google search query. The scraper must have...to - Be able to define a date range from which results will be scraped (please see attach image) - iterate...=14/07/2015) and scrape all results from those dates. If there are multiple pages of results, then the scraper
|Web Scraping
|Jul 26, 2015
|Jul 26, 2015Ends - 4d 19h
|Design Android UI for local business
|...require Eclipse Android UI project for a local food-market. Business logic of the application is going to...eclipse project. 2- Our developers implement business logic and develops on top of what freelancer created...---------------- About application: It is going to be a local application of users sharing what they are eating
|Mobile Phone, Android
|Jul 26, 2015
|Jul 26, 2015Ends - 4d 17h
|Bulk Post to Craigslist for Local Business
|Hello - I am looking for an individual to help us post in a very competitive section of Craigslist 6 days a week.
|Internet Marketing, Advertising
|Jul 27, 2015
|Jul 27, 2015Ends - 5d 16h
|Remove results from YAHOO , BING AND GOOGLE
|...the results google . bing and yahoo give on their pages after having put a keyword. I need results in
|SEO, Link Building, Google Adwords, Removalist
|Jul 28, 2015
|Jul 28, 2015Ends - 6d 7h
|Write some Software - Google Map Scraper
|I want to crawl all results from Google business UK. This is ongoing project as i need data weekly data...need to extract all possible businesses using the google maps api and get them in excel file. There are
|Google Maps API, Java, PHP, Software Architecture, Web Scraping
|Jul 23, 2015
|Jul 23, 2015Ends - 5h 1m
|Create a scrapper for: Google map -- 2
|...Categories. You need to scrap all businesses in the results, for all combinations of ZIP codes and categories...Items to retrive are: 1. Business Name 2. Google places URL 3. Business address: street address, zipcode...neighborhood (if available) 4. Business website URL 5. Rating (Google, Zagat, or any other rating available
|Javascript, Python, Web Scraping, Data Mining
|Jul 28, 2015
|Jul 28, 2015Ends - 6d 3h
|Local Discovery Platform
|...catching up local stores are loosing out visibility . Also it's getting really hard to find local stores ...based on your current location and you can find business and things of your interest around you .
|Mobile Phone, Android
|Jul 29, 2015
|Google reviews
|I need 20 Google places business reviews for one business. Organically over 5 or so days. I will write
|Internet Marketing, SEO, Link Building
|Jul 26, 2015
|Jul 26, 2015Ends - 4d 1h
|iPhone & Android application development - Database information pushing to google map data
|...will be presented on, and in correlation with, google map data. The entirety of this system must be...Development of a mysql (or similar) database to feed business names, addresses, and binary status to android...application will have what effectively amounts to a google maps search UI, in which they will be able to geolocate
|Mobile Phone, iPhone, Android, SQL, Geolocation
|Jul 26, 2015
|Jul 26, 2015Ends - 4d 15h
|On page real estate search and list with Google map
|...page with search parameter and results displayed in list format and google maps.Provide installation instruction
|CSS, HTML5, Angular.js
|Jul 29, 2015
|High Level Video Production for Local Business in Central New Jersey
|Need Video production and editing for local business. Each video 2-10 minutes long, mostly 2-3 minutes
|Video Editing, Video Production, Video Services, Videography
|Jul 28, 2015
|Jul 28, 2015Ends - 6d 9h
|Moderating Google Maps Business View Tours, Create 360° Panorams
|You are common with google maps business view and other panorama software like KRPanos or PTGUI/Photomatix...You are able to use the moderating tool of google maps business view.
|Photo Editing
|Jul 28, 2015
|Jul 28, 2015Ends - 6d 17h
|Design some Business Cards for ATI
|Business Cards, that look not only professional, but convey we are a marketing company. In other words...words I do not want a traditional business card. I want a card that is professional but also SCREAMS we...from naming their businesses, to creating their business image. We specialize in Email Marketing - Direct
|Business Cards, Graphic Design
|Jul 29, 2015
|Instagram & Google Search Desktop Scraper
|...-multi-threaded -option to use proxies -enter max number of results to get -scrape instagram based on hashtags and...using the API to see if it is feasible -export results as a CSV file Additionally, this scraper needs...-enter max number of results to get -have the scraper find the sites through Google search -then find
|PHP, Software Architecture
|Jul 27, 2015
|Jul 27, 2015Ends - 5d 7h
|d someone that can make my google for business accunt shine
|i need someone that has done google for business before to make up my account make sure all the t's
|Jul 28, 2015
|Jul 28, 2015Ends - 6d 10h
|Social Media Marketing
|...specialist. I can promote your facebook page, twitter, Google plus , and can post ads on behalf of your company...ranking first three pages on google search. Which results in ultimate business growth.
|Twitter, Facebook Marketing, Google Plus, Pinterest, Social Media Marketing
|Jul 27, 2015
|Jul 27, 2015Ends - 5d 12h
|Custom Google Map for Our Website
|Create a Google Map using place-marker clusters (described here: https://developers.google.com/maps/...notes box when you click on them (as is normal in Google My Maps). In addition, we require a search function...'store locator' widget, but it doesn't have a 'results' pane beside the map, it just shows the place-markers
|Javascript, Google Maps API
|Jul 28, 2015
|Write a Business Plan
|...growth. This would relate to both national and local advertising The report will be included within
|Internet Marketing, Advertising, Business Plans
|Jul 24, 2015
|Jul 24, 2015Ends - 2d 9h
|Get Traffic to my Website SEO Rankings on Google
|...rankings on the top major search engines obviously Google is a primary focus but want to show high ranking...on searches. I want to be submitted in Google business as well. I do not want to do pay per click...advertising. I want to be highest ranked on Google business ranking for about five different cities as
|Internet Marketing, SEO, Link Building
|Jul 23, 2015
|Jul 23, 2015Ends - 12h 18m
|Design Business Card for Poni.ee
|My business is offering a pony ride to small children. My site is www.poni.ee I need a clean, professional...professional and simple business card with the logo and business information. Business card should contain: ...contain: - Logo (files attached) - Business information from (http://poni.ee/kontakt) - also site address
|Business Cards, Graphic Design
|Jul 27, 2015
|Jul 27, 2015Ends - 5d 14h


text:
Bill allowing MKs to quit Knesset set to be passed today
Edelstein and former Likud rebels say 'I told you so' on Gaza disengagement
Netanyahu: Iran and Hezbollah have terrorist network throughout Europe
Ministers approve bill preventing landlords from raising rent by more than 2% each year
More than 200 French Jews arrive in Israel as new immigrants
Grapevine: Music to his ears
Night at the library
The eternal rock & roll heart of Libi still beats strong
Kroyter jumps back into picture as high-flying Israeli phenom
Blue-and-white moves up gear in EuroBasket preparations
Plzen crushes Maccabi Tel Aviv's hopes
French Jews travel to Berlin for momentous Maccabi Games
Netanyahu, Abbas may address the EU in bid to reinvigorate peace process
PLO to investigate reports of secret talks between Palestinian and Israeli officials
Joint List MKs threaten 'war' in visit to Temple Mount
Third Jew arrested on Temple Mount for insulting Prophet Muhammad
Palestinian girl whom Merkel caused to cry wants to abolish Israel
Most Jewish students faced hostilities on North American campuses, study says
John Kerry: Pollard's release not related to Iran deal
Jonathan Pollard on forthcoming release: 'I'm looking forward to being reunited with my wife'
Murderer of historian of Czech Jewry goes on trial
Jewish educators called to UK authority meeting on Rosh Hashana
Kerry tells US House Foreign Affairs C'tee that Iran deal makes Israel safer
Likud minister to Huckabee: Nobody marches the Jews to ovens anymore
Obama slams Huckabee for invoking Holocaust in his criticism of Iran deal
UN cohesion 'ups the ante' in Congress battle over Iran, Moniz says
Iraqi militia leader says US not serious about fighting Islamic State
Canadian-Israeli anti-ISIS fighter: If we don't fight them there, they'll come here
My friends went on vacation and all I got was this stupid ISIS flag
Report: ISIS executioner 'Jihadi John' is now running from ISIS
Israeli, US researchers develop PTSD treatment for soldiers using computer program
Simple blood test can predict how much damage is suffered by victims of smoke inhalation
Turnaround in Health Ministry will allow sales of medical cannabis in pharmacies
'Earth-like planet is too far away, but Kepler found many others closer to home'
Establish commission to examine water flow to Jordan, MK says
Steinitz, Netanyahu postpone vote on gas compromise outline
Report: Committee members recommending stricter price supervision in gas outline
Ministerial committee resurrects bill to ban free plastic bag distribution at supermarkets
Budget deal to give NIS 18,000 'piggy bank' to 18-year-olds
Tech talk: Cybereason takes on Operation Kofer
Israeli safety app Musketeer saves lives
Earth-like planet discovered beyond solar system
Your taxes: Proposed law would tackle the black economy
Pollard and Iran
Possibility opens for UN to destroy ISIS
Pathway to defeating ISIS runs through Kurdistan – and starts in America
Turkey's war against Islamic State: A difficult test
July 29: UNRWA cutbacks
Take two tablets!~
Sin Offering
Lincoln and the Jews
Portrait of an assassin's wife
Renaissance woman
Red, white and baseball
Spending seven surreal years with Etgar Keret
Ulpan in Danger
Shabbat plans
This week in Jerusalem
A New Home for special brides
Eyes on the prize
Reining in an out-of-control teen
Taking a silver jubilee bow
Tel Aviv Light Rail tows a hefty load
מִשִירֵי רָחֵל: אֶל אַרְצִי
מִתְנַדְבִים מִיִשְׂרָאֵל
שִירַת רַבִּים 3
'נְתִיבֵי יִשְׂרָאֵל'
The path to aliya- Indian style
The journey of Ukraine's embattled Jews to Israel
A historic win, but no slam dunk
Art is for everyone, everywhere
Huckabee is 'ridiculous' – and right
In Marketing, Advertising, or Tech? Don't Miss These 3 Events in Israel
Good luck
The world cannot live with a nuclear Iran
Germany's bridge to the Islamic world
Poll: Pope Francis' approval rating dips in US ahead of September visit
Oren: Jesus today would be a settler
Israeli Christian group challenges BDS with new guide
ISIS claims kidnapping of 3 African Christians in Libya
Jewish man who fled the Nazis funds rescue mission for Mideast Christians
New Campsite for Youth Dedicated in Maginim Forest
New Hadid Single Dedicated in Ben Shemen Forest
Eucalyptus Park in Beit Shean Inaugurated
Tranquil Weekend in Nes Harim for Gaza Border Families
Italy's National Day at EXPO 2015
The Ambassadors' Club of Israel Tours the Galilee with KKL-JNF
The International Solidarity Mission Says Goodbye in Jerusalem
Chinese Ambassador Visits the Israel-China Friendship Fores
KKL-JNF Global Landscapes Seminar at Expo 2015
New Bio-filters Purify Surface Runoff Water for Reuse
Future Tour Guides Discover the Negev with KKL-JNF
The Shamir Drilling Project
$100 Million JNF Boruchin Israel Education Advocacy Center Opens
JNF Canada Pays Tribute to the Honourable John Baird
From Sunny Israel to Cold Canada
Walking for Water with KKL France in the Mountains of Eilat
Renewable Energies for the Future in the Arava
LDA Conference: Science and Technology for Forests
The Negev Conference on Agricultural Research and Development
Arava Open Day: Food Security for Israel and the Entire World
An Olah Reports From Nepal
How One Oleh is Helping to Transform the Way People Drink Water
From Think Tank to Environmental Consultant
Award Winning Designer Launches Career as Wedding Dressmaker
How Natalie Edwards Built a Successful Career in Israel's Startup Industry
5 Tips to Land a Job in Israel
Starting Your Own Business in Israel: Real Life Examples
5 Strategies for Finding Your Professional Place in Israel
36 Hours in Southern Israel
Food Shopping In Israel
How Women Can Have it All in Israel
The Eisenberg's Long Journey Home
Why Retirees are Thriving in Israel
Thanks to Aliyah video
6 Frequently Asked Questions about Israeli Healthcare
Starting Over in Israel
Sam Eisenberg: From Nativ to Aliyah
WATCH: Why Olim #LiveLoveIsrael
5 Ways that Olim Kick Back
VIDEO: Are you ready for the South?
Make yourself at home… in Israel
NBN Announces Bonei Zion Prize Recipients for 2015
NefeshB'Nefesh Provides Services to Bnot Sherut
How Doctors Are Impacting Israel's South
07.29.2015 | 13 Av, 5775
Prime minister to Channel 1: I'll be running again in next election
Not all bleak for Netanyahu
China's moves: US decline, or balance in Asia?
Hanegbi heads to Myanmar for highest-level visit in 35 years
Former ambassador to the US Oren may enter politics on list Kahlon is drafting
MK calls on PM to destroy homes of Jews who murdered Arab teen
Netanyahu: Hamas leaders are legitimate targets, no one is invincible
Kahlon indicates comeback with new 'framework'
'Israel no better than Chelm for providing electricity to Palestinian companies that boycott it'
Manhattan borough president shows solidarity with Israel visit
Ministers and MKs urge Netanyahu to pound Hamas
Right-wing MKs call to investigate Balad party, ban it from Knesset after Qatar trip
Diplomacy & Politics
03/26/2013 18:07
turkish PM Erdogan 370.
(photo credit:REUTERS/Stringer)
Turkish Prime Minister Recep Tayyip Erdogan turned down previous
attempts at reconciliation by Israel due to a failure by the Israeli
government to meet his pre-conditions, Turkish news outlet Hurriyet reported Tuesday.Erdogan told Hurriyet that
one condition was the use of the word "apology." He said. "They wanted
to express sorrow, but we said no. We wanted the word apology," Hurriyet quoted him as saying.Israeli officials reportedly agreed to financially compensate Mavi Marmara
victims' families in light of the 2010 flotilla incident, but Erdogan
insisted that a reconciliation would also require an apology and an end
to the Gaza embargo, according to Hurriyet.Erdogan also told Hurriyet that Prime Minister Binyamin Netanyahu promised to start work on easing the embargo on Gaza."We will monitor the situation to see if the promises are kept or not," Hurriyet quoted him as saying.Meanwhile, Erdogan said on Tuesday that he is
planning to visit Gaza and the West Bank to see if Israel is holding up
its end of the deal to lift the Gaza blockade, one of the conditions set
by Ankara to normalize ties with Jerusalem, Turkish paper Today's Zaman reported.Erdogan,
who announced over the weekend plans to visit the Strip next month,
told ministers in a parliamentary meeting on Tuesday that he will travel
to the Palestinian territories with Turkish relief organizations in
order to work to improve the current humanitarian condition.On Friday, Prime Minister Binyamin Netanyahu spoke with Erdogan for the first time since coming into power in 2009, and voiced regret for the loss of life in the Mavi Marmara
incident, apologizing for any operational mistakes that led to the
death of nine Turkish activists. Breaking a three-year deadlock, the two
agreed to normalize relations. However, National Security Council head Yaakov Amidror said on Sunday
that Netanyahu's apology did not obligate Israel to end the blockade of
Gaza, and it could clamp down harder on the Palestinian enclave if it
needed to because of security considerations.Following the
conversation, Erdogan said Israel had met his demands to apologize for
killing nine Turks aboard the ship, pay compensation to those bereaved
or hurt and lift the blockade by allowing in more consumer goods.That
fell well short, however, of an end to the blockade – which Erdogan had
routinely insisted on during the almost three-year-old rift as a
condition for rapprochement.Erdogan, meanwhile, told a crowd of
supporters on Sunday that normalization of ties would only take place if
Israel implemented the conditions of the deal discussed in the
conversation with Netanyahu. The only firm condition mentioned in the
statement following that conversation was payment of compensation."If
there is quiet, the processes easing the lives of Gazan residents will
continue. And if there is Katyusha fire, then these moves will be slowed
and even stopped and, if necessary, even reversed," Amidror said on
Army Radio."We did not agree to promise that under any condition
we would continue to transfer all the things into Gaza and ease up on
the residents of Gaza if there is shooting from there," Amidror added.
"We do not intend to give up on our right to respond to what happens in
Gaza because of the agreement with the Turks."Meanwhile, on
Monday signs were put up in Ankara to thank Erdogan for getting
Netanyahu to apologize for the Gaza flotilla incident. The billboards in
Turkish read: "Israel apologized to Turkey. Dear Prime Minister, We are
grateful that you let our country experience this pride."
Your comment must be approved by a moderator before being published on JPost.com.
Disqus users can post comments automatically.
Comments must adhere to our Talkback policy. If you believe that a comment has breached the Talkback policy, please press the flag icon to bring it to the attention of our moderation team.
Sign up for our newsletter
Please insert a valid email address
By signing up to The Jpost mailing list, I hereby


text:
VIEWS: 347 PAGES: 44 CATEGORY: Accounting POSTED ON: 5/28/2012 Public Domain
Internship Reports of different Projects
Introduction of Islamic Banking The thrust for Islamic Banking is founded on the desire to submit to the Divine Instructions on all transactions, particularly those involving exchange of money for money. However, it would be quite unfair to limit Islamic Banking to elimination of Riba only. Riba is but one of the major undesirable elements of an economic transaction, the others being Gharar (uncertainty) and Qimar (speculation). While elimination of these objectionable aspects in a transaction is indeed a critical aim of Islamic banking system, it is by no means its ultimate objective. At the heart of Islamic Banking is a system of commercial transactions that not only provides Halal modes of commercial transactions by avoiding that which is obnoxious and objectionable, but also fosters ethical, fair and just practices. A key element of Islamic economics is distribution of equitable rewards to the different factors of production. Islamic economic system seeks system of Redistributive justice where concentration of wealth in a few hands is countered and flow of money into economy is fluent. Islamic Banking is, therefore, seen as a lynchpin to achieving the economic and social goals of the Islamic economic system. Islamic banking has been defined as banking in consonance with the ethos and value system of Islam and governed, in addition to the conventional good governance and risk management rules, by the Principles laid down by Islamic Shariah. Interest free banking is a narrow concept denoting a number of banking instruments or operations, which avoid interest. Islamic banking, the more general term is expected not only to avoid interest based transactions, prohibited in the Islamic Shariah, but also to avoid unethical practices and participate actively in achieving the goals and objectives of an Islamic economy. Riba It has been argued in vain for long in some circles that the prohibition in Islam is that of excessive interest only. Or that it is the interest on consumptive loans that has been forbidden and as such loans extended for commercial purposes are entitled to an excess over the principal amount lent. Such tendentious arguing fails to give due understanding to verses 278 and 279 of Surah Al-Baqarah (quoted below). "O ye who believe! Be afraid of Allah and give up what remains (due to you) from Riba (usury) (from now onwards) if you are (really) believers! 2:278 And if you do not do it, take notice of war from Allah and His Messenger! But if you repent, you shall have your capital sums 2:279 However, this does not mean that Islam prohibits any gain on principal sums. In Islam, profit is the recognized reward for capital. When capital employed in permissible business yields profit that "excess over capital" becomes the rightful and just claim of the owner of the capital. As a corollary, the risk of loss also rests exclusively with the capital and no other factor of production is expected to incur it. Another important element of Islamic finance is that profit or reward can only be claimed in the instance where either risk of loss has been assumed or effort has been expended. Profit is therefore received by the provider of capital and wages/remuneration by labor/manager. 1 A depositor in an Islamic bank can therefore make earnings on his or her deposit in several ways. Through return on his capital when that capital is employed in a business venture; through sharing of profit when his capital is part of the capital that is employed in a partnership, and finally through rental earnings on an asset that has been partially financed by his capital. Q1. What is Islamic Banking? Ans. Islamic banking has been defined as banking in consonance with the ethos and value system of Islam and governed, in addition to the conventional good governance and risk management rules, by the principles laid down by Islamic Shariah. Interest free banking is a narrow concept denoting a number of banking instruments or operations, which avoid interest. Islamic banking, the more general term is expected not only to avoid interest-based transactions, prohibited in the Islamic Shariah, but also to avoid unethical practices and participate actively in achieving the goals and objectives of an Islamic economy. Q4. What is the Islamic Banking Global Scenario? Ans. Over the last three decades Islamic banking and finance has developed into a full- fledged system and discipline reportedly growing at the rate of 15percent per annum. Today, Islamic financial institutions, in one form or the other, are working in about 75 countries of the world. Besides individual financial institutions operating in many countries, efforts have been underway to implement Islamic banking on a country wide and comprehensive basis in a number of countries. The instruments used by them, both on assets and liabilities sides, have developed significantly and therefore, they are also participating in the money and capital market transactions. In Malaysia, Bahrain and a few other countries of the Gulf, Islamic banks and financial institutions are working parallel with the conventional system. 2 Bahrain with the largest concentration of Islamic financial institutions in the Middle East region, is hosting 26 Islamic financial institutions dealing in diversified activities including commercial banking, investment banking, offshore banking and funds management. It pursues a dual banking system, where Islamic banks operate in the environment in which Bahrain Monetary Agency (BMA) affords equal opportunities and treatment for Islamic banks as for conventional banks. Bahrain also hosts the newly created Liquidity Management Centre (LMC) and the International Islamic Financial Market (IIFM) to coordinate the operations of Islamic banks in the world. To provide appropriate regulatory set up, the BMA has introduced a comprehensive prudential and reporting framework that is industry-specific to the concept of Islamic banking and finance. Further, the BMA has pioneered a range of innovations designed to broaden the depth of Islamic financial markets and to provide Islamic institutions with wider opportunities to manage their liquidity. Another country that has a visible existence of Islamic banking at comprehensive level is Malaysia where both conventional and Islamic banking systems are working in a competitive environment. The share of Islamic banking operations in Malaysia has grown from a nil in 1983 to above 8 percent of total financial system in 2003. They have a plan to enhance this share to 20 percent by the year 2010. However, there are some conceptual differences in interpretation and Shariah position of various contracts like sale and purchase of debt instruments and grant of gifts on savings and financial papers. In Sudan, a system of Islamic banking and finance is in operation at national level. Like other Islamic banks 3 around the world the banks in Sudan have been relying in the past on Murabaha financing. However, the share of Musharaka and Mudaraba operations is on increase and presently constitutes about 40 percent of total bank financing. Although the Islamic financial system has taken a good start in Sudan, significant problems still remain to be addressed. Like Sudan, Iran also switched over to Usury Free Banking at national level in March 1984. However, there are some conceptual differences between Islamic banking in Iran and the mainstream movement of Islamic banking and finance. Owing to the growing amount of capital availability with Islamic banks, the refining of Islamic financing techniques and the huge requirement of infrastructure development in Muslim countries there has been a large number of project finance deals particularly in the Middle East region. Islamic banks now participate in a wide financing domain stretching from simple Shariah-compliant retail products to highly complex structured finance and large-scale project lending. These projects, inter alia, include power stations, water plants, roads, bridges and other infrastructure projects. Bahrain is the leading centre for Islamic finance in the Middle East region. The establishment of the Prudential Information and Regulatory Framework for Islamic Banks (PIRI) by the BMA in conjunction with AAOIFI has gone a long way towards establishing a legal and regulatory framework to meet the specific risks inherent in Islamic financing structures. The BMA has quite recently signed MoU with the London Metal Exchange (LME) to pool assets to develop and promote Shariah compliant tradable instruments for Islamic banking industry. The arrangement is seen 4 as a major boost for industry's integration in the global financial system and should set the pace for commodity-trading environment in Bahrain. BMA has also finalized draft guidelines for issuance of Islamic bonds and securities from Bahrain. In May 03, the Liquidity Management Centre (LMC) launched its debut US$ 250 million Sukuk on behalf of the Government of Bahrain. National Commercial Bank (NCB) of Saudi Arabia has introduced an Advance Card that has all the benefits of a regular credit card. The card does not have a credit line and instead has a prepaid line. As such, it does not incur any interest. Added benefits are purchase protection, travel accident insurance, etc and no interest, no extra fees with no conditions, the card is fully Shariah compliant. It is more secure than cash, easy to load up and has worldwide acceptance. This prepaid card facility is especially attractive to women, youth, self employed and small establishment employees who sometimes do not meet the strict requirements of a regular credit card facility. Saudi Government has also endorsed an Islamic-based law to regulate the kingdom's lucrative Takaful sector and opened it for foreign investors. Islamic banks have also built a strong presence in Malaysia, where Standard & Poor's assigned a BBB+ rating to the $600 million Sharia-compliant trust certificates (called sukuk) issued by Malaysia Global Sukuk Inc. Bank Negara Malaysia (BNM) has announced to issue new Islamic Bank licences to foreign players. The Financial Sector Master plan maps out the liberalisation of Malaysia's banking and insurance industry in three phases during the next decade. It lists incentives to develop the Islamic financial sector and enlarge its market share to 20 percent, from under 10 percent now. A dedicated high court has been set up to 5 handle Islamic banking and finance cases. In United Kingdom, the Financial Services Authority is in final stages of issuing its first ever Islamic banking license to the proposed Islamic Bank of Britain, which has been sponsored by Gulf and UK investors. The United States of America has appointed Dr. Mahmoud El Gamal, an eminent economist/expert on Islamic banking to advise the US Treasury and Government departments on Islamic finance in June 2004. Q8. Is it permissible for an Islamic bank to impose penalty for late payment? Ans. In Islamic law it is permissible to penalize a debtor who is financially sound but delays payment of debt without any genuine reason. Such act of the debtor is unjust as the Prophet (PBUH) has said, "A rich debtor who delays payment of debt commits Zulm". A heavy non-performing portfolio and default on part of the clients is a serious problem confronting the financial institutions all over the world including Pakistan. This problem could be a threat to success of Islamic banking system. If clients do not honor their commitment in respect of timely payment of a debt created in installment sale, Murabaha, leasing or do not pay banks' share of profit in participatory modes or do not deliver goods at stipulated time in Salam and Istisna'a, it could cause irreparable loss to the system, the banks and financial institutions and ultimately to savers and the economy. The jurists allow punishment (T´azir) to such borrower in the form of fine. In the opinion of some Maliki jurists a delaying borrower would be obliged to pay for charitable activities. In view of the severity of the problem, all Shariah bodies like Islamic Fiqh Academy of the OIC, Shariat Appellate Bench of the Supreme Court of Pakistan, etc. have 6 approved the provision of penalty clause in the contractual agreements that keeps a balance between the requirement in view of severity of the problem and that of the Shariah conditions/principles to keep the fine difference between interest and Murabaha profit intact. However, the penalty proceeds would be used for charity because penalty on default in repayment cannot become an automatic source of income for the creditor. MANAGEMEMENT STRUCTURE Bank Alfalah is proud of its human Resource, as almost all the employees have been picked by the management. However, in this section, I would discuss those people who are responsible for hiring such a bright staff and established such a magnificent bank. They are the higher management of Bank Alfalah Limited. Outgoing Chairman H.H. Sheikh Nahayan Mabarak Al- Nahayan H.H. Sheikh Nahayan Mabarak is an important and prominent member of the ruling family of Abu Dhabi. After the culmination of this study at Oxford, he returned to shoulder important responsibilities in the state administration. In 1988, he was appointed president of the higher colleges of Technology comprising of eight colleges throughout the UAE- a responsibility he fulfilled with distinction. In 1990, he was appointed Minister of Higher Education Scientific Research. Presently he also holds the presidency of the Society of the Natural History and Heritage. In 1992, he becomes the Chairman of the Union National Bank and has since remained involved in strategic management of the institution. New Chairman H.E. Sheikh Hamdan Bin Mabarak Al- Nahayan 7 BOARD OF DIRECTORS H.E. Sheikh Hamdan Bin Mubarak Al Nahayan Chairman Mr. Mohammad Saleem Akhtar Mr. Abdulla Nasser Chief Executive Officer Hawalileel Al-Mansoori Mr. Ikram Ul-Majeed Mr. Abdulla Khalil Al Mutawa Sehgal Mr.Khalid Mana Saeed Al Otaiba Mr. Nadeem Iqbal Sheikh 8 BOARD ADVISORY COMMITTREE 1. Mr. Abdulla Khalil Al Mutawa Director 2. Mr. Khalid Mana Saeed Al Qtaiba Director 3. Mr. Bashir A Tahir Member 4. Mr. Ganpat Singhvi Member 5. Mr. M.Iftikhar Shabbir Secretary COMPANY SECRETARY Mr. Hamid Ashraf CHIEF FINANCIAL OFFICER Mr. Zahid Ali h Jamall AUDITORS Taseer Hadi Khalid and company Chartered Accountants HEAD OFFICE IN PAKISTAN B A Building, I.I Chundrigar Road, P.O.Box 6773, Karachi. WEBSITE www.bankalfalah.com 9 ORGANIZATIONAL STRUCTURE President (CEO) Senior Executive Vice President Executive Vice President Senior Vice President Vice President Assistant Vice President Officers Grade I, II, III Clerical Staff Non-Clerical Staff Cashier Typist Clerks & Guards Messengers Assistants 10 OBJECTIVES Bank Alfalah believes in the phrase "customer comes first". Bank Alfalah's objective is to please their customers by fulfilling the financial needs as best as possible. They believe in placing the client at the center of business and all of the products and services. Service excellence is one of the objectives of Bank Alfalah. Alfalah strives continually on the development of new areas of activities to distinguish itself in the market place along with traditional banking activities of resource mobilization and credit disbursement. Alfalah's objective is the complete automation and computerization of all of its banking activities. Alfalah Training and Development program of its employees is aimed at developing skills of its employees. It makes positive contribution to the service culture of the banking system as a whole. They are committed to put all their energies, resources and time to bring higher value and satisfaction to their customers, employees and shareholders. The introduction and development of innovative financial instrument will another major objective of Bank Alfalah Limited. Philosophies followed by Bank Alfalah High Quality Services Innovative Products And Services 11 Better Performance Foreign Trade is another success of bank and has developed excellent Business and correspondent relation with well renowned banks of the world. Technology has opened new horizons in field of life. At the same time, rapid change in customer preference has resulted in a major shift from manual to automated services. Information technology today, is all pervading in the corporate world. Information technology department of bank has successfully developed an advanced computer program named BANK SMART. Bank Alfalah made heavy investment towards enhancing its capabilities in the area of automation and information technology. Bank has made remarkable achievements within a short period of time despite being in the nascent stage. The bank is committed to put all its energy resources and time to bring higher value and satisfaction of its customer, employees and shareholders successfully since 1997. In order to know about Alfalah Islamic we have to get some knowledge about Alfalah Bank history & also their present status. HUMAN RESOURCE MANAGEMENT Human Resource Planning At Bank Alfalah Limited, Human Resource Planning involves a decision making in three areas of combined activites: Step-I The bank identifies its organizational needs and then acquires a right king of human resource accordingly. Step-II Bank motivates them to achieve excellent performance by giving them different sorts of targets according to their job requirements. 12 Step-III It also creates an interactive link between the employee goals and the organizational goals. Job Description It is descriptive in nature and constitutes a record of existing and additional job facts. The order of job description is as follows: Job identification Job summary Duties performed Supervision given and received Recruitment and Selection Bank Alfalah Limited recruits three kinds of employees: 1. Top Level Management 2. Trainee Officers 3. Contractual Basis Employees Training and Development In Bank Alfalah Ltd. the process of Training and Development consists of various other activities like: a. Training: i. The appraisal form of an employee indicates the areas in which the employee should be trained and developed. It also elaborates the abilities of an employee. 13 ii. Management and Organization Development Division of each region timely reviews the employees and recommends them for training during the operations it they note any discrepancy between the desired and actual performance. This review is performed after every quarter. iii. Upon the request of GM (Operation), indicates which sort of training is needed in a particular region regarding the Operation Support and Service b. Development: i. Management Skill Training, ii. Special Training for Foreign Transferred Employees, Performance Appraisal: It is a structured discussion between employee and supervisor. It provides an opportunity for the supervisor to recognize an employee's achievement, offer suggestions for improvement when needed, discuss job responsibilities, define objectives, counsel for career advancement, and justify a pay adjustment. Regarding the performance appraisal, bank adopts both types of approaches. 14 a. Traditional Approach: The traditional approach is primarily concerned with the overall organization and its past performance. In Bank Alfalah, overall performance is reviews at branch level. Each branch is liable to show its performance in a positive direction according to set goals. b. Development Approach: This approach viewed the employees as individuals and has been forward looking through the use of goal setting. All the employees in the each of the branches are given a performa. Every employee working in the bank is assigned targets, usually their target are in the form of amount. The performances of all the branches are reviewed in the end of December. Till yet Bank Alfalah, has no computerized system to assess the performance of employees Performance Appraisal Process: The performance appraisal process in the Bank Alfalah Ltd. consists of four inter- related steps: i. Establish a common understanding between the manager (evaluator) and employee (evaluate) regarding work expectations, mainly the work to be accomplished and how those work are to be evaluated. ii. Establish ongoing assessment of performance and the progress against work expectation. iii. Formal documentation of performance through the completion of a performance and development appraisal form appropriate to the job family. 15 iv. The formal performance and development appraisal discussion, based on the completed appraisal form and ending in the construction of a development plan. MANAGERIAL PRACTICES Aggressive Banking Bank alfalah expanding their network of Islamic Banking. Bank Al Baraka has been serving the Islamic banking sector since 10 years and they have only 5 braches in Pakistan. On the other hand bank Alfalah has established 20 branches in a year. Motivation Bank Alfalah motivating their employees by giving them comprehensive benefits and professional environment within the organization, which enhances the performance of the employees. Bank motivates their employees by giving 3 bonuses in a year. BENEFITS Monitory Benefits Monitory benefits are given to the employees on the basis of their performance like salary rise, cash prize. Grade Promotion Bank also provides benefit to their employees in the form of grade promotion. Grade promotion motivates the employee to do their work efficiently and effectively. Abroad Posting Bank benefit their employees by sending them on overseas posting where they can enhance their professional skills and get handsome financial benefits in terms of salary or fridge benefits. 16 Controlling Bank has proper setup of controlling the day to day transactions and operational affairs. Bank controls the operations through a proper check and balance system and properly monitor the daily work. Internal Control Unit Bank has an Internal Control Unit that monitors the daily transactions within the organization and keeps informing the management about the rules and policies violation. Internal control unit has a proper check and balance on operations and other bank departments. Internal Audit Internal audit is a tool to have a proper check on daily working in a bank. Internal auditor has to point out the discrepancies found during audit. Internal auditors hand over the audit report to the audit chief and he hand over that to the management. Management overlook all the discrepancies and try to reduce the violation and also took the necessary actions. Internal audit conducted in a bank twice a year. External Audit External auditors are the representatives of state bank of Pakistan. State bank assigned them to audit the banks the find out the lapses or discrepancies according to the rules and regulations of state bank of Pakistan. State bank imposed penalty on bank if they found any discrepancies related to banking practices or procedures. External auditor hand over the audit report to state bank of Pakistan and SBP handover the report to the management along with the debit advice in form of penalty and management overlook the discrepancies and take necessary actions. External audit conducted once in a year. Bank Al Falah has a Chartered Accountant Company on his panel who prepare and overview the financial reports of the bank Taseer Hadi & Co. is a chartered firm which is on the panel of Bank Alfalah. 17 Reward Management Reward Management elaborates how people are rewarded in accordance with their value to an organization. It is concerned with both financial and non-financial rewards. A reward system of an organization consist of integrated policies, processes and practices for rewarding its employees in accordance with contribution, skill and competence and their market worth. In Bank Alfalah the elements of reward management system are consists of Basic Pay; the fixed salary or wage which constitutes the rates for the job. This rate is varied in a skill based or competence based system according to the individual's skill or competence. The rates are fixed by managerial judgement of what is required to recruit and retain the employee. In Bank Alfalah there is no any concept of individual performance related pay except to the Business Development Officer. Business Development Officers are those who are hired at contractual basis. They are assigned different targets. If they exceed to the targets they can enjoy the individual performance related pay otherwise they are fied. There is no concept of bonuses, commission or over time related pay. The official timing of bank is 09.00 AM to 06.00 PM but almost all of the employees have to work till near 08.00 PM. However, for this additional work they are not getting any additional bonuses / over time. Islamic financing: Asset-based financing A key feature of Islamic banking is that unlike conventional banks which deal primarily in money and financial securities, Islamic financing is related to an asset that is a feature of the transaction, and quite often the principal feature itself. From this springs an important distinguishing feature of Islam wherein Islamic financing is always based on illiquid assets that have intrinsic value. Profit to Islamic financing is generated through bonafide sale of these assets. Conventional banking, on the other hand, is free of such limitations. It lends money and makes its earnings through this act of lending. Its earnings are unconcerned with the economic fate of its lending. 18 Philosophy of Islamic Banking & finance Islamic Shariah prohibits 'interest' but it does not prohibit all gains on capital. It is only the increase stipulated or sought over the principal of a loan or debt that is prohibited. Islamic principles simply require that performance of capital should also be considered while rewarding the capital. The prohibition of a risk free return and permission of trading, as enshrined in the Verse 2:275 of the Holy Quran, makes the financial activities in an Islamic set-up real asset-backed with ability to cause 'value addition'. Islamic banking system is based on risk-sharing, owning and handling of physical goods, involvement in the process of trading, leasing and construction contracts using various Islamic modes of finance. As such, Islamic banks deal with asset management for the purpose of income generation. They will have to prudently handle the unique risks involved in management of assets by adherence to best practices of corporate governance. Once the banks have stable stream of Halal income, depositors will also receive stable and Halal income. The forms of businesses allowed by Islam at the time the Holy Quran was revealed included joint ventures based on sharing of risks & profits and provision of services through trading, both cash and credit, and leasing activities. In the Verse II:275, Allah the Almighty did not deny the apparent similarity between trade profit in credit sale and Riba in loaning, but resolutely informed that Allah has permitted trade and prohibited Riba. Profit has been recognized as 'reward' for (use of) capital and Islam permits gainful deployment of surplus resources for enhancement of their value. However, alongwith the entitlement of profit, the liability of risk of loss on capital rests with the capital itself; no other factor can be made to bear the burden of the risk of loss. Financial transactions, in order to be permissible, should be associated with goods, services or benefits. At macro level, this feature of Islamic finance can be helpful in creating better discipline in conduct of fiscal and monetary policies. Besides trading, Islam allows leasing of assets and getting rentals against the usufruct taken by the lessee. All such things/assets corpus of which is not consumed with their use can be leased out against fixed rentals. The ownership in leased assets remains with the lesser that assumes risks and gets rewards of his ownership. Difference between Conventional & Islamic Banking The RIBA is an Arabic word, which means to increase, to enlarge. Thus, riba is the fixed increase that a lender receives from the borrower in place of the time given to the borrower for the repayment of the principal. The factor that the loan is given to a poor person or a rich one, given for funeral and burial purpose or welfare scheme or for trade and commercial business does not make any difference in receiving the increased amount over the principal. This is what is meant by riba from a moral and spiritual point of view, charity is based on generosity, sympathy and large-heartedness while interest emerges from selfishness and money worship. From a social point of view, if the rich take the poor as the means for exploitation, the society will gradually disintegrate. On the other hand, if the dealings are done on the basis of mutual sympathy, society shall be integrated. Charity makes the 'haves' 19 and meanwhile treat the 'have nots' with sympathy, mutual love and fellowship. Interest is a hindrance to, and charity is a catalyst for the social, economic, moral and spiritual progress. The Islamic financial system employs the concept of participation in the enterprise, utilizing the funds at risk on a profit and loss sharing basis. This by no means implies that investments with financial institutions are necessarily speculative. This can be excluded by careful investment policy, diversification of risk and prudent management by Islamic financial institutions. The concept of profit-and-loss sharing, as a basis of financial transactions is a progressive one as it distinguishes good performance from the bad and the mediocre. This concept therefore encourages better resource management. . Effect of Islamic Banking on Various Disciplines Fiqh: A change is already taking place. Instead of thinking within the narrow domains of Hanafi, Maliki, Shafie, Hanbali and Ja'fari fiqhi schools, contemporary fuqaha are joining hands and looking for common ground that best suits contemporary needs. OIC Fiqh Academy and AAOIFI provide formal international platforms. Individual Islamic banks have either international representation on their Shari'ah Boards or they are open to international influences. Accounting, Financial Management, Marketing and Bank Management: When full significance of the Shari'ah is recognized, these areas will change. The impetus will come from, among other factors, Islamic concept of "rights" (based on Islamic view of ownership) and permissible forms of transactions. Economics: New economics will emerge for the new economic setup. Changes will be more noticeable in the areas of macro and monetary economics. Public Policy: A paradigm shift 20 will take place due to changes in what governments may do and the ways in which they would work. Modes of Islamic Banking/Finance Musharakah Musharakah means a relationship established under a contract by the mutual consent of the parties for sharing of profits and losses in the joint business. It is an agreement under which the Islamic bank provides funds, which are mixed with the funds of the business enterprise and others. All providers of capital are entitled to participate in management, but not necessarily required to do so. The profit is distributed among the partners in pre-agreed ratios, while the loss is borne by each partner strictly in proportion to respective capital contributions. Mudarabah A form of partnership where one party provides the funds while the other provides expertise and management. The latter is referred to as the Mudarib. Any profits accrued are shared between the two parties on a pre-agreed basis, while loss is borne only by the provider of the capital. Murabaha Literally it means a sale on mutually agreed profit. Technically, it is a contract of sale in which the seller declares his cost and profit. Islamic banks have adopted this as a mode of financing. As a financing technique, it involves a request by the client to the bank to purchase certain goods for him. The bank does that for a definite profit over the cost, which is stipulated in advance. 21 Ijarah Ijarah is a contract of a known and proposed usufruct against a specified and lawful return or consideration for the service or return for the benefit proposed to be taken, or for the effort or work proposed to be expended. In other words, Ijarah or leasing is the transfer of usufruct for a consideration which is rent in case of hiring of assets or things and wage in case of hiring of persons. Ijarah-Wal-Iqtina A contract under which an Islamic bank provides equipment, building or other assets to the client against an agreed rental together with a unilateral undertaking by the bank or the client that at the end of the lease period, the ownership in the asset would be transferred to the lessee. The undertaking or the promise does not become an integral part of the lease contract to make it conditional. The rentals as well as the purchase price are fixed in such manner that the bank gets back its principal sum along with profit over the period of lease. Musawamah Musawamah is a general and regular kind of sale in which price of the commodity to be traded is bargained between seller and the buyer without any reference to the price paid or cost incurred by the former. Thus, it is different from Murabaha in respect of pricing formula. Unlike Murabaha, seller in Musawamah is not obliged to reveal his cost. Both the parties negotiate on the price. All other conditions relevant to Murabaha are valid for Musawamah as well. Musawamah can be used where the seller is not in a position to ascertain precisely the costs of commodities that he is offering to sell. Istisna'a It is a contractual agreement for manufacturing goods and commodities, allowing cash payment in advance and future delivery or a future payment and future delivery. Istisna'a can be used for providing the facility of financing the manufacture or construction of houses, plants, projects and building of bridges, roads and highways. Bai Muajjal Literally it means a credit sale. Technically, it is a financing technique adopted by Islamic banks that takes the form of Murabaha Muajjal. It is a contract in which the bank earns a profit margin on his purchase price and allows the buyer to pay the price of the commodity at a future date in a lump sum or in installments. It has to expressly mention cost of the commodity and the margin of profit is mutually agreed. The price fixed for the commodity in such a transaction can be the same as the spot price or higher or lower than the spot price. 22 Bai Salam Salam means a contract in which advance payment is made for goods to be delivered later on. The seller undertakes to supply some specific goods to the buyer at a future date in exchange of an advance price fully paid at the time of contract. It is necessary that the quality of the commodity intended to be purchased is fully specified leaving no ambiguity leading to dispute. The objects of this sale are goods and cannot be gold, silver or currencies. Barring this, Bai Salam covers almost everything, which is capable of being definitely described as to quantity, quality and workmanship. Information about Bank Alfalah (Islamic) Great journeys begin with but a single step and mighty oaks are born out of humble seedlings. Bank Alfalah – Islamic Banking Division (BAL-IBD) – presently a division of Bank Alfalah Limited – is gearing up to become a separate, full-fledged Islamic Banking entity. BAL-IBD offers to its customers a broad range of Islamic products under personal, consumer and corporate banking modes. The array of Islamic instruments at the disposal of BAL-IBD is equipped to provide efficient and satisfying solutions to our customers' needs. Our Islamic products are Shariah-compliant carrying the seal of approval of the Centre of Islamic Economics, an institution vested with powers to attest authenticity and legitimacy of Islamic banking products in Pakistan. BAL-IBD has entered into a Shariah Consultancy agreement with the Centre of Islamic Economics, Karachi, which is a noted and well-known seat of learning for Shariah scholars and a prominent institution dealing in Shariah Advisory services. Besides assisting in advancement of the Division's product portfolio, the Centre also stamps approval of the Division's conduct of business following periodic audits. These audits are in addition to those carried out by the State Bank of Pakistan and the internal audits undertaken by the Division itself. Performance Bank Alfalah's Islamic Banking Division (BAL-IBD) started operations in 2003 and at its yearend reflected a modest capital base of Rs 100 million and deposits totalling Rs 113.7m. By following yearend, BAL-IBD's equity had risen more than 4 times to Rs 569m and the balance sheet footing had swelled to Rs 7,799 million. Deposit size had grown from less than Rs 114m to over Rs 7,229 million. The pace of frenetic, triple digit growth was continued over the next twelve months as equity more than doubled to Rs 1,278 million from Rs 569m. Assets also recorded a more than 100% growth, climbing to Rs 15,634 million from Rs 7,799 million. Deposits alone failed to double – rising to Rs 12,476m from Rs 6,548 million – yet managing a healthy 90% increase. Financial results as of June 30, 2006, reflect growth but at more modest pace. Total balance sheet size fell shy of Rs 18 billion – Rs 17,970m vs Rs 15,634m – and deposits climbed to Rs 14,111 million, rising Rs 1,635 million in six month's period. Income for the 6-month period 23 was Rs 111.23 million. Branch Network Faisalabad No. Branch Name Address PABX FAX No 1 Kutchery Bazar, P-36, Kutchery Bazar, 041-2603021-25 Faisalabad Faisalabad 2 IBD-Medical College 1-Ramna, Opp. Punjab 041-8581602-04 041-8581582 Road Medical College, Jail road, Faisalabad Gujranwala No. Branch Name Address PABX FAX No 1 IBD- G.T. Road, Faisal Arcade, G.T. 055-4557301-9 055-4557310 Gujranwala Road, Gujranwala Islamabad No. Branch Name Address PABX FAX No 1 Jinnah Avenue, Islamabad REDCO Plaza, Jinnah 051-2879580-4 051-2879589 Avenue, Blue Area, Islamabad 2 IBD - G-10 Markaz 20-A, Sardar Plaza, G- 051-2819101-5 051-2819100 10 Markaz, Islamabad Karachi No. Branch Name Address PABX FAX No 1 Uni Tower, Karachi I. I. Chundrigar Road, 021-2472295-98 24 Karachi 2 IBD-Shahrah-e-Faisal Ground Floor, Fortume 021-4315271-4 021-4313581 Centre, Shahrah-e- Faisal, Karachi 3 IBD- Korangi Industrial "Shop No. 1, Plot # (021) 5067031 (021) 5067031 Area 27/28, Sector-16, Korangi Industrial Area, Karachi 4 IBD- Gulshan-e-Iqbal Plot # 40-B, Block#13- (021) 4144650- (021) 4144653 A, KDA Scheme No. 52 24, Gulshan-e-Iqbal, Karachi 5 IBD- Jodia Bazar Plot No. 112, Durya (021) 2446542-5 (021) 2430492 Lal Street, Jodia Bazar, Karachi 6 IBD- Gulistan-e-Jauhar "Eastern Pride, Gulistan-e-Jauhar No.15, No.15 7 IBD - DHA Branch 23-C, Main Khayabn-e- 051-5313873-80 021-5313872 Ittehad, Phase II Extension, DHA, Karachi 8 IBD - Dhorajee Branch Plot No. 35/127, Block 021-7685531 7 & 8, C.P. Berar Cooprative Housing Society, Karachi 9 IBD - North Nazimabad D-3, Block A, North 021-6633133, 021-6633135 Branch Nazimabad, Karachi 021-6633177 Lahore No. Branch Name Address PABX FAX No 1 Defence, Lahore 93-Y, Commercial 042-5746190 042-5746191-5 Area, Defence Phase III 2 Gulberg, Lahore 66, Main Boulevard, 042-5781841-55 042-5781856 Gulberg, Lahore 3 McLeod Road Lahore Abid Plaza, 13, 042-7211631-5 042-721 1640 McLeod Road, Lahore 4 IBD-Jauhar Town 69--R-1, M. A. Johar 042-5313401-05 042-5313406 Town, Lahore 25 5 IBD- Qurtaba Chowk Rehman Chambers, (042) 7114612- (042) 7114618 Qurtaba Chowk, 16 Mozang Chungi, Lahore 6 IBD- Zarrar Shaheed Road 1500-F, Dubai Chowk, (042) 6613853- (042) 6673224 Zarrar Shaheed Road, 62 Lahore Cantt., Lahore 7 IBD- Gulshan-e-Ravi "Block F, Main Road, (042) 7404811- (042) 7404821 Gulshan-e-Ravi, 20 Lahore 8 IBD- Mughalpura Branch Opposite Lalpul, 042-6524701-9 042-6524710 Jehangir Rd, Mughalpura, Lahore 9 IBD - Wahdat Road 14-Main Wahdat Road, Branch Lahore 10 IBD - Multan Road Opposite Benz Factory, 042-7490041-45 042-7490046 Main Multan Road, Lahore Multan No. Branch Name Address PABX FAX No 1 IBD-Bosan Road 2, Bosan Road, Multan 061-750941-5 061-750885 Peshawar No. Branch Name Address PABX FAX No 1 IBD-Jamrud Road Azam Towers, Arbab 091-5701385-89 091-5701392 Chawk, Jamrud Road, Peshawar Rahim Yar Khan No. Branch Name Address PABX FAX No 1 IBD- Rahim Yar Khan "11-12-13, City Centre, (068) 5885331-2 (068) 5885668 Shahi Road 26 Rawalpindi No. Branch Name Address PABX FAX No 1 IBD-Cantt 125-D, Muree Road, 051--5795184- 051-5795189 Rawalpindi 88 2 IBD - Satellite Town 400-B, Block B, 051-4452048-9 051-4452050 Branch Commercial Market, Satellite Town, Rawalpindi Sialkot No. Branch Name Address PABX FAX No 1 IBD-Khadim Ali Road, Ali Building, Khadim 052-3241302-05 052-3241306 Sialkot Ali Road, Sialkot Principal Islamic Instruments of Bank Alfalah (Islamic) Musharakah: Musharakah is one of the two ideal modes of Islamic financing. The other one being Mudarabah. Musharakah is a contractual relationship formed through mutual consent of the parties for sharing of profits and losses in a joint venture. Assets in the venture are jointly owned in proportion to each partner's contribution. The profits are shared in a pre-agreed ratio. Losses, however, are incurred in proportion to each partner's investment. Islamic Bank representing share of its depositors invests funds in the joint venture alongside other investor(s). Mudarabah: Like Musharakah, Mudarabah is also a form of partnership. Whereas all partners in Musharakah contribute capital, under Mudarabah partnership is formed between provider of capital and provider of expertise or human resource. Proportions for sharing profit are decided upfront. Losses are incurred solely by the partner contributing capital. Murabaha: Murabaha is a non-participatory mode of Islamic financing where the bank sells the asset required by its client to the client on cost-plus basis. The asset is first purchased by the bank and the bank incurs the risk of any loss or damage to the asset as long as the asset remains under its ownership. Upon sale of the asset, the Islamic bank is obligated to inform the client of the exact cost incurred in the purchase of the asset and the margin of profit incorporated in the sale price. Payment by the client of the sale price may be deferred in which case it would become Muajjal. The selling price once agreed cannot be changed even when the client fails to pay on the agreed date. 27 Ijara: Under this facility a client may take on rent, property, vehicle or any other real asset belonging to the bank. The bank transfers the right of use of the asset to the client, while retaining the ownership of the asset. The client pays periodic rent to the bank for the use of the asset. Basis for rentals can be fixed as well as floating. Any change is rental may be made through mutual consent. Salam: Salam is a contract of advanced payment against deferred delivery of goods. Goods paid for in advance by the buyer are delivered by the seller after an interval of time. The Seller receives in advance fully paid price of the goods at the time of contract undertaking to deliver the goods specified by the buyer at a future date. Istisna: Manufacture of a specific product against precise specifications by a manufacturer for delivery to buyer. It is necessary that the price of the product and product specifications are fully agreed upon by the manufacturer and the buyer, and that the material required for manufacture is arranged by the manufacturer. 28 Products & Services Personal Banking 1. Personal Accounts Bank Alfalah – Islamic Banking Division (BAL-IBD) offers Current, Savings and Term Deposit facilities to its customers seeking personal banking relationships with the following features: Facility Minimum balance Profit Zakat deductions Current deposit PKR 10,000/= Nil Not applicable Musharakah PKR 5,000/= Tiered structure, 6 Applicable Savings deposit monthly pay-out Musharakah PKR 50,000/= Tiered structure, 6 Applicable Term deposit monthly pay-out ‡ All profits subject to 10% withholding tax On-line cash deposit facility at all branches of Bank Alfalah On-line transfer facility between all branches of BAL-IBD 2. Remittances Foreign and local remittances are both available. Foreign remittances are available in the following currencies: US dollars, Pound Sterling and Euro. 3. Locker services Locker services are offered at select branches. Lockers are available in three sizes – small, medium and large. Annual charges for the lockers are as follows: Small Rs. 1,000/- Medium Rs. 2,000/- Large Rs 3,000/- Lockers are available to account holders and carry an insurance value of Rs.250,000/- 29 Consumer Banking 1. Alfalah Musharaka Homes With Alfalah Musharaka homes, you can participate with Bank Alfalah-Islamic Banking Division (BAL-IBD) in joint ownership of property where BAL-IBD invests a certain amount, usually up to 80% of the property value. Through monthly payments – a composite of rent for use of property and purchase of BAL-IBDs' Musharaka shares/units in the property – to BAL-IBD you will be able to increase your stake in the property every month. The rental component will be readjusted every month to reflect your growing share of ownership in the property. Following purchase of all Musharaka units initially owned by BAL-IBD you shall become the sole owner of the house with a free Title to the property. The Alfalah Musharaka Homes product can be used in multiple situations, giving you pure Islamic solutions for your desired objectives. Purchase an already constructed house (Alfalah Buyer) Purchase a plot and subsequently construct upon it (Alfalah Builder) Renovate, extend, restore and enhance your already owned housing unit (Alfalah Renovation) Transfer your existing exposure of housing finance facility from another financial institution to our Riba-free facility You have the option to choose tenures for the purchase of units from between 3 to 20 years* * 3 to 7 years in case of renovation. 2. Alfalah Car Ijarah A Shariah compliant car-leasing scheme with added features such as: No upfront registration charges No upfront insurance premium No rentals before delivery of car 30 The facility applies to all locally-assembled new cars up to Rs 4 million. Used cars not older than three years can also be considered. 3. Alfalah Hilal/Debit Card Carry your bank account in your wallet with Alfalah HilalCard Bank Alfalah Islamic Banking Division (IBD) offers Alfalah HilalCard to its customers for a conscious free spending in a modernized form of currency that provides you with a wide range of accessibility using VISA's worldwide network. The Alfalah HilalCard is an International VISA Debit card which gives you an unlimited access to your current/savings (musharka) account with a simple swipe, at more than 1 million ATMs and 27 million outlets around the world. Alfalah Hilal Card can be utilized for all your financial needs around the world, round the clock, wherever VISA cards are accepted locally and Internationally, giving you a more secure and convenient mode of payment. Alfalah HilalCard is the revolutionary, new-age form of cash that provides you greater freedom, security and convenience, combined with the wide reach of Visa Network. This single card brings just about everything within your reach. Now, you can use your Alfalah HilalCard for all your financial needs around the world, round the clock, wherever Visa cards are accepted, locally and internationally. The reasons that make Alfalah Hilal Card different from others: HILAL CARD IS A BUY NOW, PAY NOW OPTION. 4 No monthly repayment 4 No interest charges 31 4 Backed by a customer maintained current/savings (musharaka) account 4 Your limit is your balance No Minimum Income Requirement - all you need to do is open an account in any branch of Bank Alfalah Limited No PIN required for Retail Transactions Accepted at more than 1 Million ATMs and 27 Million retail outlets around the world. Hilal Card can be used electronically at any retail outlet or ATM that accepts any VISA cards. Difference between a Hilal Card and a Credit Card Put in simple terms, a Hilal Card is a Buy Now, Pay Now option while a Credit Card is a Buy Now, Pay Later option. •No monthly repayment. • No interest charged. • Backed by a customer maintained current / savings (Musharaka) account. • Your limit is your balance. Introduction Get familiar with your Alfalah HilalCard FRONT 1. Your Name 2. Your exclusive 16 digit card number 3. Validity Period 4. VISA Logo. 32 BACK 1. A magnetic stripe containing coded information for the security of your card. 2. Your Signature panel 3. VISA Plus Logo 4. Bank Alfalah contact. 5. 3D Dove Hologram for the security of your card. PIN And Card activation Personal Identification Number (PIN) You will receive your PIN within 7-10 working days after receiving the Card for using your card on VISA/Electron/ PLUS branded ATMs worldwide. Please beware that your PIN is very confidential. In case of being lost/stolen or known to someone else, report the matter immediately to our Call Centre 111- 225-111 to request for a new PIN. Card Activation For your safety, your Alfalah HilalCard is sent to you inactive. Your Alfalah HilalCard is ready to use from the moment you get it activated. Upon receipt of your card, you must sign across the signature panel at the back of your card. a) To activate your card simply call the Bank Alfalah Call Centre 111-225-111. or b) Activate your card by entering your PIN for a cash withdrawal transaction at any ATM where VISA is accepted, locally and internationally. The personal Identification number (PIN) will be issued to you separately for using your Alfalah HilalCard at ATMs. Please ensure that you have received your PIN before trying to withdraw cash. In case of any difficulty, please call the Bank Alfalah Call Centre at 111-225-111. We will be glad to assist you. The power of Alfalah HilalCard The Alfalah HilalCard can be used electronically at any retail outlet or ATM that accepts any VISA cards and displays these logos: Personal Identification Number (PIN): Debit cards that are currently in Pakistan require the cardmember to enter the PIN number in order to complete a transaction. The Alfalah HilalCard is a one swipe card and does not require you to remember any PIN in order to execute retail transactions. The PINs which will be delivered to you for Alfalah HilalCard will only be required for ATM based transactions. Special POS machines: In order to use other debit cards currently in the market you have to find outlets that carry special POS machines on which these cards can be used. Alfalah HilalCard is accepted at all those outlets displaying the VISA logo and having self-printing POS terminals. 33 Global Acceptability The Alfalah HilalCard is globally accepted; welcomed at all locations displaying the VISA/ ELECTRON/PLUS logos with self-printing POS terminals. Your card is accepted at nearly 27 million physical locations in more than 130 countries around the globe, with above 22,000 major establishments in Pakistan. With your Alfalah HilalCard, you can pay for shopping, meals, travel, entertainment, holiday, petrol and much more. Also it gives you access to ready cash through your Alfalah HilalCard and PIN (Personal Identification Number) at more than 1 million ATMs to withdraw any amount up to your available bank account balance. This premier card service is a convenient point-of-sale alternative for ATM cardholders who do not qualify for VISA credit purchasing power. By getting Alfalah HilalCard, you can access your bank account at Bank Alfalah from anywhere in the world. 24-Hour Customer Service Our 24-Hour Customer Service is there to help you with your requests. Our well-trained and qualified Customer Service team can be contacted at UAN: 111-225-111. They will be able to assist you in: a. Activating your Card b. Answering your queries c. Registering your complaints d. Reporting a lost / stolen card Foreign Transactions Transactions made outside Pakistan will be converted from the transaction currency to US Dollars, based on international exchange rate prevailing on that date (Currency Conversion rate is a rate selected by VISA from the range of rates available in wholesale currency markets for the applicable processing date, which may vary from the rate VISA itself receives, or the government-mandated rate in effect for the applicable processing date in each instance, plus or minus any adjustment determined by the issuer). In order to assist card members, all transactions will be converted to Pak Rupees for payment. This conversation will be based on the market exchange rate quoted by authorized money changers and in accordance with the Bank's Procedures applicable from time to time. Zero Loss Liability If ever you lose your card, Bank Alfalah ensures that you never have to worry about it. You are covered for all fraudulent charges made on your card as soon as it has been reported lost to us. Just make sure that you report the loss immediately upon discovery. You are completely secure against loss/ theft after the card loss has been reported to us. No Minimum Income Requirement Unlike other Cards, the Alfalah HilalCard is easy to obtain. There is no preset income requirement to enjoy the benefits of this fast, convenient and safe payment card. All you need to do is open and maintain an account with any of the branches of Bank Alfalah Limited. Simplicity Charge goods and services to your Alfalah HilalCard at all point-of-sale terminals with self-printing ability displaying VISA sign both in Pakistan and abroad. Flexibility With Alfalah HilalCard you may withdraw cash from over 1 million Automatic teller machines worldwide. You no longer need to worry whether you'll make it to the bank before closing time, because ATMs never close - they are open 24 hours a day, 7 days a week, 365 days a year. Promptness Using Alfalah HilalCard at ATM and / or shops requires less time than queuing in the Bank and writing out checks. Controlled Spending All Alfalah HilalCard transactions are subject to authorization, which means whenever you do a 34 transaction the status of your account is checked. Therefore you eliminate the risk of spending the money you don't have - you yourself control your account. Overview of Expenses Each single charge and each withdrawal of cash at ATM that is made using your Alfalah HilalCard shall be clearly itemized on your bank statement enabling you to easily check the status of your account. Immediate Payment With Alfalah HilalCard you pay your bills immediately unlike when you use a Credit Card and get the bill later. The amount is directly debited from your designated Current / Savings (Musharaka) account. How to Use Your Alfalah HilalCard Shopping - Local and International Usage Alfalah HilalCard is accepted at over 27 million physical locations in more than 130 countries around the globe, with more than 22,000 establishments in Pakistan Your Alfalah HilalCard is welcomed at all merchant outlets with self-printing terminals that display the VISA sign in Pakistan and around the world. To make a payment, present your Alfalah HilalCard at the time of making the payment and inform the cashier of your mode of payment. The merchant establishment will 'Swipe' your Alfalah HilalCard on the self-printing terminal. Please ensure that the Merchant does not use a manual Imprinter or POS machine without self printing option. The POS terminal will generate a 'charge slip'. The merchant establishment will request you to sign the charge slip. When your purchase transaction is complete, the transaction amount will immediately be debited to your Bank Alfalah designated account. Purchase Limit Your purchase limit is equivalent to the available balance in your account. Please note that if you have multiple accounts with Bank Alfalah Limited, only the default account that you have designated in the application form will be used. Moreover, your daily transaction limit is up to Rs. 50,000/-on cash & Rs. 50,000/- on retail transactions. Do's Keep an eye on your Card at any merchant outlet; always ensure that your Card is within sight. The merchant's personnel should swipe your Card once on the self printing POS terminal and not on any other devices. Should you feel anything suspicious, speak to the manager at once. 35 While using your Alfalah HilalCard at any merchant establishment, ensure all details have been entered correctly and completely before signing the charge slip. Always use the same signature as that on your Alfalah HilalCard. Retain your copy of the charge slip for future reference. After using your Card at the merchant establishment, please ensure that the card returned to you belongs to you. Don'ts DO NOT use your Card at merchants with paper imprinters / POS terminals without self printing option or for Mail, Telephone and Internet transactions. DO NOT use your Card at hotels during check in for "blocking the amount" as done for Credit Cards. DO NOT use the Card where advance payment is required even before completion of the purchase transactions / services as it will not be refunded. Cash Withdrawal at ATMs and Cash Counters Alfalah HilalCard can be used on more than 1 million ATMs around the world to withdraw any amount up to your available designated bank account balance.* • Insert your Alfalah HilalCard in the ATM slot. • Enter your ATM PIN • For ATMs that provide you the Account Select facility requesting you to specify the kind of account you want to access, please proceed as follows: 1. For accessing your Savings (Musharaka) account choose "Savings". 2. For accessing your Current account, choose "Checking" or "Current" (one of these two would usually be available). 3. Please be careful while performing the Account Select as a wrong selection may lead to your transaction getting declined. • Follow the standard steps (as guided on the screen) and complete your withdrawal. You also have the option of withdrawing the cash by requesting an Over-the-Counter cash advance at all VISA member financial institutions worldwide, or at any of the Bank Alfalah branches, or other VISA member banks in Pakistan. Cash Withdrawal Limit The daily cash withdrawal Limit is up to Rs. 50,000/-. Please note that different ATMs have varying maximum limits for cash disbursement per transaction. Please check the ATM screen for the same. 36 Schedule of Charges The following Schedule of Charges is associated with your Alfalah HilalCard. Please make a note of the following so that you are fully informed of the charges on your Card. Joining Fee: N/A Annual Fee: N/A Late Fee: N/A Card Replacement Fee: Rs. 500/- ROC* Retrieval Fee: Rs. 350/- for local ROC & Rs. 800/- for Int'l ROC Cash Withdrawal From Bank Alfalah's ATM: NIL From 1 Link member bank Rs. 15/- per transaction ATM: From MNET ATM: Rs. 15/- per transaction From VISA member bank Rs. 300/- or 3% of cash ATM: withdrawal amount From Bank Alfalah's POS NIL Machine: From Non-Bank Alfalah's Rs. 300/- or 3% of cash withdrawal POS Machine: amount (whichever is higher) Balance Inquiry From Bank Alfalah's ATM: NIL From 1 Link member bank NIL ATM: From MNET ATM: Rs. 5/- per inquiry From VISA member bank Rs. 25/- per inquiry ATM: 37 Corporate Banking 1. Murabaha Finance Types of Murabaha: Local purchases: For purchase of locally available goods Imported goods/commodities/assets Mode of repayment: Immediately in cash On a mutually agreed future date Spot Murabaha (Import) Deferred Sale Murabaha 2. Trade Finance Imports Letter of Credits Import Murabaha Finance Full range of services related to imports e.g. Contract registration, Import bills for collection, Shipping Guarantees and Advance payments against imports. Exports Export Murabaha Finance SBP Islamic Export Finance Scheme Other export related services e.g. Collection of export bills, Negotiation under Sight LCs, Advising/Confirmation/Transfer of Letter of Credits opened by other banks 3. Bank Guarantees A host of Guarantee types are offered by BAL-IBD including performance, financial and payment guarantees. BAL-IBD also issues guarantees securing financing facilities to be availed from Islamic Banks and/or Conventional Banks' under Islamic modes of financing. 38 SWOT Analysis SWOT Analysis is the combination of Strengths Weaknesses Opportunities Threats. Actually it is an analysis which gives the overall picture of an organization status and at the same time tells about the opportunities and threats by which an organization can improve its condition. Such an analysis is very important for the management in retaining the strengths, overcoming the weaknesses, capitalizing over the emerging market opportunities and craving ways to successfully tackle with the threats and ultimately converting them in the strengths for the organization. Bank Alfalah Limited is one of the most flourishing commercial banks at present in Pakistan. The organization is in the process of building itself into a force to consider. The bank is doing all sorts of new things in order to accumulate a set of distinctive competencies that could later on be transformed into a competitive advantage of considerable value. In this process of developing, striving, facing minor set backs and striving with even more zeal, the bank enjoys some strengths, needs to improve upon some weaknesses, can exploit some opportunities and is hampered by few threats. This SWOT analysis of Bank Alfalah Limited takes into consideration the external as well as the internal environmental structure of the bank. STRENGTH Bank Alfalah is considered to be a very successful bank in the financial circles. A bank is place where the customers can safely keep their money as long as they want. Some of the major strengths of the bank: 39 Goodwill and trust Lowest markup On-Line banking Comprehensive and diversified product portfolio Bad debt rate is low Excellent credit rating Phenomenal Growth Highly Professional and trained employees Crucial Location Of Branches Bank is financially strong and has a huge deposit reserve Bank Alfalah has a wide network of branches at the ideal locations, catering the financial needs of its clients. Foreign Trade is the focus of bank. It has become an ideal bank for the importers and exporters. WEAKNESSES Bank Alfalah also has some weaknesses. But their number is much less than the strengths of the bank. Following factors need attention of the management. Lack of advertisement through electronic media Lack of innovative marketing. Less Efficient Computer And I.T. System Skill Set of Employees is not upto mark as there is no job rotation. Foreign Banks still are a little more prestigious Bank Alfalah Limited does not possess foreign network Most of the employees are overloaded with work. There is uneven distribution of work and promotions are not very timely It is slow in the introduction of new services Few branches has ATM facility Employees feel over burdened It has only one oversea branch although it does a lot of foreign trade business. 40 OPPORTUNITIES Bank Alfalah has grown up its business with a very high pace and it has got tremendous popularity, even with in a very short span of time. There are many opportunities for the bank and by availing that it can stand amongst the top foreign banks. Extension of International network. Capitalizing on IT Introduction of innovative products. Adopt E-banking Growth in deposits Growth in textile sector Tide down of money Expansion in branch network THREATS Political Instability Increase in Competition with other banks Revolving policies of state bank of Pakistan Terrorist image of the country Uncertain economic condition Slow product development process Change in govt. policies. Internal audit system is not encouraging. 41 RECOMMENDATIONS I spent eight weeks of my internship in BAL Shadman Branch, Lahore. During these weeks, I felt myself to be a part of BAL. Even, this was my first experience of working in a banking organization. Before this I know a little about the banks, its working system and environment, so I learned a lot from this experience. Based on my experience & observation regarding the operations and policies of Bank Alfalah, there are some recommendations which include short term as well as long term issues for the improvement. There is no efficient method introduced by BAL for his assessment of performance of employees. Promotions are completely relying on higher management like managers est.'s there can be some sort of favoritism. So to avoid all this, there should be a proper method to judge the employees. Bank Alfalah Limited needs to use more marketing channels to make the public aware of its products and services. In the age of competition Bank Alfalah Limited has to realize the importance of marketing. Bank Alfalah Limited should continue to expand its business, by increasing its deposit portfolio through aggressive market penetration strategies. Bank Alfalah Limited should immediately improve its Information Technology System. The soft wares currently in use should be made error free, online banking should be launched as soon as possible, as it is the need of the hour, in my branch of Shadman Branch all system got online during my first week of internship but till now there are a lot of branches where working is not on online basis. There is no rotation of employees within departments and cross departments. So the top management should immediately start thinking in terms of rotating the employees in various departments, as this transforms work force into human capital. 42 Management should distribute work equally among different employees. Some of the employees are overburdened while some sections are overstaffed. Bank Alfalah Limited needs to improve its website. More information relating to financial performance of the bank should be available on the website. Bank Alfalah Limited should evolve a very serious management policy to attract multi national corporations as its clients. This action, if actualized, would not only prove to be highly profit generating, but it would also contribute a lot towards Bank Alfalah's image building. The number of women hired by Bank Alfalah Limited is very less. Bank Alfalah Limited should employ more women. Moreover it should also recruit women for working in "Credits". One of the most pressing needs of the time is to advertise Bank Alfalah Limited in the electronic media. BAL has not, till date, employed advertisement in electronic media as a full fledge marketing tool. I think it is high time that BAL does this. Bank Alfalah Limited should evolve a very serious management policy to attract multinational corporations as its clients. This action, if actualized, would not only prove to be highly profit generating, but it would also contribute a lot towards BAL's image building. Presently, like most of the commercial banks working in Pakistan, a high percentage of Bank Alfalah's credit client hail from two or three industrial sectors. In the near future the management of Bank Alfalah Limited should try its level best to diversify as regards the mix of its advances; reason being over reliability on one sector of the economy could hurt the financial soundness of the bank if any adverse change in the external environment takes place. One major draw back of BAL is the bank has stopped the consumer banking. Now they are doing financing lease only. The bank should start consumer banking again. 43 They are not doing operating lease due to the depreciation value but its not a good step. 44
Pages to are hidden for
"Internship Report on Bank Alfalah"Please download to view full document


text:
See our store section for gifts by different stores
See our top gift ideas section for most popular items.
Create your own personal gift registry. Register for any item, from any store, for any occasion. Find the gift registries of your family and friends.
Ever find the perfect gift idea for someone, but their birthday was months away? We make it easy to remember your gift ideas.
Provides timely email reminders for a birthday, anniversary, and other special occasions.
Get advice from friends and family on which gifts to buy.
Celtic Shamrock Personalized Shot Glass
Failte Irish Pub Personalized Wooden Sign
Personalized Eat Drink and Be Irish Welcome Slate Plaque
Irish Pub Personalized Welcome Wall Sign
Personalized Luck of the Irish Pub Sign
Ole Irish Personalized Pub Sign
Personalized Irish Whiskey Water Bottle
Personalized Rolling Barrel Glass
Cheers and Beers Personalized Irish Pub Sign
Irish Stout and Pretzel Truffles Gift Box
Red Party Cup Ice Bucket
Sheffield Pewter and Brass Flask
Celtic Pewter and Leather Flask
Personalized Time to Party Irish Pub Print
Shamrock Round Pewter Flask
Engraved Irish Shillelagh Large Shot Glass with Base
Irish Handpainted Pilsner Glass
Personalized Irish Failte Can Wrap Koozie
Personalized Old Irish Pub Slate Plaque
Jolly Green Clover Personalized Pub Sign Framed Print
Personalized Pride of the Irish Pub Sign Framed Print
Engraved Shamrock Pub Flask
Personalized Irish Shamrock Shot Glass
Irish Drinking Team Personalized T-Shirt
This will be your favorite gift idea for every special occasion.