Altaf Internship Report

8/13/2019 Altaf Internship Report

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First of all I am thankful to "ALMIGHTY ALLAH" Who gave me the strength, patience,

courage and enthusiasm needed to write and complete this report, and countless salutations to

upon the Holy Prophet Muhammad (PBUH), the sea of knowledge who has guided His

Ummah to seek knowledge from cradle to grave.

Then to my Supervisor Mam Noreen Afzal who assisted me to accomplish this assignment. I

have a debt of gratitude to all my teachers who taught me throughout my academic career.

The preparation of this report was a massive undertaking but the highly competent and

experienced management of Askari Bank provided me with all assistance, information,

advice and suggestions that I needed which contributed importantly to this report.

Altaf Hussain

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As per the requirements for the degree of MBA at University of Education Lahore, Okara

campus, I got an opportunity to get six weeks internship exposure. Askari Bank, katchary Road

Branch Depalpur provides me the chance to have this experience. During my internship I was

rotated in the various departments in order to get in depth idea of how the bank functions. This

report thoroughly outlines and explains my observations, findings and analysis and my

knowledge of the banking sector in general and Askari Bank in particular.

In this report, there is an introduction of Askari Bank. In introduction, there is history of Askari

Bank, strong commitment and loyal service, highly trained professionals, and credit rating. The

report also includes the details of the products offered by Askari Bank

Subsequent to it this report contains five years financial anaylsis and also SWOTS of Askari

Bank. With the help of these methods I have some suggestions and recommendations to improve

the performance of the Bank, which also mentioned in this report. By following these

suggestions bank can improve their product market and can easily gain the attraction and

satisfaction of customers. Not only the customers, bank also can improve the satisfaction and

performance level of its employees by these suggestions.


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OverviewAfter the completion of degree MBA (Finance) I want to enter and check the practical work

according to my specialization. For that purpose I selected the banking sector because I have

done specialization in finance.

Second and next main objective of studying organization; I want to enter in practical field and

want to learn that which discipline is required for leading a successful future life. I think I am

very lucky person that I selected Askari Bank as my learning organization.

Objectives that I want to achieveObjectives that I want to achieve by studying the organization are as follows:

First of all I want to check the practical work according to my degree specialization.

During my internship in Askari Bank I have learnt that how to use the knowledge in

practical field.

Secondly I want to learn that how to mange an organization and how to mange the

finance for a financial organization, as my degree is related to Financial Management.

Customers dealing is another major objective that I want to achieve. During my

internship I learnt that how to deal with customer.

Financial institution is a place where every type of businessmen visits, so during my

internship in AKBL I met with many businessmen and learnt that how different

businesses run.

And another main objective that I want to achieve that how an organization consist with

different departments and how different functions are done in different departments of an

organization.


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Brief History Of The OrganizationAskari Bank Limited was incorporated on October 9, 1991, as a Public Limited

Company, and is listed on Karachi, Lahore and Islamabad Stock Exchanges. The

Bank obtained business commencement certificate on February 26, 1992 and

started operations from April 1, 1992. Askari Bank is scheduled Commercial Bankand is principally engaged in the business of Banking as defined in the Banking

Companies Ordinance 1962.Askari Bank Limited continues to scale new heights in all areas of its operations.

The safety and security of depositors funds, high productivity and optimum use of

technology are the hallmarks of its corporate strength.

In 1994, AKBL earned international recognition as Asia Money Award and thetitle of

Best Commercial Bank of Pakistan for the year 1994, while Euro moneydeclared the Bank as best domestic Bank of Pakistan for the year 1995.

Askari Bank has since expanded into a network of 261 branches / sub branches,including 34 dedicated Islamic banking branches, and a wholesale bank branch in

Bahrain.A shared network of 5,903 online ATMs covering all major cities in Pakistan

supports the delivery channels for customer service. As at December 31,2012, the Bank had equity of Rs. 19.7 billion and total assets of Rs. 353 billion,

with 907,984 banking customers, serviced by our 5,597 employees.Askari Investment Management Limited and Askari Securities Limited are

subsidiaries of Askari Bank engaged in managing mutual funds and share

brokerage, respectively.


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Organization Business Volum

The business volum of Askari B ank is expanding day by day. As below table isshowing the business volum of Askari Bank of the last five years.

Years 2008 2009 2010 2011 2012

Total Assets 206,191 254,327 314,744 343,756 353,056

Shareholder' Equity 12,971 14,949 16,004 17,776 19,688

Number of Branches 226 235 245 261

Number of Employees 6,159 6,442 5,994 5,597

Number of Customers 984,485 885,764 919,096 907,984

Source: AKBL Annual Reports from 2008-2012

Interpretation of Business VolumThe business volum ofAKBL in terms of Total Assets, Share-holders Equity and the No. ofBrnches incresd with the passage of time. Number of Employees working at AKBL has shown

downward trend and the tolat number of customers does not show a particular trend.


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Product Lines & Services

Agriculture

Products

Branch

Banking Consumer

BankingIslamic

BankingAlternate

Delivery

Channels


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1.Agriculture Product

1.1KISSAN EVER GREEN FINANCE

Features Details

Product Type: Profit Earning Account.

Eligibility: Pakistani Resident (Individuals).Security: Mortgaged charge on agri land through Zari Pass Book.

Profit Amount: Profit on credit balances will be paid on half yearly basis as

declared by the bank on PLS savings accounts.

Tenor: Yearly Basis.

Markup: The mark-up is charged for the actual days the finance isutilized.

Benefits: 1. A special cheque book is issued to the farmer.

2. Automatic renewal upon adjustment of entire Principal

amount with mark-up once in a year.

3. The account is farmer friendly which benefits the farmersboth ways. If the account is in credit, it earns profit, otherwise it

provides instant finance, to the farmer for his agriculture needs.


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1.2KISSAN AABPASHI FINANCE

Features Details

Product Type: To finance installation of Tube-Wells (electric, diesel and solarenergy units) water management equipments and water channel

development etc.Eligibility: Pakistani Resident (owner of farmers).

Benefits: 1. Help farmers to make optimum use of limited water resources.

2. To facilitate the farmer, to overcome the scarcity of water.3. To develop mechanical water resources, sprinkler and dripsystem etc.

4. To avoid traditional inefficient modes of irrigation and wasteof available water.

5. To manage natural available resources through watermanagement practices.


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1.3 KISSAN LIVESTOCK DEVELOPMENT FINANCE

Features Details

Product Type: To purchase Milch Animals, Goats, Sheep, Poultry andFisheries without incurring extra expenditure because of

availability at his farm.Eligibility: Pakistani Resident (Owner Farmers).

Benefits: The program will provide regular day to day income to thefarmer to meet his own consumption and surplus to be

marketed.

This will revive / accelerate and supplement the income

generating capacity.It will enhance the repayment capacity of the farmer.


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1.4 KISSAN FARM MECHANIZATION FINANCE

Features Details

Product Type: Finance for farm equipment, trailer, thresher, drills & rotavatorsetc

Eligibility: Pakistani Resident (Individuals).Benefits: 1.Under this program the farmer will get benefit of use of

modern agricultural tools, implements and equipments whichare cost and time effective.

2.Improves per acre yield of agri crops and quality of

agriculture produce to get good price in the market3.Helps to match / compete with international standards forexportable agriculture produce.


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2. Branch Banking products

2.1 VALUE PLUS CURRENT ACCOUNTFOR INDIVIDUALS

Features Details

Opening BalanceRequirements: Rs. 25,000/-

Minimum Monthly Rs. 25,000/-*

Average Balance

Requirements: (In case of short fall in the minimum balance

requirement, service charges for free services beingoffered will be charged as per prevailing Schedule ofCharges.)

FREE FACILITIES: . Issuance of Visa Debit Card. Annual and replacement feewould apply.

ATM Cash Withdrawal Insurance coverage upto dailycash witdrawal limit of the debit card from Askari Bank

coverage to Debit Card / Visa Debit Card Holders. Rs.500,000/- and Rs. 700,000/- for Classic and Gold Visa

Debit Cards respectively

24 hours world-wide Accidental Death & Permanent

Disability insurance coverage. The sum insured per

account holder shall be equivalent to four times of the
http://www.askaribank.com.pk/docs/SOCz.pdfhttp://www.askaribank.com.pk/docs/SOCz.pdfhttp://www.askaribank.com.pk/docs/SOCz.pdfhttp://www.askaribank.com.pk/docs/SOCz.pdfhttp://www.askaribank.com.pk/docs/SOCz.pdf


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average balance completed in the last six months

maximum upto Rs. 2 Million

On-line fund transfer facility

i-Net Banking facility

SMS Alerts of ATM Cash withdrawal to Visa Debit Cardholders.

Issuance of Pay orders / Demand drafts

Issuance of 2 Supplementary Visa Debit Cards. Annual

and replacement fee would apply

Issuance of Cheque Books

Duplicate account statements

VALUE PLUS CURRENT ACCOUNT

FOR BUSINESS

Features Details

Opening Balance

Requirements: Rs. 100,000/-Minimum Monthly

Average BalanceRequirements: Rs. 100,000/-*

(In case of short fall in the minimum balance

requirement, service charges for free services being

offered will be charged as per prevailing Schedule of

Charges.)UNIQUEFEATURE: If any organization opens Value Plus Current Account

for Business, then its employees will be eligible to open

Value Plus Saving Account with an initial Deposit of Rs.5,000/- only.

FACILITIES: On-line funds transfer facility

Issuance of Cheque Books

Issuance of Pay orders / Demand drafts Duplicate account statements Statement of Account through email (Once a month)
http://www.askaribank.com.pk/docs/SOCz.pdfhttp://www.askaribank.com.pk/docs/SOCz.pdfhttp://www.askaribank.com.pk/docs/SOCz.pdfhttp://www.askaribank.com.pk/docs/SOCz.pdfhttp://www.askaribank.com.pk/docs/SOCz.pdf


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2.2 ASKARI PAISHGI MUNAFA TERM DEPOSIT

Features Details

Product Type: Term Deposit.

Eligibility: Pakistani Resident (Individuals).

Minimum Amount: Rs. 100,000/- or in multiples of Rs. 100,000/-.Profit Amount: Rs. 9,375/- on a deposit amount of Rs. 100,000/-

(expected rate of return 7.5 % p.a)Tenure: 15 Months.

Benefits: 1. Financing Facility up to 80% of Principal amount.

2. Free Visa Debit Card issuance.3. No Minimum Balance requirement in checkingaccount.

4. 2 Free Pay Orders in a month (Withholding Tax andother Government charges will be applicable as per

Law).5. No maximum limit for investment.


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2.3 ASKARI BACHAT ACCOUNT

Features Details

Product Type: Term Deposit.Eligibility: Pakistani Resident (Individuals Only).Balance Requirement: Minimum balance of Rs. 50,000/- with no upper limit.

Tenure: 1 Year.

Profit Payment: Monthly1st of every month.

Expected Rate of Return: 8.5% p.aFinancing Limits: Up to 90% of the principal amount

Servicing: Available at all Askari Bank branches.Free Facilities: 1- VISA DEBIT CARD (For the CASA account)

2- INSURANCE COVERAGE3- On-line fund transfer facility.

4- I-Net Banking facility5- Issuance of Cheque Books.

6- Duplicate account statements.7- Free Pay Orders.


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2.4 RUPEE TRAVELERS CHEQUES

Features Details

Eligibility: Any Literate individual customer (Account is not

mandatory).

Denominations: Rs. 10,000/-.Validity: Until encashed.Processing: Issuance

Desirous customer will submit the Application Form(duly filled/ signed) in any branch of Askari Bank

Limited.After verification, branch will forward the form to

Investment Products Unit.IPU will keep the record of the customer and system will

automatically update that customers transaction.Encashment

Original purchaser will approach the nearest branch.Purchaser will sign RTC on the face and branch will

verify his signatures with the signature mentioned on

CNIC before encashment of the same.

Charges: Refund processing charges are Rs. 1,000/- andIssuance/Encashment are free.


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4. PTCL Bill or Utility bill relevant with the address

mentioned on application.5. Post dated cheques.

6. One Year bank statement.

7. Specimen Signature card verified by the bank.8. Undertaking on signature if signature differs from

CNIC.9. Latest Salary slip.

10. Proof of business & other income.11. NTN certificate (optional).

12. Bank letter for proprietorship.

13.Wealth statement required in case of financing of 1.5M & above.

14. Partnership deed (if applicable).

15. Verified CNIC of the guarantor.16. Guarantor Net worth Statement (optional).

Documentation:

1. Standard Finance Documents.

2. Other Mandatory Documents.3. 15 Report (Police Clearance Report).

4. Evaluation Report by approved surveyors.

5. Fresh Vehicle ownership certificate from ETO prior totransfer in the name of AKBL.


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3.2 MORTGAGE FINANCE

Features Details

Purpose of Loan: Purchase of Plot + Construction.

Construction on Existing Plot.

Purchase of House/ Apartment.Renovation of House/ ApartmentBalance Transfer Facility.

3.3 PERSONAL FINANCE

Features Details

Applicant/ Borrower: Pakistani Resident (SEB/SEP cases are not entertainedcurrently).

Age: Salaried: 21-61 years

Salary/ Income: Rs. 30,000/-per month.

Employment Status: 1 Year.Debt Burden: Maximum 50% of the net disposable income.Credit Limit: Up to Maximum of Rs. 500,000/- (Subject to maximum

of 50% DBR & Industry benchmark is maximum Rs.1.000 M).

Tenure: 1 - 5 years.Mark up: Secured Salaried: 19% p.a.


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Mark up: Unsecured Salaried: 21% p.a & Contract Employees 24.2% p.a

Reference: Two (2) references with complete details (one should berelative).

Processing / Others Charges: As per "Schedule of Bank Charges".

Documentation: 1. Application Form duly filled & Signed by theapplicant in his/her own handwriting.

2. Clear copy of valid CNIC.3. Two passport size latest photographs.

4. Last two month original salary slip or attestedphotocopy required.

5. Last 6 month bank statement of salary account.

he latest paid utility bill received at the residentialaddress in case of salaried individual.

he latest bill received at the business address &

residential address, in case of SEB/SEP.8. BBFS, DDA, Undertaking CF-1, undertakingregarding other credit facilities.

3.4 CREDIT CARD

Features Details

Eligibility: Pakistani Resident.

Card Types: 1.Silver Card (cash withdrawal limit per day Rs=50,000)2. Gold Card (cash withdrawal limit per day Rs=100,000)
http://www.askaribank.com.pk/docs/SOCz.pdfhttp://www.askaribank.com.pk/docs/SOCz.pdfhttp://www.askaribank.com.pk/docs/SOCz.pdf


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4. Islamic Banking Products

4.1 ASKARI IJARAH BIS SAYYARAH(IJARAH CAR FINANCING)

Features Details

What is Ijarah? Ijarah is a rental agreement, under which the usufructs of

an asset is transferred to the client on pre-agreed termsand conditions. It is a Shariah Compliant mode of

finance, adopted by Askari Islamic Banking to meet theCar Financing needs of its valued customers.

Key features: Prompt Processing Time.

Facility to acquire more than One VehicleFacility Income Evaluation Plan

Low Security DepositCompetitive Profit Rates

Eligibility: A Pakistani National.Earning at least two times more than your monthly Car

Ijarah rentalsBetween 21 to 60 years, (for salaried class) and of age,

till the maturity of the lease periodEmployment experience of minimum six months in a

permanent capacity in the current organizationBeing in business for at least one year

DocumentsRequired: (For Business Person)

Copy of CNICTwo recent passport sizes colored photographs.


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4.2ASKARI HOME MUSHARAKAH(MUSHARAKAH HOME FINANCE)

Features Details

Askari Home

Musharakah:Joint ownership is created in the property between Bank &

Customer on the basis of the Musharakah Agreement. (This isbases on the principles of Shirkat ul Milk).

Banks share is divided into units and is given to the client onrent.

Client promises to purchase Banks share (units) over the tenureof transaction.

Client purchases the units every month and will eventuallybecome the owner of the property.

Rental amount will be adjusted according to the banks share(units) remaining in the property.

Askari Home Musharakah has tailor made solutions to meetyour needs

Askari Home

Musharakah

Purchase: Askari Islamic Banking offers a convenient and easy way tobuy your own home, with a financing of 85% of the property

cost, upto Rs. 50 Million.


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Askari Home Musharakah

Construction: You can simply build your home as you desire, with halalIstisna/Musharakah Finance from Askari Islamic Banking,

specifically tailored to match your cash flows and needs.


Improvement: If you want to renovate your home, let Askari Islamic Bankingfacilitate you in making you home look even better.


Transfer: Just switch your existing interest based mortgage to Askari

Islamic Banking by getting advantage of our Askari HomeMusharakah Transfer Facility, with peace of mind of having

halal transaction.

Features andBenefits: Shariah compliant

Prompt processing.

Competitive rentals.

Clubbing-of family incomeMaximum financing limit: Up to Rs. 50 million.

Financing tenure: 3 to 20 years

Documentation/ legal/ valuation/ income estimation charges:Atactual.

Eligibility: A Pakistani National.

Earning at least two time more than your monthly Car Ijarahrentals.

Between 21 to 65 years.A permanent employment with at least six months of service

with present employer

A self employed individual with at least 3 years of business

track record.Income verification / documents required.


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5. Alternate Delivery Channels

5.1VISA DEBIT CARD

Features Details

Product Type: Debit Card.

DistinctiveFeatures:

Classic: Cash withdrawal Limit is 50,000, Shopping Limit200,000 & Funds Transfer Limit 250,000.

Gold: Cash withdrawal Limit is 100,000, Shopping Limit250,000 & Funds Transfer Limit 300,000.

Eligibility: 1. Literate individual customer.2. Having Pak Rupee checking account under the category of

Current, Saving, ASDA, Value Plus Accounts (Current &Saving) Basic Banking Account and Smart Cash etc., with

credit balance and 'normal' status, may apply.

3. No minimum balance requirements for issuance or retention

of the VISA debit card. An eligible customer may apply for anyof the debit cards i.e. Classic or Gold.

4. Joint account holders, with the authority to operate theaccount singly, may be issued supplementary card(s). The

supplementary Card(s) may be issued to only those jointaccount holders who can operate the account singly with either

or survivor option.5. A customer/staff is allowed to retain as many cards as

number of accounts and is allowed to link multiple accountswith single debit card.

6. Multiple accounts of same customer, maintained at different


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branches of Askari Bank, may also be linked with single VISA

Debit Card. If the customer has an account with otherbranch(es), the application receiving branch must verify &

confirm the following either through online system or from the

concerned branch(es).Validity: Five (05) Years. (New card will only be issued on customers

written request).Activation/

De-activation: Through our Call Centre by calling at our toll free number0800-00078.

5.2 INTERNET BANKING SERVICES

Features Details

ImportantFeatures: Payment of Utility Bills

Payment of Mobile PaymentsPurchase of Mobile Air Time

Account Statements

Payments' Details

Online registrationFund transfer to any account within Askari Bank

Inter-bank fund transfer (IBFT)Askari Master Card details

Askari Master Card bill paymentEmail alerts

Enhanced security


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5.3Call Center

Askari Bank has been one of the leading banks in the country for over a number of

years now and has constantly come up with new services for its valued customers;being one of the first to start ATM and Internet Banking services. Striving for

further customer satisfaction Askari Bank launched its Call Centre which becamean efficient and effective medium to put information at their customer's fingertips.

The Call Center provides a single point of contact for all of its customers, yet offerunique and individualized services on real time information for its time-conscious

customers, as it will be available anytime-day or night.

Following are the services available at Call Center:

1. Balance Inquiries, Account Statements ( read out and fax)2. Complaint handling for all sorts of complaints related to the bank.

3. Funds transfer from one account to the other.4. Utility Bill payments for all utility companies listed with the Bank.

Credit Card related queries and information

For further queries please call: 0800-00078Or

Email at: [email protected]
mailto:[email protected]:[email protected]:[email protected]


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Organizational Structure of Branch


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a) CASH DEPARTMENTAll the physical movements of cash in the bank are made through this department.

Normally cash department performs following functions;

Receipts

Payments

Transfer of funds from one account to another account

Handling of ATM

Posting

Verification of signatures

b)CLEARING DEPARTMENTAll the bank which are the member of clearing house maintain accounts with State Bank of

Pakistan by debit and credit to which the clearing settlements are made. If on a particular day, a

bank delivers cheques and other negotiable instruments worth more than the total amount of

Cheque received by it that banks accounts with State Bank of Pakistan will be credited with the

differential amount. If on the other hand the total amount of cheques and other negotiable

instruments draw on a certain bank by other bank is more than the total amount receivable by it

from other banks, then this banks account will be debited on that day. The cheque delivered to

the representatives of other banks for clearing are called outward clearing, whereas cheques

received from the representatives of other banks for payment are called inward clearing.

c) Remittance DepartmentThe Remittance Department issues drafts, payment orders, traveler cheques etc.

Remittance means transfer of funds from one place to another place. Drafts are issued for other

cities while payment orders are issued for within a city purpose.

d)Lockers DepartmentLockers provide services of safe keeping the previous object of public. Locker holders pay

annual rent. One key of the locker is kept by the bank other is given to the client.

e) Credit DepartmentIt provides loans to various clients and has a major contribution in the bank's profit and assets.

Different types of loans are provided to the clients depending on their needs and demands. Loan

against property (Saiban Scheme) and Loan against assets (advance salary) etc is provided. Such


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loan is given keeping in view the total income as well as salary being drawn per month by the

applicants.

Structure and Functions of the Accounts / Finance Department

Account Department of any branch of bank is a major department. It performs all the activities of

accounting in bank. This department is responsible to maintain the proper record of account

holders and other account of the branch.

Functions of Account Department

The main function of this department is to handle the cash, record the cash

transaction, summarizes all the bank transaction daily and sends the report to head

office.a) Branch Credit Committee.

b) Area / Regional Office Credit Committee

c) Head Office Credit Committee.

d) Executive Committee

e) Board of Directors.

Note: Each approved limit (BCC/AOCC/ROCC/HOCC/EC) will be subject to Risk Asset

Review by Risk Management Division, Head Office, and Rawalpindi.

Structure of the Finance Department

The finance department at head office reconciles the data collected from the branches. The uses

this data to prepare the overall position of the banks in terms of

Prepare Balance sheet

Income Statement

Sources and Uses of Funds

Cash Flow Statement

The department is also responsible to review the policies of bank in terms of financial matters

and give feedback to policy makers. Their participation in policy making is encouraged by the

bank management. In order to give suggestion in policy making the department gathers feedback

from the branch level.


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The department is also responsible to publish the financial position of bank in print and

electronic media as per the SBP policy. The information provided by bank is very important for

investor because they very much rely on this information in order to invest in the bank. The

depositors also feel secure if the position of bank is positive.

Income and Expense

The department also needs to calculate the revenues and expenses, control expenditure and

forecast profits every month.

Budget

Formulation of yearly budgets & targets in consultation with the branch manager is also done by

the accounts department.

Activity Checking

Daily activity checking and monitoring is done by the accounts department of the whole bank.

Storage of Records

Accounts Department also has the duty to store vouchers and system generated reports.

Payments

The accounts department is responsible to pay vendors on behalf of the bank with authorization

from the branch manager. It also has to amortize large payments and calculate depreciation of

branch assets.

5.3 The role of financial managers in establishing

relationship

This is a senior role and the Relationship Manager will manage a portfolio of complex borrowing

corporate clients as well as being the primary point of contact for the banks relationships with the

Hedge Fund Sector. The role will report to the Head of Corporate Banking.

The ideal candidate will maximize opportunities to strengthen and leverage existing relationships

as well as continue to maintain and ensure high levels of customer satisfaction and retention all

the while generating new recommendations. The successful candidate will be experienced in

developing growth plans and expanding the divisions borrowing and non-borrowing

relationships within the hedge fund sector.


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Sources and Uses of Funds

Cash Flow Statement

The department is also responsible to review the policies of bank in terms of financial matters

and give feedback to policy makers. Their participation in policy making is encouraged by thebank management. In order to give suggestion in policy making the department gathers feedback

from the branch level.

The department is also responsible to publish the financial position of bank in print and

electronic media as per the SBP policy. The information provided by bank is very important for

investor because they very much rely on this information in order to invest in the bank. The

depositors also feel secure if the position of bank is positive.