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8/4/2019 Shahjalal Islami Bank Internee Report
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Assessing Customer Satisfaction of
Shahjalal Islami Bank Limited (Keraniganj Branch)
Md. Azim Ferdous
BBA Program, 2008 (11th Batch)
Roll No: 121
Supervisor
Mrs. Rubina Maleque
Associate Professor
Department of Management StudiesFaculty of Business Studies
University of Dhaka
November, 2009
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Page | II
Date: November 15, 2009
To The Senior Vice President
Head of HRDHuman Resources Division
Shahjalal Islami Bank Ltd.
Head Office
10 Dilkusha C/A, Dhaka.
Through- The FAVP & Manager, Shahjalal Islami Bank Ltd., Keranigonj Branch.
Subject: Submission of Internship Report.
Dear Sir,
I am hereby submitting you my internship report on ― Assessing Customer Satisfaction
of Shahjalal Islami Bank Limited (Keraniganj Branch)‖ as required by my internship
appointment letter (SJIBL/HRD/HO/2009/1484/7) dated September 15, 2009.
I‘m really thankful to you for giving me the opportunity to execute my internship
program at the bank. I respectfully acknowledge your help that you so kindly accorded
to me during the course of my internship program. I‘m also grateful for allowing my access in necessary information for preparing this report.
Working for this report during my internship program has definitely enriched my
knowledge and experience in practical field. Despite some limitations I‘ve tried my
best to prepare this report as a decent one.
Your kind acceptance of this report will be highly appreciated and should you need
any assistance in interpreting the report, please call me; I am at your service.
Sincerely yours-
__________________ Md. Azim Ferdous
BBA-11th Batch, Roll No: 121
Department of Management Studies
University of Dhaka
Mobile No: +88 0193 393 797
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Page | III
PrefaceI would like to thank my internship program supervisor Mrs. Rubina Maleque for her
prudent guidance and instruction that enabled me to accomplish the internship report
successfully.
I would like to thank the manager of Shahjalal Islami Bank Limited (Keraniganj
Branch) for giving me the opportunity to execute my internship program at the bank
and for allowing my access in necessary information for preparing this report. I would
also like to express my immense gratitude to all of the officers of Shahjalal IslamiBank Limited who not only helped me a lot to prepare this report but also helped me
with their guidance and by sharing their invaluable knowledge throughout my entire
internship program.
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Page | IV
Table of ContentsExecutive Summary................................................................................................................... IX
Chapter 1: Introduction................................................................................................................ 1
1.1. Origin of the Report ..................................................................................................................... 1
1.2. Objectives ........................................................................................................................................ 1
1.3. Scope ................................................................................................................................................ 1
1.4. Historical Background .................................................................................................................. 2
1.5. Methodology ................................................................................................................................... 2
1.6. Limitations....................................................................................................................................... 3
1.7. Acronyms & Definitions .............................................................................................................. 3
1.8. Report Preview ............................................................................................................................... 4
Chapter 2: Islami Banking ......................................................................................................... 5
2.1. Concept of Islami Banking .......................................................................................................... 5
2.2. History of Islami Banking ............................................................................................................ 6
2.2.1. Classical Islami Banking ........................................................................................................ 6
2.2.2. Modern Islamic Banking ....................................................................................................... 6
2.2.3. Islamic Banking in Bangladesh ............................................................................................ 7
Chapter 3: Organizational Profile............................................................................................. 8
3.1. About Shahjalal Islami Bank Ltd. (SJIBL) ................................................................................ 8
3.2. Vision ............................................................................................................................................... 8
3.3. Mission ............................................................................................................................................. 8
3.4. Strategies .......................................................................................................................................... 8
3.5. Motto ................................................................................................................................................ 9
3.6. Organizational Structure/Organogram..................................................................................... 9
3.7. Divisions of Shahjalal Islami Bank Ltd. .................................................................................. 10
3.8. Capital Structure ........................................................................................................................... 11
3.9. Company Growth ........................................................................................................................ 12
3.10. Corporate Social Responsibility (CSR) ................................................................................. 19
3.11. Products ....................................................................................................................................... 20
3.11.1. Deposit Accounts............................................................................................................... 20
3.11.2. Deposit Schemes ................................................................................................................ 22
3.11.3. Investment Schemes .......................................................................................................... 22
3.12. Services ........................................................................................................................................ 30
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3.12.1. Online Banking Services ................................................................................................... 30
3.12.2. SJIBL VISA Card Services ............................................................................................... 30
3.12.3. SMS/Push Pull Services ................................................................................................... 31
3.12.4. Foreign Remittance Services ............................................................................................ 323.12.5. Capital Market Services ..................................................................................................... 33
3.12.6. SME Services ...................................................................................................................... 33
3.12.7. Other Services ..................................................................................................................... 34
3.13. Performance of the Bank (Ratings) ....................................................................................... 34
3.13.1. Credit Rating ....................................................................................................................... 34
3.13.2. CAMELS Rating ................................................................................................................ 35
Chapter 4: Assessing Customer Satisfaction of SJIBL........................................................36
4.1. Literature Review ......................................................................................................................... 36
4.1.1. Definition of Customer....................................................................................................... 36
4.1.2. Definition of Satisfaction.................................................................................................... 37
4.1.3. Definition of Customer Satisfaction ................................................................................ 37
4.1.4. Why to Measure Customer Satisfaction .......................................................................... 37
4.2. Process used in Assessing Customer Satisfaction Level of SJIBL (Keraniganj Br.) ..... 39
4.2.1. The Customer Satisfaction Measurement Model .......................................................... 39
4.2.2. The Questionnaire/ Instrument ....................................................................................... 39
4.2.3. The Rating Scale ................................................................................................................... 41
4.2.4. The Cut-Off Score ............................................................................................................... 41
4.2.5. The Gap Score ...................................................................................................................... 42
4.3. Findings & Analysis..................................................................................................................... 43
4.3.1. Calculation of Average SERVQUAL Scores for Each of 5 (five) SERVQUAL
Dimensions ....................................................................................................................................... 67
4.3.2. Calculation of Unweighted SERVQUAL Score ............................................................ 69
4.3.3. Calculation of Weighted SERVQUAL Score/ Customer Satisfaction Index (CSI) .... 69
Chapter 5: Conclusion................................................................................................................70
5.1. Ending Summary ......................................................................................................................... 70
5.1.1. Quantitative Findings .......................................................................................................... 70
5.1.2. Qualitative Findings ............................................................................................................. 71
5.2. Recommendations ....................................................................................................................... 72
Works Cited ..................................................................................................................................74 Appendix.......................................................................................................................................77
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Table of Figures
Figure 1: Three-tier Mudaraba System ....................................................................................... 6
Figure 2: Organizational Chart (Organogram) of SJIBL.......................................................... 9
Figure 3: Equity Composition of 2008 ..................................................................................... 12
Figure 4: Equity Movement from 2004 to 2008 ..................................................................... 13
Figure 5: Capital Adequacy Position from 2004 to 2008 ....................................................... 13
Figure 6: Deposit Mix of 2008................................................................................................... 14
Figure 7: Trend of Deposit from 2004 to 2008 ...................................................................... 14
Figure 8: Investment Portfolio of 2008 .................................................................................... 15
Figure 9: Trend of Investment from 2004 to 2008 ................................................................. 16
Figure 10: Deposit & Investment Growth .............................................................................. 16
Figure 11: Operating Results from 2006 to 2008 .................................................................... 17
Figure 12: Number of Branches ................................................................................................ 18
Figure 13: Manpower Position from 2004 to 2008 ................................................................. 18
Figure 14: Long Term Credit Rating of SJIBL from 2006 to 2008 ...................................... 35
Figure 15: Short Term Credit Rating of SJIBL from 2006 to 2008 ...................................... 35
Figure 16: Example of a 5 Point Likert Rating Scale .............................................................. 41
Figure 17: Satisfaction Score & Loyalty, Indifference, Defection Zone .............................. 42
Figure 18: Gender Ratio among Samples ................................................................................. 43
Figure 19: Samples‘ Age Clusters .............................................................................................. 43
Figure 20: Sample Ratio based on Profession ......................................................................... 44
Figure 21: Respondents' response on acting of employees according to promise ............. 45
Figure 22: Respondents' response on employees‘ sincere interest in Problem Solving ..... 46
Figure 23: Respondents' response on having service right at the first time ........................ 47
Figure 24: Respondents' response on having services by the promised time ..................... 48
Figure 25: Respondents' response on insistence of error free record .................................. 49
Figure 26: Respondents' response on employees‘ behavior in instilling confidence in
customers ................................................................................................................... 50
Figure 27: Respondents' response on feeling safe in transactions ........................................ 51 Figure 28: Respondents' response on consistent courtesy of employees ............................ 52
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Figure 29: Respondents' response based on employees knowledge ..................................... 53
Figure 30: Respondents' response on modern looking equipment ...................................... 54
Figure 31: Respondents' response on visually appealing physical facility ............................ 55
Figure 32: Respondents' response on neat appearance of employees .................................. 56
Figure 33: Respondents' response on appealing appearance of materials ........................... 57
Figure 34: Respondents' response on getting individual attention ....................................... 58
Figure 35: Respondents' response on operating hour of the bank ....................................... 59
Figure 36: Respondents' response on having personal attention providing employees .... 60
Figure 37: Respondents' response on having best interest of customers to employees‘
heart ............................................................................................................................ 61
Figure 38: Respondents' response on understanding of specific needs of them by the
employees ................................................................................................................... 62
Figure 39: Respondents' response on getting information of exactly when service will be
given ........................................................................................................................... 63
Figure 40: Respondents' response on getting prompt service ............................................... 64
Figure 41: Respondents' response on employees‘ willingness to help ................................. 65
Figure 42: Respondents' response on business of employees while to respond customers
..................................................................................................................................... 66
List of Tables
Table 1: Tier-1 Capital (Core Capital) 12
Table 2: Tier-2 Capital (Supplementary Capital) 12
Table 3: Deposit Mix 14
Table 4: Investments‘ Portfolio 15
Table 5: Operating results of the year 2008 & 2007 17 Table 6: Credit Rating Result from 2006 to 2008 35
Table 7: Sample‘s Frequency Distribution based on Gender 43
Table 8: Sample‘s Frequency Distribution based on Age 43
Table 9: Sample‘s Frequency Distribution based on Profession 44
Table 10: Survey result of the statement 1 (Act according to Promises) 45
Table 11: Survey result of the statement 2 (Sincere Interest in Problem Solving) 46
Table 12: Survey result of the statement 3 (Performs the Service Right the
First Time) 47
Table 13: Survey result of the statement 4 (Provides Services at the Time
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Promised) 48
Table 14: Survey result of the statement 5 (Insists on Error Free Records) 49
Table 15: Survey result of the statement 6 (Employees Behavior Instills
Confidence in Customers) 50
Table 16: Survey result of the statement 7 (Customers Feel Safe in Transaction) 51 Table 17: Survey result of the statement 8 (Consistent Courtesy of Employees) 52
Table 18: Survey result of the statement 9 (Employees have the Knowledge to
Answer Customers' Question) 53
Table 19: Survey result of the statement 10 (Modern Looking Equipments) 54
Table 20: Survey result of the statement 11 (Visually Appealing Physical Facilities) 55
Table 21: Survey result of the statement 12 (Neat Appearance of Employees) 56
Table 22: Survey result of the statement 13 (Appealing Appearance of Materials) 57
Table 23: Survey result of the statement 14 (Gives Customers Individual
Attention)
Table 24: Survey result of the statement 15 (Has Convenient Operating Hours
for Customers) 59
Table 25: Survey result of the statement 16 (Has Employees to Give
Customers Personal Attention) 60
Table 26: Survey result of the statement 17 (Has Best Interest of Customers
at Heart) 61
Table 27: Survey result of the statement 18 (Employees Understand Specific
Needs of Customers) 62 Table 28: Survey result of the statement 19 (Informs exactly when Services
will be provided)
Table 29: Survey result of the statement 20 (Gives Prompt Services) 64
Table 30: Survey result of the statement 21 (Employees are Always Willing
to Help) 65
Table 31: Survey result of the statement 22 (Never too Busy to Respond
Customer Requests) 66
Table 32: Average Reliability SERVQUAL score 67
Table 33: Average Assurance SERVQUAL score 67
Table 34: Average Tangibles SERVQUAL score 68
Table 35: Average Empathy SERVQUAL score 68
Table 36: Average Responsiveness SERVQUAL score 69
Table 37: Calculations to obtain unweighted SERVQUAL Score 69
Table 38: Calculations to obtain Customer Satisfaction Index (CSI) 69
Table 39: Debit Card Usage Limit 78
Table 40: SWIFT Codes 78
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Page | IX
Executive Summary
With a commitment of providing cordial service to customers Shahjalal Islami Bank
Limited has diversified its service coverage during last eight years by opening new
branches at different strategically important locations across the country offering various service products both investment & deposit. Adequate capital, good quality of
asset, smooth growth, enough liquidity, well performance in CSR, etc. backs up its
strong position in CAMELS rating (having a rating of ―Strong or A-class Bank‖) for
consecutive years.
Customer satisfaction is a measure of how products and services supplied by a
company meet or surpass customer expectation. It is seen as a key performance
indicator within a business. So, assessing the level of customer satisfaction actually
helps to measure an organization‘s position in business. I‘ve measured the customersatisfaction level of Shahjalal Islami Bank Limited, Keraniganj Branch.
I‘ve calculated the Customer Satisfaction Index by using SERVQUAL instrument
having 22 statements on service quality dimensions through face to face interviews
with the accountholders of the bank. Their agreements (agree & strongly agree) with
the SERVQUAL statements touching the cut off score (4) in used 5 point Likert Scale
is considered as satisfied in this study.
The study shows that customers conceive this bank as reliable in getting accurate
promised services, problem solving and in maintaining error free record. They alsobelieve that there is assurance of competency, courtesy, credibility & security by the
bank. They are also satisfied by the tangible appearances of the bank. But the
customers are not enough satisfied in getting personal attention and they think that
employees do not understand their specific needs. They also think that the employees
are not enough responsive in providing prompt services and in informing that exactly
when service will be provided.
The unweighted SERVQUAL score of 4.13 and weighted score or Customer
Satisfaction Index of 4.10 indicates a satisfactory state in the overall level of customersatisfaction.
On the basis of conducted Key Informants Interviews, the quantitative study result
and my observation I believe that appointing more employees under General Banking
department, maintaining time slots for each customer to serve, setting up of electronic
calling machine for cash counter, setting up of query desk, replacement of core
banking software by better one, regular arrangement of employee training workshops,
appointing female employees, etc. will help to increase the satisfaction level of the
customers of the bank.
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Chapter 1: Introduction Page | 1
Chapter 1: Introduction
1.1. Origin of the Report
This report is prepared as an internship report which is a mandatory requirement for
successful completion of BBA program under University of Dhaka and which aims toreflect the professional view of real world working environment. This internship
report is required to submit after fulfilling 45 days of working experience in an
organization as a trainee.
I got proper supervision of my academic supervisor Mrs. Rubina Maleque,
Associate Professor, Department of Management Studies, University of Dhaka
throughout my internship period for the successful completion of the report titled
― Assessing Customer Satisfaction of Shahjalal Islami Bank Limited
(Keraniganj Branch)”
1.2. Objectives
Broad Objective
The objective of this study is to determine the customers‘ level of satisfaction of
Shahjalal Islami Bank Ltd., Keraniganj Branch.
Specific Objectives
The specific objectives of the study are to-
a.
Know the ability of employees to perform promised service dependently andaccurately.
b. Know to what level the customers are assured by competence, courtesy,
credibility and security by the bank and its employees.
c. Measure to what extent the tangible appearances are satisfying customers.
d. Evaluate customers‘ satisfaction in getting convenient banking hour, care &
individual attention.
e. Assess willingness of employees to help customers & to provide prompt
service.f. Compute the unweighted overall satisfaction level of the customers & weighted
―Customer Satisfaction Index‖.
1.3. Scope
The report deals with measuring the satisfaction level of the customers of Shahjalal
Islami Bank Limited, Keraniganj Branch. These customers are the people who have
account in this branch. The total population is not covered here. It is based on sample
survey. Thus the satisfaction level of the entire customers of Shahjalal Islami Bank Limited or any other branch of the bank is not measured here and these will not be a
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Chapter 1: Introduction Page | 2
part of the report. The study was conducted from 18th of October, 2009 to 3rd of
November, 2009. Thus the samples were selected from the customers who came to
bank in during this time period.
1.4. Historical Background
The Keraniganj Branch of Shahjalal Islami Bank Limited started its journey at 17th
September, 2008. Though a there were initiatives to measure the customer satisfaction
at the branch a year ago, that was in its very beginning period and the Customer
Satisfaction Index was not measured. And as the satisfaction level of customers‘
changes, this report on the level of customers‘ satisfaction will provide an option to
compare the level of satisfaction now with that of a year earlier.
1.5. Methodology
In order to conduct this internship report both primary & secondary data have been
utilized.
Primary Data Collection
The primary data have been obtained through using following two techniques:
a. Key Informant Interview Process: I‘ve used this process to collect qualitativ e
data on customer satisfaction, its influencing elements, ways to improve it, etc.
For this reason I have conducted KIIs with the following personnel:
Md. Masum Khan Jewel, Trainee Senior Officer
Mohammad Alamin, Trainee Officer
Mohammad Abdul Awal Khan, Client Relationship Officer
Sarker Sahiduzzaman, Client Relationship Officer
b. SERVQUAL Instrument: To get quantitative data on customer satisfaction
directly from customers with a view to measure their level of satisfaction I‘ve
interviewed 50 account holders of Shahjalal Islami Bank Ltd. having different
profession & who lies in different age group using the SERVQUAL instrument. The interviews have been conducted using a structured questionnaire containing
22 questions representing the five dimensions of customer satisfaction
measurement. A sample questionnaire has been annexed in the appendix part.
The time period of the study lies in between 18th of October, 2009 to 3rd of
November, 2009.
Secondary Data Collection
The secondary data have been collected from published literatures, journals, company
reports, head office‘s orders, websites, etc.
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Chapter 1: Introduction Page | 3
Data Analysis & Interpretation
All the quantitative data collected by surveying customers have been analyzed by using
Microsoft Excel 2007. Using the program‘s formula I‘ve calculated mean, mode,
maximum, minimum, standard deviation, average weight, number of respondents for
each answer, etc. All these information have presented by using tables and graphs inchapter 4.
To achieve my research objective I transformed the collected data into two categories-
―Unsatisfactory ‖ & ―Satisfactory ‖. If respondents‘ responses are ―Strongly Disagree‖,
―Disagree‖ & ―Neutral‖ then these are treated as unsatisfactory for the organization
and if respondents‘ responses are ― Agree‖ & ―Strongly Agree‖ then these are treated
as satisfactory for the organization.
1.6. Limitations
The limitations of the report and the study are follows:
The report has been conducted within a short time frame.
The study is self financed.
Only Keraniganj Branch of the bank has been considered for the study.
The sample size does not represent the total population.
Samples were selected conveniently.
For the convenient of the study non probability samples have been used. All weights given are judgmental.
As time frame was short and the whole study was conducted by one person
there is chance of having error in any stage of data collection, data entry, data
organizing, data sorting, data testing, data presentation, interpretation of result,
etc.
1.7. Acronyms & Definitions
ATM-Automated Teller Machine BOD-Board of Directors
CAMELS- Acronym of ―Capital adequacy, Asset quality, Management,
Earnings, Liquidity and Sensitivity to market risk‖. It is a supervisory rating
system of the bank's overall condition.
CAR- Capital Adequacy Ratio
CMSD- Capital Market Service Division
CRISL- Credit Rating and Information Services Limited
CS-Customer Satisfaction
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Chapter 1: Introduction Page | 4
CSI-Customer Satisfaction Index
CMT-Common Measurements Tool
CSR-Corporate Social Responsibility
JIT-Just In Time
Likert Scale-A psychometric scale commonly used in questionnaires, and is the
most widely used scale in survey research. When responding to a Likert
questionnaire item, respondents specify their level of agreement to a statement.
The scale is named after its inventor, psychologist Rensis Likert.
KII-Key Informant Interview is a standard anthropological method used in
rapid assessment for gathering information from the affected community. The
term ―key informant‖ refers to anyone who can provide detailed information
and opinion based on his or her knowledge of a particular issue. Key informant
interviews seek qualitative information that can be narrated and cross checked with quantitative data, a method called ―triangulation‖.
MTCN- Money Transfer Control Number
NPI-Non-Performing Investment
PCB- Private Commercial Bank
POS-Point of Sale (Fund transfer machine for purchasing at any shop/ service
center, etc.)
RATER-Reliability, Assurance, Tangibles, Empathy, and Responsiveness
RIP- Rural Investment Program
SJIBL-Shahjalal Islami Bank Limited
SME- Small and Medium Enterprises
Tier 1 Capital- Tier 1 capital includes paid up capital, reserve and retained
earnings. It is called the core capital.
Tier 2 Capital- Tier 2 capital includes general provision on unclassified
investments and exchange equation account. It is called the supplementary
capital.
1.8. Report Preview
After the introductory chapter the second chapter covers the Islami banking concept
and its history. Then chapter three covers the organizational profile which includes
the mission, vision, motto, organizational structure, divisions, capital structure,
performance, growth, products & services, etc.
Chapter four is the research part, which focus the actual report topic. This section
covers the way to conduct the study, study findings. And finally chapter five coversboth qualitative & quantitative findings and recommendations.
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Chapter 2: Islami Banking Page | 5
Chapter 2: Islami Banking
2.1. Concept of Islami Banking
Islami/ Islamic Banking, a new type of banking that operates on principles adhering
to the Quranic norms forbidding usury and transactions, including granting of loansor credits for interest. The economic rationale for eliminating riba (interest) and
establishing the Islamic banking system is based on values of justice, efficiency,
stability and growth. It is assumed that under the system of Islamic banking, the
industrial and/or commercial risk is shared more equitably between the entrepreneur
and the capital owner and the returns on investment are shared among the investors
on the basis of their proportionate capital. The conventional banks tend to serve the
most creditworthy borrowers, while the Islamic banking system presumably looks for
the most productive and profitable projects. The Islamic banking approach
theoretically opposes the idea of discrimination in offering banking services to peopleof different social standings and provides for social cohesion between different
classes.
Islamic banking has the same purpose as conventional banking except that it operates
in accordance with the rules of Shariah, known as Fiqh al-Muamalat (Islamic rules on
transactions). The basic principle of Islamic banking is the sharing of profit and loss
and the prohibition of riba (usury). Amongst the common Islamic concepts used in
Islamic banking are profit sharing ( Mudharabah ), safekeeping ( Wadiah ), joint venture
( Musharakah ), cost plus ( Murabahah ), and leasing ( Ijarah ).
The origins of Islamic banking can be traced back to the practice of mudaraba by the
Prophet Muhammad (Sm) himself. The Prophet (Sm) was mudarib (agent) for his wife,
who entrusted her capital or merchandise to him for trading and got back the
principal plus an agreed share of the profit. As a reward for his labour (and
entrepreneurship), the Prophet (mudarib) received his share of the same. The
mudarib, however, was not liable for losses resulting from the exigencies of travel or
from an unsuccessful business venture. This form of partnership is called mudaraba.
There is another form of partnership called musharaka , in which the musharik (agent)has a contribution to the capital and can therefore, claim a higher percentage of profit.
As early as in the seventh century, the tax revenue from Iraq was sent across the
desert to Medina in the form of a mudaraba. Caliph Umar is known to have invested
orphans' money in merchant trading between Medina and Iraq. Musharaka
partnerships were practised in the north-south trade between Egypt and Jeddah
during the eleventh century. As many as 32 mudaraba contracts were practised in the
17th century in the Turkish city of Busra. Mudaraba was in practice in Tunisia,
Indonesia, Arabian Peninsula and India.
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Chapter 2: Islami Banking Page | 6
Modern Islamic banking concepts
came from the historical practice
of the concept of a 'three-tier
mudaraba'. On the first tier, there
is the individual, rab-al-mal , who wishes to invest capital. The
second tier is the mudarib (agent),
to whom the rab al-mal entrusts
his capital by contract and finally,
on the third tier, there is the
entrepreneur, with whom the
mudarib signs a contract, and to
whom the mudarib passes the
capital originally entrusted to him
by the rab-al-mal.
2.2. History of Islami Banking
2.2.1. Classical Islami BankingDuring the Islamic Golden Age, early forms of proto-capitalism and free
markets were present in the Caliphate, where an early market economy and an early
form of mercantilism were developed between the 8th-12th centuries, which somerefer to as "Islamic capitalism". A vigorous monetary economy was created on the
basis of the expanding levels of circulation of a stable high-value currency (the dinar)
and the integration of monetary areas that were previously independent.
A number of innovative concepts and techniques were introduced in early Islamic
banking, including bills of exchange, the first forms of partnership ( mufawada ) such
as limited partnerships ( mudaraba ), and the earliest forms of capital ( al-mal ), capital
accumulation ( nama al-mal ), cheques, promissory notes, trusts ( Waqf ), startup
companies, transactional accounts, loaning, ledgers and assignments. Organizational e
nterprises similar to corporations‘ independent from the state also existed in the
medieval Islamic world, while the agency institution was also introduced. Many of
these early capitalist concepts were adopted and further advanced in medieval
Europe from the 13th century onwards.
2.2.2. Modern Islamic Banking The first modern experiment with Islamic banking was undertaken in Egypt under
cover without projecting an Islamic image — for fear of being seen as a manifestation
of Islamic fundamentalism that was anathema to the political regime. The pioneering effort, led by Ahmad Elnaggar, took the form of a savings bank based on profit-
Tier 1Rab-al-mal
• Individual who wishes to investcapital
Tier 2Mudarib(Bank)
• Agent to whom the rab-al-malentrustes has capital by contract
Tier 3Entrepreneur
• With whom mudarib signs acontract, and to whom the mudaribpasses the capital originally
entrusted to him by the rab-al-mal
Figure 1: Three-tier Mudaraba System
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Chapter 2: Islami Banking Page | 7
sharing in the Egyptian town of Mit Ghamr in 1963. This experiment lasted until 1967
(Ready 1981), by which time there were nine such banks in the country.
In 1972, the Mit Ghamr Savings project became part of Nasr Social Bank which, till
date, is still in business in Egypt. In 1975, the Islamic Development Bank was set-up
with the mission to provide funding to projects in the member countries. The first
modern commercial Islamic bank, Dubai Islamic Bank, opened its doors in 1975. In
the early years, the products offered were basic and strongly founded on conventional
banking products, but in the last few years the industry is starting to see strong
development in new products and services.
Islamic Banking is growing at a rate of 10-15% per year and with signs of consistent
future growth. Islamic banks have more than 300 institutions spread over 51
countries, plus an additional 250 mutual funds that comply with the Islamic principles.
The relative stability of Islamic banking institutions in current recession has gained itattention. Even The Vatican said banks should look at the rules of Islamic finance to
restore confidence amongst their clients at a time of global economic
crisis. Conservative estimates suggest that over US$ 500 billion of assets are managed
according to Islamic investment principles.
The World Islamic Banking Conference, held annually in Bahrain since 1994, is
internationally recognized as the largest and most significant gathering of Islamic
banking and finance leaders in the world.
2.2.3. Islamic Banking in BangladeshIslamic banking started in Bangladesh through establishment of the Islami Bank
Bangladesh Ltd. (IBBL), which is considered to be the first interest-free bank in
Southeast Asia. Al-Baraka Bank Ltd., often called the second Islamic bank of
Bangladesh, commenced banking business on 20 May 1997. It is a joint-venture
enterprise of Al-Baraka Investment and Development Company, a renowned financial
and business house of Saudi Arabia, Islamic Development Bank, a group of eminent
industrialists of Bangladesh, and the government of Bangladesh.
In 1996, two more Islamic banks were given clearance to operate under Islamic
banking principles. They were the Al-Arafah Islami Ltd. and Social Investment Bank.
The fifth Islamic bank of the country is a foreign bank named the Shamil Bank of
Bahrain, which was created through merger of the Faisal Islamic Bank of Bahrain and
an Islamic Finance Company.
Now 6 (six) local Private Commercial Banks (PCBs) are working at Bangladesh. These
are as follows:
a. Al-Arafa Islami Bank Ltd.
b.
Export-Import/ExIm Bank Ltd.c. ICB Islami Bank Ltd.
d. Islami Bank Ltd.
e.
Shahjalal Islami Bank Ltd.f. Social Investment Bank Ltd.
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Chapter 3: Organizational Profile
3.1. About Shahjalal Islami Bank Ltd. (SJIBL)
Shahjalal Islami Bank Limited (SJIBL) commenced its commercial operation in
accordance with principle of Islamic Shariah on the 10th May 2001 under the Bank Companies Act, 1991. During last eight years SJIBL has diversified its service
coverage by opening new branches at different strategically important locations across
the country offering various service products both investment & deposit. Islamic
Banking, in essence, is not only interest-free banking business, it carries deal wise
business product thereby generating real income and thus boosting GDP of the
economy. Board of Directors enjoys high credential in the business arena of the
country, Management Team is strong and supportive equipped with excellent
professional knowledge under leadership of a veteran Banker Mr. Muhammad Ali.
3.2. Vision
To be the unique modern Islami Bank in Bangladesh and to make significant
contribution to the national economy and enhance customers' trust & wealth, quality
investment, employees' value and rapid growth in shareholders' equity.
3.3. Mission
To provide quality services to customers
To set high standards of integrity
To make quality investment
To ensure sustainable growth in business
To ensure maximization of Shareholders' wealth
To extend our customers innovative services acquiring state-of-the-art technology
blended with Islamic principles
To ensure human resource development to meet the challenges of the time.
3.4. Strategies
To strive for customers best satisfaction & earn their confidence
To manage & operate the Bank in the most effective manner
To identify customers needs & monitor their perception towards meeting thoserequirements
To review & updates policies, procedures & practices to enhance the ability toextend better services to the customers
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Chairman
Board of Direcotrs Managing Director
Deputy Managing Director Executive Vice President
Senior Vice President
Vice President
Senior Assistant Vice President
Assistant Vice President
First Assistant Vice President
Junior Assistant Vice President
Senior Executive Officer
Executive Officer
First Executive Officer
Senior Officer
Deputy Managing Director
Board Committees
To train & develop all employees & provide them adequate resources so that the
customers‘ needs are reasonably addressed
To promote organizational efficiency by communicating company plans, polices &
procedures openly to the employees in a timely fashion
To cultivate a congenial working environment
To diversify portfolio both the retail & wholesale markets
3.5. Motto
Committed to Cordial Service
3.6. Organizational Structure/Organogram
Figure 2: Organizational Chart (Organogram) of SJIBL
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Chapter 3: Organizational Profile Page | 10
A. Board of Directors: Shahjalal Islami Bank‘s Board of Directors‖ consists of the
following posts-
a. Chairman
b. Vice Chairmen
c. Directorsd. Independent Director
e. Sponsors
f. Managing Director
g. Company Secretary
B. Executive Committee: This bank‘s executive committee has following 10 posts-
a. Chairman
b. Vice Chairman
c.
Member (Seven)d. MD & Ex-officio Member
C. Audit Committee: SJIBL‘s audit committee is made up of 3 individuals-Chairman
and two members.
D. Shariah Council: Shariah Council of the Bank is playing important role in guiding
and supervising the implementation and compliance of Islamic Shariah principles in
all activities of the Bank since its very inception. The Council, which enjoys a high
status in the structure of the Bank, consists of prominent ulema, reputed banker,
renowned lawyer and eminent economist.
Members of the Shariah Council meet frequently and deliberate on different issues
confronting the Bank on Shariah matters. They also conduct Shariah inspection of
branches regularly so as to ensure that the Shariah principles are implemented and
complied with meticulously by the branches of the Bank.
E. Management of the Bank: Managing Director, Deputy Managing Director,
Senior Executive Vice President, Executive Vice Presidents, Senior Vice Presidents,
Vice Presidents, Senior Assistant Vice Presidents, Assistant Vice Presidents, etc. are
the people who are holding the managerial positions of the bank.
3.7. Divisions of Shahjalal Islami Bank Ltd.
Shahjalal Islami Bank Ltd. has some major divisions comprising of various
departments. The major divisions are as follows:
a. Investment Division: This division has the authority to determine the party or the
client who will get the credit facility from the bank. The credit clients are selectedaccording to the criteria of credit policy. This division has the full authority to take
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Chapter 3: Organizational Profile Page | 11
any decision against or favor the client and these divisional works is supported by
the Credit Services Division.
b. Financial Administration Division: This division can handle the credit proposal,
disbursement, monitoring and credit recovery position that is given by all branches.
Each branch has their own credit division and all branch-wise activities are
supported to the head office credit services division.
c. Audit and Inspection Division: This division can control all the financial
position, activities of overall organization. They provide the total budgetary
limitation to every department for the respective year. They also carry out the
financing activities with the access and operational activities.
d. Marketing and Public Relation Division: This division mainly works for:
Improving the marketing network throughout the country Implementing the marketing strategies and the concept of Trade Marketing
Improving the procedure which is ultimately provided data regarding to
competition and relative market
Arranging the several workshops and seminar this can improve the quality of
existing officers as a competitive edge position.
e. Common Service Division: This division can handle all the genera activities
except the credit and financial sector. All the administration activities are designed
and implemented by this division.f. Human Resource Division (HRD): This division deals with the employees as
the core resources of the organization. This division mainly emphasis on the
recruitment of employees and the employee benefits and services. The main
philosophy of this division is to motivate the employee to work with efficiently and
effectively.
g. Computer (IT) Division: This division can handle the IT activities. Each branch
has their own IT division and all branch-wise activities are reported to the head
office IT division.
h. International Division: This division can work on internationally. The entire
branch-wise international work is controlled and monitored by this division.
3.8. Capital Structure
At the very inception, Shahjalal Bank started with an authorized capital of BDT 800
million. While its initial paid up capital was BDT 205 million subscribed by the
sponsors in the year 2001. The capital and reserve of the bank as on 31st December,2008 stood at BDT 4069 million including paid up capital of BDT 2246 million. The
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Chapter 3: Organizational Profile Page | 12
55%
20%
13%
12%
0%Equity Composition of 2008
Paid-up Capital
Statutory Reserve
Retained Earnings
General Provision
Exchange Equalization
Capital Adequacy Ratio (CAR) as of 31st December, 2008 stood at 13.81% (Tier-1
capital 12.24% and Tier-2 capital 1.57%) that was well above minimum requirement
of 10% by Bangladesh Bank.
The capital management framework is designed to ensure that bank maintains
sufficient capital consistent with the bank‘s risk profile, all applicable regulatory
requirement and credit rating considerations. The capital management process is
consistently reviewed by the senior management of the bank. It is frequently reviewed
by the board also and appropriate decisions are being adopted time to time to
strengthen bank‘s capital.
3.9. Company Growth
Growth in Equity: The authorised capital of the bank is BDT 4000 million and paid-up capital of the bank is BDT 2246 as on 31 st December, 2008. Total equity was BDT
4069 million as on 31st December, 2008. These amounts are better than previous
years.
Table 1: Tier-1 Capital (Core Capital) (Amount in million BDT)
Sl. No. Particulars 2008 2007a Paid-up Capital 2245.98 1871.65b Statutory Reserve 823.55 510.39c Retained Earnings 535.91 405.69
Sub Total 3605.44 2787.73
Table 2: Tier-2 Capital (Supplementary Capital) (Amount in million BDT)
Sl. No. Particulars 2008 2007d General Provision 463.48 252.98e Exchange Equalization 0.17 0.17
Sub Total 463.65 253.15 Total Equity 4069.09 3040.88
Figure 3: Equity Composition of 2008
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Chapter 3: Organizational Profile Page | 13
340.06
848.35
1362.57
3040.88
4069.09
0
500
1000
1500
2000
2500
3000
3500
4000
4500
2004 2005 2006 2007 2008
I n M i l l i o n
B D T
Equity Movement from 2004 to 2008
2004 2005 2006 2007 2008
Actual 4.69 8.7 10.39 16.42 13.81
Requirement 9 9 9 10 10
4.69
8.7
10.39
16.42
13.81
99
910
10
0
2
4
6
8
10
12
14
16
18
I n m i l l i o n B D T
Capital Adequecy Position from 2004 to 2008
Actual Requirement
Growth in Adequate Capital: Total equity of the bank as on 31st December of 2007
was BDT 3040.88 million and the total equity stood to BDT 4069.09 million on 31st
December of 2008, which was 13.81% of the risk weighted assets as against the
requirement of 10.00%. Though 2008‘s figure is lower than that of 2007 it is still
higher enough than the required adequate capital.
The core capital was 12.24% of risk weighted assets as on 31st December, 2008
against requirement of 5%.
Growth in Deposit: Total deposit of Shahjalal Islami Bank stood at BDT 36484.24
million as on 31st December, 2008 as against BDT 22618.19 million of 31st December,
2007 registering an increase of BDT 13866.05 million, i.e. 61.31% growth. This was
possible due to superior customer service delivery at the branch level, expansion of
branch network to rural areas where foreign remittance flow is significant. The
deposit mix of the bank as on 31st December, 2008 was as bellow:
Figure 5: Capital Adequacy Position from 2004 to 2008
Figure 4: Equity Movement from 2004 to 2008
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Chapter 3: Organizational Profile Page | 14
9091.66
12204.63
18090.65
22618.18
36484.24
0
5000
10000
15000
20000
25000
30000
35000
40000
2004 2005 2006 2007 2008
I n M i l l i o n B D T
Trend of Deposit from 2004 to 2008
4% 5% 2%
58%
26%
5%
Deposit Mix of 2008
Al-Wadia Current Deposit Mudaraba Savings Deposit Mudaraba Short Notice Deposit
Mudaraba Term Deposit Mudaraba Schemes Deposit Other Deposits
Table 3: Deposit Mix (31st December, 2008)
Sl. No. Nature of Deposit BDT in MillionPercentage of total Deposit
1 Al-Wadia Current Deposit 1266.56 3.47%
2 Mudaraba Savings Deposit 1863.52 5.11%3 Mudaraba Short Notice Deposit 765.11 2.10%4 Mudaraba Term Deposit 21190.16 58.08%5 Mudaraba Schemes Deposit 9426.65 25.84%6 Other Deposits 1972.24 5.40%
Total 36484.24
Figure 6: Deposit Mix of 2008
Figure 7: Trend of Deposit from 2004 to 2008
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Chapter 3: Organizational Profile Page | 15
22.34%
40.17%
16.60%
0.32% 11.31%
1.69%0.51%
7.06%
Investment Portfolio of 2008
Murabaha Bi-muajjal
Hire-purchase & Ijara Investments against LC
Bill Purchased & Discounted Investment against Scheme Deposits
Quard Others
Growth in Investment: Total investment of the bank stood at BDT 32918.77 million
as on 31st December, 2008 as against BDT 20616.61 million of 31st December, 2007
registering an increase of BDT 12302.16 million, i.e. 59.67% growth. The bank is
careful in deployment of the fund. Mode wise investments‘ portfolio as on 31st
December, 2008 is given below:
Table 4: Investments’ Portfolio (31st December, 2008)
Sl.No.
Nature of Investment BDT in MillionPercentage of total Deposit
1 Murabaha 7353.61 22.34%2 Bi-muajjal 13224.94 40.17%3 Hire-purchase & Ijara 5463.44 16.60%4 Investments against LC 106.13 0.32%5 Bill Purchased & Discounted 3721.76 11.31%
6 Investment against Scheme Deposits 557.61 1.69%7 Quard 168.33 0.51%8 Others 2322.95 7.06%
Total 32918.77
Figure 8: Investment Portfolio of 2008
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7148.68
10590.27
15515.79
20616.61
32918.77
0
5000
10000
15000
20000
25000
30000
35000
2004 2005 2006 2007 2008
I n M i l l i o n B D T
Trend of Investment from 2004 to 2008
0
5000
10000
15000
20000
25000
30000
35000
40000
2004 2005 2006 2007 2008
Deposit 9091.66 12204.63 18090.65 22618.18 36484.24
Investment 7148.68 10590.27 15515.79 20616.61 32918.77
I n M i l l i o n B D T
Deposit & Investment Growth
Growth in Operating Profit: As of 31st December, 2008; during the year the bank
earned an amount of BDT 5285.39 million and spent an amount of BDT 3475.59
million, resulting a total operating profit of BDT 1809.80 million which increased by
494.79 million over last year. From the operating profit of BDT 145.00 million kept
provision for investment, BDT 70.50 million provision kept for off-balance sheets,
BDT 27.50 million provision kept for investment in securities, BDT 1.00 million
provision kept for other assets and then profit before taxes stood total 1565.80
million and deducting income taxes of BDT 748.09 million, net profit after taxationstood at BDT 817.71 million. As appropriation of net profit BDT 313.16 million was
Figure 9: Trend of Investment from 2004 to 2008
Figure 10: Deposit & Investment Growth
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0
1000
2000
3000
4000
5000
6000
2006 2007 2008
Income 2563.64 3588.84 5285.39
Expenditure& Loss 1718.57 2273.83 3475.59
Operating Profit 845.07 1315.01 1809.8
I n M i l l i o n
B D T
Operaring Results
transferred to statutory reserve as per Bank Company Act. 1991 and remaining BDT
504.55 million was transferred to retained earnings.
A summary of operating result of the bank as on December, 2008 vis-à-vis the
position of December, 2007 is shown below:
Table 5: Operating results of the year 2008 & 2007 (Amount in million BDT)
Particulars 2008 2007 Total Income 5285.39 3588Less: Total Expenditure 3475.59 2273.83Net Profit before Provision & Taxation 1809.80 1315.01Less: Provisions 244.00 98.70Net Profit before Taxation 1565.80 1216.31Less: Provision for Taxation 748.09 569.32
Net Profit 817.71 646.99 Appropriation:Statutory Reserve 313.16 243.26Retained Earnings 504.55 403.73
Growth in Branch Network: The bank has been operating with a network of 43
branches1 all over the country. In the year 2008 the bank has opened 7 (seven) new
branches. And till now of 2009 it has already opened 10 (nine) branches. 6 (seven)
more branches2 are going to be opened at 2009. 5 (five) more SME centers and 8
(eight) branches of brokerage house will soon be opened in Dhaka and other
important business locations of our country.
1 See ―Appendix- A: Operating Branches of SJIBL ‖ 2 See ―Appendix-B: Branches going to open in rest of the 2009 ‖
Figure 11: Operating Results from 2006 to 2008
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Chapter 3: Organizational Profile Page | 18
12
16
2126
33
49
43
0
10
20
30
40
50
60
2004 2005 2006 2007 2008 2009
Number of Branches
Projected no. of Branches Opened no. of Branches
283
340
377
555
878
0
100
200
300
400
500
600
700
800
900
1000
2004 2005 2006 2007 2008
Manpower Position
Manpower Position
Growth in Human Resources: The bank always laid emphasis on human resources
and its development. The bank believes in the factor that the bank‘s survival is closely
interlinked with the quality of service and satisfaction of the client that directly
depends on qualification and efficiency of the employees. With this objective in view,
the bank excels the performance of its member of the staff by creating opportunities
through providing proper training, rewards and recognition. To attract and retain
qualified and efficient staff, the bank has formulated a number of well thought
policies for the welfare of its employees, in the form of gratuity fund, social security
fund, employees‘ house building investment scheme, employees‘ car financing
scheme, benevolent fund & employees‘ house furniture allowance, etc. Total number
of manpower of the bank stood at 878 on 31 st December, 2008 as against 555 of 31st
December, 2007.
Figure 12: Number of Branches
Figure 13: Manpower Position from 2004 to 2008
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3.10. Corporate Social Responsibility (CSR)
As an Islamic bank & body corporate, Shahjalal Islami Bank is quite conscious of its
social responsibility. Having due regards to this the bank has already formed Shahjalal
Islami Bank Foundation with the aim to serve humanity through different welfare
activities giving emphasis on Health, Habitat & Education.
Education: The bank‘s foundation has planned to establish Shahjalal Islami Bank
International School & College. It may further be mentioned here that the bank has
declared permanent education award for the students who secure first, second & third
place in MBA Examination with Islamic Economics and Banking as one of the
subject under the department of Banking of the University of Dhaka. Besides, the
bank has started its scheme of awarding Scholarship to poor but meritorious students
with outstanding result in Secondary School Certificate (SSC) and Higher Secondary
Certificate (HSC) Examinations for pursuing their higher studies on a regular basis. The bank is also offering investment scheme for education.
Health: The Bank has a plan to establish Shahjalal Islami Bank Hospital. In various
disasters like flood, tornado, etc. bank has come forward with relief for the affected
people. Besides, for this purpose bank has donated BDT 4.0 million to Prime
Minister‘s Relief Fund and has also donated BDT 2.0 million to Army‘s Relief Fund.
Rural Development: Through the rural branches of the bank, Shahjalal Islami Bank
Ltd. is conducting Rural Investment Program (RIP). Under this program the bank is
giving loans in agro processing and in setting up agro-based industry in the rural area.
The bank is providing more and more SME loans for generating more and more
employment opportunity, ensuring higher income of people and high living standard.
Shahjalal Islami Bank is offering various investment schemes which are very much
appropriate for individuals, doctors, engineers, and other salaried people. More and
more welfare activities and Institutional Development Programs are planned to be
performed by the bank and its foundation in future in a view to serve the country‘s
people.
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3.11. Products
3.11.1. Deposit Accounts
a. Al-Wadiah Current Deposit Accounts (ACD)
Minimum amount for Current Deposit Account: Al-wadiah current depositaccounts shall be opened with a minimum of BDT 5,000/ which is also the
minimum balance required to be maintained by the Account holder.
Payment on Accounts demand: Funds in the Al-wadiah current deposit are
payable on demand and the Bank guarantees repayment of such funds in full,
less the bank charges, if any in accordance with normal banking traditions,
during the banking hours.
No Profit: No profit on Al-wadiah current deposit Account balances is
allowed and the Bank at its own discretion uses the funds of Al-wadiah current
deposit accounts without any risk to the account holder.
b. Mudaraba Saving Deposit Accounts (MSD)
Payment on Accounts demand: Funds in the mudaraba savings deposit are
payable on demand and the bank guarantees repayment of such funds in full,
less the bank charges, if any in accordance with normal banking traditions,
during the banking hours.
Rate of Profit: Mudaraba savings deposit accountholder get a specific rate of
mark-up profit against their balance in that account. Now the profit rate is 4%.
c. Mudaraba Short Notice Deposit Accounts (MSND):
Period of Notice:
o The deposits held in these accounts shall be payable on short notice
period but the notice must not be less than 7 days.
o The deposits may be accepted for the period and rates of profit are fixed
by head office from time to time.
Profit shall be paid only for each day held, but profit on notice
period will be forfeited; if withdrawn without notice.
Profit on MSND account shall be applied on yearly basis (i.e.
December each year).
d. Mudaraba Term Deposit Accounts (MTD)
Amount & the Period of Mudaraba Term Deposit:
o Mudaraba Term Deposit Account shall be opened for a fixed period
varying from 90 days, 180 days, 360 days or above and are payable at a
fixed date of maturity.
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o Mudaraba Term Deposit Accounts can be opened with a minimum
deposit of BDT 2,000.
Rate of Profit: Profit on Mudaraba Term Deposit Account shall be at rates
fixed by Head office from time to time depending on their period of maturity.
Deposit of Longer duration naturally earns higher return at higher weightage.Profit on Mudaraba Term Deposit Account shall be payable at maturity of the
deposits. The customers will have the option of withdrawing profit
accumulated at maturity or on half yearly basis or may leave the profit with the
principal.
Separate Contract:
o Each time a Mudaraba Term Deposit Account is opened it shall be
considered as a separate contract and various deposits in the name of
the same depositor or in the name of the members of the same family shall not be treated as one deposit.
o The depositors of this category also give their explicit consent in
writing, through acceptance of rules, appearing on reverse of AOF,
governing such deposit to the Bank to invest the same in any business it
deems fit according to the principles of Islamic Shariah.
Various Kinds of Accounts: Branches may open any of the following kinds of
accounts under above types:
Accounts of Individuals
Joint Accounts
Proprietary Concerns
Partnership Concerns
Accounts of Public Limited Companies/Corporations/ Autonomous bodies
Accounts of Private Limited Companies
Trust Accounts
Accounts of Liquidators
Accounts of Societies, Associations, Clubs
Accounts of Local Authorities. etc.
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3.11.2. Deposit Schemes
The name of the SJIBL deposit schemes are mentioned below:
Mudaraba Monthly Income Scheme
Mudaraba Double Money Scheme Mudaraba Monthly Deposit Scheme
Mudaraba Millionaire Scheme
Mudaraba Haji Deposit Scheme
Mudaraba Housing Deposit Scheme
Mudaraba Small Business Scheme
Mudaraba Cash Waqf Deposit Scheme
Mudaraba Lakhopoti Deposit Scheme
Mudaraba Bibaho Deposit Scheme
Mudaraba Mohor Deposit Scheme
Mudaraba Sikhkha Deposit Scheme
Mudaraba Special Term Deposit Scheme
3.11.3. Investment Schemes
a. Small Business Investment Scheme
Target groups:
Small Businessmen like Wholesaler, Retailer, Small Manufacturer/Producer and
Trader etc.
Self-Employed Person like Doctors/Engineers/Professionals etc.
Small & Cottage Industries.
Other existing & new small business, micro & small industries and commerce.
Mode of Investment: There are four modes of investment under small business
investment scheme. These are:
a.
Hire Purchase under Shirkatul Meelk (HPSM)b. Lease/Ijara
c. Bai-Muajjal-Commercial-TR
d. Bai-Muajjal (Term)
Ceiling of Investment: The amount of investment shall be BDT 50,000 to BDT
5,00,000 (BDT fifty thousand to BDT five lac). Maximum ceiling of the investment
will be BDT 3,00,000 (BDT three lac) only for any region other than Dhaka &
Chittagong Metropolitan Area. However, investment may be extended beyond the
ceiling at the discretion of the Management. Bank investment-Client equity ratio
where applicable shall be 60:40.
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Tenure of Investment
In case of HPSM, Lease and Bai-Muajjal (Term) : Maximum tenure will be
3 years i.e. 36 months (a period of 3 months may be allowed as grace period to
the deserving client)
In case of Bai-Muajjal-Commercial-TR: Maximum tenure will be 1 year i.e.
12 months and renewable on satisfactory performance.
Rate of Profit/Rent: Rate of profit/rent is 15.00% p.a.
Fees and Charge: Application fee of BDT 100 (non refundable) and processing fee
of BDT 500 (non refundable). Supervision charge will be @ 2.00% per annum.
Risk Fund: Risk fund will be @ 1.00% per annum.
Security: Both general & specific securities are maintained. These are as follows-
General Security for each case
o Hypothecation of Stock/Equipments
o The stock/equipments should be duly and properly insured to cover the
risks of probable hazards
o 01 (one) post dated master cheque in favor of SJIBL covering the
investment
o Post dated cheque against each installment/ deal
o Trust Receipt(s) duly executed by the Client along with delivery order(s)
for each deal (in case of BMTR)o Personal guarantee of the client, spouse and adult son(s) & daughter(s),
if any of the client
Specific Security for the investment not exceeding BDT 2,00,000 :
Personal guarantee from two persons having good financial means & standing
and acceptable to the Bank
Specific Security for the investment exceeding BDT 2,00,000 : Registered
mortgage of immovable property owned by the client(s) or by a third party
acceptable to the bank having-
o
Forced sale value of double the amount of investment under the Bai-
Muajjal-Commercial-TR facility
o In case of HPSM, Lease and Bai-Muajjal (Term) investment, forced sale
value of collateral security should not be less than 1.50 times of the
Bank‘s investment.
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b. Household Durables Investment Scheme
Purpose
Facilitate investment to purchase household durables to the different low &
medium income honest businessman/professionals.
Socio-economic improvement of the country through improvement of life
style of the low & medium income people
Target groups
Government Organizations
Semi-Government & Autonomous Organizations
Different Corporations
Multi-national Companies
Different local renowned Non-governmental Organizations Different Banks and Financial Institutions (Including Shahjalal Islami Bank
Ltd.)
Different Insurance Companies
Different renowned University, College, School & Madrasha besides
Government University, College, School & Madrasha
The persons serving in Military and Paramilitary
Acceptable persons to the Bank's Management
Genuine businessman having valid Trade license, VAT certificate, TINcertificate and Monthly Income evidenced by relevant documents may be
included as client
Note
In case of service holder minimum service length requirement is 3 years which
may be relaxed for the client having banking service
In case of businessmen minimum business experience requirement is 5 yearsthat may be relaxed on special consideration
Ceiling of Investment Maximum ceiling of the investment will be BDT 5.00 lac per client
Size of the investment will be fixed as such the monthly installment against theinvestment would not exceed 25% of client‘s monthly salary/income
Basic Features
Mode of Investment: Hire Purchase under Shirkatul Meelk / Hire Purchase.
Period of Investment : Maximum 05 (five) years
Client's Equity: Minimum 25%.
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Profit & Charges: Profit rate is 16% p.a. Service charge is 1.00% p.a. onapproved limit to be realized upfront and risk fund is 1.00% to be realized atthe time of disbursement.
Repayment Procedure: Monthly instalment basis.
Securities:o The ownership of the item(s) shall be in the name of the Bank o One post dated master cheque, covering the facility amount (with profit)o Post-dated cheques against each monthly installmento Personal guarantee from two persons having good financial means &
standing and acceptable to the Bank
c. Car Purchase Investment SchemeMaintaining a car now-a-days is no more a luxury, but an essential part of daily
working life to add speed to its performance and taking this as view Shahjalal Islami
Bank has introduced Car Purchase Investment Scheme. Brand new or reconditioned
private car, microbus & jeep can be purchased under this scheme.
Eligibility
Age between 20 to 55 years
Worthy businessman having trade license, VAT certificate and TIN
Professionals like Physicians, Engineers, etc.
Permanent employees of-o Govt., Semi Govt. and Autonomous Bodies
o
Banks and financial institutionso Senior teachers of University, Govt. School, College and Madrashao Executives/Officers of Multinational Companies and renowned NGOs
Ceiling: Maximum BDT 40.00 lac for brand new car and maximum BDT 30.00 lacfor reconditioned car.
Period: Maximum 5 years for brand new car and maximum 4 years for reconditionedcar.
Down payment: Minimum 10 % for brand new car and minimum 20 % forreconditioned car.
Profit Rate: Most competitive in the market.
Special Feature: Registration cost and comprehensive insurance cost can be includedin the total cost. 1% rebate, if all the installments are paid in due time.
d. CNG Conversion Investment
CNG conversion of vehicle fuel system offers low fuel cost and save money. Shahjalal
Islami Bank‘s CNG conversion investment scheme offers loan while anyone needs
money for this purpose.
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Eligibility
Any permanent salaried executives of Corporate Houses, Renowned PrivateCompanies, Banks, NBFI, Multi National Company(s), Renowned NGOs,Government Office, Semi-Government and Autonomous Bodies
Self-employed persons like Doctors, Engineers, Charted Accountants, etc. Worthy businessman having trade license, VAT certificate and TIN
Ceiling: BDT 40,000 to BDT 1,00,000.
Period: Maximum 18 months.
Profit Rate: Most competitive in the market.
S pecial Feature: No down payment requires.
e. Overseas Employment Investment SchemeOverseas employment investment scheme is for people who are keen to go abroad
and wish to contribute our country by sending money in the form of remittance. Thisscheme ensures the cost of passage.
Any Bangladeshi Citizen intends to go abroad with employment under genuine work
permit Visa is considered as eligible person. The client who wants to avail this facility
must maintain F/c Account with the bank till full adjustment of the facility. Besides
no margin is required and partial adjustment or Full Pre-payment of liability at any
time is allowed without any early settlement charge.
Investment Amount: Maximum BDT3,00,000
Period: Maximum 36 months with 02 (two) months moratorium period
Age: 18 years to 45 years
Repayment Mode: Equal monthly installments
Profit Rate: 14% per annum
f. Investment Scheme for Doctors To set up or renovate your Chamber, Clinic or Diagnostic Center with necessary
medical Equipments or to purchase personal necessary medical Equipments this
scheme is offered to the doctors. Bangladeshi salaried or a self employed Doctor
having at least 2(two) years professional experience is considered as eligible person.Here partial adjustment or full pre-payment of liability at any time allowed without
any early settlement charge.
Investment Ceiling: Maximum BDT5,00,000 for general doctors andmaximum BDT 1 0,00,000 for specialist doctors
Period: Maximum 60 months
Age: 25 to 60 years
Repayment Mode: Equal monthly installments
Profit Rate: The most competitive within doctors‘ reach
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g. Investment Scheme for Executives Any Bangladeshi salaried executives of Corporate Houses, Banks, NBFI, Multi
National Company(s), Government Office & Semi-Government Office can avail this
facility. Under this scheme salary A/c & end service benefit will be under lien till full
adjustment of the liability and partial adjustment or full pre-payment of liability at any time allowed without any early settlement charge.
Investment Amount: Maximum BDT10,00,000
Period: Maximum 36 months
Age: 22 years to 60 years
Repayment Mode: Equal monthly installments
Profit Rate: The most competitive within executives‘ reach
h. Investment Scheme for Marriage Any Bangladeshi salaried or a self employed person having 2 (Two) years professional
experience can avail this facility. Partial adjustment or full pre-payment of liability at
any time allowed without any early settlement charge.
Investment Amount: Maximum BDT3,00,000
Period: Maximum 48 months
Age: 25 years to 60 years
Repayment Mode: Equal monthly installments
Profit Rate: The most competitive within one‘s reach
i. Investment Scheme for Education Any Bangladeshi credit worthy salaried or a self-employed person can avail this facility
for their Children to pay the tuition fees, to pay the hostel fees, to meet travel
expenses or to purchase computer, books etc. Student file must be maintained with
Shahjalal Islami Bank Ltd. Partial adjustment or full pre-payment of liability at any
time allowed without any early settlement charge.
Investment Amount: In Bangladesh investment amount is maximum BDT7,00,000 and in abroad investment amount is maximum BDT 15,00,000
Period: Maximum 60 months
Margin: In Bangladesh 10% margin and in abroad 20% margin
Repayment Mode: Equal monthly installments
Profit Rate: 14% per annum
j. Housing Investment Scheme
To make housing facility easier to middle income group people of various professions
Shahjalal Islami Bank has introduced this scheme. Any Bangladeshi person who is
below 65 years of age who is an existing dependable client of the bank or engaged in
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one of the following professions will be considered as eligible person primarily for
this scheme:
Any martial employee performing job
Full time teacher of college or university
Related degree holder doctor, engineer & other established professionals
Wage earners
Regular employee of any government organization, semi-government
organization, reputed private organization, multinational company,
donor agency or well reputed public limited company.
Investment Ceiling: Investment ceiling will be determined by considering the
repayment power of the client, but this will not cross BDT 7.5 million.
Period: From 1 year to 20 years.
Profit Rate: Profit rate will be fixed by the bank and client will get 1% rebate
for regular and timely payment of installment.
Investment Mode: Higher purchase under Shirkatul Melk.
Repayment Mode: By equal monthly installment.
Securities/ Collateral: Building with land, apartment/ flat, other supportive
securities that will provide help in granting investment.
k. SME Investment Products
i. Prottasha for Small Enterprises: Shahjalal Islami Bank Limited (SJIBL) is
firmly committed to implement and materialize the economic and financial
principles of Islam in the Banking Arena. The very essence of Islamic mode of
banking is to remove the disparity through establishing equity justice in trade,
commerce and industry sector, creating opportunities for employment,
boosting up income generation which ultimately helps alleviation of poverty
from the society. Keeping the view and as an active contributor in the
economic growth of Bangladesh, Shahjalal Islami Bank Ltd. has initiated SME
Investment throughout the country.ii. Prottasha for Women Entrepreneur: It is well-known that women's
empowerment and economic development go hand-in-hand. Now-a-days
Women Entrepreneurs are receiving greater attention from policymakers and
experts in developed and developing countries. In our country, Women
Entrepreneurs are also encouraged to contribute to the national economy
through establishing and expanding small & medium enterprises all over the
country. Shahjalal Islami Bank Limited (SJIBL) is extending investment to
Women Entrepreneurs for their business all over the country through its Small
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& Medium Enterprise (SME) Investment program on easy terms and
conditions.
Target group: For both above investment products target group is as follows:
Small sized Trading, Manufacturing and Service oriented business
Small Agro-based industries and non-firm business
Purpose:
To meet Working Capital requirements of an existing business
To purchase fixed assets for an existing business except land and
building
Investment Ceiling: In case of Prottasha for Small Enterprises minimum
investment ceiling is BDT 0.2 million and maximum ceiling is BDT 3.0 million.
On the other hand in Prottasha for Women Entrepreneur minimum
investment ceiling is BDT 0.2 million and maximum ceiling is BDT 1.5 million. Tenor: Minimum 12 months and maximum 36 months
Repayment: By easy monthly installment
Profit Rate: Most competitive in the market
Security:
Personal guarantee
Collateral security (case to case)
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3.12. Services
3.12.1. Online Banking Services To provide better services to the valued customers using the latest technology and
electronic media competing with other private banks to set and establish full
automated, online, centralized banking systems interfacing (connecting software) with
all delivery channels like: ATMs, POS, etc. Online banking/ any branch banking is a
system where transactions, query and statements of any client of a branch may be
carried out from another branch of the bank.
3.12.2. SJIBL VISA Card Services Card is considered as a new dimension of product resulting
from technological development in the banking arena. In line
with our affiliation with VISA International for VISA ATMs
and POS, the following two products are launched broadening
service products of the Bank to the clients:
a. VISA Electron (SJIBL VISA Debit Card - local)
b. VISA Prepaid (SJIBL VISA Prepaid Card)
i. SJIBL VISA Prepaid (Prepaid Card – Local)
ii. SJIBL VISA Prepaid (Prepaid Card – International)
iii. SJIBL VISA Prepaid (Prepaid Card – Dual)
iv.
SJIBL Souvenir Card (Gift Card – Local)
SJIBL VISA Debit Card: To a customer, "My card, my money" concept is used for
Debit Card. Any accountholder of SJIBL can apply for a SJIBL VISA Debit Card
against his/her Al-Wadiah Current Deposit (AWCD), Mudaraba Savings Deposit
(MSD) or Mudaraba Short Notice Deposit (MSND) Account. He/she is fully
authorized to enjoy the benefits of cash withdrawal from ATMs, liberty of shopping,
dining, paying utility bills and having access account information through SMS, etc.
round the clock.
SJIBL VISA Prepaid Card (Local): SJIBL VISA Prepaid Local Cards are open to
the customers even having no account with Shahjalal Islami Bank Limited.
Cardholders can have the card against prepayment and have access from anywhere in
Bangladesh. SJIBL VISA Prepaid Local Cards are accepted locally at all VISA labeled
merchant outlets, ATMs, etc.
SJIBL VISA Prepaid Card (International): SJIBL VISA Prepaid International
Cards are also open to the customers even having no account with Shahjalal Islami
Bank Limited. Cardholders can have the card endorsing US Dollar paying against
Travel Quota, Exporters Retention Quota or marking Lien of his/her FC Account.
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SJIBL VISA Prepaid International Cards are accepted worldwide at all VISA labeled
merchant outlets, ATMs, etc.
SJIBL VISA Prepaid Card (Dual): SJIBL Souvenir Card is attractive and stylish
product by its feature. Like a Gift Card, SJIBL Souvenir Card can be used by anyone
wishes to. The intending customer may have the card instantly or may customize the
card as required. The SJIBL Souvenir Cards are accepted locally at all VISA labeled
merchant outlets, ATMs, etc.
Features of SJIBL VISA Card: Features of SJIBL VISA Cards are as follows:
24/7 banking hour
Directly linked to Cardholders Account at SJIBL (AWCD/MSD/MSND)
Convenient Cash Withdrawal at ATMs
Accepted at all VISA terminals locally & globally Local & International transactions with the same card (for Dual Cards)
Balance Inquiry
Mini Statement
PIN Change
No Cash Advance Fee at SJIBL ATMs
1 (one) free supplementary card
Account is not required for Prepaid cards
SMS Notification Service SJIBL VISA Card can be used at Q-Cash, DBBL, BRAC Bank and all VISA
labeled ATMs in Bangladesh
Shopping at a large number of Q-cash POS terminals around Bangladesh
Payment of utility bills
Has usage limit3
3.12.3. SMS/Push Pull Services This automated SMS/Push Pull can be reached 24 hours a day, 7 days a week. The
following services and information clients can get through SMS/Push Pull Service of
SJIBL:
Balance inquiry
Cheque book requisition
Cheque leaf status
FC Rate information
3 See ―Appendix C‖
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Cheque stop payment instruction
Statement request by courier/ post
Statement request by E-mail
Last three transactions‘ statement
Help Inquiry
PIN change
3.12.4. Foreign Remittance Services 3.12.4.1. Western Union: Western Union Financial Services Inc. U.S.A. is the
number one and reliable money transfer company in
the world. This modern Electronic Technology based
money transfer company has earned worldwide
reputation in transferring money from one country to another country within the
shortest possible time. It has over 3,45,000 agent locations across 200 countries and
territories.
Shahjalal Islami Bank Limited has set up a Representation Agreement with Western
Union Financial Services Inc. U.S.A. Millions of people have confidence on Western
Union for sending money to their friends and family. Through Western Union Money
Transfer Service, Bangladeshi Wage Earners can send money quickly from over
3,45,000 Western Union Agent Locations in over 200 countries and territories
worldwide- the world‘s largest network of its kind, only by visiting any branches of Shahjalal Islami Bank Limited in Bangladesh.
Western Union money transfer is reliable because each transfer can be tracked
electronically and money can be received within a minute of sending from the foreign
country just by filling a simple form. No bank account is required. Only MTCN is
needed.
3.12.4.2. Kushiara: Kushiara Money Transfer‘s a definition of safety and reliability
and a popular Money Transfer Company in United Kingdom (U.K.). It has 200 agentlocations all over UK. Kushiara offers
―Instant Cash‖ next day collection from
Bank counter at most cities in Bangladesh
and "Quick Credit" to beneficiary‘s account in all over the Bangladesh. Transfer of
money is processed after the remittance request and the bank posts the customers‘
copy of the remittance form to customers‘ given address after the fund are cleared.
The usual times for clearing of cheques require 3-5 working days. The Remittance
Form can be downloaded from the website: www.kushiara.net .
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Proof of name & address of remitter is required in case of transaction over equivalent
Euro 1000 under the Government anti money laundering regulations. All transactions
are authorized under the money laundering regulation. Kushiara has all necessary
licenses to carry out the financial service business it offers.
3.12.4.3. SWIFT: Shahjalal Islami Bank Limited is a member of the Society for
Worldwide Inter Bank Financial Telecommunication (in
abbreviation S.W.I.F.T.) SWIFT is the industry-owned co-
operative supplying secure, standardized messaging services and
interface software to nearly 8,300 financial institutions in 208
countries and territories. SWIFT members include banks, broker-
dealers and investment managers. The broader SWIFT community also encompasses
corporate as well as market infrastructures in payments, securities, treasury and trade.SJIBL SWIFT codes are given at ―Appendix D‖.
3.12.5. Capital Market Services Shahjalal Islami Bank commenced its Brokerage House operation in the year 2008
through a separate division named ‗Capital Market Service Division‘ (CMSD). CMSD
provides BO Account facility and margin facility to its customers to invest in the
secondary markets. Diversified products with different category of investment ceiling
and other value added services are also available for customers. The customers were
also provided with assisted services facilities on the basis of published informationand accounts. The division managed portfolio value of more than 833 million under
margin accounts. As a result, profitability of CMSD shown significant positive trend
during 2008. Divisional contribution was 2.21% percent to total operating profit
before Provision and taxes of the Bank. The Bank has established a well decorated
and highly technology based trading facilities for the connivance of the customers.
3.12.6. SME Services Shahjalal Islami Bank Ltd. provides small & medium enterprises SME services
through its eight SME service centers. These are as follows:
Kamal Bazar SME Service Center, Chittagong
Shafipur SME Service Center, Gazipur
Jatrabari SME Service Center, Dhaka
Elephant Road SME Service Center, Dhaka
Mirpur-1 SME Service Center, Dhaka
Islampur SME Service Center
New Eskaton SME Service Center, Dhaka Shariatpur SME Service Center, Shariatpur
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3.12.7. Other Services Shahjalal Islami Bank Ltd. also serves customers by colleting bills & charges through
all of its branches. Grameenphone subscribers can to pay their bills, advances, security
deposit and other related charges through all branches of Shahjalal Islami Bank Limited. Electricity bill is also collected throughout the branches of Shahjalal Islami
Bank Ltd.
3.13. Performance of the Bank (Ratings)
3.13.1. Credit RatingCredit rating of the bank was performed by Credit Rating and Information Services
Limited (CRISL). In their report ( Report: RR/253/09 ) of April 2009, they rated the
bank as AA- (double A minus) for long term and ST-2 for short term. The gradationin long term rating has been done in consideration of its good capital adequacy,
appropriate asset quality, increased non-funded business and sound liquidity position.
The short term rating indicates high certainty of timely repayments of financial
obligations. Risk factors are very small. The long term rating is valid for only one year
and the short term rating is for six months.
CRISL also viewed the bank with ‗Stable Outlook‘ in consideration of its overall
performance, improvement in asset quality, growth in investment and deposits.
The capital adequacy of SJIBL stood at 13.81% at the end of FY 2008 against
regulatory requirement of 10%. The asset quality of the bank has improved and at the
end of FY2008 non-performing asset stood at only 0.44%. During FY 2008, the
deposit mobilization had significant growth of 61.30% and stood at BDT 36,484.24
million. This augmented investment growth by 59.67% as well as asset growth by
59.51% in FY 2008. The equity growth during FY 2008 was 29.33%, supported by
after-tax profit growth of 26.39%. The financial performance of the bank was good
and almost stable in FY 2008 compared to previous year‘s performance. During FY
2008, the bank has shown outstanding growth in non-funded business; doing better inall area of export, import and inward remittance. SJIBL has been maintaining
satisfactory liquidity and its short term and long term liabilities (up to five years) are
also backed by adequate volume of assets. The bank maintained a surplus amount of
provisions against its non-performing investment (NPI), to cover risk in future. The
NPI coverage ratio stood at 325.06% at the end of FY 2008.
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Table 6: Credit Rating Result from 2006 to 2008
Long Term Short TermSurveillance Rating-2008 AA- ST-2Surveillance Rating-2007 A+ ST-2
Surveillance Rating-2006 A ST-2Outlook StableDate of Rating Declaration April 25, 2009
3.13.2. CAMELS Rating
Central bank, the regulatory authority of country‘s banking sector rate the positions of different banks based on their performances using the ―CAMELS‖ rating system
which is a supervisory rating of the bank's overall condition. There are six
components of a bank's condition that are assessed under this system: capital
adequacy, asset quality, management, earnings, liquidity and sensitivity to market risk.
So, the ―CAMELS‖ rating gives an overall view to a bank‘s performance.
CAMELS rating published this year based on the performance of the banks during
2008 rates Shahjalal Islami Bank Ltd. as ―Strong or A-class Bank‖. Last year also this
bank was rates as ―Strong or A-class Bank‖. This shows that Shahjalal Islami Bank Ltd. is performing consistently well.
Figure 15: Short Term Credit Rating of SJIBLfrom 2006 to 2008
Figure 14: Long Term Credit Rating of SJIBL from 2006 to 2008
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Chapter 4: Assessing Customer Satisfaction of SJIBL
4.1. Literature Review
Superior service quality is widely acknowledged as a driver of perceived value, which,
in turn, will enhance customer loyalty (Parasuraman and Grewal, 2000) and improvethe provider‘s image, sales and profitability (Buzzell and Gale, 1987; Gummesson,
1993).
Because satisfaction is basically a psychological state, care should be taken in the
effort of quantitative measurement, although a large quantity of research in this area
has recently been developed. Work done by Berry, Brodeur between 1990 and 1998
defined ten 'Quality Values' which influence satisfaction behavior, further expanded
by Berry in 2002 and known as the ten domains of satisfaction. These ten domains of
satisfaction include: Quality, Value, Timeliness, Efficiency, Ease of Access,
Environment, Interdepartmental Teamwork, Front line Service Behaviors,
Commitment to the Customer and Innovation. These factors are emphasized for
continuous improvement and organizational change measurement and are most often
utilized to develop the architecture for satisfaction measurement as an integrated
model. Work done by Parasuraman, Zeithaml and Berry between 1985 and 1988
provides the basis for the measurement of customer satisfaction with a service by
using the gap between the customer's expectation of performance and their perceived
experience of performance. This provides the measurer with a satisfaction "gap"
which is objective and quantitative in nature. Work done by Cronin and Taylorpropose the "confirmation/disconfirmation" theory of combining the "gap" described
by Parasuraman, Zeithaml and Berry as two different measures (perception and
expectation of performance) into a single measurement of performance according to
expectation. According to Garbrand, customer satisfaction equals perception of
performance divided by expectation of performance.
4.1.1. Definition of Customer
The word derives from "custom," meaning "habit"; a customer was someone whofrequented a particular shop, who made it a habit to purchase goods of the sort the
shop sold there rather than elsewhere, and with whom the shopkeeper had to
maintain a relationship to keep his or her "custom," meaning expected purchases in
the future.
A customer, also called client, buyer, or purchaser, is usually used to refer to a
current or potential buyer or user of the products of an individual or organization,
called the supplier, seller, or vendor. This is typically through purchasing or renting
goods or services.
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The word ―customer‖ has neither been defined by the Negotiable Instrument nor by
any other law. So, in the field of banking it is not cleared yet. According to Paget the
following characteristics will be present:
a. There must be recognizable course or habit of dealing between the customer
and a bank.b. Dealing between him and the bank must be in the nature of regular banking
business.
The Kerala high court in the case of Central Bank of India Limited, Bombay vs.
Gopinathan Nair and others (1970) said, ―Broadly speaking, a customer is a person
who has the habit of resorting to the same place or person to do business so far as the
banking transactions are concerned. He is a person whose money has been accepted
on the footing that the banker will honour his cheques up to the amount standing to
his credit irrespective of his connection being of short or long standing‖ In this study the ―customer‖ means those persons who have at least one active
account of any kind at Shahjalal Islami Bank Limited (Keraniganj Branch).
4.1.2. Definition of Satisfaction
Satisfaction is ―the contentment one feels when one has fulfilled a desire, need, or
expectation; "the chef tasted the sauce with great satisfaction". Here in the study
customers agreement (agree & strongly agree) with the survey ‘s statements will
indicate their satisfaction.
4.1.3. Definition of Customer Satisfaction
Customer satisfaction, a business term, is a measure of how products and services
supplied by a company meet or surpass customer expectation. It is seen as a key
performance indicator within business and is part of the four perspectives of a
Balanced Scorecard. In a competitive marketplace where businesses compete for
customers, customer satisfaction is seen as a key differentiator and increasingly has
become a key element of business strategy In this study customer satisfaction will be treated as at well level if it has CSI score of
4 or more when overall weighted satisfaction will be measured.
4.1.4. Why to Measure Customer Satisfaction
With the phenomenal increase in the country's population and the increased demand
for banking services; speed, service quality and customer satisfaction are going to be
key differentiators for each bank's future success. Thus it is imperative for banks to
get useful feedback on their actual response time and customer service quality aspects
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of retail banking, which in turn will help them take positive steps to maintain a
competitive edge.
Organizations are increasingly interested in retaining existing customers while
targeting non-customers; measuring customer satisfaction provides an indication of
how successful the organization is at providing products and/or services to the
marketplace.
Lord William Thomson Kelvin (1824-1907) said, "If you cannot measure it, you cannot
improve it." So to improve customer satisfaction level, measurement of customer
satisfaction is must.
Satisfied customers are central to optimal performance and financial returns. In many
places in the world, business organizations have been elevating the role of the
customer to that of a key stakeholder over the past twenty years. Customers are
viewed as a group whose satisfaction with the enterprise must be incorporated in
strategic planning efforts. Forward-looking companies are finding value in directly
measuring and tracking customer satisfaction (CS) as an important strategic success
indicator. Evidence is mounting that placing a high priority on CS is critical to
improved organizational performance in a global marketplace.
With better understanding of customers' perceptions, companies can determine the
actions required to meet the customers' needs. They can identify their own strengths
and weaknesses, where they stand in comparison to their competitors, chart out path
future progress and improvement. Customer satisfaction measurement helps to
promote an increased focus on customer outcomes and stimulate improvements in
the work practices and processes used within the company.
When buyers are powerful, the health and strength of the company's relationship with
its customers – its most critical economic asset – is its best predictor of the future.
Assets on the balance sheet – basically assets of production – are good predictors only
when buyers are weak. So it is no wonder that the relationship between those assets
and future income is becoming more and more tenuous. As buyers become
empowered, sellers have no choice but to adapt. Focusing on competition has itsplace, but with buyer power on the rise, it is more important to pay attention to the
customer.
Requirement of ISO 9000:2000
Measurement of Customer Satisfaction is a new significant addition to the new
ISO9000: 2000 standard. Organizations certified to this standard are now required to
identify parameters that cause customer satisfaction or dissatisfaction and consciously
measure them.
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Clause 8.2.1 in ISO 9000: 2000 states: "As one of the measurements of the
performance of the Quality Management System, the organizations shall monitor
information relating to customer perception as to whether the organization has met
customer requirements. The methods for obtaining and using this information shall
be determined."
The requirement has been there in the QS 9000 standard clause 4.1.6 which says: "...
Trends in customer satisfaction and key indicators of customer dissatisfaction shall be
documented and supported by objective information. These trends shall be compared
to those of competitors, or appropriate benchmarks, and reviewed by senior
management."
4.2. Process used in Assessing Customer Satisfaction Level of SJIBL
(Keraniganj Branch)
4.2.1. The Customer Satisfaction Measurement Model
There are various models that are used in measuring the level of customers‘
satisfaction4.
I have calculated the Customer Satisfaction Index (CSI) . Because, it looks pretty
smarter as it shows the satisfaction level as one number and this measure model
considers various parameters and this is easy to calculate.
The Customer Satisfaction Index represents the overall satisfaction level of thatcustomer as one number, usually as a percentage. Plotting this Satisfaction Index of
the customer against a time scale shows exactly how well the supplier is accomplishing
the task of customer satisfaction over a period of time.
4.2.2. The Questionnaire/ Instrument
I have followed the process of face to face interview in measuring the customers‘
satisfaction level. Because, it was convenient for me as I have passed much time at the
bank during my internee program. The information collection was performed by
using RATER or SERVQUAL Instrument .
In the mid eighties, Parasuraman, Zeithaml and Berry (1988, 1991) conducted
extensive studies in different industries and developed the SERVQUAL instrument: a
22-item scale with a set of service quality dimensions to quantify a customer‘s
assessment of a company‘s service quality. Five key dimensions of service quality —
reliability, responsiveness, assurance, empathy and tangibles — have been identified and form
the foundation on which a lot of other studies on service quality have been built. By
the early nineties the authors had refined the model to the useful acronym RATER.
4 See ―Appendix E‖
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SERVQUAL is widely recognized and used, and it is regarded as applicable to a
number of industries, including the banking industry (Yavas, Bilgin, Shemuell, 1997).
Nyeck, Morales, Ladhari, and Pons (2002) stated the SERVQUAL measuring tool
―remains the most complete attempt to conceptualize and measure service quality‖ (p.
101). The main benefit to the SERVQUAL measuring tool is the ability of researchers
to examine numerous service industries such as healthcare, banking, financial services,
and education (Nyeck, Morales, Ladhari, & Pons, 2002).
The SERVQUAL instrument has been the predominant method used to measure
consumers‘ perceptions of service quality. It has five generic dimensions or factors of
service quality that are stated as follows (Van Iwaarden et al., 2003):
a. Reliability: Ability to perform the promised service dependably and accurately;
b. Assurance (including competence, courtesy, credibility and security):Knowledge and courtesy of employees and their ability to inspire trust and
confidence;
c. Tangibles: Physical facilities, equipment and appearance of personnel;
d. Empathy (including access, communication, understanding the customer):
Caring and Individualized attention that the firm provides to its customers;
e. Responsiveness: Willingness to help customers and provide prompt service.
Using this RATER/SERVQUAL instrument5
I have collected customers‘ degree of agreement with 22 different statements categorized under 5 major dimensions. These
five dimensions indicate various influencing forces in satisfying customers.
The parameters covered by this RATER/ SERVQUAL instrument are as follows:
a. Reliability:
Act according to Promises
Sincere Interest in Problem Solving
Performs the Service Right the First Time
Provides Services at the Time Promised
Insists on Error Free Records
b. Assurance:
Employees Behavior Instill Confidence in Customers
Customers Feel Safe in Transaction
Consistent Courtesy of Employees
Employees have the Knowledge to Answer Customers' Question
5 See ―Appendix F‖
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c. Tangibles:
Modern Looking Equipments
Visually Appealing Physical Facilities
Neat Appearance of Employees
Appealing Appearance of Materials
d. Empathy:
Gives Customers Individual Attention
Has Convenient Operating Hours for Customers
Has Employees to Give Customers Personal Attention
Has Best Interest of Customers at Heart
Employees Understand Specific Needs of Customers
e. Responsiveness:
Informs exactly when Services will be provided
Gives Prompt Services
Employees are Always Willing to Help
Never too Busy to Respond Customer Requests
4.2.3. The Rating Scale
Customers‘ responses have been recorded by using 5 point Likert Scale or
Technique where the customer were asked to evaluate each statement to rate theirdegree of agreements or disagreements with each of 22 statements. These degrees of
agreements or disagreements were plotted on the 5 point Likert Scale where point 1
indicates ―Strongly Disagree‖ and point 5 indicates ―Strongly Agree‖ with the
statement.
4.2.4. The Cut-Off Score
Some people told that half way point in a marathon is 22 miles. But, the fact is
marathon is a race of 26.2 miles. The point was that it requires as much energy to run
the last 4.2 miles as it does the first 22. The same principle holds in the marathon race
of customer satisfaction. The half way point is not a mean score of 50%. Improving
the mean score beyond 80% takes as much energy as it does to get to 80% and
incremental points of improvement are hard to achieve.
Some researchers prefer to concentrate on the ―top box‖ responses – those scores of
4 or 5 out of 5 – the excellent or very good ratings. It is argued that these are the
Figure 16: Example of a 5 Point Likert Rating Scale
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scores that are required to create genuine satisfaction and loyalty. In their book ‗The
Service Profit Chain‘, Heskett, Sasser and Schlesinger argue that a rating of 9 or 10
out of 10 is required on most of the key issues that drive the buying decision. If
suppliers fail to achieve such high ratings, customers show indifference and will shop
elsewhere. Capricious consumers are at risk of being wooed by competitors, readily switching suppliers in the search for higher standards. The concept of the zone of
loyalty, zone of indifference and zone of defection as suggested by the three Harvard
professors is illustrated below in diagram:
So, I am considering the 80% point 4 out of 5 as the cut off score in measuring
customer satisfaction. That is if the average score is 4.0 or more then the customers
will be treated as satisfied.
4.2.5. The Gap Score
Gap score is the difference between the ―Expectation‖ and ―Perception‖. It indicates
the reality gap from interviewer‘s (my) perception.
Expectation: This part deals with my opinion on the bank. Under this the
extent to which I think the bank should posses for the following features are
shown. What I am interested in here is a number that best shows my
expectations about the Shahjalal Islami Bank Ltd. (Keraniganj branch).
Perception: This indicates the respondents‘ response on the statements taken
under the SERVQUAL instrument.
Figure 17: Satisfaction Score & Loyalty, Indifference, Defection Zone
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92%
8%
Gender
Male
Female
10%
36%50%
4%
Age Group
18-25 Years 26-33 Years 34-50 Years 50+ Years
4.3. Findings & Analysis
50 customers were surveyed as sample (from the population size of almost two
thousand) under the study to measure the satisfaction level of the customers of
Shahjalal Islami Bank Limited (Keraniganj Branch). The demographic information of
samples is as follows:
Table 7: Sample‘s Frequency Distribution based on Gender
Sl. No. Gender Frequency Percentage Cumulative Percentage1. Male 46 92% 92%2. Female 04 8% 100%
n=50
Table 8: Sample‘s Frequency Distribution based on Age
Sl. No. Age Group Frequency Percentage Cumulative Percentage1. 18-25 Years 5 10% 10%2. 26-33 Years 18 36% 46%3. 34-50 Years 25 50% 96%4. 51 & Above 2 4% 100%
n=50
Figure 18: Gender Ratio among Samples
Figure 19: Samples‘ Age Clusters
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74%
18%
2%
6%
Profession
Business
ServiceStudent
Housewife
Table 9: Sample‘s Frequency Distribution based on Profession
Sl. No. Age Group Frequency Percentage Cumulative Percentage1. Business 37 74% 74%2. Service 9 18% 92%
3. Student 1 2% 94%4. Housewife 3 6% 100%n=50
Here the gap among various clusters of the samples is wide. The reason behind this
was convenient selection of samples. The survey was conducted in between 18th of
October, 2009 to 3rd of November, 2009. So, the samples are selected only from those
customers who came to the bank within the stated time period.
Figure 20: Sample Ratio based on Profession
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0 0
8
17
25
0
5
1015
20
25
30
StronglyDisagree
Disagree Neutral Agree StronglyAgree
Statement 1: ―When SJIBL promises to do something by a certain time, it does so.‖
Explanation: The above statement denotes the degree of keeping promises by the
bank with a certain period of time.
Survey Result: The summary of the survey result of this statement is shown by thefollowing table.
Table 10: Survey result of the statement 1 (Act according to Promises)
Degree of Perception
Frequ-ency
Percentage of Frequency
CumulativePercentage
Mean ModeStd.Dev.
Strongly Disagree
0 0% 0%
4.34 5 0.745Disagree 0 0% 0%Neutral 8 16% 16%
Agree 17 34% 50%Strongly Agree
25 50% 100%
n=50
Interpretation of the Result: From the above result it is seen that the mean value is
4.34. That means customers are satisfied with the performance against the promises
made by SJIBL. The mode value (5) represents that most of the respondents are
strongly agree with the above statement. So, on this point of fulfilling promises
customers are seemed to be satisfied.
Result on Likert Scale:
Figure 21: Respondents' response on acting of employees according to promise
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0 0
6
23 21
0
5
10
15
20
25
StronglyDisagree
Disagree Neutral Agree StronglyAgree
Statement 2: ― When you have a problem, SJIBL shows a sincere interest in solving
it.‖
Explanation: The above statement refers to the degree of sincerity of the bank
concerning the interest in solving the problems of customers.
Survey Result: The summary of the survey result of this statement is shown by the
following table.
Table 11: Survey result of the statement 2 (Sincere Interest in Problem Solving)
Degree of Perception
Frequ-ency
Percentage of Frequency
CumulativePercentage
Mean ModeStd.Dev.
Strongly Disagree
0 0% 0%
4.30 4 0.678Disagree 0 0% 0%Neutral 6 12% 12% Agree 23 46% 58%Strongly Agree
21 42% 100%
n=50
Interpretation of the Result: From the above result it is seen that the mean value is
4.30. That means customers are satisfied with the banks sincerity in solving theirpersonal problem. The mode value (4) represents that most of the respondents are
agree with the above statement. So, on this point of bank’s sincerity in problem solving the
customers are seemed to be satisfied.
Result on Likert Scale:
Figure 22: Respondents' response on employees‘ sincere interest in Problem Solving
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0
3
7
17
23
0
5
10
15
20
25
StronglyDisagree
Disagree Neutral Agree StronglyAgree
Statement 3: ―SJIBL performs the service right at the first time.‖
Explanation: The above statement means the degree of performing service correctly
by the bank at the first time it performs for an individual.
Survey Result: The summary of the survey result of this statement is shown by thefollowing table.
Table 12: Survey result of the statement 3 (Performs the Service Right the First Time)
Degree of Perception
Frequ-ency
Percentage of Frequency
CumulativePercentage
Mean ModeStd.Dev.
Strongly Disagree
0 0% 0%
4.20 5 0.904Disagree 3 6% 6%Neutral 7 14% 20%
Agree 17 34% 54%Strongly Agree
23 46% 100%
n=50
Interpretation of the Result: From the above result it is seen that the mean value is
4.20. That means customers are satisfied and feel that the services performed by the
bank for them are right at the first time. The mode value (5) represents that most of
the respondents are strongly agree with the above statement. So, on this point of
performing service right at the first time customers are seemed to be satisfied.
Result on Likert Scale:
Figure 23: Respondents' response on having service right at the first time
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0 0
8
21 21
0
5
10
15
20
25
StronglyDisagree
Disagree Neutral Agree StronglyAgree
Statement 4: ―SJIBL provides its service at the time it promises to do so.‖
Explanation: The above statement refers to the degree of delivering Just In Time
(JIT) service by the bank according to its promise.
Survey Result: The summary of the survey result of this statement is shown by thefollowing table.
Table 13: Survey result of the statement 4 (Provides Services at the Time Promised)
Degree of Perception
Frequ-ency
Percentage of Frequency
CumulativePercentage
Mean ModeStd.Dev.
Strongly Disagree
0 0% 0%
4.26 4 0.723Disagree 0 0% 0%Neutral 8 16% 16%
Agree 21 42% 58%Strongly Agree
21 42% 100%
n=50
Interpretation of the Result: From the above result it is seen that the mean value is
4.26. That means customers are satisfied with provided services by the promised. The
mode value (4) represents that most of the respondents are agree with the above
statement. So, on this point of providing service by the promised time the customers are
seemed to be satisfied.
Result on Likert Scale:
Figure 24: Respondents' response on having services by the promised time
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0 0
5
21
24
0
5
10
15
20
25
30
StronglyDisagree
Disagree Neutral Agree StronglyAgree
Statement 5: ―SJIBL insists on error free records.‖
Explanation: The above statement means the degree of maintaining and providing
error free records of transactions and other banking documents by the bank.
Survey Result: The summary of the survey result of this statement is shown by thefollowing table.
Table 14: Survey result of the statement 5 (Insists on Error Free Records)
Degree of Perception
Frequ-ency
Percentage of Frequency
CumulativePercentage
Mean ModeStd.Dev.
Strongly Disagree
0 0% 0%
4.38 5 0.667Disagree 0 0% 0%Neutral 5 10% 10%
Agree 21 42% 52%Strongly Agree
24 48% 100%
n=50
Interpretation of the Result: From the above result it is seen that the mean value is
4.38. That means customers are satisfied with the error free record made and
provided by SJIBL. The mode value (5) represents that most of the respondents arestrongly agree with the above statement. So, on this point of fulfilling promises
customers are seemed to be satisfied.
Result on Likert Scale:
Figure 25: Respondents' response on insistence of error free record
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0 0
15
27
8
0
5
10
15
20
25
30
Strongly Disagree Disagree Neutral Agree Strongly Agree
Statement 6: ―The behavior of employees in SJIBL instills confidence in you.‖
Explanation: The above statement depicts the increase in the level of confidence of
the customers due to the behaviour of the employees of the bank.
Survey Result: The summary of the survey result of this statement is shown by the
following table.
Table 15: Survey result of the statement 6 (Employees Behavior Instills Confidence in
Customers)
Degree of Perception
Frequ-ency
Percentage of Frequency
CumulativePercentage
Mean ModeStd.Dev.
Strongly Disagree
0 0% 0%
3.86 4 0.670
Disagree 0 0% 0%
Neutral 15 30% 30% Agree 27 54% 84%Strongly Agree
8 16% 100%
n=50
Interpretation of the Result: From the above result it is seen that the mean value is
3.86 that means customers are not at proper satisfied level with the employees‘
behaviour in instilling confidence in them. The mode value (4) represents that most of
the respondents are agree with the above statement though the mean is indicating a
lower value. So, on this point of employees’ behaviour in installing confidence in customers the
clients are appeared to be laid on a less-satisfied zone which is below the acceptable
point.
Result on Likert Scale:
Figure 26: Respondents' response on employees‘ behavior in instilling confidence in customers
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0 0 1
21
28
0
510
15
20
25
30
StronglyDisagree
Disagree Neutral Agree Strongly Agree
Statement 7: ―You feel safe in your transactions with SJIBL.‖
Explanation: The above statement means the degree of safety that the customer feels
by maintaining account and transacting with the bank.
Survey Result: The summary of the survey result of this statement is shown by the
following table.
Table 16: Survey result of the statement 7 (Customers Feel Safe in Transaction)
Degree of Perception
Frequ-ency
Percentage of Frequency
CumulativePercentage
Mean ModeStd.Dev.
Strongly Disagree
0 0% 0%
4.54 5 0.542Disagree 0 0% 0%Neutral 1 2% 2%
Agree 21 42% 44%Strongly Agree
28 56% 100%
n=50
Interpretation of the Result: From the above result it is seen that the mean value is
4.54 that means customers are well satisfied through maintaining transactions with the
bank. The mode value (5) represents that most of the respondents are strongly agree
with the above statement though the mean is indicating a lower value. So, on this
point of customers feel safe in transactions with the bank the clients are appeared to be well
satisfied.
Result on Likert Scale:
Figure 27: Respondents' response on feeling safe in transactions
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0 0 1
2326
0
510
15
20
25
30
StronglyDisagree
Disagree Neutral Agree Strongly Agree
Statement 8: ―Employees of SJIBL are consistently courteous with you.‖
Explanation: The above statement means the degree that the customers are satisfied
with the courteous behaviour of the employees.
Survey Result: The summary of the survey result of this statement is shown by the
following table.
Table 17: Survey result of the statement 8 (Consistent Courtesy of Employees)
Degree of Perception
Frequ-ency
Percentage of Frequency
CumulativePercentage
Mean ModeStd.Dev.
Strongly Disagree
0 0% 0%
4.50 5 0.544Disagree 0 0% 0%Neutral 1 2% 2%
Agree 23 46% 48%Strongly Agree
26 52% 100%
n=50
Interpretation of the Result: From the above result it is seen that the mean value is
4.50 that means customers are well satisfied with good manner of the employees of
the bank. The mode value (5) represents that most of the respondents are strongly
agree with the above statement. So, on this point of consistent courtesy of employees of the
bank the clients are appeared to be well satisfied.
Result on Likert Scale:
Figure 28: Respondents' response on consistent courtesy of employees
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0 0
13
20
17
0
5
10
15
20
25
StronglyDisagree
Disagree Neutral Agree Strongly Agree
Statement 9: ―Employees of SJIBL have the knowledge to answer your questions.‖
Explanation: The above statement means the degree of knowhow that the
employees of SJIBL possess to answer the customers query correctly.
Survey Result: The summary of the survey result of this statement is shown by the
following table.
Table 18: Survey result of the statement 9 (Employees have the Knowledge to
Answer Customers' Question)
Degree of Perception
Frequ-ency
Percentage of Frequency
CumulativePercentage
Mean ModeStd.Dev.
Strongly Disagree
0 0% 0%
4.08 4 0.778
Disagree 0 0% 0%
Neutral 13 26% 26% Agree 20 40% 66%Strongly Agree
17 34% 100%
n=50
Interpretation of the Result: From the above result it is seen that the mean value is
4.08 that means customers are satisfied with employees when they ask themquestions. The mode value (4) represents that most of the respondents are agree with
the above statement. So, on this point of employees’ knowledge to answer customers’ query the
clients are appeared to be satisfied.
Result on Likert Scale:
Figure 29: Respondents' response based on employees knowledge
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0 02
13
35
0
5
10
15
20
25
30
35
40
StronglyDisagree
Disagree Neutral Agree Strongly Agree
Statement 10: ―SJIBL has modern looking equipment.‖
Explanation: The above statement means the degree that SJIBL‘s Keraniganj Branch
has modern looking equipments.
Survey Result: The summary of the survey result of this statement is shown by the
following table.
Table 19: Survey result of the statement 10 (Modern Looking Equipments)
Degree of Perception
Frequ-ency
Percentage of Frequency
CumulativePercentage
Mean ModeStd.Dev.
Strongly Disagree
0 0% 0%
4.66 5 0.557Disagree 0 0% 0%Neutral 2 4% 4%
Agree 13 26% 30%Strongly Agree
35 70% 100%
n=50
Interpretation of the Result: From the above result it is seen that the mean value is
4.66 that means customers are well satisfied with the modern looking equipments of
the bank. The mode value (5) represents that most of the respondents are strongly
agree with the above statement. So, on this point of having modern looking equipments the
clients are appeared to be satisfied enough.
Result on Likert Scale:
Figure 30: Respondents' response on modern looking equipment
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0 0 0
14
36
0
5
10
15
20
25
30
35
40
StronglyDisagree
Disagree Neutral Agree Strongly Agree
Statement 11: ―SJIBL‘s physical facilities are visually appealing.‖
Explanation: The above statement means the degree that SJIBL‘s Keraniganj Branch
has appealing physical facilities.
Survey Result: The summary of the survey result of this statement is shown by the
following table.
Table 20: Survey result of the statement 11 (Visually Appealing Physical Facilities)
Degree of Perception
Frequ-ency
Percentage of Frequency
CumulativePercentage
Mean ModeStd.Dev.
Strongly Disagree
0 0% 0%
4.72 5 0.454Disagree 0 0% 0%Neutral 0 0% 0%
Agree 14 28% 28%Strongly Agree
36 72% 100%
n=50
Interpretation of the Result: From the above result it is seen that the mean value is
4.72 that means customers are well satisfied with the visually appealing physical facility
of the bank. The mode value (5) represents that most of the respondents are strongly
agree with the above statement. So, on this point of the clients are appeared to be
satisfied enough.
Result on Likert Scale:
Figure 31: Respondents' response on visually appealing physical facility
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0 0
3
15
32
0
5
10
15
20
25
30
35
StronglyDisagree
Disagree Neutral Agree Strongly Agree
Statement 12: ―SJIBL‘s employees are neat appearing.‖
Explanation: The above statement means the degree that SJIBL‘s Keraniganj Branch
has employees who are neat in appearance.
Survey Result: The summary of the survey result of this statement is shown by thefollowing table.
Table 21: Survey result of the statement 12 (Neat Appearance of Employees)
Degree of Perception
Frequ-ency
Percentage of Frequency
CumulativePercentage
Mean ModeStd.Dev.
Strongly Disagree
0 0% 0%
4.58 5 0.609Disagree 0 0% 0%Neutral 3 6% 6%
Agree 15 30% 36%Strongly Agree
32 64% 100%
n=50
Interpretation of the Result: From the above result it is seen that the mean value is
4.58 that means customers are well satisfied with the neat appearance of the
employees of the bank. The mode value (5) represents that most of the respondentsare strongly agree with the above statement. So, on this point of neat appearance of
employees the clients are appeared to be satisfied enough.
Result on Likert Scale:
Figure 32: Respondents' response on neat appearance of employees
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0 0
7
18
25
0
5
1015
20
25
30
StronglyDisagree
Disagree Neutral Agree Strongly Agree
Statement 13: ―Materials associated with the service (such as pamphlets or
statements) are visually appealing at SJIBL.‖
Explanation: The above statement means the degree that SJIBL‘s Keraniganj Branch
has employees who are neat appearing.
Survey Result: The summary of the survey result of this statement is shown by the
following table.
Table 22: Survey result of the statement 13 (Appealing Appearance of Materials)
Degree of Perception
Frequ-ency
Percentage of Frequency
CumulativePercentage
Mean ModeStd.Dev.
Strongly Disagree
0 0% 0%
4.36 5 0.722
Disagree 0 0% 0%
Neutral 7 14% 14% Agree 18 36% 50%Strongly Agree
25 50% 100%
n=50
Interpretation of the Result: From the above result it is seen that the mean value is
4.36 that means customers are well satisfied with the appealing appearance materials
that are associated with the service of the bank. The mode value (5) represents that
most of the respondents are strongly agree with the above statement. So, on this point
of appealing appearance of materials the clients are appeared to be satisfied enough.
Result on Likert Scale:
Figure 33: Respondents' response on appealing appearance of materials
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0 0
18
22
10
0
5
10
15
20
25
StronglyDisagree
Disagree Neutral Agree Strongly Agree
Statement 14: ―SJIBL gives you individual attention.‖
Explanation: The above statement means the degree of attention that the employees
of SJIBL pay to their customers.
Survey Result: The summary of the survey result of this statement is shown by the
following table.
Table 23: Survey result of the statement 14 (Gives Customers Individual Attention)
Degree of Perception
Frequ-ency
Percentage of Frequency
CumulativePercentage
Mean ModeStd.Dev.
Strongly Disagree
0 0% 0%
3.84 4 0.738Disagree 0 0% 0%Neutral 18 36% 36%
Agree 22 44% 80%Strongly Agree
10 20% 100%
n=50
Interpretation of the Result: From the above result it is seen that the mean value is
3.84 that means customers are not satisfied enough with the individual attention that
they got from the employees of SJIBL. The mode value (4) represents that most of
the respondents are agree with the above statement. So, on this point of getting
individual attention the clients are not properly satisfied.
Result on Likert Scale:
Figure 34: Respondents' response on getting individual attention
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1 2
7
23
17
0
5
10
15
20
25
StronglyDisagree
Disagree Neutral Agree Strongly Agree
Statement 15: ―SJIBL has operating hours convenient to all its customers.‖
Explanation: The above statement means the degree how the working hour of the
bank suits the customers.
Survey Result: The summary of the survey result of this statement is shown by the
following table.
Table 24: Survey result of the statement 15 (Has Convenient Operating Hours for
Customers)
Degree of Perception
Frequ-ency
Percentage of Frequency
CumulativePercentage
Mean ModeStd.Dev.
Strongly Disagree
1 2% 2%
4.06 4 0.913
Disagree 2 4% 6%
Neutral 7 14% 20% Agree 23 46% 66%Strongly Agree
17 34% 100%
n=50
Interpretation of the Result: From the above result it is seen that the mean value is
4.06 that means customers have touched the satisfaction level regarding the banking
hour. But this is not too high. The mode value (4) represents that most of the
respondents are agree with the above statement or they are satisfied with banking
hours. So, on this point the clients are appeared to be satisfied.
Result on Likert Scale:
Figure 35: Respondents' response on operating hour of the bank
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1 2
19
17
11
0246810
1214161820
StronglyDisagree
Disagree Neutral Agree Strongly Agree
Statement 16: ―SJIBL has employees who give you personal attention.‖
Explanation: The above statement means the degree of having SJIBL employees
who personally pay attention to their clients.
Survey Result: The summary of the survey result of this statement is shown by the
following table.
Table 25: Survey result of the statement 16 (Has Employees to Give Customers
Personal Attention)
Degree of Perception
Frequ-ency
Percentage of Frequency
CumulativePercentage
Mean ModeStd.Dev.
Strongly Disagree
1 2% 2%
3.70 3 0.931
Disagree 2 4% 6%
Neutral 19 38% 44% Agree 17 34% 78%Strongly Agree
11 22% 100%
n=50
Interpretation of the Result: From the above result it is seen that the mean value is
3.70 that means customers do not touch the satisfaction level regarding the banking hour. But this is not too high. The mode value (3) represents that most of the
respondents are in a neutral position; they neither agree nor disagree with the
statement.
Result on Likert Scale:
Figure 36: Respondents' response on having personal attention providing employees
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0 0
3
19
28
0
510
15
20
25
30
StronglyDisagree
Disagree Neutral Agree Strongly Agree
Statement 17: ―SJIBL has your best interest at heart.‖
Explanation: he above statement means the degree of conviction of the clients that
SJIBL employees thinks about the best interest of the customers.
Survey Result: The summary of the survey result of this statement is shown by the
following table.
Table 26: Survey result of the statement 17 (Has Best Interest of Customers at Heart)
Degree of Perception
Frequ-ency
Percentage of Frequency
CumulativePercentage
Mean ModeStd.Dev.
Strongly Disagree
0 0% 0%
4.50 5 0.614Disagree 0 0% 0%Neutral 3 6% 6%
Agree 19 38% 44%Strongly Agree
28 56% 100%
n=50
Interpretation of the Result: From the above result it is seen that the mean value is
4.50 that means customers are well satisfied believing that SJIBL employees think for
the best interest of the customers by their heart. The mode value (5) represents that
most of the respondents are strongly agree with the above statement.
Result on Likert Scale:
Figure 37: Respondents' response on having best interest of customers to employees‘ heart
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0
5
1922
4
0
5
10
15
20
25
StronglyDisagree
Disagree Neutral Agree Strongly Agree
Statement 18: ―The employees of SJIBL understand your specific needs.‖
Explanation: The above statement means the degree of understanding the varying
needs for each customer by the SJIBL employees.
Survey Result: The summary of the survey result of this statement is shown by the
following table.
Table 27: Survey result of the statement 18 (Employees Understand Specific Needs
of Customers)
Degree of Perception
Frequ-ency
Percentage of Frequency
CumulativePercentage
Mean ModeStd.Dev.
Strongly Disagree
0 0% 0%
3.50 4 0.789
Disagree 5 10% 10%
Neutral 19 38% 48% Agree 22 44% 92%Strongly Agree
4 8% 100%
n=50
Interpretation of the Result: From the above result it is seen that the mean value is
3.50 that means customers are not satisfied enough with the bank‘s employees‘understanding of the specific needs of the individual clients. Though the mode value
(4) represents that most of the respondents are agree with the above statement, the
average is below the mode value.
Result on Likert Scale:
Figure 38: Respondents' response on understanding of specific needs of them by the employees
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24
21
18
5
0
5
10
1520
25
Strongly Disagree Disagree Neutral Agree Strongly Agree
Statement 19: ―Employees in SJIBL tell you exactly when services will be
performed.‖
Explanation: T he above statement means the degree of information provided by the
SJIBL employees to the clients about the time accuracy specifically when the service
will be provided to them.
Survey Result: The summary of the survey result of this statement is shown by the
following table.
Table 28: Survey result of the statement 19 (Informs exactly when Services will be
provided)
Degree of Perception
Frequ-ency
Percentage of Frequency
CumulativePercentage
Mean ModeStd.Dev.
Strongly
Disagree2 4% 4%
3.40 3 0.926Disagree 4 8% 12%Neutral 21 42% 54% Agree 18 36% 90%Strongly Agree
5 10% 100%
n=50
Interpretation of the Result: From the above result it is seen that the mean value is3.40 that means customers are not satisfied enough with the bank‘s employees‘
provided information about the exact time when service will be provided. It does not
touch the satisfactory level. The mode value (3) represents that most of the
respondents are in a neutral position with the above statement.
Result on Likert Scale:
Figure 39: Respondents' response on getting information of exactly when service will be given
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2
6
23
15
4
0
5
10
15
20
25
Strongly Disagree Disagree Neutral Agree Strongly Agree
Statement 20: ―Employees in SJIBL give you prompt service.‖
Explanation: The above statement means the degree of immediate service given by
the employees of SJIBL.
Survey Result: The summary of the survey result of this statement is shown by the
following table.
Table 29: Survey result of the statement 20 (Gives Prompt Services)
Degree of Perception
Frequ-ency
Percentage of Frequency
CumulativePercentage
Mean ModeStd.Dev.
Strongly Disagree
2 4% 4%
3.26 3 0.922Disagree 6 12% 16%Neutral 23 46% 62%
Agree 15 30% 92%Strongly Agree
4 8% 100%
n=50
Interpretation of the Result: From the above result it is seen that the mean value is
3.26 that means customers do not think that the service offered or provided by the
employees are instant. The mode value (3) represents that most of the respondents are
in a neutral position with the above statement which does not reach to a satisfactory level.
Result on Likert Scale:
Figure 40: Respondents' response on getting prompt service
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0 02
20
28
0
5
10
15
20
25
30
Strongly Disagree Disagree Neutral Agree Strongly Agree
Statement 21: ―Employees in SJIBL are always willing to help you.‖
Explanation: The above statement means the degree of willingness of the employees
of SJIBL to help the customers.
Survey Result: The summary of the survey result of this statement is shown by the
following table.
Table 30: Survey result of the statement 21 (Employees are Always Willing to Help)
Degree of Perception
Frequ-ency
Percentage of Frequency
CumulativePercentage
Mean ModeStd.Dev.
Strongly Disagree
0 0% 0%
4.52 5 0.580Disagree 0 0% 0%Neutral 2 4% 4%
Agree 20 40% 44%Strongly Agree
28 56% 100%
n=50
Interpretation of the Result: From the above result it is seen that the mean value is
4.52 that means the customers are much satisfied with the willingness of the SJIBL
employees to help them. The mode value (5) indicates that most of the respondents
are strongly agree with the above statement and are very much satisfied with the willingness of the employees to help them.
Result on Likert Scale:
Figure 41: Respondents' response on employees‘ willingness to help
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2
5
20 21
2
0
5
10
15
20
25
Strongly Disagree Disagree Neutral Agree Strongly Agree
Statement 22: ―Employees in SJIBL are never too busy to respond to your request.‖
Explanation: The above statement refers to the level of employee business with tasks
while responding to customer request.
Survey Result: The summary of the survey result of this statement is shown by the
following table.
Table 31: Survey result of the statement 22 (Never too Busy to Respond Customer
Requests)
Degree of Perception
Frequ-ency
Percentage of Frequency
CumulativePercentage
Mean ModeStd.Dev.
Strongly Disagree
2 4% 4%
3.32 4 0.868
Disagree 5 10% 14%
Neutral 20 40% 54% Agree 21 42% 96%Strongly Agree
2 4% 100%
n=50
Interpretation of the Result: From the above result it is seen that the mean value is
3.32 that indicates that customers neither think that employees are too busy to
respond nor too free to respond. The mode value (4) represents that most of therespondents are agreed with the above statement that is employees are never too busy
to respond them.
Result on Likert Scale:
Figure 42: Respondents' response on business of employees while to respond customers
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4.3.1. Calculation of Average SERVQUAL Scores for Each of 5 (five)
SERVQUAL Dimensions
Table 32: Average Reliability SERVQUAL score
Factors underReliabilityDimension
ExpectationCustomers’ Perception(Average)
Gap Score=Expectation-Perception(Average)
Average ReliabilitySERVQUAL score
Act according toPromises
5 4.34 0.66
4.296
Sincere Interest inProblem Solving
5 4.30 0.70
Performs theService Right the
First Time
5 4.20 0.80
Provides Servicesat the TimePromised
4 4.26 -0.26
Insists on ErrorFree Records
4 4.38 -0.38
Average Reliability Gap Score 0.304
Table 33: Average Assurance SERVQUAL score
Factors under AssuranceDimension
ExpectationCustomers’ Perception(Average)
Gap Score=Expectation-Perception(Average)
Average Assurance
SERVQUAL score
EmployeesBehavior InstillsConfidence inCustomers
4 3.86 0.14
4.245
Customers FeelSafe in Transaction
5 4.54 0.46
ConsistentCourtesy of Employees
5 4.50 0.50
Employees havethe Knowledge to Answer Customers'Question
5 4.08 0.92
Average Assurance Gap Score 0.505
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Table 34: Average Tangibles SERVQUAL score
Factors under TangiblesDimension
ExpectationCustomers’ Perception(Average)
Gap Score=Expectation-Perception
(Average)
Average Tangibles
SERVQUAL
scoreModern Looking Equipments
5 4.66 0.34
4.58
Visually Appealing Physical Facilities
5 4.72 0.28
Neat Appearanceof Employees
5 4.58 0.42
Appealing Appearance of Materials
5 4.36 0.64
Average Tangibles Gap Score 0.42
Table 35: Average Empathy SERVQUAL score
Factors underEmpathy
DimensionExpectation
Customers’ Perception(Average)
Gap Score=Expectation-Perception(Average)
AverageEmpathy
SERVQUALscore
Gives CustomersIndividual
Attention
5 3.84 1.16
3.92
Has ConvenientOperating Hoursfor Customers
5 4.06 0.94
Has Employees toGive CustomersPersonal Attention
4 3.70 0.30
Has Best Interestof Customers atHeart
5 4.50 0.50
EmployeesUnderstandSpecific Needs of Customers
4 3.50 0.50
Average Empathy Gap Score 0.68
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Table 36: Average Responsiveness SERVQUAL score
Factors underResponsiveness
DimensionExpectation
Customers’ Perception(Average)
Gap Score=Expectation-Perception
(Average)
AverageResponsiveness
SERVQUAL
scoreInforms exactly when Services will be provided
4 3.40 0.60
3.625
Gives PromptServices
4 3.26 0.74
Employees are Always Willing toHelp
5 4.52 0.48
Never too Busy
to RespondCustomerRequests
4 3.32 0.68
Average Responsiveness Gap Score 0.625
4.3.2. Calculation of Unweighted SERVQUAL Score
Table 37: Calculations to obtain unweighted SERVQUAL Score
SERVQUAL Parameters Average Score Average Unweighted
SERVQUAL ScoreReliability 4.296
4.1332 Assurance 4.245 Tangibles 4.58Empathy 3.92Responsiveness 3.625
4.3.3. Calculation of Weighted SERVQUAL Score/ Customer Satisfaction
Index (CSI)
Table 38: Calculations to obtain Customer Satisfaction Index (CSI)
SERVQUALParameters
Weighting Average
Score Weighting(avg. of 1)
Weighting(avg. of 1) *
Average ScoreReliability 4 4.296 1.08401084 4.656910569 Assurance 3.5 4.245 0.948509485 4.026422764 Tangibles 3 4.58 0.81300813 3.723577236Empathy 3.7 3.92 1.002710027 3.930623306Responsiveness 4.25 3.625 1.151761518 4.175135501
Average=3.69
Average=4.1332
Average=1 CSI=4.102533875
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Chapter 5: Conclusion Page | 70
Chapter 5: Conclusion
5.1. Ending Summary
5.1.1. Quantitative Findings
The quantitative findings that are found by analyzing the customers‘ response throughSERVQUAL instrument are as follows:
a. Ability of employees to perform promised service dependently &
accurately: According to customers‘ response, performance of all the
dimensions listed under ―Reliability‖ head (acting according to promises,
sincerity in problem solving, performing the service right at the first time,
providing service at the promised time & insistence on error free record) are
quite satisfactory and the overall SERVQUAL score in this area is 4.296 (Table
32). So, the employees are able to perform promised services dependently and
accurately.
b. Assurance of competency, courtesy, credibility & security: From
customers‘ point of view, employees‘ behaviour does not instil enough
confidence in customers. All other dimensions listed under ―Assurance‖ head
(safe felling in transactions, consistent good courtesy of employees & having
decent knowledge of employees in answering customers queries) are quite
satisfactory. Though one dimension is not satisfactory but the satisfactory
position of all other dimensions under ― Assurance‖ head leads this to a
satisfactory position and the overall SERVQUAL score is 4.245 (Table 33). So,
on average the customers are assured enough by competence, courtesy,
credibility and security of the employees and the bank.
c. Tangible appearances in satisfying customers: Customers of the bank are
well satisfied with all types of tangible appearances (equipments, materials,
physical facilities & employees) inside the bank. Average ― Tangibles‖
SERVQUAL score of 4.58 (Table 34) backs up the above statement.
d. Performance in personal care, understanding customers & offered
banking hour: The survey result proved that the bank is offering its customers
convenient banking hours and the employees have the best interest of customers
in their heart. Beside these two satisfactory points there are some unsatisfactory
items also. On average customers think that they are not getting proper
individual attention, there is lacking of employees who will give them personal
attention and employees do not understand their personal needs. These
disappointing factors are forming average ―Empathy‖ score to 3.92 (Table 35).
e. Response & willingness of employees in providing service: The study
shows that the employees are always willing to help customers but there are
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Chapter 5: Conclusion Page | 71
lacking in providing prompt services, informing exactly when service will be
actually provided and responding customers when the employees have works in
hand. These negative points are shaping the average ―Responsiveness‖
SERVQUAL score to 3.625 (Table 36) and indicating an overall dissatisfactory
standing in this area.
f. Overall level of customer satisfaction: The overall unweighted SERVQUAL
score is 4.133 (Table 37) which is indicating a satisfactory stage in the level of
customer satisfaction. The weighted SERVQUAL score or the Customer
Satisfaction Index (CSI) is 4.103 (Table 38). This figure also is indicating an
acceptable level of customer satisfaction.
So, from the quantitative analysis it is found that although in some dimensions
customers are not properly satisfied, the overall result is pointing to a satisfactory level
of customers‘ satisfaction at Shahjalal Islami Bank Limited, Keraniganj Branch.
There are some points where it needs to improve performance to increase the level of
customer satisfaction. These are- providing customers individual attention,
understanding special needs of customers, providing information exactly when service
will be provided, providing quick service, response timely to customers, etc.
5.1.2. Qualitative Findings The key informants believe that the customers can be made more satisfied by
providing them quick service. They also think that most of the customers deal withlower level officers of General Banking & SME department. Customers of the bank
are increasing day by day. It will not be possible to serve customers then as they serve
today. To make provide them prompt service without creating any queue more
employees are needed under General Banking department. This will help them to
carry on every day time consuming works like voucher sorting properly and thus there
will be no pending works.
They also believe that a better core banking software (a replacement of PCBank
2000) will help them to deal with their works more accurately. These will save their valuable time and thus they will be able to offer this extra saved time to the customers
to meet their wants timely.
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Chapter 5: Conclusion Page | 72
5.2. Recommendations
It is very difficult for me to recommend with a practical experience of just almost 3
months. On the basis of interviews, study and observation I would like to recommend
the following points:
a. Maintenance of Time Slots for Each Customer to Serve: While employees
deal with customers they can maintain standard time or time slots for each
customer they handle and for each work they do. This consciousness will help to
perform works quickly and to serve more customers.
b. Setup Electronic Calling Machine for Cash Counter: Most of the time there
is a rush in the cash counter. To manage proper queue and to manage this rush
properly setting up of Electronic Calling Machine can be effective.
c. Setting up of Query Desk/ Information Booth/ Reception Booth: A
conventional query desk or reception booth or information booth can serve
customers who make a phone or come at banks for simple query and this can
reduce customers‘ rush to the officers table.
d. Appointment of more Employees under General Banking Department:
More appointed employees can simplify the works of general banking and can
serve the customers well. This will also help to ensure no work pending and no
customer unserved. Appointment of more employees under this department will
also reduce the workload of existing employees and will help to improve their
morale.
e. Appoint more students under internship program: Students appointed
under internship program can help in many day to day simple works like account
opening, voucher sorting, mail management, providing information to
customers, etc. It is also advantageous because it costs a little no comparing to
full time appointed employees.
f. Replacement of Core Banking Software: PCBank 2000, the core banking
software should be replaced. Because, there are softwares which are faster,stronger, more secure and more user friendly. Better up-to-date software will
help employees to deal with customers and their works quickly and effectively.
g. Employee Training Workshops: Employees should be trained by arranging
workshops time to time. Because this can release them from monotony, increase
their knowledge and morale.
h. Appointing Female Employees: To understand the female customers‘ specific
needs woman employees can be effective and a separate desk for women can
improve the Islamic image of the bank and will secure the motto committed tocordial service.
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Chapter 5: Conclusion Page | 73
Developing a customer satisfaction programme is not just about carrying out a survey.
Surveys provide the reading that shows where attention is required but in many
respects, this is the easy part. Very often, major long lasting improvements need a
fundamental transformation in the organization, probably involving training of the
staff, possibly involving cultural change. The result should be financially beneficial with less customer churn, higher market shares, premium prices, stronger brands and
reputation, and happier staff. However, there is a price to pay for these
improvements. Costs will be incurred in the research surveys are made. Time will be
spent working out an action plan and in implementation of development process.
Training may well be required to improve the customer service. The implications of
customer satisfaction surveys go far beyond the survey itself and will only be
successful if fully supported by the echelons of senior management.
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Appended Part Page | 74
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Annual Report 2008
Brochures
Credit Report: Report: RR/253/09
Statement of Affairs, Dated: 12/11/2009
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Appended Part Page | 76
Websites & Internet Documents
American Psychological Association. (2001). Publication manual of the American
Psychological Association (5th ed.). Washington DC: APA. from
http://www.apastyle.org/elecref.html
http://en.wikipedia.org/
http://www.b2binternational.com/library/whitepapers/pdf/customer_satisfaction
_ surveys.pdf
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factor
http://www.imf.org/external/pubs/ft/wp/2008/wp0816.pdf, Islamic Banks andFinancial Stability: An Empirical Analysis pg. 5
http://www.indianmba.com/Faculty_Column/FC329/fc328.html
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http://www.shahjalalbank.com.bd
http://www.swift.com/about_swift/company_information/index.page?lang=en
http://www.symphonytech.com/articles/pdfs/satisfaction.pdf
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Lorenzo Totaro (2009-03-04). Vatican Says Islamic Finance May Help Western
Banks in Crisis. Bloomberg.
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Appendix
Appendix A: Operating Branches of SJIBL
1. Dhaka Main Branch, Dhaka
2.
Mitford Branch, Dhaka3. Dhanmondi Branch, Dhaka
4. Khatunganj Branch, Chittagong
5. Agrabad Branch, Chittagong
6. Gulshan Branch, Dhaka
7. Beani Bazar Branch, Sylhet
8. Sylhet Branch, Sylhet
9. Foreign Exchange Branch,
Dhaka10. Joydevpur Chowrasta Branch,
Gajipur
11. Kawran Bazar Branch, Dhaka
12. Dargagate Branch, Sylhet
13. Uttara Branch, Dhaka
14. Bangshal Branch, Dhaka
15. Baipail (Dhaka EPZ) Branch,
Dhaka
16.
Narayanganj Branch,Narayanganj
17. Satmasjid Road Branch, Dhaka
18. Banani Branch, Dhaka
19. Moulvi Bazar Branch,
Moulvibazar
20. Joypara Branch, Dhaka
21.
Jubilee Road Branch, Chittagong 22. Motijheel Branch, Dhaka
23. Mirpur Branch, Dhaka
24. Khulna Branch, Khulna
25. Saver Branch, Dhaka
26. Muradpur Branch, Chittagong
27. Bijoynagar Branch, Dhaka
28. Saidpur Branch, Nilphamari
29.
Vatara Branch, Dhaka30. Keraniganj Branch, Dhaka
31. Jassore Branch, Jessore
32. Rajshahi Branch, Rajshahi
33. Mymensing Branch, Mymensing
34. Panthapath Branch, Dhaka
35. College Gate Branch, Dhaka
36. Baruakhali Branch, Nowabgonj
37. Madhobdi Branch, Narsinghdi
38.
Ashkona Branch, Dhaka39. Bogra Branch, Bogra
40. Naogaon Branch, Naogaon
41. Goalabazar Branch, Sylhet
42. Comilla Branch, Comilla
43. Khepupara Branch, Patuakhali
Appendix B: Branches going to open in rest of the 20091. Borishal Branch, Borishal
2. Chawkbazar Branch, Chittagong
3. Kaliganj Branch, Jhinaidaha
4. Najirhat Branch, Chittagong
5. Ramganj Branch, Laxmipur
6. Sokhipur Branch, Tangail
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Appendix C: SJIBL VISA Card Usage Limit
Table 39: Debit Card Usage Limit
Description Transaction Limit Cash withdrawal limit (total) 4 times per day
Cash withdrawal limit (amount) Tk. 30,000 per day (up to Tk. 50,000 per day on request)
Balance checking 4 times per day PIN change 2 times per day Invalid PIN retry count 3 times per day Card usage limit in ATMs (total) 10 times per day
Appendix D: SJIBL SWIFT Codes
Table 40: SWIFT Codes Sl. No. BIC Code Branch Name City Heading
01 SJBLBDD1JUB Jubilee Road Chittagong
02 SJBLBDD1KWR Kawran Bazar Branch Dhaka
03 SJBLBDD1NGJ Narayanganj Branch Dhaka
04 SJBLBDD1OBU Offshore Banking Unit Dhaka
05 SJBLBDDHAGB Agrabad Branch Chittagong
06 SJBLBDDHBNG Bangshal Branch Dhaka
07 SJBLBDDHDHN Dhanmondi Branch Dhaka
08 SJBLBDDHDMB Dhaka Main Branch Dhaka
09 SJBLBDDHFEX Foreign Exchange Branch Dhaka
10 SJBLBDDHGUL Gulshan Branch Dhaka
11 SJBLBDDHKTG Khatunganj Branch Chittagong
12 SJBLBDDHMFB Mitford Branch Dhaka
13 SJBLBDDHSYL Sylhet Branch Sylhet
14 SJBLBDDHUTR Uttara Branch Dhaka
15 SJBLBDDHXXX Head Office Dhaka
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Appendix E: Models used in Measurement of Customer Satisfaction
a. The KANO Model: The customer satisfaction model developed by N. Kano is a
quality management and marketing technique that can be used for measuring client
happiness. Kano's model of customer satisfaction distinguishes six categories of
quality attributes (Basic Factors, Excitement Factors, Performance Factors,
Indifferent attributes, Questionable attributes & Reverse attributes) are considered of
which the first three actually influence customer satisfaction. KENO used
questionnaire to measure this quality attributes.
b. The Service Profit-Chain Model: The service profit chain model of business
performance (Heskett, Sasser, & Schlesinger, 1997) has identified customer
satisfaction as a critical intervening variable in this relationship. Stated simply, the
service profit chain asserts that satisfied and motivated employees produce satisfied
customers and satisfied customers tend to purchase more, increasing the revenue andprofits of the organization.
Heskett et al. (1997), for example, define the service profit chain as 'involving
direct and strong relationships between profit; growth; customer loyalty;
customer satisfaction; the value of goods and services delivered to customers;
and employee capability, satisfaction, loyalty and productivity.'
c. The Service Expectation Model: According to this model customer satisfaction
with a service/product (p/s) can be measured through a survey of the actual
perception of the users or otherwise comparing their actual perception with theirexpectations. More appropriately in the first case "quality" is considered, in the second
"customer satisfaction" (Cronin et al.1992, 1994).
d. Variability in the Service Process Model (Wharton): Four factors represent
major explanations for the existence of process variation in services: heterogeneous
customers with different service expectations; lack of rigorous policies and processes;
high employee turnover; and nature of customization.
e. The Common Measurements Tool (CMT): CMT is the result of an extensive
study by researchers at the Canadian Centre for Management Development and
others, which examined a number of approaches to standardizing measurement of
customer satisfaction with public services. The model they have developed provides a
useful example of how elements of different approaches can be combined to improve
our understanding of satisfaction and highlight priorities for improvement. It
incorporates five main questioning approaches, measuring: i. Expectations of a number of service factors;
ii. Perceptions of the service experience on these factors;
iii.
Level of importance attached to each of a number of service elements;
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iv. Level of satisfaction with these elements;
v. Respondents' own priorities for improvement.
f. The Customer Satisfaction Index (CSI): The Customer Satisfaction Index
represents the overall satisfaction level of that customer as one number, usually as a
percentage. Plotting this Satisfaction Index of the customer against a time scale shows
exactly how well the supplier is accomplishing the task of customer satisfaction over a
period of time.
Since the survey feedback comes from many respondents in one organization, the bias
due to individual perception needs to be accounted for. This can be achieved by
calculating the Satisfaction Index using an importance weighting based on an average
of 1.
Calculate the average of all the weightings given by the customer. Divide theindividual weightings by this average to arrive at the weighting on the basis of average
of 1. Customer's higher priorities are weighted more than 1 and lower priorities less
than 1. The averages of the Customers Importance Scores are calculated and each
individual score is expressed as a factor of that average. Thus Customer Satisfaction
can be expressed as a single number that tells the supplier where he stands today and
an Improvement plan can be chalked out to further improve his performance so as to
get a loyal customer.
Appendix F: Survey Form (Questionnaire)
See at next page.
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Survey Form
Please show the extent to which you believe SJIBL has the feature described in the
statement. Write number that best shows your perceptions.
[Strongly Disagree] [Strongly Agree]
1 2 3 4 5
1. When SJIBL promises to do
something by a certain time, it
does so. [ ]
2. When you have a problem,
SJIBL shows a sincere interest in
solving it. [ ]
3. SJIBL performs the service right
at the first time. [ ]
4. SJIBL provides its service at the
time it promises to do so. [ ]
5. SJIBL insists on error free
records. [ ]
6. The behavior of employees
in SJIBL instills confidencein you. [ ]
7. You feel safe in your
transactions with SJIBL. [ ]
8. Employees of SJIBL are
consistently courteous with
you. [ ]
9.
Employees of SJIBL have theknowledge to answer your
12. SJIBL‘s employees are neat
appearing. [ ]
13. Materials associated with the
service (such as pamphlets or
statements) are visually
appealing at SJIBL. [ ]
14. SJIBL gives you individual
attention. [ ]
15. SJIBL has operating hours
convenient to all its
customers. [ ]
16. SJIBL has employees who give
you personal attention. [ ]
17.
SJIBL has your best interest atheart. [ ]
18. The employees of SJIBL
understand your specific
needs. [ ]
19. Employees in SJIBL tell you
exactly when services will be
performed. [ ]
20 Employees in SJIBL give you