altaf internship report
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AACCKKNNOOWWLLEEDDGGEEMMEENNTT
First of all I am thankful to "ALMIGHTY ALLAH" Who gave me the strength, patience,
courage and enthusiasm needed to write and complete this report, and countless salutations to
upon the Holy Prophet Muhammad (PBUH), the sea of knowledge who has guided His
Ummah to seek knowledge from cradle to grave.
Then to my Supervisor Mam Noreen Afzal who assisted me to accomplish this assignment. I
have a debt of gratitude to all my teachers who taught me throughout my academic career.
The preparation of this report was a massive undertaking but the highly competent and
experienced management of Askari Bank provided me with all assistance, information,
advice and suggestions that I needed which contributed importantly to this report.
Altaf Hussain
11111111111
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11..EEXXEECCUUTTIIVVEESSUUMMMMAARRYY
As per the requirements for the degree of MBA at University of Education Lahore, Okara
campus, I got an opportunity to get six weeks internship exposure. Askari Bank, katchary Road
Branch Depalpur provides me the chance to have this experience. During my internship I was
rotated in the various departments in order to get in depth idea of how the bank functions. This
report thoroughly outlines and explains my observations, findings and analysis and my
knowledge of the banking sector in general and Askari Bank in particular.
In this report, there is an introduction of Askari Bank. In introduction, there is history of Askari
Bank, strong commitment and loyal service, highly trained professionals, and credit rating. The
report also includes the details of the products offered by Askari Bank
Subsequent to it this report contains five years financial anaylsis and also SWOTS of Askari
Bank. With the help of these methods I have some suggestions and recommendations to improve
the performance of the Bank, which also mentioned in this report. By following these
suggestions bank can improve their product market and can easily gain the attraction and
satisfaction of customers. Not only the customers, bank also can improve the satisfaction and
performance level of its employees by these suggestions.
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OverviewAfter the completion of degree MBA (Finance) I want to enter and check the practical work
according to my specialization. For that purpose I selected the banking sector because I have
done specialization in finance.
Second and next main objective of studying organization; I want to enter in practical field and
want to learn that which discipline is required for leading a successful future life. I think I am
very lucky person that I selected Askari Bank as my learning organization.
Objectives that I want to achieveObjectives that I want to achieve by studying the organization are as follows:
First of all I want to check the practical work according to my degree specialization.
During my internship in Askari Bank I have learnt that how to use the knowledge in
practical field.
Secondly I want to learn that how to mange an organization and how to mange the
finance for a financial organization, as my degree is related to Financial Management.
Customers dealing is another major objective that I want to achieve. During my
internship I learnt that how to deal with customer.
Financial institution is a place where every type of businessmen visits, so during my
internship in AKBL I met with many businessmen and learnt that how different
businesses run.
And another main objective that I want to achieve that how an organization consist with
different departments and how different functions are done in different departments of an
organization.
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Brief History Of The OrganizationAskari Bank Limited was incorporated on October 9, 1991, as a Public Limited
Company, and is listed on Karachi, Lahore and Islamabad Stock Exchanges. The
Bank obtained business commencement certificate on February 26, 1992 and
started operations from April 1, 1992. Askari Bank is scheduled Commercial Bankand is principally engaged in the business of Banking as defined in the Banking
Companies Ordinance 1962.Askari Bank Limited continues to scale new heights in all areas of its operations.
The safety and security of depositors funds, high productivity and optimum use of
technology are the hallmarks of its corporate strength.
In 1994, AKBL earned international recognition as Asia Money Award and thetitle of
Best Commercial Bank of Pakistan for the year 1994, while Euro moneydeclared the Bank as best domestic Bank of Pakistan for the year 1995.
Askari Bank has since expanded into a network of 261 branches / sub branches,including 34 dedicated Islamic banking branches, and a wholesale bank branch in
Bahrain.A shared network of 5,903 online ATMs covering all major cities in Pakistan
supports the delivery channels for customer service. As at December 31,2012, the Bank had equity of Rs. 19.7 billion and total assets of Rs. 353 billion,
with 907,984 banking customers, serviced by our 5,597 employees.Askari Investment Management Limited and Askari Securities Limited are
subsidiaries of Askari Bank engaged in managing mutual funds and share
brokerage, respectively.
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Organization Business Volum
The business volum of Askari B ank is expanding day by day. As below table isshowing the business volum of Askari Bank of the last five years.
Years 2008 2009 2010 2011 2012
Total Assets 206,191 254,327 314,744 343,756 353,056
Shareholder' Equity 12,971 14,949 16,004 17,776 19,688
Number of Branches 226 235 245 261
Number of Employees 6,159 6,442 5,994 5,597
Number of Customers 984,485 885,764 919,096 907,984
Source: AKBL Annual Reports from 2008-2012
Interpretation of Business VolumThe business volum ofAKBL in terms of Total Assets, Share-holders Equity and the No. ofBrnches incresd with the passage of time. Number of Employees working at AKBL has shown
downward trend and the tolat number of customers does not show a particular trend.
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Product Lines & Services
Agriculture
Products
Branch
Banking Consumer
BankingIslamic
BankingAlternate
Delivery
Channels
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1.Agriculture Product
1.1KISSAN EVER GREEN FINANCE
Features Details
Product Type: Profit Earning Account.
Eligibility: Pakistani Resident (Individuals).Security: Mortgaged charge on agri land through Zari Pass Book.
Profit Amount: Profit on credit balances will be paid on half yearly basis as
declared by the bank on PLS savings accounts.
Tenor: Yearly Basis.
Markup: The mark-up is charged for the actual days the finance isutilized.
Benefits: 1. A special cheque book is issued to the farmer.
2. Automatic renewal upon adjustment of entire Principal
amount with mark-up once in a year.
3. The account is farmer friendly which benefits the farmersboth ways. If the account is in credit, it earns profit, otherwise it
provides instant finance, to the farmer for his agriculture needs.
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1.2KISSAN AABPASHI FINANCE
Features Details
Product Type: To finance installation of Tube-Wells (electric, diesel and solarenergy units) water management equipments and water channel
development etc.Eligibility: Pakistani Resident (owner of farmers).
Benefits: 1. Help farmers to make optimum use of limited water resources.
2. To facilitate the farmer, to overcome the scarcity of water.3. To develop mechanical water resources, sprinkler and dripsystem etc.
4. To avoid traditional inefficient modes of irrigation and wasteof available water.
5. To manage natural available resources through watermanagement practices.
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1.3 KISSAN LIVESTOCK DEVELOPMENT FINANCE
Features Details
Product Type: To purchase Milch Animals, Goats, Sheep, Poultry andFisheries without incurring extra expenditure because of
availability at his farm.Eligibility: Pakistani Resident (Owner Farmers).
Benefits: The program will provide regular day to day income to thefarmer to meet his own consumption and surplus to be
marketed.
This will revive / accelerate and supplement the income
generating capacity.It will enhance the repayment capacity of the farmer.
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1.4 KISSAN FARM MECHANIZATION FINANCE
Features Details
Product Type: Finance for farm equipment, trailer, thresher, drills & rotavatorsetc
Eligibility: Pakistani Resident (Individuals).Benefits: 1.Under this program the farmer will get benefit of use of
modern agricultural tools, implements and equipments whichare cost and time effective.
2.Improves per acre yield of agri crops and quality of
agriculture produce to get good price in the market3.Helps to match / compete with international standards forexportable agriculture produce.
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2. Branch Banking products
2.1 VALUE PLUS CURRENT ACCOUNTFOR INDIVIDUALS
Features Details
Opening BalanceRequirements: Rs. 25,000/-
Minimum Monthly Rs. 25,000/-*
Average Balance
Requirements: (In case of short fall in the minimum balance
requirement, service charges for free services beingoffered will be charged as per prevailing Schedule ofCharges.)
FREE FACILITIES: . Issuance of Visa Debit Card. Annual and replacement feewould apply.
ATM Cash Withdrawal Insurance coverage upto dailycash witdrawal limit of the debit card from Askari Bank
coverage to Debit Card / Visa Debit Card Holders. Rs.500,000/- and Rs. 700,000/- for Classic and Gold Visa
Debit Cards respectively
24 hours world-wide Accidental Death & Permanent
Disability insurance coverage. The sum insured per
account holder shall be equivalent to four times of the
http://www.askaribank.com.pk/docs/SOCz.pdfhttp://www.askaribank.com.pk/docs/SOCz.pdfhttp://www.askaribank.com.pk/docs/SOCz.pdfhttp://www.askaribank.com.pk/docs/SOCz.pdfhttp://www.askaribank.com.pk/docs/SOCz.pdf -
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average balance completed in the last six months
maximum upto Rs. 2 Million
On-line fund transfer facility
i-Net Banking facility
SMS Alerts of ATM Cash withdrawal to Visa Debit Cardholders.
Issuance of Pay orders / Demand drafts
Issuance of 2 Supplementary Visa Debit Cards. Annual
and replacement fee would apply
Issuance of Cheque Books
Duplicate account statements
VALUE PLUS CURRENT ACCOUNT
FOR BUSINESS
Features Details
Opening Balance
Requirements: Rs. 100,000/-Minimum Monthly
Average BalanceRequirements: Rs. 100,000/-*
(In case of short fall in the minimum balance
requirement, service charges for free services being
offered will be charged as per prevailing Schedule of
Charges.)UNIQUEFEATURE: If any organization opens Value Plus Current Account
for Business, then its employees will be eligible to open
Value Plus Saving Account with an initial Deposit of Rs.5,000/- only.
FACILITIES: On-line funds transfer facility
Issuance of Cheque Books
Issuance of Pay orders / Demand drafts Duplicate account statements Statement of Account through email (Once a month)
http://www.askaribank.com.pk/docs/SOCz.pdfhttp://www.askaribank.com.pk/docs/SOCz.pdfhttp://www.askaribank.com.pk/docs/SOCz.pdfhttp://www.askaribank.com.pk/docs/SOCz.pdfhttp://www.askaribank.com.pk/docs/SOCz.pdf -
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2.2 ASKARI PAISHGI MUNAFA TERM DEPOSIT
Features Details
Product Type: Term Deposit.
Eligibility: Pakistani Resident (Individuals).
Minimum Amount: Rs. 100,000/- or in multiples of Rs. 100,000/-.Profit Amount: Rs. 9,375/- on a deposit amount of Rs. 100,000/-
(expected rate of return 7.5 % p.a)Tenure: 15 Months.
Benefits: 1. Financing Facility up to 80% of Principal amount.
2. Free Visa Debit Card issuance.3. No Minimum Balance requirement in checkingaccount.
4. 2 Free Pay Orders in a month (Withholding Tax andother Government charges will be applicable as per
Law).5. No maximum limit for investment.
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2.3 ASKARI BACHAT ACCOUNT
Features Details
Product Type: Term Deposit.Eligibility: Pakistani Resident (Individuals Only).Balance Requirement: Minimum balance of Rs. 50,000/- with no upper limit.
Tenure: 1 Year.
Profit Payment: Monthly1st of every month.
Expected Rate of Return: 8.5% p.aFinancing Limits: Up to 90% of the principal amount
Servicing: Available at all Askari Bank branches.Free Facilities: 1- VISA DEBIT CARD (For the CASA account)
2- INSURANCE COVERAGE3- On-line fund transfer facility.
4- I-Net Banking facility5- Issuance of Cheque Books.
6- Duplicate account statements.7- Free Pay Orders.
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2.4 RUPEE TRAVELERS CHEQUES
Features Details
Eligibility: Any Literate individual customer (Account is not
mandatory).
Denominations: Rs. 10,000/-.Validity: Until encashed.Processing: Issuance
Desirous customer will submit the Application Form(duly filled/ signed) in any branch of Askari Bank
Limited.After verification, branch will forward the form to
Investment Products Unit.IPU will keep the record of the customer and system will
automatically update that customers transaction.Encashment
Original purchaser will approach the nearest branch.Purchaser will sign RTC on the face and branch will
verify his signatures with the signature mentioned on
CNIC before encashment of the same.
Charges: Refund processing charges are Rs. 1,000/- andIssuance/Encashment are free.
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4. PTCL Bill or Utility bill relevant with the address
mentioned on application.5. Post dated cheques.
6. One Year bank statement.
7. Specimen Signature card verified by the bank.8. Undertaking on signature if signature differs from
CNIC.9. Latest Salary slip.
10. Proof of business & other income.11. NTN certificate (optional).
12. Bank letter for proprietorship.
13.Wealth statement required in case of financing of 1.5M & above.
14. Partnership deed (if applicable).
15. Verified CNIC of the guarantor.16. Guarantor Net worth Statement (optional).
Documentation:
1. Standard Finance Documents.
2. Other Mandatory Documents.3. 15 Report (Police Clearance Report).
4. Evaluation Report by approved surveyors.
5. Fresh Vehicle ownership certificate from ETO prior totransfer in the name of AKBL.
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3.2 MORTGAGE FINANCE
Features Details
Purpose of Loan: Purchase of Plot + Construction.
Construction on Existing Plot.
Purchase of House/ Apartment.Renovation of House/ ApartmentBalance Transfer Facility.
3.3 PERSONAL FINANCE
Features Details
Applicant/ Borrower: Pakistani Resident (SEB/SEP cases are not entertainedcurrently).
Age: Salaried: 21-61 years
Salary/ Income: Rs. 30,000/-per month.
Employment Status: 1 Year.Debt Burden: Maximum 50% of the net disposable income.Credit Limit: Up to Maximum of Rs. 500,000/- (Subject to maximum
of 50% DBR & Industry benchmark is maximum Rs.1.000 M).
Tenure: 1 - 5 years.Mark up: Secured Salaried: 19% p.a.
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Mark up: Unsecured Salaried: 21% p.a & Contract Employees 24.2% p.a
Reference: Two (2) references with complete details (one should berelative).
Processing / Others Charges: As per "Schedule of Bank Charges".
Documentation: 1. Application Form duly filled & Signed by theapplicant in his/her own handwriting.
2. Clear copy of valid CNIC.3. Two passport size latest photographs.
4. Last two month original salary slip or attestedphotocopy required.
5. Last 6 month bank statement of salary account.
he latest paid utility bill received at the residentialaddress in case of salaried individual.
he latest bill received at the business address &
residential address, in case of SEB/SEP.8. BBFS, DDA, Undertaking CF-1, undertakingregarding other credit facilities.
3.4 CREDIT CARD
Features Details
Eligibility: Pakistani Resident.
Card Types: 1.Silver Card (cash withdrawal limit per day Rs=50,000)2. Gold Card (cash withdrawal limit per day Rs=100,000)
http://www.askaribank.com.pk/docs/SOCz.pdfhttp://www.askaribank.com.pk/docs/SOCz.pdfhttp://www.askaribank.com.pk/docs/SOCz.pdf -
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4. Islamic Banking Products
4.1 ASKARI IJARAH BIS SAYYARAH(IJARAH CAR FINANCING)
Features Details
What is Ijarah? Ijarah is a rental agreement, under which the usufructs of
an asset is transferred to the client on pre-agreed termsand conditions. It is a Shariah Compliant mode of
finance, adopted by Askari Islamic Banking to meet theCar Financing needs of its valued customers.
Key features: Prompt Processing Time.
Facility to acquire more than One VehicleFacility Income Evaluation Plan
Low Security DepositCompetitive Profit Rates
Eligibility: A Pakistani National.Earning at least two times more than your monthly Car
Ijarah rentalsBetween 21 to 60 years, (for salaried class) and of age,
till the maturity of the lease periodEmployment experience of minimum six months in a
permanent capacity in the current organizationBeing in business for at least one year
DocumentsRequired: (For Business Person)
Copy of CNICTwo recent passport sizes colored photographs.
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4.2ASKARI HOME MUSHARAKAH(MUSHARAKAH HOME FINANCE)
Features Details
Askari Home
Musharakah:Joint ownership is created in the property between Bank &
Customer on the basis of the Musharakah Agreement. (This isbases on the principles of Shirkat ul Milk).
Banks share is divided into units and is given to the client onrent.
Client promises to purchase Banks share (units) over the tenureof transaction.
Client purchases the units every month and will eventuallybecome the owner of the property.
Rental amount will be adjusted according to the banks share(units) remaining in the property.
Askari Home Musharakah has tailor made solutions to meetyour needs
Askari Home
Musharakah
Purchase: Askari Islamic Banking offers a convenient and easy way tobuy your own home, with a financing of 85% of the property
cost, upto Rs. 50 Million.
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Askari Home Musharakah
Construction: You can simply build your home as you desire, with halalIstisna/Musharakah Finance from Askari Islamic Banking,
specifically tailored to match your cash flows and needs.
Askari Home Musharakah
Improvement: If you want to renovate your home, let Askari Islamic Bankingfacilitate you in making you home look even better.
Askari Home Musharakah
Transfer: Just switch your existing interest based mortgage to Askari
Islamic Banking by getting advantage of our Askari HomeMusharakah Transfer Facility, with peace of mind of having
halal transaction.
Features andBenefits: Shariah compliant
Prompt processing.
Competitive rentals.
Clubbing-of family incomeMaximum financing limit: Up to Rs. 50 million.
Financing tenure: 3 to 20 years
Documentation/ legal/ valuation/ income estimation charges:Atactual.
Eligibility: A Pakistani National.
Earning at least two time more than your monthly Car Ijarahrentals.
Between 21 to 65 years.A permanent employment with at least six months of service
with present employer
A self employed individual with at least 3 years of business
track record.Income verification / documents required.
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5. Alternate Delivery Channels
5.1VISA DEBIT CARD
Features Details
Product Type: Debit Card.
DistinctiveFeatures:
Classic: Cash withdrawal Limit is 50,000, Shopping Limit200,000 & Funds Transfer Limit 250,000.
Gold: Cash withdrawal Limit is 100,000, Shopping Limit250,000 & Funds Transfer Limit 300,000.
Eligibility: 1. Literate individual customer.2. Having Pak Rupee checking account under the category of
Current, Saving, ASDA, Value Plus Accounts (Current &Saving) Basic Banking Account and Smart Cash etc., with
credit balance and 'normal' status, may apply.
3. No minimum balance requirements for issuance or retention
of the VISA debit card. An eligible customer may apply for anyof the debit cards i.e. Classic or Gold.
4. Joint account holders, with the authority to operate theaccount singly, may be issued supplementary card(s). The
supplementary Card(s) may be issued to only those jointaccount holders who can operate the account singly with either
or survivor option.5. A customer/staff is allowed to retain as many cards as
number of accounts and is allowed to link multiple accountswith single debit card.
6. Multiple accounts of same customer, maintained at different
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branches of Askari Bank, may also be linked with single VISA
Debit Card. If the customer has an account with otherbranch(es), the application receiving branch must verify &
confirm the following either through online system or from the
concerned branch(es).Validity: Five (05) Years. (New card will only be issued on customers
written request).Activation/
De-activation: Through our Call Centre by calling at our toll free number0800-00078.
5.2 INTERNET BANKING SERVICES
Features Details
ImportantFeatures: Payment of Utility Bills
Payment of Mobile PaymentsPurchase of Mobile Air Time
Account Statements
Payments' Details
Online registrationFund transfer to any account within Askari Bank
Inter-bank fund transfer (IBFT)Askari Master Card details
Askari Master Card bill paymentEmail alerts
Enhanced security
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5.3Call Center
Askari Bank has been one of the leading banks in the country for over a number of
years now and has constantly come up with new services for its valued customers;being one of the first to start ATM and Internet Banking services. Striving for
further customer satisfaction Askari Bank launched its Call Centre which becamean efficient and effective medium to put information at their customer's fingertips.
The Call Center provides a single point of contact for all of its customers, yet offerunique and individualized services on real time information for its time-conscious
customers, as it will be available anytime-day or night.
Following are the services available at Call Center:
1. Balance Inquiries, Account Statements ( read out and fax)2. Complaint handling for all sorts of complaints related to the bank.
3. Funds transfer from one account to the other.4. Utility Bill payments for all utility companies listed with the Bank.
Credit Card related queries and information
For further queries please call: 0800-00078Or
Email at: support@askaribank.com.pk
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Organizational Structure of Branch
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a) CASH DEPARTMENTAll the physical movements of cash in the bank are made through this department.
Normally cash department performs following functions;
Receipts
Payments
Transfer of funds from one account to another account
Handling of ATM
Posting
Verification of signatures
b)CLEARING DEPARTMENTAll the bank which are the member of clearing house maintain accounts with State Bank of
Pakistan by debit and credit to which the clearing settlements are made. If on a particular day, a
bank delivers cheques and other negotiable instruments worth more than the total amount of
Cheque received by it that banks accounts with State Bank of Pakistan will be credited with the
differential amount. If on the other hand the total amount of cheques and other negotiable
instruments draw on a certain bank by other bank is more than the total amount receivable by it
from other banks, then this banks account will be debited on that day. The cheque delivered to
the representatives of other banks for clearing are called outward clearing, whereas cheques
received from the representatives of other banks for payment are called inward clearing.
c) Remittance DepartmentThe Remittance Department issues drafts, payment orders, traveler cheques etc.
Remittance means transfer of funds from one place to another place. Drafts are issued for other
cities while payment orders are issued for within a city purpose.
d)Lockers DepartmentLockers provide services of safe keeping the previous object of public. Locker holders pay
annual rent. One key of the locker is kept by the bank other is given to the client.
e) Credit DepartmentIt provides loans to various clients and has a major contribution in the bank's profit and assets.
Different types of loans are provided to the clients depending on their needs and demands. Loan
against property (Saiban Scheme) and Loan against assets (advance salary) etc is provided. Such
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loan is given keeping in view the total income as well as salary being drawn per month by the
applicants.
Structure and Functions of the Accounts / Finance Department
Account Department of any branch of bank is a major department. It performs all the activities of
accounting in bank. This department is responsible to maintain the proper record of account
holders and other account of the branch.
Functions of Account Department
The main function of this department is to handle the cash, record the cash
transaction, summarizes all the bank transaction daily and sends the report to head
office.a) Branch Credit Committee.
b) Area / Regional Office Credit Committee
c) Head Office Credit Committee.
d) Executive Committee
e) Board of Directors.
Note: Each approved limit (BCC/AOCC/ROCC/HOCC/EC) will be subject to Risk Asset
Review by Risk Management Division, Head Office, and Rawalpindi.
Structure of the Finance Department
The finance department at head office reconciles the data collected from the branches. The uses
this data to prepare the overall position of the banks in terms of
Prepare Balance sheet
Income Statement
Sources and Uses of Funds
Cash Flow Statement
The department is also responsible to review the policies of bank in terms of financial matters
and give feedback to policy makers. Their participation in policy making is encouraged by the
bank management. In order to give suggestion in policy making the department gathers feedback
from the branch level.
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The department is also responsible to publish the financial position of bank in print and
electronic media as per the SBP policy. The information provided by bank is very important for
investor because they very much rely on this information in order to invest in the bank. The
depositors also feel secure if the position of bank is positive.
Income and Expense
The department also needs to calculate the revenues and expenses, control expenditure and
forecast profits every month.
Budget
Formulation of yearly budgets & targets in consultation with the branch manager is also done by
the accounts department.
Activity Checking
Daily activity checking and monitoring is done by the accounts department of the whole bank.
Storage of Records
Accounts Department also has the duty to store vouchers and system generated reports.
Payments
The accounts department is responsible to pay vendors on behalf of the bank with authorization
from the branch manager. It also has to amortize large payments and calculate depreciation of
branch assets.
5.3 The role of financial managers in establishing
relationship
This is a senior role and the Relationship Manager will manage a portfolio of complex borrowing
corporate clients as well as being the primary point of contact for the banks relationships with the
Hedge Fund Sector. The role will report to the Head of Corporate Banking.
The ideal candidate will maximize opportunities to strengthen and leverage existing relationships
as well as continue to maintain and ensure high levels of customer satisfaction and retention all
the while generating new recommendations. The successful candidate will be experienced in
developing growth plans and expanding the divisions borrowing and non-borrowing
relationships within the hedge fund sector.
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Sources and Uses of Funds
Cash Flow Statement
The department is also responsible to review the policies of bank in terms of financial matters
and give feedback to policy makers. Their participation in policy making is encouraged by thebank management. In order to give suggestion in policy making the department gathers feedback
from the branch level.
The department is also responsible to publish the financial position of bank in print and
electronic media as per the SBP policy. The information provided by bank is very important for
investor because they very much rely on this information in order to invest in the bank. The
depositors also feel secure if the position of bank is positive.
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