EMIRATES ISLAMIC BANK 1

EMIRATES ISLAMIC BANK 2

EMIRATES ISLAMIC BANK 3

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SECTION 1:

This section covers the following topics:

Bank and the Importance of Banking

Services Generally Offered by Banks

Commercial Bank

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BANK AND THE IMPORTANCE OF BANKING

Bank and Banking:

Some authors are of opinion that the word bank is derived from the word

"Banque" which means a "Bench".

According to Banking Companies Ordinance 1962 “Banking is business

receiving for lending or investment, of deposits of money, from public,

repayable on demand or otherwise and which drawable by check, draw, order

or otherwise”.

A simple definition of bank is:

“A bank includes a body of person, who carry on the business of banking” Or

“A bank may be as an institution dealing mainly in money and credit. It accepts

deposits from one class of people at a lower rate of interest and advances

money out of these deposits to other class of people at higher rate of interest.”

Importance of Banking:

Bank plays an important role in promoting economic development of a country.

Bank provides necessary funds for executive program in the process

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of economic development. They collect savings of large masses of people

scattered throughout the country, which in the absence of bank world have

remained idle and unproductive. These amounts are collected, pooled together

and made available to commerce and industry for meeting the requirements.

This provides finance for successfully carrying on various stages of production

as well as distribution.

Bank stimulate the habit of savings amount the people by the security and

interest they offer with these savings which are deposited by people are in a

position to utilize the deposited amount more productively.

The bank increased the transaction capacity of the customers by advancing

loans when they require for additional funds to finance their expanded program

of business transaction.

In short, the economic development of a particular country is closely connected

with the growth of a sound banking system.

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Profit Generation:

Traditionally, a bank generates profits from transaction fees on financial

services and from the interest it charges for lending. In recent history, with

historically low interest rates limiting banks' ability to earn money by lending

deposited funds, much of a bank's income is provided by overdraft fees and

riskier investments.

Services Typically Offered By Banks

Although the type of services offered by a bank depends upon the type of bank

and the country, services provided usually include:

Taking deposits from their customers and issuing checking and savings

accounts to individuals and businesses

Extending loans to individuals and businesses

Cashing cheques

Facilitating money transactions such as wire transfers and cashiers

checks

Issuing credit cards, ATM cards, and debit cards

Storing valuables, particularly in a safe deposit box

Cashing and distributing bank rolls

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Ways to Perform Financial Transactions:

Financial transactions can be performed through several different channels:

Branch

ATM

Mail

Telephone banking

Online banking

COMMERCIAL BANK

A commercial bank is a type of financial intermediary and a type of

bank. It raises funds by collecting deposits from businesses and consumers via

checkable deposits, savings deposits, and time (or term) deposits. It makes

loans to businesses and consumers. It also buys corporate bonds and

government bonds. Its primary liabilities are deposits and primary assets are

loans and bonds. This is what people normally call a "bank".

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The term "commercial" was used to distinguish it from an investment

bank. After the Great Depression, the U.S. Congress required that banks only

engage in banking activities, whereas investment banks were limited to capital

markets activities. Since the two no longer have to be under separate

ownership, some use the term "commercial bank" to refer to a bank or a

division of a bank that mostly deals with deposits and loans from corporations

or large businesses.

In some English-speaking countries outside North America, the term "trading

bank" was and is used to denote a commercial bank.

Banking Companies Ordinance 1962:

Banking Companies Ordinance 1962 defines it as:

“Banking means the accepting for the purpose of lending or investing of

deposits of money from the public repayable in demand or otherwise and

withdrawable by cheque, draft order or otherwise.”

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SECTION 2:

This section covers the following topics:

History Vision Statement

Mission Statement

values

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History

Emirates Islamic Bank formerly Middle East Bank (the “Bank”) was incorporated as a conventional Bank with limited liability in the Emirate of Dubai on 3rd of October 1975. The Bank was reregistered as a Public Joint Stock Company in July 1995.

At an extraordinary general meeting held on 10th of March 2004, a resolution was passed to transform the Bank’s activities to be in full compliance with the Islamic Sharia. The entire process was completed on 9th of October 2004 (the “Transformation Date”) when the Bank obtained UAE Central Bank and other UAE authorities’ approvals.

The Bank is a subsidiary of Emirates Bank International PJSC, Dubai (the “Group Holding Company”).

In addition to its head office in Dubai, the Bank operates through 21 branches in the UAE. The accompanying consolidated financial statements combine the activities of the Bank’s head office and its branches and its subsidiaries. During the year ended December 31, 2006, the Bank setup a brokerage company 'Emirates Islamic Financial Brokerage' (the “Subsidiary”) a wholly owned subsidiary.

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The Bank provides full banking services, and a variety of products through Islamic financing and investing instruments.

As of 31st of December 2007 the Bank employed 923 employees (2006: 801 employees).

The Bank’s registered office address is P.O. Box 6564, Dubai, United Arab Emirates.

A vide range of Shari'a compliant products and services are offered conforming to the highest standards of Islamic finance and all of the bank activities are overseen by a Shari'a board comprising several prestigious scholars of Islamic law.

The Bank’s desire to conform to all aspects of Shari'a means that bank do things differently from conventional banks. The bank doesn't charge or pay interest, and seeks to avoid uncertainty in the transactions. Instead of conventional credit facilities like loans and overdrafts, the bank uses Islamic financing methods such as Murabaha, Ijarah etc. Instead of paying interest on savings accounts or investing customer's money in interest paying funds, the bank uses Islamic profit-sharing structures and Islamic investment funds. Many of the products are different from those offered by other banks and one can always expect the highest levels of service from Emirates Islamic Bank.

Vision Statement

To be the leading provider of high standard Shari'a compliant innovative financial products, quality service and superior value for its customers, shareholders, employees and the community.

Mission Statement

Providing innovative & high standard financial products & services governed by Islamic Shari'a provision to enrich the society.

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values

TrustWe are the trustees of public funds and serve with integrity & commitment. Ethical behavior is of critical importance to us. We adopt full compliance with internal and external policies and procedures, operating within the legal framework

Customer focus

We continuously seek to exceed our customer’s expectations, forging and maintaining long term relationships.

Innovation

We strive to be the market leaders in innovative products and services offering customized financial solutions with flawless execution.

Teamwork

The diversity of our people is our strength. We inspire and challenge each other working together to achieve synergy.

Achievement

Our people are our most valuable asset. We are committed to a result oriented culture. Our goals are clear and merit is the only criterion for reward

Social responsibility

As responsible citizen we contribute to the social welfare of the community we live in.

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SECTION 3

This section covers the following topics:

Corporate Profile Corporate Banking

Retail Banking

Remote Banking

Islamic Banking

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Corporate Profile

Board of Directors

Ebrahim Fayez Al Shamsi  Chief Executive Officer

Ahmad Fayez Al Shamsi Chief Financial Officer

Mr. Saeed Mohamed Rashid Al Sharid

Mr. Abdulrahman

Mr. Mahdi Abdulnabi Hussain Kazim

Mr. Sulaiman Hamed Al Mazroui

Mr. Jamal Saeed Juma

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Zahid Rasheed Head. Credit Division

Faisal Aqil G.M. Retail Banking

Auditors

KPMG Taseer Hadi & Co “Chartered Accountants”

Registered Office

The Bank’s registered office address is P.O. Box 6564, Dubai, United Arab Emirates.

Main Branch Al Gurg Tower 2, Riggat Al ButeenNearest Landmark: Hilton Creek HotelPO Box 6564 Dubai

Corporate Banking

The Corporate Banking Division of Emirates Islamic Bank (EIB) is geared to provide a comprehensive range of products and services to their valued corporate customers. Bank’s products are tailored within strict Sharia guidelines to provide practical, workable and above all cost effective solutions to a cross section of customer base spanning from small to mid to large corporate.

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Keeping in mind the highest level of customer service standards, the bank has acquired expertise in delivering the expected service level to the valued corporate customers.

Corporate Banking Units are located at prime locations across UAE and are accessible to the customers as per their convenience.

Corporate Banking Units (CBU)

Within short span of operations, Corporate Bank Division has evolved strongly and has emerged as an important segment of Emirates Islamic Bank. 

Within 18 branches located in various Emirates, 6 CBU’s are strategically established with a view to provide personalized and convenient accessibility to valued corporate customers.

The following Corporate Banking facilities are provided by EIB:-

Contract Finance.

EIB provides contract finance to its customers at low rate of interest. In Emirates Islamic Bank a full fledge dedicated Contract Finance team is available to assist customer’s requirement of contract finance.

The team comprises of experienced relationship managers supported by engineers and is efficient to facilitate the customers in understanding and structuring the need based facilities. 

Project Finance

The Project Finance team of EIB is highly trained to facilitate the customers by providing professional advisory services and cost effective solutions to any green field, mainstream projects irrespective of the size being large or complex projects.

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Business Banking

A dedicated business banking unit is established within corporate banking having proper understanding of the mid market segment which enables them to provide the required attention and assistance to this specific customer base. 

This unit will cater corporate entities across various industries having existence of 5 years and above, 3 years audited financials, turnover of up to AED 50 million and requiring banking facilities up to AED 10million.

Smart Business:

With much of ease and convenience, customers can undertake all current account transactions just at the click of a button from their work place.

This service is offered to all the customers at a nominal monthly fee.

Accounts

Following are the different accounts of the bank:-

Current Account

Features and Benefits

Free Shopping Card/Visa Electron ATM Card. 24-hour easy access to the account, through the following additional

electronic channels.

o ATMs - at over 730,000 ATMs worldwide.

o Phone banking - a 24-hour Telephone banking Service that allows the customers to access the accounts, pay charge card or utility bills and conduct transactions over the phone.

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o Mobile banking - an SMS-based banking service allowing the users to receive updates on their account and charge card balances and alerts on transactions, on their mobile phone.

Internet banking - enables the customers to view their account as well as conduct various transactions at their convenience from anywhere in the world.

Eligibility

Minimum balance required is AED 5,000 Individuals - including joint accounts Sole Proprietorships Partnership companies Joint Stock Companies/ Limited Liability Companies

Documentation required

Application Form UAE Nationals: Original and photocopy of Passport Expatriates: Original and photocopy of Passport plus residence visa

Investment Saving Account

Features and Benefits

Free Shopping Card/Visa Electron ATM Card. Profits generated and distributed from the common Mudaraba pool (joint

investment pool between the depositors and shareholders).

24-hour easy access to the account, through the following additional electronic channels.

o ATMs - at over 730,000 ATMs worldwide.

o Mobile banking - an SMS-based banking service allowing the users to receive updates on their account and charge card balances and alerts on transactions, on their mobile phone

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Eligibility

Minimum balance required is AED 5,000 Individuals - including joint accounts Sole Proprietorships Partnership companies Joint Stock Companies/ Limited Liability Companies

Documentation required

Application Form UAE Nationals: Original and photocopy of Passport

Expatriates: Original and photocopy of Passport plus residence visa

Investment Time Deposit Account

Features and Benefits

A profit bearing account suited for individuals including minors. Flexible deposit tenure periods.

Profits generated and distributed from the common Mudaraba pool (joint investment pool between the depositors and shareholders).

24-hour easy access to the account, through the following additional electronic channels.

o Phone banking - a 24-hour Telephone banking Service that allows the customer to access their accounts, pay charge card or utility bills and conduct transactions over the phone.

o Mobile banking - an SMS-based banking service allowing the customer to receive updates on their account.

Eligibility

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Minimum balance required is AED 10,000. Individuals- including joint accounts

Sole Proprietorships

Partnership companies

Joint Stock Companies/ Limited Liability Companies

Documentation required

Application Form UAE Nationals: Original and photocopy of Passport

Expatriates: Original and photocopy of Passport

Retail Banking

With a wide range of Shari'a-compliant products and services, Emirates Islamic Bank has a solution for all of banking needs. Bank’s products adhere to the highest standards of Islamic finance, and have been approved by board of renowned Shari'a scholars.

Following are different Retail Banking services offered by EIB:-

Al Reem Banking Credit Cards

Al Reem Banking

Emirates Islamic Bank understands the value and the role of women in the society and has carefully tailored the products, services and special offers to provide only the best to the customers.

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Features and Benefits:

- Exclusive ladies lounges / service areas:

There are dedicated and exclusive ladies lounges / service areas only to serve AL REEM customers.

- Special discount program at leading retailers:

AL REEM customers will receive the discount vouchers booklet that will give them detailed information on bank’s exciting offers. Discounts can be availed only when purchase is made using AL REEM Debit card.

- Special travel packages:

AL REEM Debit card comes with a range of travel service offers designed to make life easier. The Customers are eligible to receive a discount of up to 10%, depending on the airline and destination chosen. The customer should identify himself as AL-REEM cardholder and the purchase should be made using AL REEM Debit card to avail any discounts.

- Special discounts on safe deposit lockers:

AL REEM cardholders are offered 25% discount on safe deposit lockers.

Credit Cards

Following different credit cards are offered by EIB:-

Gold/ Gold Plus Credit Card Every month, a customer pays a fixed fee which allows him to use the card up to his approved limit. Like most credit cards, a customer will receive a

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monthly statement detailing the transactions for the month. Pay as much as he wants, as long as it reaches the minimum amount required. The only difference is a customer will not see the dreaded "interest" printed on his statement.

Features

A truly Shari'a complaint credit card No salary transfer required Worldwide acceptance at over 30 million establishments. Up to 55 grace days with no charges. 50% Cash Advance facility. Added security–photo feature providing instant recognition and foolproof

security. Settlement by cash/cheque or direct debit to EIB account. Free online access. Utility bill payments. 24 hours assistance through a dedicated call centre. Free card delivery.

Platinum/ Platinum Plus Credit Cards

Following are the features of the card:-

Features A truly Shari'a complaint credit card No salary transfer required Worldwide acceptance at over 30 million establishments. Settlement by cash/cheque or direct debit to EIB account. Free online access. Utility bill payments. 24 hours assistance through a dedicated call centre. Free card delivery.

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Classic/Classic Plus Credit Cards

Features

A truly fully Shari'a compliant credit card in the market. No Salary transfer required Worldwide acceptance at over 30 million establishments. Up to 55 grace days with no charges. Added security–photo feature providing instant recognition and foolproof

security. Settlement by cash/cheque or direct debit to your Emirates Islamic Bank

account. Free online access. Utility bill payments. 24 hours assistance through a dedicated call centre. Free card delivery

Remote Banking

At Emirates Islamic Bank, the value of customer's time is kept in mind by the management. That's why the bank offers online products and services that create a simpler, more convenient banking experience, and is available at no additional cost.

Following remote banking services are provided by the bank:-

Internet Banking Mobile Banking Phone Banking Security

Internet Banking

EIB’s Internet banking system, Bank Net is a highly secure and reliable banking platform which enables the customers to view their account as well as conduct various transactions from anywhere in the world.

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Features

Secure and reliable way to access the account via Internet. New Account Opening Account Summary and balance inquiry (including cards) View account and card statements Transfer of funds between accounts within the bank and BankNet

Domain Payment of utility and card bills Cheque Book requests Product information, Foreign Currency and Investment Deposit Rate

inquiry. Online Application Form for Cards. Request for Demand Draft, Manager's Cheque and Telegraphic

Transfers. Changing Password

MOBILE Service is a unique SMS–based banking service which allows the customer access to their account information anywhere, anytime. MOBILE Service has a wide range of functions to choose from.

If e person is an existing BankNet User, he can subscribe, modify or cancel Mobile banking services by clicking on the "EIBMOBILE" option of the Main Menu.

If e person an existing EIBMOBILE user, he can subscrible to BankNet and add/maintain his profile.

By using BankNet, a user can maintain EIBMOBILE services 24 hours a day, 7 days a week. 

Functions

Pre-defined alerts received on a customer mobile.

Request for account / Card related enquiries by sending an SMS.

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Phone Banking

The Phone banking Service of EIB is a 24-hour service, which can be accessed globally.

Features

Phone Banking service of EIB gives the flexibility to gain access to various services at a press of a button. Phone Banking service includes:

Account Enquiry Card details Utility bills/ Card Payment Transfer funds Service Requests - Statement Change PIN

Protecting information of customers properly is a shared responsibility of EIB. Security procedures and code of ethics keep informing the clients

If a customer is a victim of the fraud.

In the event if a customer is a victim of fraud, there are a number of immediate steps that he can take to help protect his personal and financial interests:

Immediately contact bank(s) and card issuers so that the following can be done:

o Access to accounts can be protected

o Stop payments placed on missing cheques

o Personal Identification Numbers (PINs) and Internet Banking Passwords changed

o Be sure to indicate to the bank or issuer all the cards and/or accounts potentially impacted, including ATM cards and credit cards.

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Islamic Banking is a form of modern banking based on Islamic legal concepts (Shari'a) developed in the first centuries of Islam, using risk-sharing as its main method, and excluding financing based on a fixed, pre-determined return.

Islamic Banking believes in sharing profits and risks in the business instead of becoming creditors. In Islamic Banking the depositor, the Bank and the borrower all share the risks and rewards of financing business ventures. This is unlike the interest-based commercial banking system, where all the pressure is on the borrower; he must pay back his loan, with the agreed interest, regardless of the success or failure of his venture. Islam encourages investment in order that the community may benefit.

International Association for Islamic Economics:

The International Association for Islamic Economics was established in 1984 as an educational and professional organization with the objective of promoting the study and application of Islamic economics, banking and finance. It involves the reconstruction of economic and finance theory and practice in the light of Islamic principles. The Association, thus, aims to develop an integrated approach to Economics while welding together the material aspects of economic life with Islamic values and norms. Membership is open to academics, professional financiers and bankers, and students who are interested and involved in Islamic Economics, banking and finance, and agree with the aims and objectives of the Association.

Principles of Islamic Banking

The Islamic values are reflected in Islamic economic principles. It is important to understand these principles of Islam, Which are:-

a. Any predetermined payment over and above the actual amount of principal is prohibited.

Islam allows only one kind of loan and that is qard-el-hassan (literally

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good loan) whereby the lender does not charge any interest or additional amount over the money lent.

b. The   Bank must share in the profits or losses arising out of the enterprise for which the money was financed.

Unlike the interest-based commercial banking system where all the pressure is on the borrower, Islamic finance is based on the belief that the depositor, the bank and the borrower should all share the risks and the rewards of financing business ventures.

c. Making money from money is not Islamically acceptable.

In Islam, money represents purchasing power, which is considered to be the only proper use of money. This purchasing power (money) cannot be used to make more purchasing power (money) without undergoing the intermediate step of it being used for the purchase of goods and services.

d. (Uncertainty, Risk or Speculation) is also prohibited.

Contracting parties should have perfect knowledge of the counter values intended to be exchanged as a result of their transactions and should be free from uncertainty, risk and speculation. Also, parties cannot predetermine a guaranteed profit based on the principle of 'uncertain gains' which does not even allow an undertaking from the customer to repay the borrowed principal plus an amount to take into account inflation.

e. Investments should only support practices or products that are not forbidden – or even discouraged- by Islam.

Trade in alcohol, for example would not be financed by an Islamic bank; a real-estate finance could not be made for the construction of a casino; and the bank could not lend money to other banks on

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Islamic Vs Conventional Banking

The best-known feature of Islamic banking is the prohibition on interest, known as "Ribba". It encourages the notion of higher risks and higher returns, the objective is that high-risk investments provide a stimulus to the economy and encourage entrepreneurs to maximize their efforts. Islam encourages investments in order that the community may benefit.

The shareholders and depositors should all share the risks and the rewards of financing business ventures. This is unlike the interest-based commercial banking system, where all the pressure is on the borrower: to pay back his loan, with the agreed interest, regardless of the success or failure of his venture.

Islamic banking helps to contribute towards a more equitable distribution of income and wealth and increased equity participation in the economy.

SECTION 4

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This section covers the following:

SWOT ANALYSIS

FUTURE PROSPECTS

SWOT ANALYSIS

Emirates Islamic Babk’s analysis for its internal and external pros and cons is

as follows:

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STRENGTHS

1. One of the most distinguish strength of EIB is its largest branch

network.

2. The strength of EIB which discriminate it from other banks is that it has

Bank Net technology.

3. The share value OF EIB is highest in the banking industry.

4. EIB has the largest ATM network in the country.

5. key strengths of EIB is that it has very stable deposit base.

6. EIB has captured majority of potential customers all over the World..

7. Customer default rate is lower as compared to other banks.

8. Meeting the challenges of latest Technology by introducing Smart card

remit express, mobile banking etc.

9. The policy makers of EIB are he trendsetters in the Banking industry

and have been providing the market with continuous innovation through

different products

10. EIB introduced its Online Support, which is specifically meant for

existing EIB Virtual Banking (Internet) customers, requiring help on

various e-Banking issues.

11.Variety of deposit and advance related products to meet the needs of

different types of customers.

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WEAKNESSES

Decision making process is very slow.

It is not having greater no of branches abroad.

Some management positions needed are not professional.

Employees’ dissatisfaction due to ill treatment and improper reward

system.

The pay scale of the employees is low as compared to its competitors.

The lack of proper infrastructure in small branches is also a major

weakness.

OPPORTUNITIES

EIB is opening new branches in foreign countries

Leasing sector is growing over the years, which provides opportunity to

EIB to go ahead in this area as well.

EIB is providing Consumer Finances at comparatively lower rates which

paves a way to grab more customers.

Financing to small/medium industries will definitely increase its

advances and profitability as well.

Islamic Trading Based Banking can enhance the business of the bank.

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Job enrichment of the employees will result in higher customer

satisfaction because a satisfied employee means a satisfied customer.

Higher pay scale will result in lower turnover of highly skilled

employees.

EIB is surrounded by many competitors. It has an opportunity to do

aggressive marketing to increase its business.

Another opportunity is to innovate their product line and keep on giving

services that satisfy customers in a better way.

THREATS

Other private commercial bank with sound profitability is also a threat to

EIB.

Foreign banks are flourishing in field of consumer financing.

People don’t prefer banking culture. They mostly prefer cash transactions.

EIB has many competitors, which are continuously increasing its products

and marketing aggressively. It may cause its customers to shift to

competitors.

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Continuous turnover of the highly skilled employees to it competitors

can be detrimental in the long run as well as short run.

The EIB Islamic Banking system has very few products yet those are

competitive. It needs to work on its product line in order to improve it.

FUTURE PROSPECTS

The future prospects of EIB seem to be bright because it can easily continue

benefiting from the strengthening of underlying economy and continued

business optimism. Furthermore, as relations with other countries are

improving considerably, hence banking sector is expected to grow on the back

of continued economic revival, and is well supported by the reforms in the

financial sector.

EIB has clearly shown an intention of keeping continued cost discipline as a

clear priority, intensify the focus on fee-based income and encouraging the

adoption of new technologies and infrastructure platforms to maintain and

improve its position. For this purpose, EIB is trying to make a comprehensive

portfolio of business initiatives aimed at capturing additional profit growth

potential.

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In short, the bank seems to develop further because of favorable economic

trends and effective management steps. Therefore, the bank is expected to have

a glowing future, predictable from its present growth.

SECTION 5

This section covers the following:

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RECOMMENDATIONS

CONCLUSION

RECOMMENDATIONS

Some of the recommendations for Emirates Islamic Bank are as follows:

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Processing of loans should be simplified and the time for the loan

approval should be revised. There are lengthy and cumbersome legal

procedures that make the customer more reluctant to come to the bank.

The emphasis of the bank should be on speedy processing and prompt

services.

EIB must concentrate on promotion of their products and services.

The bank should focus on improving the customer service. As the world

is becoming a global village and the competition is getting intense day by

day, one cannot take the risk of loosing its customers.

The Islamic and conventional systems must not be mixed together. It

gives a negative image on Islamic banking system. The treasury must be

separate.

The use of the technology should be further improved.

The mobile banking system should be given proper attention because its

usage up till now is very limited.

Steps should be taken to increase the national savings rates. Banks can

play their part in this by introducing more attractive products, keeping

in view the needs of the customers and educating the customer about the

savings.

The difference in the spread should be reduced. This high spread

decreases the efficiency of the bank and ultimately leads to dis-

intermediation.

The management of the bank should introduce such systems that reduce

the paper work.

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Unproductive branches in remote areas should be closed down to reduce

the administrative costs.

The branches that are facing losses should be given special attention to

improve those branches.

Aggressive and proactive management style should be followed to

increase HR efficiency.

Time deposits should be properly administered.

Stuck up portfolio of Finances should be effectively reduced.

Dormant/Non-Operating accounts should be closed to save account

maintenance costs.

Fund Investments should be made after careful analysis.

Bank should expand its branch network abroad.

CONCLUSION

From the analysis of the various efforts at different levels in the bank the

conclusions are drawn:

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The bank has managed to achieve greater profitability by introducing

innovative products and implementing effective strategies.

The marketing efforts at the branch level are less disciplined and there

are no integrated efforts from all the staff members. The mobilization of

deposits is mainly considered as the responsibility of the branch manager

but the rest of the staff is usually least interested.

The branch managers are usually given very little regarding sanction of

advances and over draft whereas the responsibilities are numerous.

The decision-making is still centralized as the middle and low level

management is not taken into confidence.

At the regional and circle levels the marketing efforts are almost non-

existing though a big staff kept buy the entire day.

The bank staff has been found as less satisfied with bank policies and the

recent retrenchment in the bank has created unrest and panic.

Although the bank is advertising that it had attain the maturity in

electronic data processing system but factually the work force is bound to

do lot of manual work, specially in bill and remittances department.

The increase in profitability resulted in increase in share price and

earnings per share of the bank.

The bank offers different deposits accounts to its customers that include

foreign currency accounts as well as local currency accounts.

The bank also has the facility of Loan /credit products.

The bank provides fast, secure and easy-to-use, Remittance Services that

is an efficient way to transfer money overseas.

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The EIB ATM Network is the largest and most advanced of its kind in

the country.

The bank offers Trade finance services, Term loans, Working capital

loans and Cash management services to corporate sector.

EIB provides its customers with the reliable Islamic Financial Services

and support they require to successfully achieve their business

objectives.

EIB Virtual Internet Banking offers customers the convenience to

manage and control banking and finances.

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