soneri bank limitted
TRANSCRIPT
1 Soneri Bank Limitted
Contents
About the bank
Bank mission statement OBJECTIVE OF THE BANK Shareholders information Board of directors Management WOT ANALYSIS
Products and services
Saving account Term deposit Current account Basic bank account Ikhtiar current account Online banking SMS alert S.M.E finance Consumer finance Electronic banking
Islamic banking
Soneri jari account Soneri bachat account Soneri munafa account Soneri meaadi account
conclusion
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A BREIF HISTORY OF THE BANK:
Soneri Bank Limited was formally incorporated on September 28, 1991. The first Branch
commenced operations in Lahore on April 16, 1992, followed by the launch of Karachi's first
Branch on May 09, 1992. The bank currently operates 216 branches, spread all over Pakistan
including the Northern Areas of the country. The bank’s expansion policy is based on the
principle of maintaining a balance between the urban and rural areas.
We take great pride in offering services even in the remote areas of Pakistan. Our fully air-
conditioned and computerized branches provide a pleasant, convenient and hassle free banking
experience every time.
The essence of our business philosophy is to cater to the banking requirements of small &
medium sized entrepreneurs, effectively providing them qualitative & competitive services with
emphasis on encouraging exports. Nearly forty percent of our credit portfolio is related to export
financing and credit decisions are taken within 48 hours.
MISSION STATEMENT:
To develop Soneri Bank into an aggressive and dynamic financial institution having the
capabilities to provide personalized service to customers with cutting edge technology and a
wide range of products, and during the process ensure maximum return on assets with the
ultimate goal of serving the economy and the society.
OBJECTIVES OF THE BANK:
The essence of business philosophy is to cater the banking requirements of small & medium
sized entrepreneurs, providing them qualitative & competitive services with emphasis on
encouraging exports.
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SHARE HOLDER INFORMATION:
Associated companies:
Rupali Polyester Limited http://www.rupaligroup.com/
Rupafil Limited
Spintex Limited
Rupali Nylon (Pvt.) Limited
PATTREN OF SHARE HOLDING:
Pattern of Share Holding
Description Shareholding Percentage
Directors, CEO and their spouse
and minor children
12,027,971 1.3321
Associated Companies,
undertaking & related parties
Trustees Alauddin Feerasta Trust
Trustees Feerasta Senior Trust
Trustees Alu Trust
199,678,993
196,684,455
98,387,756
22.1148
21.7832
10.8966
Executives 290,991 0.0233
NIT and ICP 161,196,787 17.8529
Banks, DFI & NBFI 22,253,163 2.4646
Insurance Companies 13,633,405 1.5099
Madarabas & Mutual Funds 24,701,015 2.7357
Joint Stock Companies 5,617,027 0.6221
Foreign Companies 40,541,354 4.4900
General Public (Local) 111,805,503 12.3827
General Public (Foreign) 15,990,639 1.7710
Others 190,436 0.0211
Total 902,918,495 100.00
Refer our Annual Accounts as of December 31, 2011
BOARD OF DIRECTORS:
Chairman
President & C.E.O
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Directors
Director (NIT Nominee)
Sub-Committees of the Board:
Audit committee of Board:
Chairman
Three members
Secratary
Credit committee of Board:
Chairman
Three memebers
Secretary
Risk Management Committee of Board:
Chairman
Two members
Secretary
Human Resource Committee of Board:
Chairman
Three members
Secretary
MANAGEMENT:
Management Team:
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The president and cheif executive
Head of establishment
Head-international Divission
Country treasurer
Head credit
Head complaince and controle group
Cheif financial officer (Mr. Sheikh Muhammed Moeen)
Head human resource
Cheif information officer
Sub Management Committees:
Management committee
Executive credit committee
Assest and liablity committee
Investment committee
I.T Steering committee
Credit risk management committee
Market risk management committee
The Company Secretary (Mr. Muhammad Altaf Butt)
S.W.O.T Analysis:
SWOT analysis gives a review of an organization, which is comprised of organization’s
strengths, weaknesses, opportunities and threats. On the basis of SWOT analysis, one can
analyze the present status and performance of an organization and can make conclusions and
recommendations.
Strengths of SBL:
Strengths are the internal plus points that make an organization strong.
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Soneri bank has got a very good image in the society.
Soneri bank mainly focuses on its customers.
Soneri bank has got a very friendly staff.
Because of the policies of Soneri bank employees are very much motivated and devoted
to their work.
It has product innovation skills and resources.
Its online banking facility to its customers has given Soneri bank a competitive edge over
its competitors, ensuring fast and reliable banking transactions.
Staff is young and rich in experience and working skills.
It has got access to all parts of the world, thus also providing services to outside Pakistan
The environment of all branches is friendly.
Computerized and reliable service of inland remittances.
Weaknesses of SBL:
Weaknesses are the internal weak points, which every organization has.
The lower level management lacks clear direction and is not having the managerial depth.
Marketing skills of the bank are good but they have little presence at different media.
Physical setup of the branch is not impressive.
Customers having accounts with small amount are not given the same attention as
compared to those with large amounts
Most of the personnel are not qualified. .
Opportunities for SBL:
An external situation, which an organization can benefit from, is called opportunities
for that organization.
Soneri bank should take interest in the new market segments like IT business and
software business.
Soneri bank should extend their branches network to other parts of Northern Areas.
Increasing credit facilities to lower income groups, thus reducing the risk of loss
improving the image of the bank.
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Increasing need and potential of leasing in Pakistan provides SBL an opportunity to
utilize its skills and efficiencies in leasing business as well.
Threats for SBL:
An external situation posed to harm organization’s interest is regarded as threat to that
organization.
Increasing number of private / foreign banks in the country.
Global technology advancement.
Political, economical situation of the country.
Reducing the rates of savings in different segments of people.
Deteriorating confidence of people in bank uncertainties of the investors.
PRODUCTS AND SRVICES:
Saving Accounts:
PLS ( profit and loss saving) account
PLS Savings Bank Account is a simple, straight forward Savings Bank Account
with a great convenience for individuals (in single or joint names) minors (to be
operated by the guardian) charitable institutions, provident fund and other funds
of benevolent nature local bodies, autonomous corporations, limited companies,
firms associations, educational institutions, etc
Soneri saving account
Soneri Savings Account is a flexible and fast growing cumulative profit account
with a great convenience for individuals (in single or joint names), minors (to be
operated by the guardian), charitable institutions, provident fund and other funds
of benevolent nature local bodies, autonomous corporations, limited companies,
firms associations, educational institutions etc. The rate of Profit in this savings
scheme increases as your balance increases without demanding and negotiating
with us. The account may be opened with any amount
Term Deposits:
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Term deposit account
Term deposit is offered by Soneri Bank to Individuals (in single or joint names),
Minors (to be operated by the guardian), Charitable Institutions, Provident Fund
and other funds of benevolent nature local bodies, Autonomous Corporations,
Limited Companies, Firms, Associations, Educational Institutions etc who have
the intention of retaining their savings for a fixed period thereby earning a higher
rate of profit. The Term Deposit allows you to save a fixed amount in Pak Rupee
for a set period ranging from 1 month to 60 months at a provisional and attractive
profit rate. The depositor has the option to reinvest the deposit automatically with
or without profit.
Diamond deposit certificate
Soneri Diamond Deposit Certificates provide investment opportunities to small
and medium income group investors, Charitable / Benevolent Funds, Trusts,
Societies, Associations and Clubs with an attractive return.
Features:
Certificates are issued for fixed periods of 1, 2 and 3 years.
Annualized Rates of expected Profit: from 10.50 % p.a. to 10.75 %p.a.
Profit paid at monthly intervals calculated from date of deposit.
Minimum Investment Rs. 25,000/-
`Financing facility upto 90 % of Deposit available.
Current Account:
Current is a non profit account, flexible account with a great convenience for individuals
(in single or joint names), minors (to be operated by the guardian), charitable institutions,
autonomous corporations, limited companies, firms, associations, educational
institutions,etc. Current account may be opened with any amount; however accounts with
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average monthly balance below Rs.10, 000- on any day shall be subject to Service
Charges as per our Schedule of Charges in force
Basic Bank Account:
Soneri Bank Limited introduces Basic Banking Account Scheme with effect from July
01, 2006. Salient feature of the Scheme are:
Basic Banking Accounts may be opened in the Pak Rupees by individuals including
minors under guardianship.
The accounts may be opened by initial deposit of any amount.
No minimum balance requirement is applicable.
Basic Banking Account is non-profit bearing account.
4 withdrawals from a Basic Banking Account through cheques in one calander month
are free of service charges. Additional withdrawals through cheques in a calander of
month shall be subject to service charge @ Rs. 25/- per additional cheque.
Soneri Banking Cards for the use of Bank's Electronic Banking Service are issued
without charges for one time issuance of the cards.
unrestricted number of withdrawals from the account through ATMs are permissible
subject to applicable per day withdrawal limit for amounts in force.
Cash withdrawals from Soneri Bank's ATMs are free of Service Charge. Use of
another bank's ATMs shall be subject to Service Charges applicable.
Basic Banking Account holders may also use Soneri Bank's other Electronic Banking
Services subject to completion of applicable formalities which shall be subject to
applicable Service Charges.
Ikhtiar Current Account:
Ikhtiar current is a non profit account, flexible account with a great convenience and
Multiple FREE Services for individuals (in single or joint names), minors (to be operated
by the guardian), charitable institutions, autonomous corporations, limited companies,
firms, associations, educational institutions, etc.
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Ikhtiar current account may be opened with minimum amount of Rs. 50,000/-. To avail
free facilities maintenance of balance on or above Rs. 50,000/- is mandatory.
Online Banking:
On-Line Banking Services are available for all chequing account holder of our Soneri all
branches.
Services:
Cash Payments of cheques drawn on any of our all branches.
Cash Deposits in to customers account maintained at any of our all branches.
Governement taxes/duties:
Cash Cheques or Cheques Applicable Government Taxes/duties
Under Collection if payable recoverable as per rules to third parties
Cash withdrawal:
Per day Cash Withdrawals limit is restricted to Rs. 200,000.
Cash Cheques tendered by other than the account holders in person are subject to
levy of Govt. Taxes as per rules.
Cash deposits:
Deposits made by third parties into accounts of customers maintained at all
branches are subject to recovery of applicable with-holding tax, as per rules from
the depositors.
Cheques under collection:
Proceed of Cheques drawn on our all branches are immediately credited to
depositors account subject to fulfillment of other conditions governing payment of
cheques.
Govt. Taxes as per rules are recoverable on outstation collection cheques.
SMS Alerts:
Soneri Bank Limited now introduces to its ATM/ VISA Debit Card holders SMS Alert Service,
the best feature for warning about fraudulent transactions conducted against Cards. Now you
shall receive SMS Alerts on your mobile number registered with the bank of all purchase
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transactions immediately after it has been made. Remember, an early intimation can save you a
lot of trouble later, and also protect your hard-earned money.
It is very easy to sign up for our SMS Alert Service. Just fill the form available in Bank all
Branches or call at the following numbers for your SMS Alert Activation:
111-SONERI (766-374)
0800-00500
S.M.E Finance:
Soneri Bank Limited, arguably at the forefront of commercial excellence, has strengthened its
product profile by introducing the following cost effective innovative tailor made small and
medium enterprises (SMEs) financing options on flexible terms to its most discerning customers
need. The Market segment for this business is primarily SMEs and the bank stands committed to
contribute in the process of national development with an explicit focus in providing quality
finance solutions.
SONERI SARMAYA SCHEME
SONERI AASAN SCHEME
SONERI TEJARAT SCHEME
Offers:
Fund & Non Fund Based Facilities.
For fixed Asset Financing
For Working Capital Financing
For Trade Financing
Who can avail:
Fund & Non Fund Based Facilities.
Individuals
Proprietorship
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Partnerships
Limited Companies
Why soneri bank:
Salient Features of SBL’s SMEs Products.
Competitive Rates
Tailor – made need based Products
Quick Processing Time
Cash Flow – Based Lending
Flexible Repayment Period
Where we can Apply:
It’s easy to begin a relationship with SONEI BANK. Simply contact one of our Soneri Bank Ltd
Branch located in easy – to – reach places and ask the Manager/Relationship Staff for details on
how to apply for innovative Soneri SME – Specific Finance.
Consumer Fianace:
Soneri Car Finance:
Purpose of Finance
Purchase of brand new:
Un-registered cars for private use.
Un-registered light commercial vehicles for private use.
Eligibale person:*
Salaried Persons
Self Employed Professionals
Business Persons
Financing Amount
Financing amount:
Upto Rs.1.5 MillionD
Down payment:own Payment
Minimum 20% of the vehicle price.
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Tenure:Tenure
Maximum repayment period is 5 years.
Make-up Rate:Mark-up Rate **
1 year KIBOR + 4.5% p.a., to be revised on each anniversary of finance.
Processing fee:rocessingFee
Rs. 3000/- per approved application.
Service lenght:Service Length
Minimum 2 years of confirmed service with present employer in case of Salaried.
Age:
Person At the time of Application for finance, applicant’s age must not be more than;
55 years in case of Salaried Person.
60 years in case of Self Employed / Business Person.
Debt burden:Debt Burden
Total monthly repayment installments not to exceed 40% of the net income (taking
into account other financing facilities availed from other Banks/DFIs)
Prepayment penalty:Pre-PaPenalty
2% pre-payment penalty on outstanding principal amount of finance being pre paid.
Late payment charges:Late Payment Charges
Rs. 500/- per installment per month.
Insurance of Car/ Motor Vehicles:esnsurance of Cars / Motor Vehicles
Cars / Motor Vehicles financed are to be comprehensively insured with any of the
Insurance Companies listed on the approved panel of Soneri Bank.
Insurance Premium is payable up-front for each year during the life of the loan.
Charges:Charges
Documentation Charges (at actual).
Income Estimation Charges (if applicable).
Soneri gahr Finance:
Purpose:
Purchase / Construction of Property for self-occupancy.
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Extension / Renovation on self occupied residential Property.
Product category:Product Categories
Purchase of pre-constructed Residential Property.
Construction of residential property on self owned plot of land.
Extension / Renovation on self owned & occupied property.
Balance Transfer Facility (BTF) for any of the above finance
Eligibale Brrower:Eligible Borrowers*
Salaried Persons
Self Employed Professionals
Business Persons
Financing amount:ancing Amount
Purchase: Upto Rs. 10 Million
Construction: Upto Rs. 10 Million
Extension / Renovation: Upto Rs. 03 Million
Balance Transfer Facility: Upto Rs. 10 Million
Tenure:
Purchase: Upto 20 Years
Construction: Upto 20 Years
Extension / Renovation: Upto 07 Years
Balance Transfer Facility: Upto 20 Years (Calculated from the date of original
finance).
Marke-up rate:Mark-up Rates**
1 Year KIBOR + 4% p.a., to be revised on each anniversary of finance.
Preosessing fee:rocessing Fee
0.5% of Finance Amount, Min. Rs. of 2,500/=
Service leght:Service Length
Minimum 5 years of confirmed service with present employer in case of salaried
person.
Age:
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At the time of maturity of the Finance, applicant's age must not be more than;
60 years in case of Salaried person.
65 years in case of self Employed / Business person.
Debt burden:Debt Burden
Total monthly repayment installments not to exceed 40% of the net income
(taking into account other financing facilities availed from other banks/DFIs).
Moratorium:Moratorium
A moratorium of 12 months is allowed in case of finance for Construction.
Pre-payment charges:Pre-Payment Charges
2% of the outstanding amount being prepaid.
Late payment charges:e Payment Charges
Rs. 500/- per Installment per month.
Insurance:
Mortgage Protection Insurance cover through Bank’s designated Insurance
Company.
Insurance premium on the insurance cover payable upfront each year.
Charges:Charges
Documentation Charges (at actual).
Valuation Charges (at actual)
Legal Opinion Charges (at actual)
Income Estimation Charges (if applicable)
Soneri Personal Finance:
Purpose:inance
To meet medical expenses for self or dependants of applicants.
To meet educational expenses of applicant’s children.
To meet travel expenses for self and family members.
To meet renovation expenses of self owned residential property.
To meet advance rent payment for rented residential property occupied by the
applicants.
To meet domestic needs.
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Financing Amount:ancing Amount***
Upto Rs.0.5 Million
Eligible Borrowers:wers*
Salaried Persons
Maximum repayment period of 5 yearsup Rate**
1 Year KIBOR + 8% p.a., to be revised on each anniversary of finance.
Processing fee: Fee
Rs. 2,500/=
Service lenght:
Minimum 2 years of confirmed service with present employer.
Age:
At the time of maturity of the finance, applicant’s age must not be more than 60years.
Debt Burden: Burden
Total monthly repayment installments not to exceed 40% of the net take home salary
(taking into account other financing facilities availed from other Banks/DFIs).
Pre-payment charges:Payment Charges
5% of the outstanding amount being prepaid
Late payment charges:Payment Charges
Rs. 500/- per installment per month.
Personal loan insurance:rance
Amount of Finance insured against life of borrowers, free of cost.
Charges:
Documentation Charges (at actual).
Electronic Banking:
Soneri mobile Banking:
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Now you can have instant access to your account via your mobile at any time of day or
night, that too without an internet connection! What’s more, you can register at no cost
and also enjoy a host of FREE* banking facilities.
Priciing option:
You can choose from the following payment options:
An annual package/bundle
Pay as you go – pay as and when you make transactions
Features:
You can enjoy the following FREE* services with Soneri Mobile Banking:
Balance inquiries
Mini-statements
Intra-bank & Inter-bank Funds Transfer
Prepaid mobile phone top-ups or paying post paid bills
Utility Bill Payments
So no matter what the time or place, if your mobile is open, so are we!
ATM / Visa Debit Card:
SONERI Debit Card brings to you the ultimate facility of spending and
making payments. You are privileged to avail the unmatched opportunities and
benefits of the CLASSIC Card and GOLD Card. With the ‘Buy Now
– Pay Now’ facility, you pay directly from your bank account. Use your
SONERI Debit Card wherever you are and whenever you want.
Safer than Carrying Cash
Pay dining, shopping, traveling, hotel and other bills at over 24 million outlets
displaying sign locally and internationally
Worldwide cash withdrawal facility at over 1 million ATMs displaying the sign
Ease of Cash withdrawal on 1 LINK and ATM networks across Pakistan
Credit facility available for GOLD Card Holders
Accessibility of multiple accounts from a single card
Makes money management easier
24/7 Automated Telephone Banking
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24/7 Call Centre facility
Cheque-free banking
Funds Transfer facility between participating 1LINK member banks
Attractive rewards on spending
Internet Banking:
You can Pay Utility Bills, Transfer Funds, and access your Account information
Anywhere Round-the-clock through SoneriDirect Internet Banking.
Features:
View your balance of account, latest transactions using Today’s Transaction menu
View your Statement of Account. You can view them online, download them in
printable format
You can pay the utility Bills for you and your dear ones
Transfer Funds 24/7 from SoneriDirect
Receive SMS ALERT on your Financial Transactions done from SoneriDirect. (For
SMS ALERT Registration, Please call at 0800-00500 / 111-SONERI (766374) or
contact your Bank Branch)
Fund transfer:ransfer :
Transfer funds to any Soneri bank account
Transfer funds to any 1-LINK participating member bank’s account.
Bill payment:ayment :
Telecom/Mobile : Ufone, Warid, Telenor (Post Paid, prepaid)
Electricity : KESC, LESCO, GEPCO, HESCO.
GAS : SSGC,SNGPL.
History:ory :
View history of your Soneri Internet Banking activities using History Menu (for the
requests sent using Internet Banking Only) It includes:
Funds Transfer History
Bill Payment History
Login Historypcoming Attractions :
Cheque Free Banking:
No Cheque book
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300,000/ Per day
Time Saving
No Signature required
No charges Can be used at POS Terminal deployed branches
At present, our cardholders (ATM/Debit Cards and Soneri Banking Cards) may withdraw cash
through use of their cards at ATM of 1-Link Switch and M.Net Switch member banks. However
due to constraints on Cash Dispensing capacity of ATMs, Soneri Banking Card holders may
draw only up to Rs. 25000/- per day from ATMs. Recognizing the fact that our customers do not
always carry with them the cheque books issued to them for operation on their account and that
they may need to withdraw cash in excess of the per day withdrawal limit for ATMs, Soneri
Bank has introduced CHEQUE FREE BANKING whereby our cards holders may withdraw cash
up to a maximum of Rs.300, 000/- per day through use of their cards at Point of Sale Terminals
installed at our designated branches.
Eligibility: Eligibility:
If you are having Soneri Banking Card, if you are maintaining a Soneri Bank PKR Current or
Savings account Single or Joint account with either signatory authorized to operate the account, a
further supplementary card can also be issued to the second account holder. All Soneri Banking
Card holders use debit card facility.
Service availability:ability:
CHEQUE FREE BANKING is available at branches equipped with point of sale (POS)
Terminals offering the following services during the counter hours on real time basis:-
Balance enquiry:
The POS Terminal may also be used for Balance Enquiry of accounts linked to the card.
Cash withdrawal:Cash Withdrawals:
CHEQUE FREE BANKING shall be made available through POS Terminal installed at
dedicated cash counters at branches manned by a cashier.
Telephone Banking:
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You can conduct your banking from any where and at anytime you want.
Dial 111 SONERI (111-766374) to reach our Customer Services Call Center.
With Telephone Banking, You can access all the information you need without making a
trip to the branch. This means no Parking to find, no traffic to flight and no standing in
line. At home, at work or on the go, all you need is a touch-tone telephone, your card
number and the T-PIN to access your bank account, 24 hours a day, 7 days a week.
Eligiblity:ELIGBILITY:
If you are having Soneri Banking Card, if you are maintaining a Soneri Bank PKR
Current or Savings account Single or Joint account with either signatory authorized to
operate the account, a further supplementary card can also be issued to the second
account holder. All Soneri Banking Card holders use debit card facility.
Available services:AVAILABLE SERVICES:
Balance Enquiry
Today's Transaction by Voice
Instant statement of Account through Fax
Request for Computer Generated Statement of Account
Request for cheque book
Stop mark of lost Soneri Banking Card
Change your T-PIN
Latest Forex Rates
Product Information
Interactive voice prompt in English or Urdu language will guide you through the process.
Soneri Banking Card holders will have access to Telephone Banking basic facilities at no
additional cost.
Service provided:Provided
Request of checkbook Lost Card Report Balance Inquiry Request of detailed statement By Fax T-Pin Change Request of detailed Statement
Utility Bills Payments:
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Soneri Bank VISA Debit Card holders can pay their bills using Soneri Bank Internet
Banking, Call Centre and ATM Services.
No need to stand in a bank queue.
No need to carry cash.
Easy way of paying bills for you and your dear ones.
Bills once paid are automatically registered in our system.
24 hours a day, 7 days a week service from any where across Pakistan or
worldwide.
Available Services : Service is currently available for payment of:
KESC, LESCO, GEPCO, HESCO.
SNGPL, SSGC.
Warid, Ufone, Telenor (Prepaid and Postpaid).
Soneri Islamic Banking:
Soneri Jari Account (Current Account):
Soneri Jari Account, on the basis of Qardh may be opened by individuals, partnerships,
Joint Account holders, Companies, Corporate, Trusts e.t.c, with following unique
Facilities:
No limit for minimum or maximum balance.
No limit for minimum or maximum withdrawal amount within the available
balance.
Country wide cash deposit / withdrawal facility.
Personalized Cheque book facility with no restriction on number of transaction.
Fund utilized by the bank in accordance with Shariah Principles under the
supervision of proficient Shariah Advisor.
Pay orders and demand drafts payable country wide.
Telephone banking, *E-Banking, *GSM Banking, *Web Banking, On-line
Banking, ATM Card / Debit Card and Utility Bills Payment.
Hold Mail Instructions.
Personal Financial Consultancy Services for Islamic Banking Products.
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Important Note: Extra Premium on actual profit will be given on special deposits.
IB SCHEDULE OF CHARGES
Hold Mail Instructions.
Personal Financial Consultancy Services for Islamic Banking Products.
IB Schedule of Charges
Soneri Bachat Account:
Profit & Loss Sharing Soneri BACHAT Account may be opened by individuals,
partnerships,Joint Account holders, Companies, Corporate, Trusts e.t.c, on the basis of
Shariah Principles of Musharaka with the following unique facilities.
Minimum amount for account opening Rs. 100/=.
Profit calculated on monthly average and distributed on quarterly basis.
Profit calculated on the basis of weightages for different tiers to benefit higher
balance with higher return.-Extra premium on deposits of Rs. 10 Million and over.
Weightages declared at periodically intervals to be announced on the web-site, and
will be displayed on notice board.
Soneri Bachat account with special operational facilities of Current Account.
No limit for minimum or maximum withdrawal amount within the available balance.
Country wide cash deposit / withdrawal facility.
Personalized Cheque book facility with no restriction on number of transaction.
Fund utilized by the bank in accordance with Shariah Principles under the supervision
of proficient Shariah Advisor
Pay orders and demand drafts payable country wide.
Telephone banking, *E-Banking, *GSM Banking, *Web Banking, On-line Banking,
ATM Card / Debit Card and Utility Bills Payment.
Hold Mail Instructions.
Free Statements of Account after every six months.
Personal Financial Consultancy Services for Islamic Banking Products.
Important Note: Extra Premium on actual profit will be given on special deposits.
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Soneri Munafa Account ( saving Account):
Profit & Loss Sharing Soneri BACHAT Account may be opened by individuals,
partnerships, Joint Account holders, Companies, Corporate, Trusts e.t.c, on the basis of
Shariah Principles of Musharaka with the following unique facilities.
No Minimum amount for account opening.
Profit will be calculated on daily products.
Profit calculated on the basis of weightages for different tiers to benefit higher
balance with higher return.
Extra premium on deposits of Rs. 10 Million and over.
Weightages declared at periodically intervals to be announced on the web-site, and
will be displayed on notice board
Soneri Munafa account with special operational facilities of Current Account.
No limit for minimum or maximum withdrawal amount within the available balance.
Country wide cash deposit / withdrawal facility.
Personalized Cheque book facility with no restriction on number of transaction.
Fund utilized by the bank in accordance with Shariah Principles under the
supervision of proficient Shariah Advisor
Pay orders and demand drafts payable country wide.
Telephone banking, *E-Banking, *GSM Banking, *Web Banking, On-line Banking,
ATM Card / Debit Card and Utility Bills Payment.
Hold Mail Instructions.
Free Statements of Account after every six months.
Personal Financial Consultancy Services for Islamic Banking Products.
Soneri Meaadi Account:
Profit & Loss Sharing Soneri BACHAT Account may be opened by individuals,
partnerships, Joint Account holders, Companies, Corporate, Trusts e.t.c, on the basis of
Shariah Principles of Musharaka with the following unique facilities.
Minimum deposit Rs.10,000/= for a fixed period of 1 month, 3 months, 6 months, 1
year, 2 years, 3 years and 5 years.
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Profit payment at the option of client i.e., monthly, quarterly, half yearly, yearly or on
maturity.
Profit declared quarterly.
Net profit (after deduction of expenses & management fee) to be shared on the basis
of weightages.
Weightages on the basis of tenor and option of profit payment will be announced
quarterly.
Fund utilized by the bank in accordance with Shariah Principles under the supervision
of proficient Shariah Advisor
Some of the facilities for Jari account are also applicable here.
Conclusion:
Soneri bank limited is a well reputed bank in Pakistan. The bank is making
profitable business through out the country and is well ahead in providing the
banking facilities.
Keeping in view the expansion of commercial areas, the bank have to plan for
expanding its activities through out Northern Areas and should open branches in
Gahkuch, Yaseen, Gojal, Astore, Khaplu and Chilas .
The bank should focus on the development of human resources, as human
resources are the asset of any organization; they need to be properly trained. They
should be kept properly informed and updated about the recent changes that are
taking place in the financial sector through proper training.
Recruitment policy of the bank is not clear. The bank never advertised for
recruitment of new personnel, all the process is carried out internally and the bank
management normally employs candidates who are not fit for the required job. It
is suggested that the bank should have clear cut policy for recruitment.