Islamic Banking

download Islamic Banking

of 26

  • date post

    24-Oct-2014
  • Category

    Documents

  • view

    67
  • download

    4

Embed Size (px)

Transcript of Islamic Banking

Islamic BankingFinancial Institutions and Markets Final ProjectSubmitted to: Maam Mahira Rafiq Submitted by: Aysha Azfer Saira Razaq Humaira Kanwal

ContentsINTRODUCTION TO FAYSAL BANK................................................................................................................. 3 GROUP INFORMATION: ................................................................................................................................ 3 VISION, MISSION AND VALUES: .................................................................................................................... 4 BOARD OF DIRECTORS: ................................................................................................................................. 5 MANAGEMENT TEAM: .................................................................................................................................. 7 BARKAT ISLAMIC BANKING: .......................................................................................................................... 8 PRODUCTS:.................................................................................................................................................... 8 BARKAT CURRENT ACCOUNT: ....................................................................................................................... 9 BARKAT KAMIL BUSINESS ACCOUNT: ......................................................................................................... 10 BARKAT ISLAMIC - SAVING ACCOUNT: ....................................................................................................... 11 MUDARABA: ................................................................................................................................................ 12 BARKAT ISLAMIC AUTO FINANCE: ............................................................................................................ 13 BARKAT HOME FINANCE: ............................................................................................................................ 15 BARKAT ISLAMIC - INVESTMENT CERTIFICATE (BIIC): ................................................................................. 17 BARKAT ISLAMIC - FOREIGN CURRENCY ACCOUNT: ................................................................................... 18 MURABAHA:................................................................................................................................................ 19 TAKAFUL: ..................................................................................................................................................... 23 SWOT ANALYSIS .......................................................................................................................................... 26 References: .................................................................................................... Error! Bookmark not defined.

INTRODUCTION TO FAYSAL BANKFaysal Bank Limited (FBL) was incorporated in Pakistan on October 3, 1994, as a public limited company under the Companies Ordinance, 1984. Faysal Bank started operations in Pakistan in 1987, first as a branch set-up of Faysal Islamic Bank of Bahrain and then in 1995 as a locally incorporated Pakistani bank under the present name of Faysal Bank Limited. On January 1, 2002, Al Faysal Investment Bank Limited, another group entity in Pakistan, merged into Faysal Bank Limited which resulted in a larger, stronger and much more versatile institution. Faysal Bank Limited is a full service banking institution offering consumer, corporate and investment banking facilities to its customers. The Bank's widespread and growing network of branches in the four provinces of the country and Azad Kashmir, together with its corporate offices in major cities, provides efficient services in an effective manner. The strength and stability of Faysal Bank Limited is evident through the Credit Rating assigned by JCR-VIS Credit Rating Company Limited of "AA" (Double A) for long to medium term and "A-1+" (A One Plus) for short term. The majority share holding of Faysal Bank Limited is held by Ithmaar Bank B.S.C an investment bank listed in Bahrain

GROUP INFORMATION:Ithmaar Bank B.S.C. (stock code "ITHMR") is licensed by the Central Bank of Bahrain and listed on the Bahrain Stock Exchange and the Kuwait Stock Exchange. It has a paid-up capital of US$598 million, total equity of US$1.1 billion and is a full service investment bank with its direct business covering the Middle East and North Africa (MENA) region, as well as South Asia, Asia-Pacific and Europe. Besides holding significant investments in the banking and financial service sectors in different markets, the main direct activities of the Bank include underwriting (equity and other financings), private equity (structuring, participation and portfolio management), Islamic financing and advisory services covering project financing, investments, capital markets and mergers & acquisitions.

Ithmaar Bank's flagship subsidiaries and associates include Shamil Bank of Bahrain (headquartered in Bahrain), Ithmaar Development Company, Faysal Bank Limited (Pakistan), Faisal Private Bank (Switzerland), Sakana Holistic Housing Solutions, Solidarity (an Islamic

insurance company), BBK B.S.C., Bahrain based First Leasing Bank, and Ithraa Capital (Saudi Arabia).

VISION, MISSION AND VALUES:OUR VISION: Excellence in all that we do

OUR MISSION: Achieve leadership in providing financial services in chosen markets through innovation.

OUR VALUES: Our daily code of conduct is exemplified by eight core values: Four threshold values values at the heart of our brand. Four differentiator values values that set our brand apart.

Threshold Values

Differentiator Values

We function as a team. Within functions, we cooperate. Between functions, we collaborate.

We bring zeal and enthusiasm for banking to work. We are excited to provide customers with the

Together, we aim for excellence and leadership best or the best-suited. in our chosen markets. We go the extra mile in legitimate, acceptable ways. Our Team: Our Asset. Our Passion: Our Worth.

We hold our customers, investors and regulators in high esteem.

Innovation We pioneer novel and more efficient ways to

We uphold our customers rights to demand efficient service.

deliver solutions. We are dedicated to a culture of improvement

We appreciate and respect our profession and, and modernization. above all, our bank. We stand for originality, in thought, in action and in belief. Our Respect: Our Duty. Our Innovation: Our Strength. I We are recognised by our reliability, credibility Responsiveness and character. We are receptive to the need for change and We are proactive and anticipate our customers needs and wants. We act quickly to modify, adjust or prepare for new realities. Our Integrity: Our Identity. Our Responsiveness: Our Distinguisher. Professionalism We are proficient and efficient in all that we do. We provide banking services knowledgeably and skillfully. We uphold regulatory obligations. Compassion Our concern for our colleagues, our customers, our communities, and our country sets us apart. To each other, we are a family. For each other, we are a meaningful source of shared humanity. Our Professionalism: Our Competence Our Compassion: Our Gift.

We believe in ethical, honorable, time-proven improvement. principles of uprightness. We stand for and abide by honesty, truth and transparency.

BOARD OF DIRECTORS:

Lt.Gen. Muhammad Maqbool (Retd) Director Hassan Mohammed Mahmood Hassan Director Graham Roderick Walker Director Syed Naseem Ahmad Chairman Naved A. Khan President & CEO Farooq Rahmatullah Director Mohamed A. R. Hussain Director Shahid Ahmad Director Company Secretary Faysal Bank Limited Faysal House, ST-02, Shahrah-e-Faisal, Karachi.

MANAGEMENT TEAM:Naved A. Khan President & CEO

Nauman Ansari Head Corporate & Investment Banking

Aarij Ali Head Retail Banking

Salman Ahmed Usmani Head Treasury

Mehreen Amin Head Human Resources

Nasir Islam Head Compliance

Yousaf Hussain Head Special Asset Management

Syed Majid Ali Chief Financial Officer

Suhail Khan Chief Risk Officer

BARKAT ISLAMIC BANKING:Faysal Bank introduces Barkat Islamic Banking, with branches dedicated to purely Shariah compliant banking transactions which offer Shariah compliant banking products and services for all segments of the market through 44 plus full-fledge Barkat Islamic branches situated in 20 major cities of Pakistan. Faysal Banks growing distribution network of more than 245 online branches and over 205 ATMs allow our Barkat Islamic Banking customers to Access their accounts with ease and convenience. All products and processes of Barkat Islamic Banking are developed and operated under strict supervision of our experienced Shariah Advisor Mufti Muhib-Ul-Haq who is a qualified Islamic Scholar having vast experience in Islamic Banking and a specialization degree in Iftaa & Fiqh from the esteemed Jamia Dar Ul Uloom Karachi and Shariah Consultant Mufti Mohammad AbuBakar. Barkat Islamic Banking offers a wide range of Shariah compliant products and services in order to meet customers demand of Shariah compliant banking. Some are mentioned below:

PRODUCTS: Barkat Current Account Barkat Kamil Business Account Barkat Auto Finance Barkat Investment Certificate Barkat Murabaha Barkat Saving Account Barkat Foreign Currency Account

BARKAT CURRENT ACCOUNT:

Current Account is a value added product which enables the customerto derive maximum benefits from your deposits. It is a suitable solution for individuals as well as business entities looking for a checking account