General Banking Activities of First Security Islami Bank Ltd

Executive Summary:This report is based on working experience at First Security Islami Bank Ltd (FSIBL) as a part of the internship program. During my internship period, got the opportunity to work at the General Banking Department of Mirpur branch of the bank. In order to incorporate the practical knowledge I have chosen to prepare my report on General Banking Activities of First Security Islami Bank Ltd.

The report is aimed to exhibit general banking activities of the bank, how it works and to what extent the customers are satisfied with the service of the bank. The report also offers some suggestions for the improvement of providing services in terms of revenue and in order to achieve a superior level of customer satisfaction.

First Security Islami Bank Limited (FSIBL) was incorporated in Bangladesh on 29 August 1999 as a banking company under Companies Act 1994 to carry on banking business. It obtained permission from Bangladesh Bank on 22 September 1999 to commence its business. It was commenced its operation as a conventional banks but from 1st January’ 2009 it was converted from interest based bank to an Interest free bank. At present The Bank carries banking activities through its 86 branches in the country. Like other private commercial banks First Security Islami Bank Limited (FSIBL) encompass a wide range of services including accepting deposits, making loans, discounting bills, conducting money transfer and foreign exchange transactions, and performing other related services such as safe keeping, collections and issuing guarantees, acceptances and letter of credit.

This report basically deals with “General Banking Activities”.

After observing and doing the internship have found the some problems comparing to other private commercial bank (Mutual Trust Bank Ltd, Exim Bank Ltd.) that take places in the banking system.

At the age of modern technology computer and online leads the every sphere of lives including banking system but more than half of officers of First Security Islami Bank Ltd are not experts in computer and online system. Its IT department is not so developed and experts like other banks’ IT.They face some problem due to using differences types of software like Bankultimus, PCbank etc.Few officers are skilled and experienced in banking sector that’s why sometimes they take more times handling tasks owing to handling more tasks.

First Security Islami Bank Ltd has brought SMS, Mobile and Internet banking systems as a modern service but it does take any measures to popularize and make strong.

Apart from, due to not having own ATM booth, clients are to pay more charge for using others bank’s ATM booth. Normally Accounts Opening section takes more responsibilities without its duties. It is a problem for Accounts Opening section.It does not provide service to bring attention of target customers. Problems aside, First Security Islami Bank Ltd. is

Chapter Three

Organizational Overview

3.0 Organizational Overview

Name of the Company First Security Islami Bank Ltd.

Chairman Mohammad Saiful Alam

Vice Chairman Alhaj Mohammad Abdul Maleque

Managing Director A.A.M. Zakaria

Company Secretary Abdul Hannan Khan

Legal Status Public Limited Company

Date of Incorporation August 29, 1999

Date of Commencement of Business

August 29, 1999

Date of Permission from Bangladesh Bank

September 22, 1999

Date of Opening of First Branch

October 25, 1999

Registered Office House- SW(I) 1/A, Road-8, Gulshan-1,Dhaka-1212, Bangladesh

Line of Business Banking

Authorized Capital Tk.4,600 Million

Paid up Capital Tk.2,300 Million

Date of consent of IPO 04 June 2008

Phone 88-02-9888446 (Hunting), 9565594/9554208 (ITDivision)

Fax 880-02-9891915

E-mail bcs@fsiblbd.com , info@fsiblbd.com

Website www.fsiblbd.com

SWIFT FSEBBDDH

Auditors Syful Shamsul Alam & Co.Chartered Accountants. Phone:9555915,9560332 ,Email: syful@intechworld.net

Legal Advisor The LawCounsel ,Barrister&Advocates,Phone:9349647-8 Fax:9349866,9567029 ,Email: l.counsel@bdonline.com

Tax Consultant K.M. Hasan FCA ,K.M. Hasan & Co. Chartered Accountants

Phone: 9351457,9351564 Fax: 9345792-112

3.1Corporate Information

3.1.1 Background

First Security Islami Bank Limited (FSIBL) was incorporated in Bangladesh on 29 August 1999 as a banking company under Companies Act 1994 to carry on banking business. It obtained permission from Bangladesh Bank on 22 September 1999 to commence its

business. The Bank carries banking activities through its 86 branches in the country. The commercial banking activities of the bank encompass a wide range of services including accepting deposits, making loans, discounting bills, conducting money transfer and foreign exchange transactions, and performing other related services such as safe keeping, collections and issuing guarantees, acceptances and letter of credit.

It was commenced its operation as a conventional banks but from 1st January’ 2009 it was converted from interest based bank to an Interest free bank. The company philosophy “Symbol of Security”; the bank has been operating with talented and brilliant personnel, equipment with modern technology so as to make it most efficient to meet the challenges of 21st century. During this short span of time the Bank successful in positioning itself as progressive and dynamic financial institution in the country. The sponsor and director of the bank are a successful and prominent business group in our business community.

3.1.2 Vision

To be the unique modern Islami Bank in Bangladesh and to make significant contribution to the national economy and enhance customer’s trust and wealth, quality investment, employee’s value and rapid growth in shareholder’s equity.

3.1.3 Mission

To be the most caring and customer friendly and service oriented bank. To create a technology based most efficient banking environment for it’s Customers. To ensure ethics and transparency in all levels. To ensure sustainable growth and establish full value of the honorable Shareholders Above all, to add effective contribution to the national economy.

3.1.4 Strategies

To strive our customers best satisfaction & win their confidence. To manage & operate the bank in the most effective manner. To identify customers’ needs & monitor their perception towards meeting To review & updated policies, procedures & practices to enhance the ability to

extend better customer services. To train & develop all employees & provide them adequate resources so that the

customers’ needs reasonably addressed. To promote organizational efficiency by communicating company plans policies &

procedures openly to the employees in a timely fashion. To ensure a congenial working environment.

3.1.5 Objective of the Bank

To explore a new horizon of innovative modern banking creating an automated and computerized environment.

To provide one stop services and prepares itself to face the new horizon of innovative modern banking creating an automated and computerized environment.

To provide one stop services and prepares itself to face the new challenge of globalization and competition.

To be a provider of high quality products and services to its potential market. To deal with the needs of its corporate clients. To provide a comprehensive range of financial services to national multinational

companies.

3.1.6 Values

Value pillars of FSIBL that are central to our core ideologies and that must always be reflected in everything we do:

We are aggressive in business self-driven We empower people, create leaders and drive change We treat people with respect and dignity We are personally accountable for delivering on commitments to high built –trust

relationship with customers and to ensure customers delight We focus on managing risks and costs in order to be doubly profitable We act in ways that reflect the highest standards of integrity.

3.1.7 Board of Directors

SL.NO. Name Designation

1 Alhaj Md. Saiful Islam Chairman

2 Alhaj Md. Abdul Maleque Vice Chairman

3 Ms. Rahima Khatun Director

4 Mrs.Atiqun Nesa Director

5 Md. Sharif Hossain Director

6 Mr. Md. Wahidul AlamSeth Director

7 Mr. Shahidul Islam Director

8 Mr. Mohammed Ohedul Alam Director

9 Md. Kutub Uddowllah Depositors Director

10 Md. Abdul Hamid Miah Independent Director

11 Ahsanul Alam Director

12 A.A.M Zakaria Managing Director

3.2 Management

3.2.1 Senior Management

FSIBL is functioning with a highly professional management team headed by the Managing Director Mr. A. A. M. Zakaria. Among other senior executives currently Two DMD, One Principal (Training Center), Two SEVP, six EVP, Seven SVP, Eleven VP, Nine FVP, fifteen SAVP, sixteen AVP and eighteen FAVP are discharging their services in progression of the banks business

3.2.2 Team Management

3.2.3 Human Resources Development

FSIBL has a separate Human Resources Division (HRD) to manage the employee policies and practices. As on FYE 2011, Total 1400 executives & officers of the bank have been working for smooth banking operations. Bank follows a standardized human resources policy. HRD of the Bank follow a transparent and free & fair system to ensure the standard recruitment, training & development of human resources of the bank. The bank has defined HR policies including recruitment, training & development, promotion, leave, transfer and disciplinary action policy. Usually internal recruitment procedures are considered to fill up the mid and top management positions, while entry-level positions are filled with regularly through competitive recruitment exams. They follow transparent, well-defined and strict rules for appointment of officers and staff in the Bank’s service.

3.2.4 Corporate Governance

Corporate governance is about how corporation is running its operations to achieve its corporate objectives. Bangladesh Bank (BB) gives emphasis on implementing corporate governance among the financial institutions and to do that, BB emphasizes implementation of the guidelines issued by them for improving corporate governance in banking. Good Corporate Governance practices enhance an entity’s corporate image and market credibility, which attract capital and increase its borrowing power. These can be reflected in the quality of financial reporting and disclosures; strength of internal control system and internal audit function induction of professionally competent, independent non-executive Directors on corporate Board; formation of Audit Committee; delegation of authority to executives and staff; protection of corporate governance for strengthening organizational strength. With a view to ensure effective participation and deep interest in the affairs of the company and as per Articles of Association of the Company and as per Bangladesh Bank Circular No. 16 dated March 24, 2003 the bank has set up the following 2 committees:

Executive committee Audit Committee

3.2.5 Executive Committee

FSIBL has constituted 09 members executive committee of the board as per Bangladesh Bank guidelines to ensure corporate governance in the business of which managing director of the Bank is Ex-officio Member. The executive committee of the board is responsible for developing policy and strategy for smooth operations of business and business development of the bank to ensure maximization of shareholders wealth’s protecting other stakeholder’s interest in the company .

2.5 Audit Committee

Managing Director

Deputy Managing Director

Principal of Training Centre

Senior Executive Vice President

Executive Vice President

Senior Vice President

Vice President

First Vice President

Senior Assistant Vice President

Assistant Vice President

First Assistant Vice President

Principal Officer

Senior Officer

Officer

Junior Officer-1

Junior Officer-2

FSIBL has formulated an audit committee can play an effective role in formulating an efficient and secured banking system. The Audit Committee

Has been formed comprising three members of the Board of Directors. As per corporate governance guidelines the Chairman of the Audit Committee should have sound knowledge and expertise in finance & accounting or auditing.

3.3 Branch Network

At present, First Security Islami Bank Ltd. has 84 Branches in overall Bangladesh. All the 84 Branches are computerized. Among them 62 Branches are under distributed server environment, other are ruining with our Core Banking Software (CBS). All the Branches will be migrated from distributed server to CBS, First Security Islami Bank Ltd (FSIBL) has already started their on-line, SMS and ATM banking facilities for their clients. , First Security Islami Bank Ltd (FSIBL) will add mobile banking and e-banking facilities within short period of time.

Branches of First Security Islami Bank Ltd

Division Number of Branches

Dhaka 35 Branches

Chittagong 28 Branches

Khulna 7 Branches

Sylhet 7 Branches

Rajshahi 3 Branches

Khulna 2 Branches

Rangpur 2 Branches

3.4 Information Technology Division

FSIBL has an Information Technology Division at the head office to provide IT support to all its branches. The Bank has well documented guideline on information and communication technology (ICT). From the very beginning FSIBL was using computerized banking software “PcBank/Bank Ultimus’’ for all the branches to provide online banking facilities to its clients. FSIBL is now providing online banking facilities with distributed system. The Bank also has SMS banking service. , First Security Islami Bank Ltd (FSBL) has a plan to introduce centralized system for online banking.

3.5 Products

3.5.1 Deposits Scheme

Al-Wadiah Current Deposit Mudarabah Savings Deposit Mudarabah Short Term Deposit

Mudarabah Term Deposit-

One Month Three Months Six Months Twelve Months Twenty Four Months Thirty Six Months

Foreign Currency Deposit

Mudarabah Savings Scheme Monthly Savings Scheme Monthly Profit Scheme More than double the deposit in 6 years Consumer Finance Scheme

First Security Islami Bank Ltd. In 2011 Introduced New Deposit Scheme

Alo Mudarabah Education Deposit Scheme Bondhon Mudarabah Wedding Deposit Scheme Niramoy Mudarabah Treatment Deposit Scheme Obosor Mudarabah Pension Deposit Scheme Onkur Mudarabah Student Savings Deposit Prapti Mudarabah Salary Savings Deposit Somman Al-Wadiah Premium Account Provin Mudarabah Senior Citizen Savings Deposit Morjada Al- Wadiah Current plus Account Zakat Fund Mudarabah Hajj Savings Deposit Mudarabah Monthly Deposit Scheme Mudarabah Double Deposit Scheme Mudarabah Monthly Profit Scheme

We are also emphasizing on non-fund business and fee based income. Bid bond/ bid security can be issued at our customer’s request.

Our Bank is posed to extend L/C facilities to its importers / exporters through establishment of correspondent relations and Nostro Accounts with leading banks all over the world.

3.5.2 Investment Scheme

Investment / Deployment of Funds:

Bai-Murabaha (Deferred Lump Sum/ Installment Sale) Bai-Muajjal (Deferred Installment / Lump Sum Sale) Ijara (Leasing) Musharaka (Joint-Venture Profit-Sharing) Mudaraba (Trustee Profit-Sharing) Bai-Salam (Advance Sale and Purchase) Hire-Purchase Direct Investments

Post Import Investment Purchase and Negotiation of Export Bills Inland Bills Purchased Murabaha Import Bills Bai-Muajjal Import Bills Pre Shipment Investment Quard-ul-Hasan (Benevolent Investment)

Letter of Guarantee Tender Guarantee Performance Guarantee Guarantee for Sub-Contracts Shipping guarantee Advance Payment guarantee Guarantee in lieu of Security Deposits Guarantee for exemption of Customs Duties

Others:

Letter of Credit (L/C) / Back to Back Letter of Credit (L/C)

Specialized Schemes

Consumer Investment Scheme SME Investment Scheme Lease Investment Scheme Hire Purchase Earnest Money Investment Scheme,

Mortgage Investment

Employees House Building Scheme ATM VISA Investment Card EEF etc.

3.6 Services

3.6.1 Online Any Branch Banking

First Security Islami Bank Ltd (FSIBL) have set up Wide Area Network through Radio, Fiber-Optics & other available communication media systems to provide any branch banking to our customers.

Customer of one branch is now able to deposit and withdraw money at any of our branches. All Branches are included in our Wide Area Network.

No TT/DD or cash carrying will be necessary.

3.6.2 SMS Banking

First Security Islami Bank Ltd. has officially launched SMS banking service from December 17, 2007.

3.6.3 Mobile Banking

First Security Islami Bank Ltd. (FSIBL) has introduced mobile banking and payment services titled, “First pay, Sure Cash” for its customers on27 March, 12.Through this service, people staying at anywhere of the country would get various banking services, such as, opening up new account, cash deposit, cash withdrawal, money transfer, bill payment, remittance disbursement, ticketing of train, bus and cinema, payroll and utility services.

The bank teamed up with the state-owned telecom service provider Teletalk to facilitate the mobile banking services. Besides, the bank will also receive technical assistance from ‘ProgatiSystems’.

3.6.4 ATM Banking

First Security Islami Bank Ltd. has implemented successfully Automated Teller Machine (ATM) /DBDIT card transaction from June 25, 2008. Through Automated Teller Machine (ATM) /Debit card, customer can avail the facilities like withdrawal money, balance inquiry and purchase goods from Point of sale (POS) using Dutch Bangla Bank Ltd. ATM Booth and POS.

3.6.5 Locker Service

For safekeeping of customer’s valuables like important documents and goods like jewelries and gold ornaments, , First Security Islami Bank Ltd (FSIBL) Locker Service is available in most of the Branches in urban areas.

3.6.6 Utility Bills

The utility bill’s received following Branches:

Branch Name Bill’s Type

Mohakhali, Dhaka DESCO

Topkhana, Dhaka Under process (Electric bill)

Gulshan , Dhaka Titas Gas

Shafipur ,Gazipur Dhaka Pally Biddut Shomitty

Keranihat,Chittagong Pally Biddut Shomitty

Biswanath , Sylhet Pally Biddut Shomitty

Banking Activities:

In Bangladesh, all conventional private commercial banks and Islamic banks (First Security Islami Bank Ltd.) exercise daily general banking activities in banking hour. Basically all general banking activities are same but a some differences are found in concept of banking,

name of activities and terms& conditions .Now will choose Mutual Trust Bank Ltd. as a Private Commercial Bank and First Security Islami Bank Ltd. Where doing internship program as for comparison in general banking activities done by both banks.

Concept

Private Commercial Bank

Interest based.

First Security Islami Bank

Interest free bank.

Name

Private Commercial Bank

Current Account, Savings Account &Fixed Deposit Rate

First Security Islami Bank

Al-Wadiah Current Deposit, Mudarabah Savings Deposit and Mudarabah Term Deposit

Terms & Conditions

Private Commercial Bank

Depositor doesn’t bear any loss of bank if bank fails to earn profit.

First Security Islami Bank

Depositor bears any loss of bank if bank fails to earn profit.

Functions Of First Security Islami Bank Ltd

The functions of First Security Islami Bank Ltd (FSIBL) are divided into three divisions these are:

1) General Banking.

3) Investment

2) Foreign Exchange.

First Security Islami Bank Ltd (FSIBL) provides their services under t three divisions. Each of this section serves various services for satisfying their clients.

General Banking Division:

General Banking Division is considered as the direct customer service center. It is the starting point of all the Banking operation. It opens new accounts, remits funds, honor cheque, takes deposits, issues pay order etc. General Banking is also known as retail Banking. Following are the major section in general banking:

· Account opening section

· Clearing section

· Accounts section

· Cash section

Account Opening Section

Account opening is the gateway for clients to enter into business with bank. It is the foundation of banker customer relationship. This is one of the most important sections of a branch, because by opening accounts bank mobilizes funds for investment. Various rules and regulations are maintained and various documents are taken while opening an account.

Different Types Of Accounts

Current Account

A current account is a running and active account, which may be operated upon any number of times during a working day. It is purely demand deposit account because the bank is bound to pay the amount to the accountholder on demand at any time within the banking hour. The account holder not gets any interest against their current account

Al-Wadeeah Current Deposit Account

The word “Al-Wadeeah” derived from the Arabic word “Wadium” means ‘Amanat.

Amanat means to keep or deposit something to any person or institution for safe preservation maintaining original ownership and bound to return to owner on demand with original shape. The term Al-Wadeeah means deposit of money allowing some body to claim in the account.

In case of Al-Wadiah Deposit, Bank must take permission from owner to invest the fund with other bank’s fund. Because of owner involves neither earning profit nor any loss. So, Banks not only will enjoy 100% profit but also will bear full losses. Account Holder pay fees for maintain the account and other costs.

Savings Bank Account (Conventional)

A saving account is meant for the people of the lower and middle classes who wish to save a part of their incomes to meet their future need and intend to earn an income with a fixed rate of interest from their savings, it encourages savings of non-trading persons, institutions, society and clubs etc. The deposits are mostly small amounts.

Mudarabah Savings Deposit Accounts

The term ‘Mudaraba’ derived from Arabic word ‘Dard’/ ‘Darbun’ which means “Travel” thus the word ‘Mudarah’ means “Travel” for undertaking business.

‘Mudaraba is a partnership in profit whereby one party provides capital and the other party provides skill and labor. The provider of capital is called “Shahib-al- Mal/Rabbul-Mal” (Owner of the fund) while the provider of skill and labor is called “Mudarib” (organizer/Manager).

Depositors will deposit money and bank will invest fund as per Islami Shariah without any intervention of depositors. Depositor will gain profit according to specified Weight age 0.75 and will bear loss at ratio of deposit.

The provisional profit will be given two (2) times (June-December) which will be adjusted after the final profit has Calculated at the year end. Weekly 2 (two) times, Monthly 4 (four) times and ¼ of the balance amount or Tk. 50,000.00 whichever is lower can be withdrawn without any notice.

Fixed Deposits Receipts: (Conventional)

The Interest rate is fixed for the fixed amount and time. The depositor are ensured for getting the interest as fixed when deposits are mobilized, even if the bank occur a huge loss without any negligence or violation of the conditions agreed.

Mudarabah Term Deposit (MTD) Accounts

The bank is authorized by the depositor to invest the Mudarabah fund at the risk of the Sahib Al- Mal. MTD account is opened with certain fixed amount of money for a particular period by person/persons individually/jointly, by business entities for periods of 1 month, 3 months, 6 months, 12 months, 24 months, 36 months, as approved by the Head Office from time to time. The deposit in MTD account will enjoy higher rate of weight age respectively 0.75, 0.88, 0.92, 0.96, 0.98 and 1 in profit compared to Mudarabah savings account for different period respectively. No transaction is allowed in MTD account and hence no cheque book is issued. Credit/debit of actual profit/loss shall be made after audit of the final account of the bank. In the mean, time profit on MTD Account shall be paid at the provisional rate as on when due and as fixed by the Head Office from time to time depending on their period of maturity.

Mudarabah Monthly Deposit Scheme (MMDS):

Revised Profit Rate of this scheme is now 12%. Size of installment has been extended up to TK 25000/- (Twenty Five Thousand Taka). You are requested to the follow the following table for MMDS. Insurance facility will be added with this scheme.

installment 500 1000 1500 2000 2500 5000 10000 15000 20000 25000

5 YrsPrincipal amount

30000 60000 90000 120000150000300000 600000 900000 12000001500000

maturity value 40850 81700 122550163350204200408350 816700 122505016334002041750

8 YrsPrincipal amount

48000 96000 144000192000240000480000 960000 144000019200002400000

maturity value 80000 159950239900319900399850799650 1599300239895031985503998200

10 YrsPrincipal amount

60000 120000180000240000300000600000 1200000180000024000003000000

maturity value 11505023005034510046010057510011502002300400345060046008005751000

Mudarabah Monthly Profit Scheme (MMPS):

Revised Profit Rate of this scheme is now 12%. Under this Scheme clients will get TK. 1000/- (One Thousand Taka) per month against TK. 1, 00,000/- (One Lac taka) deposit (Govt. Tax Applicable). Insurance facility will be added with this scheme.

Mudarabah Deposit Double Scheme (MDDS):

Revised Profit Rate of this scheme is now 12%. Deposit Rate will be double in 6(Six) years instead of 6.5 years after revision. Insurance facility will be added with this scheme.

Calculation/Fixing Of Weightage:

The longer period of deposit, the greater the risk they bear with regard to fluctuation of the rates of profit and erosion of the value of deposit due to inflation. Some deposit shall have to forgo profit if incased within fixed minimum period and also to forgo some profit in case of predetermine encashment through reduce weightage. Some depositors shall have to forgo some profit in case of default of scheduled payment.

Calculation Of Profit

On the basis of above principles, let us work out the rates of profit using the information and figures given below:

a. Total Investment Tk. 1000/-

b. Total Investment Income Tk. 150/-

C. Total Fund employed

i. Bank’s Equity & Al-Wadeeah Deposit Tk. 200/-

ii. Mudaraba Deposit Tk. 800/-

Therefore the share of the investment of Mudaraba Deposit will be (150/1000*800) = Tk. 120/-

Less:

a. 20% Management Fee Tk. 24/-

b. 15% Loss off-setting Reserve Tk. 18/- Total Tk. 42/-

Procedure Of Account Opening

Account Opening (Mudarabah Savings Scheme):

1. Fill up the account opening form correctly.

2. Two copies of photograph of every signatory.

3. Photocopy of National ID Card/Passport/Citizenship certificate with original copy of verification purpose.

4. Details of nominee.

5. Signature and one copy of photograph of each nominee (must be attested by account holder).

6. The account holder itself will sign in front of account opening officer in the account opening form

Mudarabah Savings DepositandAl-Wadiah Current Deposit both need following necessary documents, information for opening an account.

For Individual

1. Fill up the account opening form correctly (must be introduced by Introducer)

2. Two copies of photograph of every signatory(must be attested by Introducer)

3. Photocopy of National ID Card/Passport/Citizenship certificate with original copy of verification purpose

4. Details of nominee

5. Signature and one copy of photograph of each nominee( must be attested by account holder)

6. The account holder itself will sign in front of account opening officer in the account opening form.

Sole Proprietorship

1. Request letter/Application for account opening purpose

2. Up to date Trade License, TIN and VAT of firm

3. Seal and Visiting Card of Signatory ( if applicable)

4. Two copies of photograph of every signatory(must be attested by Introducer)

5. Photocopy of National ID Card/Passport/Citizenship certificate with original copy of verification purpose

6. Signature and one copy of photograph of each nominee( must be attested by account holder)

7. Membership Certificate of Trade Association, Chamber of Commerce and Industry

8. Tenancy Agreement copy( if applicable)

Partnership

1. Request letter/Application for account opening purpose

2. Registered Partnership deed on non-judicial stamp of TK.150/ & List of the Partners with Portfolio.

3. Up to date Trade License, TIN and VAT of firm

4. Resolution regarding operation of bank account and signing of Bank’s charge documents with execution of Mortgage Deeds and other bank’s papers as per partners.

5. Seal and Visiting Card of Signatory ( if applicable)

6. Two copies of photograph of every signatory(must be attested by Introducer)

7. Photocopy of National ID Card/Passport/Citizenship certificate with original copy of verification purpose

8. Signature and one copy of photograph of each nominee( must be attested by account holder)

9. Membership Certificate of Trade Association, Chamber of Commerce and Industry

10. Tenancy Agreement copy between Firm and Landlord( if applicable)

Limited Liability Company

1. Request letter/Application for account opening purpose

2. Certificate of Incorporation

3. The certified copy of Memorandum and Articles of Association by Register of Joint Stock and Firm.

4. Resolution regarding operation of bank account and signing of Bank’s charge documents with execution of Mortgage Deeds and other bank’s papers as per Memorandum and Articles of Association.

5. Seal as per resolution.

6. Two copies of photograph of every signatory(must be attested by Introducer & Visiting Card of Signatories )

7. Photocopy of National ID Card/Passport/Citizenship certificate with original copy of verification purpose

8. Complete Bio-Data with passport size of photographs of all directors signed by them

9. The certified copy of Form No. XII and XX dully issued by Register of Joint Stock and Firm.

10. Up to date Trade License, TIN and VAT of firm

11. Signature and one copy of photograph of each nominee( must be attested by account holder)

12. Membership Certificate of Trade Association, Chamber of Commerce and Industry