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dubai islamic bank pakistan internal auditing department

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Internal Auditing Report

Dubai Islamic Bank Pakistan

Muqadam Butt Submitted to: Sir Sohail Sawani 3/31/2012

S.no.

CONTENTS

Pg.#

1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

ACKNOWLEDGEMENT INTRODUCTION SWOC Analysis Strength Weaknesses OpportunitiesChallenges Organizational Structure

Internal Audit StructureInternal audit Job Responsibility Audit Objective & Planning

Audit Program Recommendations Bibliography

Firstly i am very thankful and obliged to GOD Almighty for his blessings and giving us the strength, hope and cool temperament that motivated us to complete the project in a very short and tight period of time. Without his blessings it would have not been possible.

i would also like to express my sincere thankfulness to my course instructor, i.e. Mr. Sohail Sawani for teaching us each and every topic in detail and depth that made us better understand the basics of Internal Auditing, a result of which is this report.

i would also like to thank Mr. Tariq who is an internal auditor in Dubai Islamic Bank for helping me understand that how there organazation do inernal auditor by providing me relevant and informative material for this report

INTRODUCTIONDubai Islamic Bank Pakistan Limited

Vision statementTo be the leading Islamic Bank providing Sharia compliant financial services, by creating value for all stakeholders.

Mission statement:To provide diversified Sharia compliant financial services and products through the best of innovation, talent and operational excellence while ensuring consistent growth and profitability.

ValueTrust Communication Innovation Caring One Team, One Goal

Dubai Islamic Bank has the unique distinction of being the worlds first Islamic bank, a pioneering institution that has combined the best of traditional Islamic values with the technology and innovation that characterise the best of modern banking.

Dubai Islamic Bank Pakistan Limited Dubai Islamic Bank Pakistan Limited (DIBPL), commenced operations in 2006. Since then, DIBPL has undertaken major initiatives to expand its branch network across the country. Under its consumer banking division, the bank is offering state-of-the-art Sharia compliant products that effectively compete with those being offered in the market by conventional banks. It also has expertise in providing Retail, Private, Small and Medium Enterprises, Corporate, Investment Banking and Advisory services. The Bank launched Pakistan's first Islamic Visa Debit Card and introduced financial products covering Home Financing, Auto Financing, and Depository products. DIBPL has also introduced Priority Banking and Internet Banking, both of which are being recognized as benchmark products in their respective categories. Besides regular banking services, the Bank is committed to bringing foreign investment to the country. DIBPL's corporate wing has actively pursued foreign investors and convinced world renowned giants from the GCC to be part of Pakistan's economy.DIBPL is 100% owned by Dubai Islamic Bank PJSC (Public Joint Stock Company) and its nominated shareholders. The parent company is a listed company in Dubai. MANAGEMENT TEAM

Junaid Ahmed - CEO Masood Karim Shaikh - Country Head Corporate Finance & Investment Banking Zahid Mansoor - Head of Treasury Tahir Nazir Chaudhary - Head of Risk Management Dr. Muhammad Qaseem - Head of Sharia Irfan Johar - Chief Internal Auditor Ammar Bin Mujeeb - Head of Information Technology Wamiq Rizvi - Head of HR & Admin

The world of finance belongs to those who shape it. DIB has taken a leading role in shaping the dramatic transformation that UAE has experienced in the last two decades. Now, with the same vigor, the Bank comes to assist businesses in Pakistan. DIBPL provides a wide range of services specifically designed to assist Pakistani businesses. You can benefit from our:

Cash Management Services Trade Related Services Investment Banking Services Services for Small and Medium sized Enterprises

Cash Management DIBPL Cash Management offers comprehensive end-to-end Sharia compliant solutions to meet your cash flow requirements. With our help, you can reduce turn around times for your accounts receivables, better manage your payables, and benefit from our value-adding MIS reports. GL reconciliation would have never been easier for you.

DIBPL offers a range of solutions to help you in your trade transactions. The Banks rapidly expanding local network befittingly complements the extensive experience it has acquired in managing correspondent relationships across the globe. With its team of seasoned professionals, DIBPL has become the Investment Bank of choice for local and regional clients in a short span of time. We leverage our regional expertise and local knowledge to create an efficient blend of solutions for our customers. Driven by Sharia principles, we provide a mix of following services:

Project Finance. Mergers & Acquisitions Advisory. Privatization Advisory. Real Estate Advisory. Balance Sheet Restructuring. Private Placements.

Syndications. Sukkuk Issuance.

DIBPLs Investment Banking :it provide its clients with a unique combination of expertise, broad range of investment banking/financial services and access to top regional decision makers. We derive strength from our team that has unrivalled experience in dealing with the largest M&A, Advisory and Fundraising transactions in the country. In the short span of less than one year, the Investment Banking has been instrumental in attracting investment/interests from major groups from the UAE including:

Nakheel. Al- Habtoor Group. Dubai Properties. Limitless.

DIB offers: Dubai Islamic Business Finance Role of Shariah Board DIBPL strives to bring to its customers, World Class Banking, the Islamic Way. To ensure that every transaction complies with Islamic Law, we have in place a Fatwa & Sharia Supervision Board, comprising of scholars of the highest repute, with vast experience in the field of Islamic Jurisprudence, economics and banking. The Fatwa & Sharia Supervision Board ranks above the Board of Directors and is empowered to issue Fatwas on any matter proposed before it by the different business units of the Bank. This framework has made DIBPL an organization that practices Islamic finance in true letter and spirit. Important Duties of the Sharia Board

Dubai Islamic Home Finance

Dubai Islamic Auto Finance

It is the source of expert knowledge on Islamic Principles (Including Fatwas). It oversees the development of all products to ensure no Shariah repugnant feature arises. It analyses unprecedented situations not covered by fatwa, in the Banks transactions to ensure Sharia compliance. It analyses contracts and agreements concerning the Banks transactions to

ensure Sharia compliance. It ensures the immediate correction of breaches (if any) in compliance to Shariah. It supervises Sharia training programmes for the Banks staff. It prepares an annual report on the Banks balance sheet with respect to its Sharia compliance.

Strengths: It is the one of first Islamic bank and leading Islamic bank. According to SBP its a most rapidly growing banking sector. Dib has strong financial stability and strong capitalization. It is a most enthusiastic and qualified staff. Strong operational environment. Well-built shareholding Its website satisfies the need of their customer.

Weaknesess: DIB deduct high charges for most of their services as compared to other banks. lack of advertisement of their services is one of the weakness. Exposure to real estate. As they follow centralized system so system become time consuming.

Opportunities: Growing Islamic finance market. As we know that the Islamic banking is growing very strongly so they must grow their operations. They must explore new area in everywhere in the world and also within the boundaries of the country so they will expand the business. They must increase their setup of branches in all over Pakistan.

Challenges:Dubai Islamic bank is facing a strong competition by its major Islamic bank competitors; Meezan Bank and Burj bank. Business of these banks is also growing with very high pace. So in order to achieve the sustainable growth in a market, DIB has to remain vigilant. DIB should enhance its Branch Network, in order to capture the market of different areas. Another challenge aced by DIB is low deposits. While offering a wide range of services provides opportunities, there is also the threat that customers may prefer to go to suppliers who present a more specialised approach. In case of Islamic banking SBP does not declared any policies that are enforceable bylaw.

All the governmental policies is especially for conventional banks not for the Islamic banks.

Organaizational structure:

Board Of Directors

CEO

Head Of Audit

Head Of Compliance

Head Of Operations

Head Of Treasury

Head Of Consumer

Head Of Corporate

Head Of Finance

Head Of HR

Risk Management division

Head Of Information technology

Internal audit division

Analysis of organaizational structure:The chart shown above shows the organizational structure of Dubai islamic Bank ltd. The Board of directors under whom is theCEO(Chief Executive officer) which forms the second level of this organizational chart. Under the CEO there are different departments which include head of audit, companies, operations, treasury, consumer ,finance, HR,I T, risk management Department. All the departments mentioned above are headed by their respective Group Chiefs who controls their own department and reports to the CEO. The internal auditor will give the detailed r

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