Report on Meezan Bank

8/11/2019 Report on Meezan Bank

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Trainin

g

Report

Meezan

Bank

Limited

Muhammad Naeem Sibtain

LHR-0262

Section C


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Vehari Chowk Branch

Multan


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Preface

usiness environment are becoming more and more complex

with the passage of time. To understand and deal with the

riddle phenomenon, one need a lot of energy and

knowledge .So business education has become an evolving science,

which help to solve the business problems. Academic education provides

general knowledge about business decision and policies.

Training is an integral part of the Job. It provides the opportunity of

peeping into the real economics of the country. It enables us to evaluate

and understand the practical application of all the terms & techniques that

we have studied during our classroom training.

This report is an upshot of my 34days weeks Training in Meezan Bank

Limited, Vehari Chowk Branch, Multan. In spite of newly opened branch

it remains the center of hustles in business activities. It always endows

with great covenant of rally round in terms of funds and services at all

epochs of its dynamism.

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History

eezan Bank Limited, a publicly listed company, was incorporated on

January 27, 1997and started operations as an investment bank in August

that year. In January, 2002 in a historic initiative, Meezan Bank was

granted the nations first full-fledged commercial banking license as a dedicated

Islamic Bank, by the State Bank of Pakistan.

By implementing robust and aggressive strategic and tactical initiatives on the

side of consumer banking, Meezan Bank aims to fulfill its prime objective of

providing customers accessibility and convenience, within an atmosphere and culture

of dedicated service and recognition of their needs.

Since its inception as an Islamic commercial bank in 2002, Meezan Bank has

been one of the fastest growing banks in the history of the countrys banking sector.

The Banks deposits grew at an average rate of 46% p.a. from December 2002 to

December 2012 while its branch network grew from 6 branches in 2002 to 366

branches in September 2014, an average growth rate of 48% p.a. The Bank has

established a strong and credible management team comprising of experienced

professionals that has achieved a strong balance sheet with excellent operating

profitability and strong ratios. The JCR-VIS Credit Rating Company Limited has

upgraded the Banks long-term entity rating to AA (Double A) from AA- (Double A

minus) and short term rating at A1+ (A One Plus) with stable outlook. The short term

rating of A1+ is the highest standard in short term rating. Meezan Bank is the only

Islamic bank with AA credit rating in the Islamic banking industry in Pakistan.

The Banks main shareholders are leading financial institutions of the Region

namely, Noor Financial Investment Company, Pak-Kuwait Investment Company, and

the Islamic Development Bank of Jeddah. The established position, reputation,

strength and stability, of these institutions add significant value to the Bank through

Board representation and applied synergies.

Meezan Bank has a strong technology focus. It has invested heavily in state-of-the-art software applications namely Temenos T-24 and Oracle. It has also

recently upgraded its hardware platform and also has a hot disaster recovery site in

place to cater to any unforeseen eventualities.

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Operations DepartmentOperation department comprises the following sub departments

Cash Department Remittances Department

Account opening Department

Clearing Department

Cash Departmentperforms two main functions: Cash Deposits

Cash Payments

CASH DEPOSITSCash receiving officer receives cash along with pay-in slip from the customer.

He checks if the deposit slip is properly filled up containing title of account, accountnumber, date and amount in word and figures. He also verifies signature. Cash is

received by the cash receiving officer, twice counted and matched with the deposit

slip. The cash details are written on the deposit slip and are also entered in account of

the customer. Cash received stamp is affixed on the face of both deposit slips along

with the signature of the cash receiving officer and the customers copy is given to the

customer as a receipt.

Deposit slip given to the Operation Manager. Again proper scrutiny is made

by the incharge cash department on cash receipt. Operation Manager signs the depositslip; Deposit slip is checked and verified in the concerned account in the system.

PAYMENT OF CHEQUESThe process for payment of cheques for local and foreign currency is same.

First the customer presents the cheque or holder to branch and the particulars of

cheque are properly filled in. Signature of the holder is taken on the back of the

cheque. Cheque handed over to the officer cash department for scrutiny where officer

checks the date, amount in words and amount in figures, payee's name crossing if any,

account number, cheque serial number, any material alterations, endorsements and

signature of the customer. Account is debited and then the officer cancels cheque. It isposted in the system and posting stamp and number is affixed on it. Cheque is handed

over to the cash payment officer for payment. One more signature on the back of the

cheque is taken from the holder to match with the first one, and then cash is paid to

the payee. Cash detail is written on the back of the cheque. Cash paid stamp is affixed

on the face of the cheque. Entry is passed in the system.

If the payment is of Rs. 100,000 the cashier can make it on its own because of his

assigned limit. If the amount is greater than Rs.100,000 the cashier and Operation

Manager verifys the check and sings it. Then the payment is made.


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ACCOUNT OPENING DEPARTMENT:

ACCOUNT OPENING PROCEDURE

Following types of accounts are being maintained at bank

Individual Account

Joint Accounts

Proprietorship A/C

Partnership A/C

Private Limited Company A/C

Public Limited Company A/C.

The operation/procedure requirement that is needed for Individual Account

differs greatly from the Joint Accounts proprietorship A/C, Partnership A/C, Private

Limited company A/C and Public Limited Company A/C.

INDIVIDUALS ACCOUNT:When a single man or woman opens an account in his or her own name and

has the right to operate, it is called individual A/C.

DOCUMENTATION: Copy of National Identity Card.

Source of Income

OPERATION: The person place in the type of account and type of operation required in the

account opening form.

He/she fills in part 1 of the form, a fix his/her either two of four similar signature (

or thumb expression in the signature space ) and get it introduced and signed by a

person who already has an account with the bank and write his account number in

the specific rows in a specific space.

The person fills his or her father, mother, husband/wife or any other relatives

name, his/her address, phone number, his or her sign to certify this requirement.

This requirement is needed because in his/her absence bank can have

correspondence with a specific person.

The person deposits the initial amount for opening account onto the cash counter.

The person put his signature on form on two places in authorized Signature andfills in the Title of Account space by writing his name.

If the person put his signature in Urdu or any other language other than English,

then photo account of that particular person will be opened.

After completing documentation by the person the account is opened in the same

day.


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JOINT ACCOUNT:When two or more persons neither partners nor, trustees, open an account in

their name is joint account.

DOCUMENTATION: Copy of N.I.C card.

Source of Income

OPERATION: The person checks the type of account and type of operation required in the

respective box on the form.

The person fills the Part-1 and Part-II

Signature of box or all persons are obtained on the formed in the area specified

for signature.

In the title of account space names of all persons maintained.

Account holders specified in the form that they will operate the form singly or

jointly.

PROPRIETORSHIP ACCOUNT:When the owner of the firm operating singly, open an account in his firm name.

DOCUMENTATION Copy of C.N.I.C.

Status of the firm.

Copy of Sole Proprietorship Declaration.

OPERATION:

All operation remains the same, except that the firm name is written in title ofaccount area and Signature of the proprietor in the specified area with stamp.

PARTNERSHIP ACCOUNT:

The account is opened in the firm name and all partners designate one or two persons

to act behalf of the partnership firm all acts of the firm jointly and severely.

DOCUMENTATION: Account Opening Request on letterhead

Copy of C.N.I.C of all partners.

Status of the firm.

The attested copy of Partnership Deed.

Operation of the A/C (as per deed).

Third party Mandate.

Letter showing the authority of one or more partners to act on.

OPERATION:


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All other requirements are same except that all partners dully sign the form,

cards are signed by all of those partners who will act on behalf of the firm.

PRIVATE LIMITED COMPANY ACCOUNT :

DOCUMENTATION C.N.I.C of all partners.

Articles and Memorandum of association.

List of directors.

Resolution of Board of directors.

Certificate of Incorporation Form 29 (B) (Lasted Copy).

OPERATION: The person authorized in the resolution of the board of directors put their

signature on the S.S Card.

Next of Kin requirement is not need in a case of Private Limited Company.

Other procedure is same.

After completing each and every formalities are signed by all partners who

will act on behalf of the firm.

PUBIC LIMITED COMPANY ACCOUNT:

DOCUMENTATION: Copy of C.N.I.C of all partners.

Articles and Memorandum of association.

List of directors on companys letterhead Resolution of Board of Directors with stamp

Certificate of Incorporation

Certificate of commencement of Business.

Latest form-29

OPERATION:Operation is same as Private Limited Company

REMITTANCES DEPARTMENT:In remittances, following banking instruments is used:

Pay orderThe procedure for dealing with all these under local as well as foreign currency in

Meezan Bank is as under.

PAY ORDER

A pay order is a written order issued by a bank, drawn upon & payable by

itself, to pay a specified sum of money to or to the order of a specified person.

PROCEDURE FOR PAY ORDER


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Application form is given to the customer to fill. Two signatures are taken on

the form one for request and other for receiving the instrument. All the particulars of

application form are checked. Pay order is only issued the account holders of the

Bank. Customer who is maintaining his account with the branch, he gives cheque for

total amount of instrument.

Application form is then given to the Remittances Incharge for issuance of

instrument. He enters all the particulars of the application form in the system and

computer gives an Auto Control Number to the instrument. Printout is taken on the

block of payment Order. Two authorized officers of the branch then sign it. .

When instrument is presented for payment, it is posted in the system and canceled by

the Operation Officer after proper scrutiny.

CLEARING DEPARTMENT:

CLEARING PROCESS (INWARD/OUTWARD)

There are four types of clearing

Normal Clearing

Same day Clearing

Intercity Clearing

US Dollar Clearing

Here the local cheques are received that are drawn on MBL. All the cheques

are received on one counter along with the paying slips duly filled in properly

containing particulars of cheques and account holder. Customers Copy of paying slip

is handed over to the customer by putting stamp for #cheque received for collection

for on it duly signed by officer. . These cheques are scrutinized and cheques for localclearing are separated from OBC.

Clearing officer checks and verifies title of all the cheques deposited by the

customers to confirm the good title of the cheques. Cheques are scrutinized properly

and paying slips are separated from cheques. Special crossing, endorsement and

clearing stamps are affixed on the cheques. All the cheques are then entered into the

clearing system of the bank. Print out of the clearing is taken and details are attached

with the cheques of each bank. Details of these banks are then entered into the

clearing schedule containing number of cheques presented and their total amount

against the name of each bank. Then total number of cheques presented to all banks

and their total amount is written on the foot of that schedule, which is tallied with theclearing register.

Next morning, these cheques are delivered to the respective banks in clearing

through NIFT between 9:00 to 9:30AM and for outward clearing at 4:00PM. If any

cheque is not passed due to insufficient balance or any other reason, Officer Cash

Department returns the same cheque by attaching a cheque return memo containing

reason for return. This cheque is entered into the cheque returned register and bank

charges are deducted according to the schedul charges. .


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Lockers:

These are one of the services that MBL provides to its clients for safekeeping

of their Valuables and documents at cheaper rates. These are available in three sizes at

the designated branches. These are small, medium and large. These are usually usedfor keeping the gold, documents etc. MBL issues lockers on ijara basis and 3000

rupees are taken as security which is refundable.

ATM BALANCING

ATM is an electronic telecommunications device that enables the customers of

a financial institution to perform financial transactions without the need for a humancashier, clerk or bank teller. On most modern ATMs, the customer is identified by

inserting a plastic ATM card with a magnetic stripe or a plastic smart card with a chip

that contains a unique card number and some security information such as an

expiration date Authentication is provided by the customer entering a personal

identification number (PIN).

Brach balance the ATM cash daily between 9am to 10am.After taking the

print of cash position from ATM and print of ATM cash account form T-24 system

and after taking the cash cassettes along with the rejected bin, tellers counts actual

cash and compare cash position with ATM cash GL account. ATM cash should match

with actual cash. If actual cash is greater than ATM cash account it means overageand if actual cash is less than ATM cash Account means shortage. ATM cash is

credited against the same balance showing in ATM cash account and teller fills the

ATM balancing logbook annexure B and this logbook is signed by the two ATM

custodians.


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PERSONAL & CORPORATE

BANKING SERVICES

Rupee Current Account

Rupee Savings Account

Dollar Saving Account

Karobari Munafa Account

Meezan Bachat Account

Meezan Labbaik

Meezan Business Plus

TERM CERTFICATES

Certificate of Islamic Investment

Meezan Amdan Certificate

Monthly Mudarabah Certificate

Meezan Providence Certificate

Dollar Mudarabah Certificate
http://meezanbank.com/rupeeCurrentAccount.aspxhttp://meezanbank.com/rupeeSavingAccount.aspxhttp://meezanbank.com/DollarSavingAccount.aspxhttp://meezanbank.com/karobariMunafaAccount.aspxhttp://meezanbank.com/meezanBachatAccount.aspxhttp://meezanbank.com/labbaik.aspxhttp://meezanbank.com/coii.aspxhttp://meezanbank.com/amdanCertificate.aspxhttp://meezanbank.com/monthlyMudarbahCertificate.aspxhttp://meezanbank.com/meezanProvidence.aspxhttp://meezanbank.com/monthlyDMC.aspxhttp://meezanbank.com/monthlyDMC.aspxhttp://meezanbank.com/meezanProvidence.aspxhttp://meezanbank.com/meezanProvidence.aspxhttp://meezanbank.com/monthlyMudarbahCertificate.aspxhttp://meezanbank.com/monthlyMudarbahCertificate.aspxhttp://meezanbank.com/amdanCertificate.aspxhttp://meezanbank.com/coii.aspxhttp://meezanbank.com/coii.aspxhttp://meezanbank.com/labbaik.aspxhttp://meezanbank.com/meezanBachatAccount.aspxhttp://meezanbank.com/karobariMunafaAccount.aspxhttp://meezanbank.com/DollarSavingAccount.aspxhttp://meezanbank.com/DollarSavingAccount.aspxhttp://meezanbank.com/rupeeSavingAccount.aspxhttp://meezanbank.com/rupeeCurrentAccount.aspx

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Report on Meezan Bank

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