The formal corporate sector, this Bank would, among others, offer the most up-to date banking services through opening of various types of deposit and investment accounts, financing trade, providing letters of guarantee, opening letters of credit, collection of bills effecting domestic and international transfer, leasing of equipment and consumer durables, hire purchase and installment sale for capital goods, investment in low-cost housing and management of real estates, participatory investment in various industrial, agricultural , transport, educational and health projects and so on.
In the Non-formal non-corporate sector, it would, among others, involve in cash Waqf Certificate and development and management of WAQF and MOSQUE properties, and Trust funds Historical Background of SIBL:SIBL formed with the Bank Company Act 1991, the rules and regulation issued by the Bangladesh Bank, the Company Act 1994, the Securities and Exchange Rules 1987 and other applicable laws and regulations in 1999. The first meeting of the Board of Directors of the bank was constituted with 13 Directors. Management
Sibl Essay Example
The management of the bank is vested on a board of directors, for overall supervision and directions on policy matters by the board. The power of general supervision and control of the affairs of the bank is exercise by the president and the managing director of the bank who is the Chief executive. Management Hierarchy Managing Director Executive Vice President Vice President Sr. Assistant Vice President Assistant Vice President Executive Officer Senior Officer Officer Junior Officer Assistant Officer Products of SIBL 1. 1Types of Accounts: 1. 1. 1General Products are: Al Wadiah Current Deposit (AWCD): Profit Rate 0. 0% ? Individual Account ? Joint Account ? Proprietor Ship Account ? Limited Company Account Mudarabah Savings Deposits (MSD): Profit Rate 4% ? Individual Account ? Joint Account ? Proprietor Ship Account Mudarabah Notice Deposits (MND): Profit Rate 4. 00% ? Individual Account ? Joint Account ? Proprietor Ship Account ? Limited Company Account ( Mudaraba Term Deposit(MTDR): Term deposit is one, which is repayable after the expiry of a predetermined period fixed by the client. The period varies form 1 month to 36 months. These deposits are not repayable on demand but they are withdrawable subject to a period of notice.
Hence, it is a popularly known as ‘Time Deposit’ or ‘Time Liabilities”. Normally the money on a fixed deposit is not repayable before the expiry of a fixed period. Before opening a Term Deposit Account, a customer has to fill up an application form which contains the followings: ? Amount in figures ? Beneficiary’s name and address ? Period ? Date of issue ? Date of maturity ? Instructions: – To be renewed automatically with Profit for the next period. – Pay Profit to account no. ______on maturity ? Special instruction ? How the account will be operated (singly or jointly) ? Signature (s) MTDR no. Then a MTDR account is opened and it is recorded in the MTDR Register which contains the following information,- ? MTDR A/C no. ? MTDR (Mudrabah Term Deposit Receipt) no. ? Name of the MTDR Holder with address ? Maturity period ? Maturity date ? Profit rate In case of Term Deposit Account the Bank needs to maintain a cash reserve. So, SIBL offers a high Profit rate in Fixed Deposit accounts. The Profit rates followed by SIBL in Fixed Deposit accounts are: