Foreign Exchange Activities of Social Islamic Bank LTD

Abstract

This Internship report is set up as a partial contentment of BBA program of the department of Business Administration of Daffodil International University. This report will give a reasonable information about the Foreign Exchange Activities of Social Islami Bank Ltd. Banking Sector in Bangladesh is viewed as the most potential segment as of late. The execution of Social Islami Bank in most recent 22 years is an over the top case of that. From the starting point in 1995, this bank has strolled a long way and presumed itself one of the Islamic banks in private segment. Pointing the destitution, Social Islami Bank Ltd is surely a thought of 21st century contributing 3 sector in banking model demonstrate in one in the formal segment, it instrument as an Islamic partaking business bank through human face strategy to tribute and putting money on the benefit and misfortune distribution it is a casual saving money with easygoing speculation and credit stage that approve and acculturate genuine poor family and deliver neighborhood salary possibilities; “it is a Improvement bank projected to monetize the charitable sector and management of waqf, Mosque properties and introducing cash waqf scheme for the first time in the history. In the formal corporate sector, the Bank would, among others, offer the furthermost up to date banking services. To enhance the performance of the bank our administration adopted strategic plan that include escalation in efficiency, establishment of transparency, efficiency and accountability in all spheres of banking practices and as a rational significance of reform. Launching Central Trade Processing Unit (CTPU), Central Remittance Processing Unit (CRPU) and Central Clearing Unit (CCU) above all customized products and services are the reform processes that they had assumed from 2013 to 2017 to be the submissive in one hand and to serve our client more efficiently and effectively on the other.” (Annual Report SIBL-2016) As foreign exchange is estimated one of the greatest income winning exchange for any bank and business banks are assuming an imperative job in financing import and fares of the nation, Social Islami bank gives momentous stress to its outside trade exchange. This report accentuations on Social Islami Bank all in all and in addition finish procedure of its Foreign Exchange exchanges in a nutshell. This report likewise gives a lively thought regarding the exercises, the activity techniques, Foreign Exchange the executives, and the execution of Social Islami Bank Ltd. As the administrator of different banks exercises Bangladesh Bank acts its job in overseeing the outside trade act 1947 and remote trade rule 2009. Aggregate of 150 branches of Social Islami Bank have the permit to perform international trade functions. Every one of these AD branches have foreign trade department whose sole drive is to do cross fringe exchange required by the clients. Foreign Exchange Department of Uttara branch Social Islami Bank Ltd contains of three sections which are import section, export section and foreign remittance section. In this report I have tried to provide a brief idea about the entire procedure of foreign exchange operation of Social Islami Bank Ltd where in involved import procedure, export procedure and foreign remittance operation of SIBL. Analysis and Discussion part is additional part of this report. In this part I have tried to accomplish different types of analysis. Here I have also presented different types of analysis to represent actual scenario of foreign exchange operation of Social Islami Bank Ltd. In trend analysis it has five years trend of import, export, remittance. The performance analysis of export, import, remittance demonstrations the even operation of foreign exchange business of this bank. In SWOT analysis part I have made known its major strength, weakness, opportunities and threats. In comparative analysis I have made a contrast among five banks in case of Import-Export and foreign remittance since 2013 to 2017 where IBBL stands in first position and Social Islami Banks but the foreign remittance position was not pleasing comparative than other four banks. At last concluded states that Social Islami Bank’s Foreign Exchange operations approach is to the company’s performance by emphasizing the areas where they have the gain today and where they can grow quicker than some of their competitors.Social islami Bank Bangladesh Limited has strong administration, extra ordinary banking environment and strong determination to achieve target also. Basically all the officials of SIBL are very cordial and helpful, so it is still holding the leading position in the banking industry. As indicated by the investigation some missing's were recognized, for example, representatives are experiencing preparing offices and foreign exchange related charge expenses are uncertain to the clients. To get increasingly near preferred standpoint they ought to fathom these kinds of lacking and it's likewise helping them to hold a solid position in managing an account area of Bangladesh.