General Banking Activities of Al-Arafah Islami Bank Limited

Abstract

Al-Arafah Islamic Bank Ltd is an Islamic Sharia based bank of our country. This means that it has a Sharia Board or council of members from all the major schools of Islamic legal thought and is widely recognized as an authority body for their work and decisions on Islamic banking practices. Following the path of Allah and the path shown by His Messenger (PBUH) with objective success and hereafter, Al-Arafah Islami Bank Limited was registered on 18 June 1995 as a private limited company. The Bank is sponsored by eminent Islamic scholars and upright businessmen from the nation. Internal shareholders own the entire paid-up capital. This bank regulated by the sharia law and also this sharia law is approved by the Bangladesh Bank. They also obey the banking rules of the country. The main goal is this bank is to be a pioneer among the Islamic bank in the Bangladesh and also a successful and significate economic contributor in our country. AIBL has good and effective contribution in our economy and also the socio economic. AIBL has a reputation for good management of their customer's money and corporate housing, remittance handling from outside the country and business operations in our country. This bank is based on Sharia law and their management system is approved by Bangladesh Bank although this bank is also a commercial bank. But even though they are commercial banks, this bank is not like other commercial banks. Their banking methods are quite different from other banks. The bank conducts its business process through Mudaraba, Bai Muazzala and Purchase transactions approved by Bangladesh Bank. Shariah councils which are approved by Bangladesh Bank, not only this Shariah council has many Islamic scholars who are studying Islamic banking but also many renowned lawyers and many other scholars. Al-Arafah Islami Bank Limited is Remount Bank among other private banks of Bangladesh. Compared to other banks in Bangladesh they have better and faster management system. Not only that they are changing the image of a bank that people usually know. They have the reputation of providing the best service to their customers. I am doing my work at the beginning place in Al-Arafah Islami Bank of Panthapath branch. I am doing separate kinds of tasks in my internship period. Not all work is the same. Those work gives me different level of experiences. Works like opening a bank account, General banking. Clearing, remittance, advertisement composition, loans and other parts give me different levels of education. Their cash management and other finance related positions can be exemplary for other banks in Bangladesh. In this report I have tried to show their work how they achieve their success in banking industry.