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Internship Report on Al-Arafah Islamic Bank Ltd: Islami banking & Islami financial system is becoming more and most popular across the country. Al-Arafah Islamic Bank (AIBL) is a Shariah-compliant Islamic bank operation in Bangladesh. It was established 1995. Al-Arafah Islamic Bank amis to promote welfare-oriented banking and social activities in Bangladesh. Al-Arafah Islamic Bank has expanded its network to 226 branches distributed across all 64 districts in Bangladesh.
To build a banking system with a focus on social justice, AIBL provides low-income people with employment opportunities. Based on social and national needs, the bank funds “Halal” enterprises. The bank contributes to public works projects and initiatives that foster economic growth and new job opportunities. Al-Arafah Islamic Bank Ltd does not have physical branches abroad, it facilitates international banking services through its Offshore and International Banking Accounts. These accounts are designed for non-resident and resident customers to manage inward remittances and make outward payments.
| Report Title : | Internship Report on Al-Arafah Islamic Bank Ltd. |
| University Name : | United international university |
| Submitted To : | Md. Qamruzzaman Ph.D., ACMA |
| Submitted By : | Md. Nazmus Sakib |
| Total Page : | 30 |
Business Activities of Al-Arafah Islamic Bank Ltd:
Al-Arafah Islami Bank Ltd. is working towards the relief of poverty, developing agricultural sectors, creating job opportunities, and other similar objectives. Al-Arafah Islami Bank Ltd. is the most sophisticated and prosperous Bank in Bangladesh, owing to the wise leadership of its board of directors, the Islamic banking knowledge of its staff, and Allah’s will. The Bank has maintained a strong profit and paid considerable dividends. The key to the Bank’s success is its ability to provide high-quality customer service by integrating creative ideas with current technical breakthroughs and new products. The Bank offers a broad range of products and services tailored to satisfy each client’s particular needs. The Bank is committed to making significant contributions to the nation’s economy.
Key Services of Al-Arafah Islamic Bank Ltd:
There are many services of Al-Arafah Islamic Bank Ltd which is provide in the world as well as Bangladesh. Some of Services of Al-Arafah Islamic Bank Ltd are below:
Retail Banking (Personal Banking):
Al-Arafah Islamic Bank Ltd offers suite of Shariah-compliant retail banking services to meet the financial needs of individuals and families in Bangladesh. Here some of their key offerings giving below:
Deposit Accounts:
- Savings Accounts
- Current Accounts
- Fixed Deposit Accounts
Digital Banking Services:
- i-Banking: I-Banking is a digital platform that allows customers to access banking facilities anywhere, anytime by using web and mobile apps. In this process included all kinds of banking features such as, Balance Inquiry, Account Statement, Fund Transfers, Credit Card bill payments, Utility bill Payments and more.
- Mobile App: By using mobile app, there are available for both Android and iOS devices, enabling customers to manage their accounts on the go.
Retail Investment Services:
- Home Investment Services
- Car Investment Services
- Personal Investment Services
Al-Arafah Islamic Bank Ltd Capital Management Limited (AIBLCML):
Al-Arafah Islamic Bank Ltd established on October 25, 2011, AIBLCML operates as full-fledged merchant bank with an authorized capital of BDT. 2 billion and paid-up capital of BDT. 500 million. This branch licensed by Bangladesh Securities and Exchange Commission to offer arrange of services, are including….
- Portfolio Management Services
- Investment Counseling Services
- Issue Management and Underwriting
- IPO Application Processing Services
- Margin Loan Operations
- Corporate Advisory Services
- Depository Services
Islamic Wallet:
Al-Arafah Islamic Bank Ltd Islamic wallet is the shariah based mobile financial services. Islamic wallet complies with rigorous security, compliance standards and all regulatory.
Al-Arafah Islamic Bank Ltd Islamic wallet promises to provide the most innovative services that can provided in mobile financial services of Bangladesh. This wallet will be considered as new and innovative payment system to cater all kinds of banking needs for ensuring the maximum convenience of customers specially those who do not have access to banking services. t is fast, secure and affordable way to send & receive money from anywhere at any time.
Financial Statement of Al-Arafah Islamic Bank Ltd of Bangladesh:
In last Summary of 2023 financial performance. According of Al-Arafah Islamic Bank Ltd its profit margin was increase compared to 2022.
Annual Report of 2023 and 2024. Click here…
Full Financial Reports Include:
- Balance Sheet
- Income Statement
- Cash Flow Statement
- Notes to the Accounts
- Auditor’s Report
If you need you can download these from their financial reports page. Click here
Objective of the project:
Primary Objective
• The main objective of this report is to show how Al-Arafah Islamic Bank Ltd Bangladesh advertises its products, Services and maintaining its brand and communication to its customer.
Secondary Objective
- To improve theoretical understanding via an emphasis on practical application.
- To understand ABEL’s general banking system.
- To detect the issues that are occurring with ABEL’s general banking activity.
- To acquire knowledge about the general operating procedures of the Bank.
- To analyze the overall performance of AIBL’s general banking operations.
Methodology:
All the information incorporated in this report has been collected both from the primary sources and as well as from the secondary sources.
Primary Source of Information
• Observation during the total internship period in Al-Arafah Islamic Bank Ltd.
• Involvement with the operational process.
• Discussion with officials of Al-Arafah Islamic Bank Ltd.
Secondary Source of Information
• Yearly magazine of Al-Arafah Islamic Bank Ltd Bangladesh
• Al-Arafah Islamic Bank Ltd face-book fan page.
• Al-Arafah Islamic Bank Ltd official website: www.aibl.com.bd
Conclusion:
In that sense, AIBL is not exceptional. The leadership of AIBL works arduously to bring banking services to every corner of the nation to continue growing. Bangladesh’s banking industry is highly competitive, with each operator vying for market share by offering cutting-edge goods and services. Hence, banks must create a solid business plan and set of policies to elevate their position within the sector.
