First Security Islami Bank Internship Report | FSIBL Experience, SWOT & Overview

The Internship Report in First Security Islami Bank Limited (FSIBL) provides a clear idea about the banking activities of modern Bangladesh. The bank is a Shariah -based private commercial bank, which started operations in the 5th. From then on it has rapidly expanded. Currently the bank is providing various services including online banking, mobile banking, remittance and investment.

Internship Report on First Security Islami Bank Ltd.

During the internship I gained the experience of working in real workforce. First I work in General Banking, Accounts and Clearing Department. I then joined the Foreign Exchange and Human Resources Department. I also notice how bank officials and employees provide customer services, manage activities and maintain professionalism. Furthermore, I have observed the recruitment and selection process, which is very important for the bank’s improvement.

Therefore, this internship report highlights the history, services and techniques of FSBL. Besides, it reflects my personal learning and practical skills. Lastly, this report will serve as an effective guideline for students, new undergraduate and interested in the banking industry.

About First Security Islami Bank Limited (FSIBL)

History and background

First Security Islami Bank Limited (FSIBL) began its journey in the 5th. At first it started as a conventional bank. It was later transformed into a Shariah -based Islamic bank in the 21st. Since then, the bank has rapidly expanded across the country and currently has more than 20 branches, subdivisions, ATM booths and agent banking outlets. As a result, FSIBL is serving millions of customers in both the city and the rural region.

Vision

To provide quality banking services using modern technology as the leading financial institution of the country.

Mission

To assist in social and economic development.
Ensure customer satisfaction through honesty and righteousness.
Creating sustainable growth for shareholders and economy.

Strategy

Customer needs to be identified and fulfilled quickly.
Training and inspired staff for employees.
Expansion through digital banking channels.
To follow the strict Shariah in all services.

Products & Services of FSIBL

FSIBL is providing broad services to modern banking:

ATM Banking – Cash Lifting, Bill Payment, Balance Search.
Mobile Banking – Money Transfer, Bill, Access to Account.
Online Banking – Balance Check, Fund Transfer, Statement.
Remittance Service – Transfer of safe and fast local and foreign money.
Deposit Scheme – Savings, DPS and Term Deposit.
Investment Services – Personal and Business Financing based on Shariah.

Moreover, FSIBL is consistently improving digital services to meet the needs of the new generation of customers.

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Internship experience in First Security Islami Bank Limited (FSIBL)

During my internship at FSIBL, I had the opportunity to gain practical experiences from different departments. It helped me give me a wide range of ideas about the activities, administration and customer services of modern Islamic banks. My responsibilities of different sections are briefly given below:

1. Accounts Department

Daily Transaction Report and Help to create account statements.
Verify and record financial transactions according to the bank’s policy.
Helping to maintain account reconciliation and laser entry with senior officials.

2. General Banking Department

Assistance to opening and closing a new account of a customer.
Customers submit, lift and assist in other banking services.
Daily banking activities and maintaining customer search records.

3. Human Resources (HR) Department

Help the HR section to maintain the presence of employees and holiday records.
Assistance in organizing employees events and orientation programs.
Help update the staff file and document.

4. Foreign Exchange (FX) section

Learning the process of foreign remittance and currency exchange.
Assistance in the process of outward and inward remittance under supervision.
FX maintaining records related to transactions and exchange rates.

5. Clearing Department (Clearing Department)

Assist in the process of checking, draft and other clearing instruments.
Document verification and clearing transactions matching.
Clearing report update and help the team to track pending items.

This internship has given me the opportunity to apply the theoretical knowledge to real banking activities, enhances practical skills and shows how different departments work together and provide fast and effective services to customers.

Objective of the Study

This study has been conducted as partial fulfillment of requirement of the Bachelor in Business Administration (BBA) under HRM performance of First Security Islami Bank Ltd. Moreover, the objectives of the study are:

The daily activities of First Security Islami Bank Ltd. were analyzed.
Major strengths and weaknesses of the bank were identified.
Key problems faced by the bank were explored.
Practical suggestions were proposed to address these issues.
A broad understanding of operations, functions, performance, and HR policies of the banking organization was gained.
Insights into managerial techniques and customer relationship management were developed.
Communication skills improved through interactions with various employees.
General organizational activities were observed to understand the internal environment of the bank.

Methodology (Primary & Secondary Sources)

This report has been prepared on the basis of experience gained during the period of internship. Data has been collected from primary as well secondary sources.

Primary Sources

Face-to-face conversations with bank officers.
Questionnaire surveys.
Personal observation during bank hours.
Discussions with bank personnel.
Working in different departments of the bank: account opening, accounts, clearing, foreign exchange, and remittance.
Face-to-face interactions with clients.
Handling practical situations related to day-to-day banking activities.

Secondary Sources

Bank’s financial statements.
Monthly transaction records.
Annual reports.
Official websites.
FSIBL published documents.

Limitations of the Study

As a financial institution every bank has to maintain high level privacy for each and every task. It is quite difficult to get a clear picture about all the operations of banking business within a short period of time. So, the study is simply able to give an idea not the whole picture. Due to the bank’s policy of maintain security, I did not get the opportunity to collect information regarding all departments. Other Limitations are given below.

Three months’ time is not enough for such an extensive study. It is very difficult to collect all the required information in such a short period.
Lack availability of data sources.
There are different departments like accounts, cash, general banking, foreign exchange and etc. For this reason, it is difficult to collect information of all the departments within a short period of time.
Up-to-date information was not available.
Don’t give the data from there source document.

The bank officer is very busy with their jobs, which lead a little time to consult with them.

SWOT Analysis of FSIBL

SWOT analysis means strength, weakness, opportunity, and threat analysis of a company. It is very important for a bank to know the strengths and opportunities they have. On the other hand, weaknesses and threats are areas the bank needs to improve. Here SWOT analysis of FSIBL is given below:

Strength:

First strength is that it is a Shariah based bank.
By this time it has established an integral, customer friendly relationship with its clients.
It has prominent saving scheme named DPS for a fixed or lower income group of people of this society.
It provides services even after the banking hour to special clients.
Sound profitability growth and high assets.
Experienced management team.
Honest, sincere and dedicated employee competency.
Wide market share and stable source of fund.
High attention on recovery of overdue amount and or pre-overdue situation.
High attention on individual performance.
High attention on making quality investment and disposal of proposals.
All the officials are dedicated and honest to serve their own duty.
As a whole the human resource is the main capital of the division.
Business ethics of the division is similar to the ethics and values of mass people of our country.

Weakness:

Traditional network system and lack of full scale automation.
Poor marketing of investment products.
Lack of required information specifically on SME.
No growth on career advancement. So the employee wants to switch elsewhere.
FSIBL Bank Ltd. does not have an individual marketing department.
They have limited advertising strategy on behalf of their bank and accompanied by conservatism rule in this sector.
FSIBL Bank Ltd. does not use the share mode of investment.

Opportunity:

Scope of market penetration through diversified investment products.
Increasing awareness of Islamic banking among the clients.
Scope develops new committed entrepreneurs.
Countrywide branches having wide opportunities to access in different kinds of business.
Service charges in other banks are comparatively higher than FSIBL Bank Ltd.
No other banks could provide as much integral working atmosphere as FSIBL Bank Ltd.
Bank introduced Islamic card, which is a first time in Bangladesh.

Threats/Challenges:

Because of the intense competition, most of the competitor banks of FSIBL Bank Ltd. are coming up with new service line ATM.
The competitor banks of FSIBL Bank Ltd. have more geographical coverage than FSIBL Bank Ltd.
State law differs with the Islamic Shariah.
In the money market of Bangladesh there is no call money system of Islamic Shariah.
Some other conventional banks have opened their Islamic banking branch.

Conclusion

First Security Islami Bank Limited (FSIBL) has given me a broad idea about modern Shariah -based banking in Bangladesh. During the internship, I have gained practical experiences in various departments including General Banking, Accounts, Clearing, Foreign Exchange and Human Resources, which helped increase the knowledge of daily banking activities. Also, my communication and managerial skills have increased by monitoring the management of customer services and maintaining professionalism for bank officials.

SWOT analysis has identified the strong aspects of FSBL such as moral management, customer-friendly services and skilled workers. However, fields like limited automation and marketing are indicative of improvement. Also, there are opportunities for market expansion and innovative services, where there are challenges like competition and regulatory interval.

In a summary, this internship enriched me with practical skills and gave me a firm basis for future career in the banking sector.

Frequently asked Questions (FAQS)

Question 01: What is the main goal of the internship in FSIBL?
Answer: The aim of the internship was to gain the real experience of banking activities, customer services and human resources (HR) practices, as well as connect the theoretical knowledge to real life experiences.

Question 02: In which categories did the intern worked?
Answer: The intern has experienced working in the General Banking, Accounts, Clearing, Foreign Exchange and Human Resources (HR) category.

Question 03: What skills have been developed during the internship?
Answer: During the internship, communication, management, and practical banking skills have increased, which include conducting transactions, dealing customer search and departmental combinations.

Question 04: What are the main powers of FSIBL?
Answer: FSIBL is a Shariah -based, powerful customer relationship, has skilled workers, follow moral management and provide innovative services such as DPS and Islamic cards.

Question 05: Which challenge or limitations have been noticed?
Answer: The challenges include limited automation, marketing, competition, regulatory interval, and some limitations due to internship deadline.