About Bank Al-falah
Bank Al-Falah Limited was incorporated on June 21st, 1997 as a public limited company under the Companies Ordinance 1984. Its banking operations commenced from November 1st, 1997. The bank is engaged in commercial banking and related services as defined in the Banking companies ordinance, 1962. The Bank is currently operating through 104 branches in 36 cities, with the registered office at B.A.Building, I.I.Chundrigar, Karachi.
Since its inception, as the new identity of H.C.E.B after the privatization in 1997, the management of the bank has implemented strategies and policies to carve a distinct position for the bank in the market place.
Strengthened with the banking of the Abu Dhabi Group and driven by the strategic goals set out by its board of management, the Bank has invested in revolutionary technology to have an extensive range of products and services.
This facilitates our commitment to a culture of innovation and seeks out synergies with clients and service providers to ensure uninterrupted services to its customers. We perceive the requirements of our customers and match them with quality products and service solutions. During the past five years, we have emerged as one of the foremost financial institution in the region endeavoring to meet the needs of tomorrow today.
This facilitates our commitment to a culture of innovation and seeks out synergies with clients and service providers to ensure uninterrupted services to its customers. We perceive the requirements of our customers and match them with quality products and service solutions. During the past five years, we have emerged as one of the foremost financial institution in the region endeavoring to meet the needs of tomorrow today.
Bank Al-Falah limited was incorporated on June 21, 1992 as a public limited Companies Ordinance 1984 and commenced banking operation from Nov 1, 1992. The bank is growing rapidly in its equity & asset base due to strategic managerial policies and assistance of Abu Dhabi Group.
The strength and standing of Abu Dhabi Group, principal owners of BAL have helped Bank Al-Falah Limited launch high quality consumer and corporate banking operation in Pakistan. Bank Al-Falah Ltd has embarked upon a rapid expansion program to make sure that our services reach more and more peoples. We are headed towards an optimum sized network reaching major urban centers in Pakistan and soon to go International.
ATM machines locations have been increased inmost of the branches but still need to expand their network in every branch and collaboration with other commercial banks in ATM services. It is also introducing a new; more advanced and latest funds settlement computerized SWIFT program in late 2002. Which is a strong point of BAL that makes it a sophisticated and highly technological oriented bank?
Regarding the investment and deposits portfolios BAL is playing dynamic strategies to diversity their funds in more productive assets like; investment in T. Bills and export related concerns, which are producing healthy profits. But all this goes to the staff of Bank Al-Falah Ltd bank that is more proficient and good risk managers.
BAL has numerous opportunities in future to increase the volume of business because it has options to tap the market of its own peer units (Al-Falah Car Financing, Al-Falah Visa, & also Al-Falah Home Finance etc) beside BAL has strong assets base, it can diversify its funds in more lending & investment opportunities live; Petroleum concerns, financial derivatives business through treasury.
In nutshell, BAL has been performing very well since its birth. All financial institutions of Pakistan regarding commercial banking concerns give Bank Al-Falah Ltd as a leading bank in domestic sector title. Through SWOT analysis we have found that BAL has competitive edge over other peer banks and it wants to tap the prospects of foreign banks to achieve long-term objectives of the bank it ought to have astute, well-designed, comprehensive and dynamic frame of undertaking which might be established after diagnosing the conditions of country and drawbacks due to which it lags behind.
EXECUTIVE SUMMARY
The banking structure in Pakistan comprises of the following types, State Bank of Pakistan, Commercial Bank of Pakistan; Exchange Banks, Saving banks, Cooperative banks, specialized credit institutions. The state bank of Pakistan is the Central bank of the country and was established on July 01, 1948. The network of bank branches now covers a very large segment of national economy. The State Bank of Pakistan issues the shares of these periodically. Bank employees and other common peoples can also purchase these shares and earn profit.
To open an account the customer has to meet the general banking manager with an introducer. The procedure begins with the punching of account opening form to the customer file i.e. customer’s master file. Before closing any account, bank send letter to the account hold for informing him that his account is going to be closed. There is need an approval form higher authority to close any account. Current deposits are those which are payable to bank whenever demanded by the customer. Bank does not pay any profit on current deposits. The following are the financial products/services of PLS Account, Saving Account, Term deposit and Foreign currency accounts.
In remittance department like any other BANK AL-FALAH also have instruments for transferring of money, Telegraphic Transfer, Mail Transfer. In cash department both deposits and withdrawals go side by side. This department works under the CD In charge and deals with cash deposits and payments. This department maintains the following sheets, books, and ledger of account cash received voucher sheet.
Cash paid voucher sheet, Paying-in-slip, Cheque Book, Cash balance book. The clearing in Karachi at BANK AL-FALAH or other banks is being done through NIFT (National Institute of Facilitation Technology).
Bank provides this facility to the people who need advance money to meet their requirement. Party dealing with other banks financial condition of borrower business and as a first step credit proposal is being made. BANK AL-FALAH provides advances, which are two types. Secured Advances, Unsecured Advances. BANK AL-FALAH usually classified advances in to following types Commercial Advances, Corporate/SME’s Advances, Agricultural Advances. Commercial Advances are of following types Demand Finance, Cash Finance, Export Refinance Part I (Pre Shipment) & others. Banks Agriculture division deals with the agriculture advances. Bank provides the Agriculture Advances in order to enhance and support the agriculture sector of the country. Farm Credit & Non Farm Credit.
In foreign exchange, BANK AL-FALAH is dealing Foreign Currency Accounts, Foreign Remittances, and Foreign Bills for Collection, Imports & Exports
Foreign currency accounts & the foreign currency department deals with the following types of accounts, Current account, Saving bank account, Term deposit. Foreign accounts are convertible on floating rate available to the bank. Letter Of Credit facility is being provided by BANK AL-FALAH in foreign exchange.
Note for Students
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