FINI619 Internship Report on Muslim Commercial Bank Ltd

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Dedication

I dedicate all my efforts and struggle of educational life to my beloved parents who support assist and guide me throughout my educational life, without them I am meaningless. Further I dedicate the work of this report to my respectable and honorable teachers who teach me support me and develop my Personality as a competent professional.

Acknowledgement

First of all I thank Allah, who is the holder of my breaths, without his order nothing is possible.

I am highly thankful to my respectable teachers and friends and family members who were my supporter throughout my educational career, further I thank all the employees of the branch MCB bank Limited, where I have done my internship in muslim commercial Bank Ltd

I have set light, an ever-burning flame of gratitude and deep sense of obligation to my honorable teachers of Department of Business Management Sciences for their valuable guidance, constructive criticism and inspiring attitude during my studies. I appreciate and thanks to all the member of the faculty. Besides, this internship program makes me realize the value of working together as a team and as a new experience in working environment, which challenges us every minute.

Not forget, great appreciation go to the rest of MCB’s staff that helped me from time to time during the project. The whole program really brought us together to appreciate the true value of friendship and respect of each other.

Last words are lacking to express my feelings and indebtedness to my affectionate Family and Friends for their love, appreciations, which always stand by me mentally and spiritually during all years of my study.

Executive Summary:

MCB is one of the leading banks of Pakistan with a deposit base of Rs. 368 Billion and total assets over Rs.500 Billion. Incorporated in 1947, MCB soon earned the reputation of a solid and conservative financial institution managed by expatriate executives. In 1974, MCB was nationalized along with all other private sector banks.

MCB bank is doing the day and night struggle to achieve its purposes. It tries to control its expenses and increase its efficiency and effectiveness. It is introducing the innovative concept of centralized foreign trade services to branches with a view to improve efficiency, expertise and reduce delivery cost.

During my internship at MCB, I worked in remittance, advances, cash, deposits, customer service office department and I successfully completed all the tasks/duties that were assigned to me. I also performed different functions in all departments as a whole

Brief Introduction of Banking Sector

The history of the Banking is as old as human civilization. Its origin is more likely linked with the recognition of the money as medium of exchange. As far as the word of “Bank” is concerned, the both old French word “Banque” and Italian word “banca” were used centuries ago to mean a “bench” or “money changer’s table”.

A sketch of the physical operation of the money changers in small shops in a commercial district usually on the bench engaged in the exchanging foreign coins for the local money or discounting commercial notes for a fee in order to supply merchants with working capita

Over the period of time they discovered that large sum of the money were left in their custody for long periods; which suggested the use of cash to advance loans t other person for a fixed period of time and considerably high rate of interest.

Thus began the “issue” and “deposit” banking of the modern times. Some of the enterprising goldsmiths issued “cheque books” for the attraction of their customers; and thus another step in the evolution of banking had taken place.

Brief history of Muslim Commercial Bank Ltd

Before separation of Indo Pak, the need for more Muslim banks was felt. And Muslims having strong financial capacity were thinking to invest in this sector as well. This was the idea which paved the way for setting up MCB Bank Ltd known as MCB. This was the third Muslim bank in the subcontinent.

The Muslim Commercial Bank Limited was incorporated on 9th July 1947 in Calcutta in Bengal. After partition, the Registered Office of the bank was shifted to Dhaka where it commenced business from August 1948. The Bank transferred its registered/Head office from Dhaka to Karachi in 1956. In 1999, its registered / Head office was transferred to Islamabad and Karachi office was named as principal office.

The government transferred a 26% management stake to a group of leading industrialists, collectively named National Group of which Mian Mohammad Mansha is the Major stakeholder. In 1992 a further 24% was sold to the National Group. The current shareholding structure is 50% National Group, 25% government and 25% floated on bourses.
 
Now MCB is in the top five private banks of Pakistan.  There are above 1200 branches of MCB all over the country. MCB is listed on the Stock Exchange Market and its price per share is Rs.130.75.The head office of MCB is at Karachi.
 
 

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