First Security Islami Bank Ltd.
Annual Reports of First Security Islami Bank Ltd.
My course instructor ‘Mr. Muhammad Musharaf Hossain Mollah has authorized me to prepare a report on “Foreign Exchange Operation of First security Islami Bank Ltd”
First Security Islami Bank Ltd - FSIBL | Always for Everyone
First Security Islami Bank Ltd (FSIBL) is one among the best and most important bank for the Banking system of Bangladesh who are trying to convey Islamic Banking services as well as doing commercial banking. Like other banks & financial intermediaries, they perform a critical function of facilitating the flow of funds from surplus units to deficit units. Like other banks FSIBL also have different sections such as section focusing on lending; a section helps in foreign trade, a section that collects deposits.
The company philosophy “A step ahead in time” has been precisely the essence of the legend of Asian success; the bank has been operating with talented and brilliant personnel, equipment with modern technology so as to make it most efficient to meet the challenges of 21st century. At first in 1999 the bank incorporated as First Security Bank Ltd. and then in January 01, 2009 the bank changes its name and mode of business and incorporated as First Security Islami Bank Ltd. First Security Bank Ltd incorporated as a commercial bank on 29 August 1999 and received permission to conduct banking business from the on 22 September 1999. It started banking operations on 25 October 1999 with an authorised capital of Tk 1 billion divided into 10 million ordinary shares of Tk 100 each. The paid up capital was Tk 400 million, of which the sponsor directors and the sponsor shareholders paid Tk 200 million. The rest are on offer to the general public.The three innovative schemes introduced by the bank are the Monthly Savings Scheme, Monthly Benefit Savings Scheme and Advance Savings Scheme. Deposits of the bank totaled Tk 1,484.9 million on 31 December 2000. Interest rates offered by the bank on various deposits varied between 8.25% and.50%. The bank had no borrowings from other banks and financial institutions during the 16 months of its operations up to December 2000. In 2000, the bank paid Tk 91.4 million as interests on deposits.The gross amount of loans and advances of the bank at the end December 2000 stood at Tk 868.3 million. The earned interest income in 2000 accounted for Tk 130.3 million. Most of its loans and advances were provided as house building loan, secured overdraft, staff loan and inland bills purchased. Investments of the bank other than loans and advances in two years of its operation up to December 2000 were in government s and s. Total assets of the bank were valued at Tk 1,788.3 million at the end of 2000. The bank earned a net profit of Tk 7.8 million in 2000The volume of foreign exchange business of the bank was Tk 1,015 million in 2000, which were in export servicing, import financing and remittances. The bank has correspondent relationships with 50 foreign banks and other financial institutions. The management of the bank is vested in a 19-member board of directors with the managing director as the chief executive. The bank has 4 branches and 147 employees including the executive officers. [S M Mahfuzur Rahman]