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Jauhar Degree College (BBSYDP Program)

Student Name : Course Title:

Muhammad Talha Khan Computerized Banking

Date Of Submission: 3rd July 2012 Assigned By: Mr Ali Ahmed

Bank Alfalah Pakistan Introduction Of Bank

Bank Alfalah Limited is a private bank in Pakistan owned by the Abu Dhabi Group. Bank Alfalah was incorporated on June 21, 1992 as a public limited company under the Companies Ordinance 1984. Its banking operations commenced from November 1, 1992. The bank is engaged in commercial banking and related services as defined in the Banking companies ordinance, 1962.

History Of Alfalah Bank

Bank Alfalah Limited was launched on June 21, 1992 as a public limited company under the Companies Ordinance 1984. The bank commenced its operations on November 1, 1992. The bank introduced commercial banking and related services as defined in the Banking companies ordinance, 1962. After a few years, the bank introduced its new identity of H.C.E.B after the privatization in 1997. The management of the bank had implemented strategies and policies so the bank would become a major player in the market. With a partnership with the Abu Dhabi Group the position of the bank became stronger which allowed the bank to invest more in technology to increase its range of products and service Branches: The bank is currently operating through more than 400 branches domestically and an international presence in Afghanistan, Bangladesh and Bahrain, with the registered office at B.A.Building, I.I.Chundrigar, Karachi.

Prodeucts And Services

Pioneer Product:
Bank Al Falahs consistent track record of strong performance in Pakistans competitive banking sector has made it stand out as one of Pakistans leading banks and the flagship investment of the Abu Dhabi Group in Pakistan. Bank Al Falah distinguished itself through the introduction of innovative financial products including car financing which it introduced for the first time in Pakistan.

Bank Al Falahs dynamic CEO, Sirajuddin Aziz, talks to Blue Chip about the banks success and his strategy for the future to ensure that Bank Al Falah retains its leading position as one of Pakistans premier banks. Following are also main products of Bank Alfalah: Credit Cards Prepaid Cards Debit Cards

General Banking:
Current Account:
It is a non interest bearing checking account. The minimum account opening requirement of Rs.5,000 only. Bank Alfalah provides free Online Banking. Customers can be used VISA Debit/ATM card at over 30 Million outlets and at 1.5 Million ATMs across the world with no restriction on number of withdrawals and on number of deposits.

PLS Savings Account:

It is a profit & loss sharing Saving Bank Account. The minimum PLS account opening requirement of Rs. 100 only with no restriction on number of withdrawals and number of deposits. Profit on saving accounts is credited to the customer account on half-yearly basis.PLS account holders can be used Debit card to withdraw cash and make purchases at thousands of outlets across Pakistan which provides access to funds 24 hours a day.

Royal Profit:
It is also a saving account. The minimum Deposit requirement of Rs.50,000 only. Bank provides Higher returns on higher balances and of course no restriction on number of withdrawals and on number of deposits. The Royal profit account holders also can be used Debit card to withdraw cash and make purchases at thousands of outlets across Pakistan which provides access to funds 24 hours a day, but profit is credited to the customer account on monthly basis.

Basic Banking Account:

Basic Banking Account is a non interest bearing checking account. The initial deposit for this account opening is Rs. 1,000 with no minimum balance requirement. There is a limit for account holders is that maximum 2 deposits & 2 withdrawals through cheque is allowed, Also in it Debit card can be used to withdraw cash and make purchases at thousands of outlets across Pakistan which provides access to funds 24 hours a day and no restriction on ATM withdrawal.

Alfalah Kifayat:
It is a saving account for all Pakistanis, Any Pakistani resident can open this account. This account is for individual/joint customers only. Other customers like companies, corporate etc are not eligible for opening of this account. The minimum balance requirement for opening this account is Rs. 10,000/- and no maximum limit. Profit will be calculated on monthly minimum balance basis and will be credited in the account on monthly basis.

Alfalah Mahana Amdan:

Alfalah Mahana Amdan is a 3 year TDR with expected rate of profit of 10% p.a. This term deposit will provide an opportunity to individual/joint customers to enjoy higher returns that will automatically be credited to his/her current/PLS/RP/BBA account on 1st working day of each month. Minimum placement limit is Rs. 100,000/- and maximum placement limit is Rs.15,000,000/-

Alfalah Kamyab Karobar:

It is online current account, Bank Alfalah presents Alfalah Kamyab Karobar (KK) - a structured, branded, tier-based current account that caters to your banking needs & aspirations. This product will provide you the opportunity to enjoy free services alongside state of the art banking facilities, linked directly to the deposit balances in your KK account. Alfalah KK Account can be opened with minimum deposit requirement of Rs 25,000, while the degree of free services will be dependent on the minimum thresholds of

respective tier. Its will give you the power to choose from different tiers and avail banking facility from any of the Alfalah branches.

Financial Services: Alfalah Karobar Finance(AKF):

AKF is a Running Finance facility between Rs 0.50M to Rs 20.0M. The purpose of the AKF is financing procurement of raw material, finished goods and receivables of SME businesses. The validity of the AKF shall be initially for a period of one year.

Alfalah Milkiat Finance(AMF):

Alfalah Milkiat Finance (AMF) is a unique long term financing facility offered to SMEs to purchase, renovate or expand their business premises. It is being offered keeping in mind requirements of the small business owner who needs to take his/her business to the next level.

Alfalah Quick Finance:

Alfalah Quick Finance is a personal loan against National Saving Certificates, Prize Bonds, Alfalah GHP Principal Protected Fund & PKR/FCY deposit for meeting personal, family and household needs. It is one year revolving limit with quarterly mark-up payments. The amount of financing under AQF ranges from Rs. 50,000 to 2.5 Crore.

Alfalah EEZEE Finance:

It is a Loan facility for all residents of Pakistan below 65years of age, It is for the salaried persons or businessmen, having a debt burden less than 50% of their net income.

Islamic Banking: Bank Alfalah also provides riba free financial activities like interest free transactions. Riba is but one of the major undesirable elements of an economic
transaction, the others being Gharar (uncertainty) and Qimar (speculation). While elimination of these objectionable aspects in a transaction is indeed a critical aim of Islamic banking system, it is by no means its ultimate objective. At the heart of Islamic Banking is a system of commercial transactions that not only provides Halal modes of commercial transactions by avoiding that which is obnoxious and objectionable.

Sources:
http://www.bankalfalah.com www.wikipedia.org http://www.bluechipmag.com