WORLD UNIVERSITY OF BANGLADESH

Internship Report
on
Account Opening Activities and Deposit Schemes of First Security
Islami Bank Ltd.

[An Internship Report Presented to the Department of Business Administration in Partial

Fulfillment of the Degree of Bachelor of Business Administration]

Submitted by

Arafat Jhahan

ID: WUB 01/19/61/4150

Supervised by

Issa Ahammad

Assistant Professor

Date of Submission: 5th October 2023

 LETTER OF TRANSMITTAL

05.10.2023
To
Issa Ahammad
Assistant Professor
Department of Business Administration
World University of Bangladesh

Subject: Submission of the internship report.

Dear Sir,
This is a great pleasure for me to submit the internship report, which is a partial
requirement for the Internship Program of the World University of Bangladesh for BBA
students. I have prepared my internship report on “Account opening activities and
Deposit schemes of First Security Islami Bank Limited at Karwan Bazar Branch”.
I have tried to explain my learning and experience in this report which I have gathered
from practical operations.
For your kind consideration, I would like to mention that there might be some mistakes
due to limitations of my knowledge, wisdom, and time constraints. Despite various
shortcomings, I have tried to cover all relevant affairs. I hope that my report will be
able to meet your expectations and that you will appreciate my report.
I will be very glad if the report can serve its actual purpose and I am ready to explain
anything to you if necessary.

Sincerely yours,
…………………
Arafat Jhahan
ID: WUB 01/19/61/4150
Batch: 61A
Program: BBA
Department of Business Administration
World University of Bangladesh

ii
 APPROVAL PAGE

This Internship Report entitled “Account opening activities and Deposit Schemes of
First Security Islami Bank Limited” has been submitted by Arafat Jhahan, ID-
Wub/01/19/61/4150, major in Accounting, in partial fulfillment of the requirements
for the degree of Bachelor of Business Administration has been evaluated and
approved by the following Panel of Examiners.

……………………………..

Supervisor

……………………………
Member
Defence Panel

..............................................
Chairman

…………………………………………….............……………………

For Official use only

Board:
Chairman

Member

iii
 LETTER OF ENDORSEMENT

The Internship Report entitled “Account Opening Activities and Deposit Schemes of
First Security Islami Bank Limited” has been submitted to the Controller of
Examinations, in partial fulfillment of the requirements for the degree of Bachelor of
Business Administration, Major in Accounting, World School of Business on 29th
September 2023, by Ms. Arafat Jhahan, Id - WUB/01/19/61/4150. The report has been
accepted and may be presented to the Internship Defense Committee for evaluation.

______________________

Issa Ahammad

Supervisor

iv
 ACKNOWLEDGEMENT

To begin, I am grateful to Almighty Allah for providing me with the strength to

complete the report properly. It would be impossible for me to complete my internship
and get valuable professional experience without the help of my Almighty Allah.

Special appreciation and gratitude to Issa Ahammad, Assistant Professor, Faculty of

Business Administration, World University of Bangladesh who assisted me in
preparing the internship report. It would have been difficult for me to complete this
report without his critical scrutiny and headers.

Now, with great respect, I'd like to express my gratitude to my supervisor Md. Arifur
Rahman Monir (Principal Officer) and also Saima Akter (officer), Mohammad Ullah
(Junior Officer), Mehbuba Nayan Famanna (Officer), and other bank officers for their
helpful collaboration, guidance, advice, and ongoing support throughout my internship,
as well as for supplying me with essential material for my report. I had a lot of
interaction with them during my internship. They made my internship both fun and
useful. Finally, I must use this time to convey my deepest appreciation to a couple of
my friends who have helped me out tremendously. Lastly, I would like to show
gratitude to the First Security Islami Bank Limited, Corporate Branch, for selecting me
as their intern and allowing me to complete my internship program at their branch,
helping me to collect information, and supporting me in every conceivable way in
finishing my internship report.

v
 EXECUTIVE SUMMARY

An internship program is an important element of gaining real-world job experience.

Better collaboration between theory and practice may be established to accomplish this
program. A three-month internship at First Security Islami Bank Limited culminated
in this paper.
In the first chapter, I covered the essential portion of the report, which has grown to
correctly complete the entire report. The objectives of this report are to show the overall
background of the organization and present First Security Islami Bank Ltd. To know
what is required to open a bank account. I have collected primary information from
employees, observing various organizational procedures, and structures.

The second chapter shows the overall terms and terminology related to the internship
program which I have faced. Moreover, it carries information about my job position,
duties, and contributions to departmental functions, as well as my observations and
assessments, which helped me to build recommendations.

The third chapter provides management practice and working organization of the First
Security Islami Bank Ltd. The chapter provides management and work environment
including how the bank is run, and its day-to-day operations.

The fourth chapter shows my internship experience at First Security Islami Bank Ltd.
which is the most significant aspect of my report, that is activities undertaken during
the internship program. The activities what I have done to open an account.

In the fifth chapter, the barriers to entry and the challenges or constraints they face have
been extensively discussed. FSIBL has some issues in the deposit sector lower interest
rate,the software often hangs because of the slower upgrade, account maintains a
charge, deposit policy, lack of manpower, and insufficient ATM booths.

Chapter six, there I have discusses the lessons learned from the internship program on
how to put my knowledge and skills into practice and provide the benefits of
networking, understanding workplace culture, and also getting some organizational
knowledge.
And at last, in chapter seven I have given recommendations on how FSIBL can improve
its performance in general banking activities and as well as the deposit scheme sector.
To gain a competitive advantage and to survive among other established competitors.

vi
 Table of contents

Letter of Transmittal ……...………………………………................................. ii

Approval Page ……………………………………………………….….……... iii
Letter of Endorsements by the Supervisor ………………………….……..….... iv
Acknowledgement ……………………………………………………….…...… v
Executive Summary ……………………………………….……………….…... vi
Chapter One: Introduction ……………..………………………………............1
1.1 Background …………….………...…...……..…………...………………….. 1
1.2 Rationale ……………...……………………...………………..…………...... 1
1.3 Objectives …………….….…………………………………...………….…...2
1.4 Methodology ……………………………….……………………….….......... 2
1.5 Limitations ……………………………….……….……………………....…. 3
Chapter Two: Terms and Terminology ………….…………………....….…....4
2.1 Deposit ……………….………………………….………………..…………. 4
2.2 Types of Deposit account in FSIBL Accounts …….…….…………...…….... 5
2.3 Deposit Product & Services are ……...………………………….………….... 8
Chapter Three: Management Practices and Working Environment of the
Organization …………………………………………………..……...................12
3.1 Management of FSIBL …….……...................…….………..……….…….... 12
3.2 Management Development Program of FSIBL.……………...………...….… 12
3.3 Evaluation of Training Programs ………………………….…………..…..… 13
3.4 Academic Learning, in Practice of Training and Development ………..……. 13
3.5 Benefits of Employees …….………………….……….……………..….….... 15
3.6 Working Environment …………………………………………………...……15
Chapter Four: Activities Undertaken ………………….………..……………..16
4.1 Work-related General Activities in FSIBL ……………………………..….... 16
4.2 Other Relative Activities ………………………………………….…………. 17
4.2.1 Payment Order or P/O……………………………………………………….17
4.2.2 Cash Section……………………………………………………..…………..17

vii
4.2.3 Receipt………………………………………………………………….…17
4.2.4 Payment…………………………………………………………………...17
Chapter Five: Constraints/Challenges ………………………………..……..18
5.1 Constraints of deposit scheme …………………………………………...... 18
5.2 Internal constraints or challenge of FSIBL……….……….……….………. 18
Chapter Six: Lessons Learned from the Internship ……….………………..20
6.1 Learned from the Internship …………….………………………….....…. 20
6.1.1 How to put my knowledge and skills into practice…………………….....20
6.1.2 The benefits of networking…………………………………………….....20
6.1.3 Understanding workplace culture………………………………………...20
6.1.4 Keeping a journal is great for personal growth…………………….…..…20
6.1.5 How important good communication is ……………………………..…...21
6.2 Organizational knowledge…......................................................................... 21
Chapter Seven: Recommendations and Conclusion ……….…......................22
7.1 Recommendations ….………….………….……………………………….. 22
7.2 Conclusion ……………………….……………………………….……..… 23
References ……………………………….……………………………….…… 24
Appendices …………………………………………………………….……… 25

viii
 Chapter One
Introduction

1.1 Background

On 29th August 1999 First Security Islami Bank Ltd was incorporated in Bangladesh.
They obtained permission from Bangladesh Bank on 22 September 1999 and started
Shariah banking on 1st January 2009. On 25th October 1999, fsibl began its operations
with a licensed capital in Bangladesh, fsibl operates 204 branches, 160 sub-branches,
235 ATM booths situated in major areas, 88 agent banking outlets, and 26 collection
booths. Fsibl has two foreign exchange houses which are in Italy and Canada. For
maintaining dynamic growth fsibl working on its long-term strategic plan. With the
changes in customer demand, they have improved their strategies. They provide multi-
delivery channels by enhancing sub-branches, ATM booths, agent banking outlets,
collection booths, mobile application services, internet banking, and online services for
their customers. First Security Islami Bank Limited (fsibl) was incorporated in
Bangladesh on 29 August 1999 as a banking company under the Companies Act 1994
to carry on banking business. It obtained permission from Bangladesh Bank on 22
September 1999 to commence its business. The commercial banking activities of the
bank encompass a wide range of services including accepting deposits, making loans,
discounting bills, conducting money transfer and foreign exchange transactions, and
performing other related services such as safekeeping, collections and issuing
guarantees, acceptances, and letters of credit.
The company philosophy of “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, and equipment with modern technology to make it most efficient to meet the
challenges of the 21st century. At first in 1999 the bank was incorporated as First
Security Bank Ltd. Then on January 01, 2009, the bank changed its name and mode of
business and incorporated as First Security Islami Bank Ltd.

1.2.Rationale

As a student of Bachelor of Business Administration (BBA), everyone has to conduct

a practical orientation in any organization to fulfill the requirement of the 3 months
Internship Program.
“Deposit scheme analysis in Private Commercial Bank of First Security Islami Bank
Ltd” is a topic of the internship report. To make this report had performed an internship
at this organization for three (3) months. The internship program is a partial requirement
of B.B.A program. After completing my forty courses, it was my legal obligation to get
practical knowledge of the corporate world. That’s why had to join the First Security
1
Islami Bank Ltd. Karwan Bazar Branch and my internship report is based on the
practical workings that I have performed. I am very lucky that I got an internship
opportunity here and I believe this will be very helpful for me in my future career. The
importance of this report is many. Through this report, I will acquire practical
knowledge and experiences about banking how it works in the business, and how
academic knowledge is implemented in this sector.
I have tried my best to accomplish the report, which is an essential part of the BBA
program. The internship report was assigned to First Security Islami Bank Ltd. Karwan
Bazar Branch and conducted a study on “ Account opening activities and Deposit
schemes of First Security Islami Bank Ltd” under the supervision of Mr. Issa
Ahammad, Assistant Professor of the Business Administration Department.

1.3.Objectives

This study is aimed at providing me with invaluable practical knowledge about the
banking operation system of First Security Islami Bank Ltd., Kawran Bazar Branch,
Dhaka, especially its deposit schemes. It will also help me to develop my concept of
the banking system and its operations. The objectives of the report are:

• To know the deposit schemes of First Security Islami Bank Ltd.

• To provide a detailed description of the “Deposit Schemes” of First Security
Islami Bank Ltd.
• To identify problems regarding deposits of FSIBL

1.4.Methodology

The methodology comprises all the activities that are required to conduct the study and
generate it into a report. I collect the primary and secondary data.
The Primary Sources are
a) Discussions with officials.
b) Working with officials as a helping hand.
c) One to one conversation.

The Secondary Sources are

a) The report collected from the library of the World University of Bangladesh.
b) Different ‘Procedure Manual’ published by First Security Islami Bank Ltd.
c) Annual Reports (2018, 2019, 2020, 2021, and 2022) of First Security Islami
Bank Ltd.

2
 d) Various books, articles, compilations, etc. regarding credit policies.
e) Different circulars sent by the Head Office of First Security Islami Bank Ltd.
f) Official website of the First Security Islami Bank Ltd.

1.5. Limitations

In every program or activity, one has to face constraints. During my four-month

internship Program, I also faced some problems. These are.
• Data insufficiency limitation is the main constraint in the development of the report.
• As I am not an employee of FSIBL, some data could not be collected due to the
internal Security of the bank.
• This report did not include the whole financial position of FSIBL, actually more
focused on the investment of the bank.
• The bank is a busy organization in comparison to others. There are rushes of people
for about a whole day and the officers have to handle them. So, it is very much
tough for them to allocate time for an internee.
• Some of the data is confidential which they do not want to share with the internee.

3
 Chapter Two
Term and Terminology

2.1 Deposit

Bank Deposit refers to an amount of money in cash or cheque form or sent via a wire
transfer that is placed into a bank account. The target bank account for the Bank Deposit
can be any kind of account that accepts deposits. Bank deposits are savings products
that customers can use to hold an amount of money at a bank for a specified length of
time. In return, the financial institution will pay the customer the relevant amount of
interest, based on how much they choose to deposit and for how long.
Once the agreed term has elapsed, the bank will return the amount deposited plus the
interest to have accrued over that period at the agreed rate. Being a very safe savings
product, bank deposits offer somewhat lower returns than what we might expect to
obtain from equity or fixed-income products, which come with higher risk. (Kagan,
2023)

Demand deposit or interest-bearing account

This type of deposit allows customers to withdraw all or part of their money whenever
they need it and without incurring a penalty. For this reason, demand deposits are seen
as the most liquid savings product after cash. (Kagan, 2023)

Term deposits
With this type of deposit, we must continue to hold our money at the financial
institution for a specified period of time. In return, the institution pays us the
corresponding interest or return, based on the amount we have deposited and the
agreed term. A term deposit does not mean that we cannot withdraw the money if
necessary, but it does mean that we will incur a penalty for early termination, as
explained in the contract. (Kagan, 2023)

Deposit Account Opening system

At first, the client has to fill up the specific form which is given by the bank. The form
should be filled up by the account holder himself. The applicant must submit two copies
of passport-size photographs, one copy of the national ID card/ birth
certificate/Passport, and one photocopy of the house electricity bill.
Applicant must have to show one person as the nominee who has a blood relation with
him/her. The nominee’s one copy of a passport-size photograph and one photocopy of
the national ID/ Passport must be submitted with the form. Applicant must give him/her
4
signature on the given form. The customer’s signature and the Account number will be
verified by the authorized officer. Then, the officer will accept the Application. The
account holder must deposit a minimum cash amount to the bank. Then, the officer will
write the information to the specific register and open the account. Then, the officer
sends a Requisition of the checkbook and ATM card for the account holder to the
authorized body.

2.2.Types of Deposit Accounts in FSIBL

There are various types of deposit accounts of FSIBL. Lists of the accounts are given
below;
• Mudarabah Saving Deposit Scheme (MSD)
• Al-Wadiah Account/ Current Account (CD A/C)
• Mudarabah Monthly Deposit Scheme (MMDS)
• Mudarabah Term Deposit Account (MTDR)
• Mudarabah Monthly Profit Scheme (MMPS)
(First Security Islami Bank Ltd., 2022.)
1.Mudarabah Saving Deposit (MSD)

There are various schemes under the Mudarabah Savings Deposite (MSD). They are
given below:
i. Savings Deposit
ii. Projonmo
iii. Onkur
iv. Probin
v. Mehonoty

2. Al-Wadiah Account/ Current Account (CD A/C)

Al-Wadiah account/ Current account refers to the fund that is deposited to the bank
with the Account holder’s permission to use or make investments.
There are some features are visible. They are;
• Any person who is an adult and has a sound mind can open this account in
his name. He Can open a single account or a joint account with others.
• Any partnership organization, limited company (private/public),
educational institution, Club, association, or social economic organization
can also open this account.

5
 • The minimum balance of account opening is TK. 1,000 only.
• The account holder achieves unlimited transaction facility by opening a
bank account.
• The facility of Online Banking.
• The facility of FSIBL VISA debit card.
• The Internet Banking facility.
• The SMS Banking facility.
• FSIBL apps (FSIBL Cloud) facility.
Eligibility:
The minimum age er 18 years considered to be eligible to open this account. The
customer Should be a citizen of Bangladesh.
3. Mudarabah Monthly Deposit Scheme (MMDS)

The MMDS process is to create the opportunity for financial security and the welfare
of the Depositor in the future. This account is opened for a particular period individually
or jointly. This type of account is opened for the account holder with a fixed installment
which is payable monthly.

4.Mudarabah Term Deposit Account (MTDR)

The minimum balance for the Mudarabah Term Deposit Account (MTDR) is TK.
10,000 only.

Table -2.1: MTDR profit Rate in different Periods.

Serial No Scheme Period Profit Rate
(Provisional)

1 MTDR 1 Month 6%

2 MTDR 3 Month 7%

3 MTDR 6 Month 7.25%

4 MTDR 12 Month 7.50%(up to 10

crore)
5 MTDR 12 Month 7.50%(10 crore
and above)

Source: First Security Islami Bank Limited,2022

Note: From the profit amount, the tax and other levies will be deducted.
6
Eligibility:
The minimum age is 18 years considered to be eligible for eligible to open this account.
The Customer should be a citizen of Bangladesh.

5. Mudarabah Monthly Profit Scheme (MMPS)

• The key features of the Mudarabah Monthly Profit Scheme are given below;
• The deposit for one time which starts from 25,000/-
• The periods are 1, 2, and 3 Years.
• The profit amount will be paid every month.
• The account holder has to manage a savings account because; the profit will be
shifted automatically to a savings account monthly.
• The profit rates are more attractive.
• For all the account holders, they have to apply after the maturity of the scheme
For early encashment, if any customer closed his account before One Year. No profit
will be provided.

Profit
For 1 year Tenure: Approximately TK. 600/- profit per month against TK. 1,00,000/-
deposit.
Tenure: 1 year.
For 2 years Tenure: Approximately TK. 610/- profit per month against TK. 1,00,000/-
deposit.
Tenure: 2 years.
For 3 years Tenure: Approximately TK. 620/- profit per month against TK. 1,00,000/-
deposit.
Tenure: 3 years.
Note: Maturity amount is subject to the deduction of the income tax and/or other levies.
Documents needed for availing of the service
• One copy passport-size photograph of the applicant.
• One copy passport-size photograph of the nominee (photograph to be
attested by the applicant).
• Photocopies of National ID Card/Passport/Driving License of both applicant
and nominee.
• TIN Certificate (if applicable).
7
 • Introducer (in case of new account applicant and/or applicable).
Eligibility
Minimum Age: 18 years.
Citizen of Bangladesh.
2.3 Deposit Products & Services are

Types of Deposit Accounts-

1. Current Deposits

The current deposit is purely a demand deposit account because the bank is bound to
pay the amount to the account holder on demand at any time. It is a running and active
account, which may be operated upon any number of times during a working day. There
is no restriction on the number and the number of withdrawals from a current account.
The special characteristics of a current account are as follows: The primary objective
of a current is to serve big customers such as businessmen, joint stock companies,
private limited companies, public limited companies, etc. from the risk of handling cash
by themselves. The cost of providing current account facilities is considerable to the
bank since they undertake to make payments and collect the bills, drafts, and cheques
any number of times on a particular day. The bank, therefore, does not pay any interest
on the current deposit while on the other hand, some banks charge for incidental charges
on such accounts. For opening a current account minimum deposit of taka 1000/= is
required. An introductory reference is also required for the opening of such an account
(Lata, 2022).

Table 2.2: Current Deposits yearly interest

Year 2018 2019 2020 2021

Amount 1,925,87,50,241 2,458,79,63,104 2,658,96,34,120 2,881,52,86,575
(In Taka)

Source: First Security Islami Bank Ltd, 2022

8
2. Savings Bank Deposits

The current store is essentially asked for a store account because the bank will without
a doubt pay them whole to the record holder on premium at whatever point. There is
no restriction on the number and the proportion of withdrawals from a present record.
The one-of-a-kind characteristic of a present record is according to the accompanying:
The fundamental focus of the current is to serve enormous customers, for instance,
delegates, business substances, privately obliged associations, open limited
associations, etc. from the risk of managing cash without any other person's
information. The cost of giving current record workplaces is huge to the bank since
they have to make portions and accumulate the bills, drafts, and checks any number of
times in an explicit day. The bank along these lines does not pay any energy on the
current store while of course a couple of banks charge for coincidental charges on such
records. For the opening of a present record minimum store of taka 1000/= is required.
Right off the bat reference is furthermore required for the opening of such a record
(Startz, 1979).

• A minimum measure of Taka 200 is required for a starting store.

• Frequent withdrawal is not empowered.
• Normally withdrawal is not permitted more than ¼th of the limit of Tk.1000
in seven days.
• 7 days is required for the withdrawal of an extensive sum.
• The rate of intrigue is 6.5 % against S.B. account.

Table 2.3: Savings Bank Deposits yearly interest

Year 2018 2019 2020 2021

Amount 4,785,24,51,02 5,124,87,96,20 5,625,87,41,20 6,220,17,94,37
(In Taka) 1 0 0 0
In 56.32% 59.09% 64.87% 74.51%
Percentage

Source: First Security Islami Bank Ltd, 2022

9
2. Fixed Deposits

It is famously known as a "Time Deposit". Since these stores are not repayable on
interest but rather they are pulled back capable subject to a time of notice. The
forthcoming settled store holder is required to fill up an application form, endorsed for
the reason, expressing the sum and the time of the store. The application itself contains
the standards and controls of the store including the space for example signature
(Mahin, 2021).

• Payment made on expiry concurred periods.

• Payment is requested before the expiry of the concurred date then a penalty
is charged.
• An introducer is not required.
• Copies of the Party and 1 copy of the nominee’s photo are required.
• The loan is endorsed against FDR.

Table 2.4: Fixed Deposits yearly interest

Year 2018 2019 2020 2021

Amount 9,854,52,14,80 9,954,21,54,20 10,258,74,51,10 13,834,79,67,34
(IN Taka) 0 0 4 4
In 46.9% 48,99% 50.65% 56.76%
Percentage

Source: First Security Islami Bank Ltd, 2022

3. Short-Term Deposits

A momentary Deposit Account is the same as a Current Account. Here cash is kept for
a brief span. A notice is required for the earlier withdrawal of cash. It is additionally a
period store account. The greater parts of the qualities of this record are as same as the
current record. The main contrast is that for 7 days she is asked for withdrawal of any
entirety and intrigue is paid (Mahin, 2021).
10
 • 6% intrigue is given for the real-time frame.
• The notice period is differing from 7 days to 30 days.
4. Monthly Benefit Scheme

Under this plan, the contributor will get a specific aggregate of cash every month
extended to his/her store throughout the whole residency. Advantage begins ideal from
the primary month of opening a record under this plan and proceeds up to five years.
On development, the key sum is paid back. The goals of this plan are: to help the
resigned people contribute to their retirement benefits, Create ventures open doors for
Non-Resident Bangladeshi, and so on. The least saved sum is BDT 50,000 or its
products and the residency is five (05) years. This plan is otherwise called the "Family
Maintenance Deposit Scheme (FMD)" (Kona, 2017).

11
 Chapter Three
Management Practice and Working Environment of the
Organization

3.1.Management of the Organization

The management of the bank is vested in a Board of Directors, subject to overall
supervision And directions on policy matters by the board that is constituted in terms
of Bangladesh Bank (Nationalization) Order 1972. The Board of Directors, constituted
by 13 (Thirteen) members, has the Authority to organize, operate, and manage its affairs
on commercial consideration within the Board Policy of government. There are
directors appointed by the government. Other members of the Board including M.D.
are also government-appointed out of that at least three have experience in the fields of
Finance, Banking, Trade, Commerce, Industry, and Agriculture. The managing director
is the chief Executive of the Bank.

Figure 3.1: Management of the Organization

3.2 Management Development Program(MDP) of FSIBL

In most of the company’s 37% of the training budgets go to Management Development
and learning programs. But in FSIBL the budget is not sufficient compared to other
companies. Though the existing development programs are satisfactory if they invest
more in this regard, they will be more financially solvent to make effective executives.
Because the MDP often needs to:
• To develop efficiency.
• Remove managerial obsolescence.
• Overcome technological obsolescence.
• Conservation of resources.
• Gain competitive advantage.

12
 • Make effective decision-making.
The MDP is any attempt to improve current or future management performance by
imparting knowledge, changing attitudes, or increasing skills. So, to keep pace with the
changing environment there is no option for FSIBL Bank other than MDP. So, they
need to make a proper concentrate on it.

3.3 Evaluation of Training Programs

Various methods can be used to collect data on the outcomes of training. Some of these
are:
Questionnaires
Comprehensive questionnaires could be used to obtain the opinions, reactions, and
views of trainees.
Tests
Standard tests could be used to find out whether trainees have learned anything during
and after the training.
Interviews
Interviews could be conducted to find the usefulness of training offered to operatives.
Studies
Comprehensive studies could be carried out eliciting the opinions and judgments of
trainers, superiors, and peer groups about the training.
Human resource Factors
Training can also be evaluated based on employee satisfaction, which in turn can be
examined based on the decrease in employee turnover, absenteeism, accidents,
grievances, discharges, dismissals, etc.

3.4 Academic Learning and in Practice of Training and Development

There is a gap between academic learning and the practice of training and development
in FSIBL Bank. The theoretical knowledge when applied in the practical field, the
dissimilarities found between the two different aspects. These dissimilarities are
identified here:
a. Identification and analysis of training needs
In academic learning, there are certain rules and regulation, method, or analysis that
exists; those are needed to identify the employees, who need to be trained. But in FSIBL
13
Bank, most of the time they select the employees without making the assessment. That
often creates some problems by avoiding the employees who need to be trained.
b. Training method

• For the implementation of the training program, there are varieties of traditional
methods and also technical techniques available in the theoretical or academic.
Learning. Where by the technical techniques are most appreciable for making
the training more effective.
• FSIBL Bank often follows the traditional method rather than the technical one.
But if they use the CD-ROM and interactive media, Distance learning, Web-
based instruction, intelligent tutorial systems, and Virtual reality training then
they will be more self-sufficient with their skilled workforce. Though these
techniques are costly to develop but provide cost savings in terms of time to
complete the course.

c. Obligatory training program

• In academic learning, there are certain obligatory training programs suggested

to use, especially for the operative and fresher.
• But in FSIBL Bank, the obligatory training programs are not used for the
trainee. This may make the employees less effective in certain work fields.
d. Principles of the training program

• In academic learning, certain principles of training are found. These principles

are identified through the research that is needed to enhance the skill and to
change the attitude of the employees.
• But in practice, these principles are not broadly practiced in developing or
implementing the training plan in FSIBL Bank.

e. Evaluating the effectiveness of the training program

• For evaluating the effectiveness of the training program, Duecento and Robbins
suggested using a performance-based evaluation measure, which consists of the
Post-training performance method, Pre-post-training performance method, and
Post-training performance with a control group method.
• In FSIBL, the Post-training performance method and Pre-post-training
performance method are used but are not used regularly. This method is very
helpful for measuring the effectiveness of the training program.

14
The management of the bank is vested in a Board of Directors, subject to overall
supervision And directions on policy matters by the board that is constituted in terms
of Bangladesh Bank (Nationalization) Order 1972. The Board of Directors, constituted
by 13 (Thirteen) members, has the Authority to organize, operate, and manage its affairs
on commercial consideration within the Board Policy of government. There are
directors appointed by the government. Other members of the Board including M.D.
are also government-appointed out of that at least three have experience in the fields of
Finance, Banking, Trade, Commerce, Industry, and Agriculture. The managing director
is the chief Executive of the Bank.

3.5 Benefits of Employees

The main purpose of training is to acquire and improve knowledge, skills, and attitudes
toward work-related tasks. It is one of the most important potential motivators which
can lead to both short-term and long-term benefits for individuals and organizations.
There are so many benefits associated with training. Cole (2020) summarizes these
benefits below:

• High morale – Employees who receive training have increased confidence

and motivation.
• Lower cost of production – training eliminates risks because trained
personnel can make better and more economical use of material and
equipment thereby reducing and avoiding waste.
• Lower turnover – training brings a sense of security to the workplace which
in turn reduces labor turnover and absenteeism.
• Change management – training helps to manage change by increasing the
understanding and involvement of employees in the change process and also
provides the skills and abilities needed to adjust to new situations.

3.6 Working Environment

I have had the opportunity to work at First Security Islami Bank Limited. I am placed
in Karwan Bazar Branch Dhaka for a three-month program. I tried my best to ask the
staff directly and indirectly to gather my information. My task was designed to
understand the level of job satisfaction of the employees of First Security Islami Bank
Limited, Karwan Bazar Branch, Dhaka. For preparing this report I used primary and
secondary data. The objectives of the report were to understand the level of job
satisfaction of the employees of First Security Islami Bank Limited, Karwan Bazar
Branch, Dhaka. The research reveals that First Security Islami Bank Limited provides
a proper working environment to its employees but the benefits of the organization can
be improved for improving employee satisfaction. Most of the employees think the
policies and practices are good it can be better.

15
 Chapter Four
Activities Undertaken

4.1 Work-related General Activities in FSIBL

I worked at FSIBL, Karwan Bazar Branch branch where I started with the account
opening Department Here, I have learned the procedure of opening an account the
documents that are needed for opening an account & types of accounts dealt with by
FSIBL. My immediate supervisor tried to give me a brief description of his routine
tasks before deploying me to any specific task. Later on my personal observation and
superior officer's guidance, ultimately allowed me to understand the purpose of various
types of accounts along with their features which include, current account (C/A), saving
accounts (SB), STD, FDR, etc. He also assisted me, in dealing with clients' versatile
questions regarding different account openings, what amount of interest rate they will
get from these different categories of accounts, how to locate desired checkbooks from
the bundle according to customers' requirements, and many more.

The following activities which had done by me

• Giving the customers the information on what type of documents will be
required to open an account. I used to tell them they needed two copies of
their photograph two copies photograph of the nominee and the photocopy
of the client's and nominee's national ID
• Prefix-wise filing & and sequencing of different account forms in different
files. For the current, savings &SND accounts, I have maintained
111,121&131series files. Whereas for MTDR the series code was
243,241,242,245.
• Upgraded MIS by collecting TIN due to change of monitory policy FY2014
2015 for collection of imposition 15% tax from NonTIN holder. Previously
it was 10% for all whether the client was a TIN holder or not.
• Correction of uncompleted forms which have been detected by internal
audit. Some forms were filed without putting the account number, title
name, nature of organization, etc. Some forms are kept without proper
address, TIN, National ID card number, and so on. My job was to complete
the information from the attached required certificates or copies.
• Fill up the Know Your Customer (KYC) form for personal and corporate
risk rating. There my task was to find the risk level and risk rating of
personal or corporate by considering TP form to measure overall risk
assessment.
• Making phone calls to collect necessary photographs, photocopies of trade
licenses, National ID cards, or any other inquiries.
• Distribution of desired checkbooks by asking for their name, and account
numbers and then verifying them, receiving them from the courier moreover

16
 sometimes making phone calls to those clients who did not collect their
checkbooks after two or 3 months.
• Finding the MTDR, DPS, and old account opening forms that have closed.
4.2 Other relevant activities

4.2.1 Payment Order or P/O

The banker‘s payment order or P/O means making payment of the banker‘s own or the
customer‘s dues locally and not for affecting any remittance to an outstation. In a sense,
the payment order is used for making remittances to the local creditor. The P/Os are in
the form of receipts, which are valued against payment in cash or through an account.
The payment order is not a negotiable instrument and can‘t be endorsed.

4.2.2 Cash Section

The cash section is the very important and most busy section for all Banks. The cash
officer begins the transaction by taking money from the vault, it‘s known as opening
cash balance. Vault is kept in a much incumbent. The amount of the opening balance is
entered in the daily register. After the whole day‘s transaction, the surplus amount of
money receipts in the cash counter is put back in the vault and it is known as the closing
balance.
4.2.3 Receipt
The receiving officer should draw his attention to avoid these types of notices when
he/she takes money from the customer. A Mismatched Note
• A Discolor Note
• A Soiled Note
• A Burn Note
• An Un-current Note
• A Forged Note

4.2.4 Payments
The officer should draw extra care while making payment of a cheque some of the
important points are given below:
• Amount in the cheque
• Who is the bearer of the cheque
• Verifying the signature
• Total amount in the Account
• Posted or cash-paid stamp of the cheque
• Name of the branch

17
 Chapter Five
Constraints/Challenges

5.1 Constraints of Deposit Schemes

Deposit collection is one of the important factors for any bank to earn profits. Any
bank's success depends on how much deposit they collect from their customers and how
they invest it to earn profit. In this report, I analyzed the different kinds of deposit
schemes of First Security Islami Bank Limited. The major classes of deposits are
identified as follows: Fixed deposits, savings deposits, current deposits, and bills
payable. I have identified the following problems from the deposit analysis of First
Security Islami Bank Limited.
New Product: The attractive and unique products of First Security Islami Bank Limited
are not drawing the attention of customers.
Interest Rate: The rate of deposit Scheme of First Security Islami Bank Limited is not
fulfilling the customer’s satisfaction.
Account Maintain Charge: The service charge on deposit of First Security Islami
Bank Limited is not very comfortable to meet customers’ expectations.
Deposit Policy: The deposit policy of FSIBL is not that favorable for the clients.
Inadequate Customer Service: Customer can’t withdraw their profit or principal
amount of deposit scheme at the right time.
Lack of Manpower: FSIBL has a lack of manpower to serve the growing customer
demand. So they are not being able to provide service to the customer in time.
Insufficient ATM Booth: Lack of ATM Booths customers are not interested in
depositing in First Security Islami Bank Limited.

5.2 Internal constraints or challenges of the organization

1. Employee Dissatisfaction
I Observed during the internship periods because of late promotions and longer
probationary periods, there is dissatisfaction among the employees. Moreover, some
sort of internal politics is also another reason behind proper recognition and promotion
of employees. In addition, most of the time duties and huge working pressure make
their life monotonous and hamper their family life.

18
2. Lack of effective advertising and promotion
Advertising and promotion is some of the weak points of FSIBL, FSIBL does not have
any effective promotional activities through advertisement, but other banks have better
promotional strategy.

3. Lack of Computer Knowledge

All organizations including banks are now mostly dependent on computers but
employees do not have much knowledge of computers.
4. Shortage of availability of Machineries
Karwan Bazar Branch is supposed to be very well equipped with advanced and
available machinery. But there are shortages of photocopy and printing machines,
therefore, most of the time employees activities are hampered for maintaining serial as
well as it creates gathering on their short space. This loses its glamour. Moreover
because of the lack of maintenance and over when one machine of any department stops
working then the load shifts to another department badly.
5. Unsatisfactory software performance
FSIBL uses Ultimus software for performing its banking activities. However the
software often hangs because of slower upgrades of data by vendors. Therefore it delays
performing banking activities at time
6. No desk and specific task for internee
FSIBL doesn’t arrange any desks and fix any tasks for their internee. Therefore they
don’t get any chance to learn banking activities by doing practical tasks. No fresh
graduate can learn banking activities by getting few lectures from specific personnel
rather if they are involved in some specific activities it would be easy for them to learn
more and feel confident to perform any activities properly. Moreover, as they do not
pay any allowance to internee some sometimes it does not motivate them to present and
learn eagerly.

19
 Chapter Six

Lessons Learned from the Internship

6.1 Learned from the Internship

I applied for an internship at First Security Islami Bank Ltd. which offers co-working
spaces for young entrepreneurs. I knew this would be an excellent opportunity for me
to meet different entrepreneurs in the co-working, learn about their banking system,
observe how different systems operate, and expand my knowledge and network. The
lesson about the organization I have learned from the entire internship program was
really important. I had the opportunity during the program to get a closer look at the
various general banking activities along with all other financial activities of First
Security Islami Bank Limited. All I have learned is about various departments of the
bank, their management, general activities, operations, and so on. Overall, the whole
program helped me understand the banking activities and make the report smoothly
required by the department. I learned from the internship program are given below:
6.1.1 How to put my knowledge and skills into practice
From conducting comprehensive competitor analysis research to designing a
communication plan, my knowledge of banking theories was transformed into a series
of practical techniques and skills that I can now implement in real-life banking
scenarios, all thanks to my internship.
6.1.2 The benefits of networking
During my internship, I learned how to communicate and build relationships with the
people I worked with. I learned how to introduce myself, talk about my interests,
knowledge, and skills with entrepreneurs and business owners, as well as how to ask
questions and gain a better understanding of businesses not only in the co-working
space but also others in the market. This process helped me develop my professional
network and emphasized the importance of creating these connections. I also connected
with most of them via LinkedIn, which is a great networking platform for professionals.
6.1.3 Understanding workplace culture
Culture influences communication, and as an international student, I learned that every
company or organization has its own culture. It’s essential to observe others and learn
how they engage and interact with co-workers, or help them with projects and tasks. I
quickly learned that whenever something is unclear for me, or I don’t understand, it’s
fine to ask for clarification.
6.1.4 Keeping a journal is great for personal growth
During my internship, I had a journal and took notes every day about new things I
learned, the feedback I was given by my manager, the strengths and weaknesses I
noticed, and things I wanted to research and learn more about. This helped me
understand myself more and identify the areas that I needed to improve.

20
6.1.5 Importance of good communication
Communication is the key to success in a professional environment. I learned that it’s
important to communicate with my manager via phone, email, or SMS if I have
questions or if I don’t know how to work on a task. Asking for help and clarification is
better than pretending you’ve understood what you need to do, no matter what.
However, I also found that if you can Google something, then do it. Avoiding asking
questions if you can find answers elsewhere is part of being a good communicator –
keep in mind that everyone’s time is valuable. As an intern, good communication will
help with productivity, efficiency, engagement, and growth.
6.2 Organizational knowledge
From my internship program, I have learned many things about First Security Islami
Bank Limited. For example. I have come to know about the Background of the
Organization, Vision, Mission, Goal, and Commitments. Core Values, and
Management Level of First Security Islami Bank etc.
• Rules and regulations: I have learned different rules and regulations of
banking activities, employees, internee, etc.
• Banking procedures: I have learned many banking procedures, facts such as
Account opening, closing, chequebook issue, remittance, etc.
• Dealing with clients: I faced the situation and learned how to deal with different
types of customers and situations.
• Information collection: In the process of making the report I have learned to
collect, gather, and synchronize several pieces of information. I have gathered
information from different employees like a manager, and branch operation
manager.
• Practical use of knowledge: What I have learned in the university. I have used
them in my internship program.
• Function of different departments: I gathered knowledge about the functions
of different departments of the branch while I was working in that department.
• Gained experience: Without any doubt I have gained a lot of experience from
my Internship Program. This experience leads me to ride the career ladder. If I
am appointed for the bank job, this work will help me to solve various problems.

21
 Chapter Seven
Recommendation and Conclusion

7.1 Recommendations
Different types of products and services are available in FSIBL but clients are not
concerned about that so advertisement and promotional activities should be increased.
• Increasing deposit schemes under consumer banking.
• Providing prompt service in account opening.
• Nowadays, online banking service is very popular all over the world, so banks
should try to develop on this side.
• FSIBL online service should be fast & and accurate.
• The website of FSIBL is not good enough; most of the pages are under
construction. The page should be constructed as soon as possible.
• Should increase the ATM Booths.
• More manpower is required to run the business smoothly.
• Employee training and workshops should be administered to give them
knowledge and professionalism in customer interactions. They should be taught
about how to deal with the problem of customers and problematic situations.
• Physical and technological facilities should be increased in evaluating credit
proposals.
• Experienced and expert personnel should be kept within the bank, which will
lead to a quality selection of clients
• FSIBL should more focus on customer needs. They need to concentrate more
on their existing services and product innovation.
• A yearly conference with the employees should be arranged where they will
exchange their views with the management about different aspects. This will
help to increase the efficiency of the employees.
• Informal training can be a way to improve the skills of the employee. Allocating
job responsibility to the employees according to their profit.
• Try to create a good image to customers through different promotional tools In
respect of cash receive and cash payments, service should be very prompt.
• Management should carefully handle the different departments of general
banking regarding providing better service in terms of accounts opening, cash
received, and cash payment
• Charges should be decreased like a nationalized bank.
• They should improve their electricity backup system.
• There should be at least two officers to handle the accounts department.
• The bank should take a new marketing strategy that will respond and take
effective steps to increase faith in them.
• The HRD should look into the matter that the branches are well staffed with the
right people in the right position.

22
7.2 Conclusion

Doing an internship at First Security Islami Bank Ltd. was a great experience for me.
From the learning and experience point of view, I can say that I‟'ve enjoyed my time at
FSBL Ltd. I am confident enough that this program will help me to realize my career
in the job market, especially in the banking sector. First Security Islami Bank is the
pioneer in introducing many new products and services in the banking sector of the
country. It is currently enjoying a very good position in the banking sector, but the bank
needs to have up-to-date information on recent situations and proper planning and
policies so that the bank can always have a position in the list of market leaders.
An organization's most important asset is Human Resources. FSIBL should have a great
focus on collecting appropriate candidates for future success. The right person in the
Right position is very important for further development in the future. Performance
analysis of a bank is not sufficient to measure and express perfectly within this short
period. However, it is a great opportunity for me to get used to with the operational
environment of commercial banking at FSBL. I have tried my soul to incorporate the
necessary relevant information in my report.
The top management of FSBL should conduct a comprehensive study or survey on the
branch's performance, its management’s performance, and the employee’s performance
and motivation as well.
The marketing department should come out with fresh and unique new ideas frequently.
Customers want to know about new products and services which are profitable for
them. Constant research and updated information about the market are very important
for improving new ideas. Because competitors are constantly developing new ideas to
compete.
To conclude, I want to say that ―Everything has a positive and negative side. The
banking sector in Bangladesh is too competitive. As an emerging bank, First Security
Islami Bank Limited is doing great and I feel proud to have had the chance and work
with this bank and its personnel. I hope that FSIBL will be one of the leading private
banks within a few years.

23
References

First Security Islami Bank Limited . (2022). First Security Islami Bank Limited
Annual report.

Gilkeson, J. H., List, J. A., & Ruff, C. K. (1999). Evidence of early withdrawal in
time deposit portfolios. Journal of Financial Services Research, 15(2), 103-122.

Kagan, J. (2023, May 20). Bank Deposits. Retrieved from Investopedia.

Kabir, M. R., & Chowdhury, A. H. (2014). A Comparative Analysis of Profit Rate on

Deposit in Islamic Banks in Bangladesh. IIUC Studies, 81-98.

Kona, F. R. (2017). Employee job satisfaction of First Security Islami Bank Ltd.

Lata, P. B. (2022). Online Banking Strategy of First Security Islami Bank Limited.

Mumtaj Mumu, M. (2022). A Comprehensive Overview of General Banking

Activities and Performance Analysis of FSIBL-First Security Islami Bank Limited.

Mahin, M. D. (2021). Expository report on the overall banking condition, CAMEL

based Performance of a Islami Bank in Bangladesh: A case of First Security Islami
Bank Ltd.

24
Appendices

25