On January 1, , Al Faysal Investment Bank Limited, another group entity in Pakistan, merged into Faysal Bank Limited which resulted in a larger, stronger and much more versatile institution. In fact it has the highest share capital amongst private banks in Pakistan and is amongst the largest in terms of equity. Faysal Bank Limited is a full service banking institution offering consumer, corporate and investment banking facilities to its customers. The Banks widespread and growing network of branches in the four provinces of the country and Azad Kashmir, together with its corporate offices in major cities, provides timely and differentiated services in an effective manner. C an investment bank listed in Bahrain. The remaining shareholders comprise of general public, NIT and other Pakistani institutions.
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The local transfer system is not been used in FBL. The method was that the customer who wanted to avail this facility was given the funds transfer application. The person who wanted to remit the money used to provide the details of the receiving person. The transaction was done between the banks. The bank remitting the money used to credit the account of the person sending the money and the paying bank used to debit such account and made payment to the receiving person.
The payments were done on the counters. The NIC of the persons were taken in that kind of transactions. This system has not been used today because the SBP has started restricted the counter payments due to the fraudulent nature of the transaction.
Both inward and outward is done at FBL. The head office makes all the dealing with the correspondent banks in abroad for the purpose of TT. Over 8, banking organizations, securities institutions and corporate customers in more than countries are the members of SWIFT and every day exchange millions of standardized financial messages. Its role is two-fold. They provide the proprietary communications platform, products and services that allow its customers to connect and exchange financial information securely and reliably.
They also act as the catalyst that brings the financial community together to work collaboratively to shape market practice, define standards and consider solutions to issues of mutual interest. SWIFT enables its customers to automate and standardize financial transactions, thereby lowering costs, reducing operational risk and eliminating inefficiencies from their operations. SWIFT is solely a carrier of messages.
It does not hold funds nor does it manage accounts on behalf of customers, nor does it store financial information on an ongoing basis. This activity involves the secure exchange of proprietary data while ensuring its confidentiality and integrity. SWIFTNet Mail is intended for the secure transfer of sensitive business documents, such as invoices, contracts and signatories, and is designed to replace existing telex and courier services, as well as the transmission of security-sensitive data over the open Internet.
Hundreds of millions of people currently live outside of their home countries and use Western Union services to remain connected to their families and homelands. Western union money transfer is a fastest way to receive money worldwide.
There are other banks and institutions that are dealing in Western Union. Only receiving money option is there in FBL. It is a unique number which is given to the person remitting the money abroad by the money exchanger of that particular country. The name of the sender must include the surname. If the ID card is not available, the photocopy of the passport is taken from the customer. After making the entries, the print out of the form is taken, the officer signs the western union form.
The money transfer form is kept by the bank for its own record purposes.
Internship Report On Faysal Bank Limited By Naeem Ahmed
Corporate Relationship Managers, which means moving of corporate clients to other banks. See annexure 6. It is important to discuss current financial performance of the FBL by comparing its half yearly financials of with half yearly financials of See annexure No. By looking at the half yearly performance, one can find that current performance is very bad as compared to last year performance. For example, Profit has been decreased by
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