Internship Report on Meezan Bank Essay Example

Internship Report on Meezan Bank Paper ACKNOWLEDGEMENT Internship training for  the students of Commerce and Business is a complimentary portion of the education,  where students are  put at  various organizations of  their respective  specialization; to see and apply their theoretical knowledge what they have studied dur ing their academic program at the institute. Meezan Bank is one of those organizations where student can achieve his/her academic and  professional knowledge productively. In the preparation of this internship report, I acknowledge the encouragement and assistance given by a number of people from Meezan Bank Ltd. I found every one very co-operative and helpful for providing me the theoretical as well as practical knowledge about the function and operation of the bank. I am heartly grateful to CAD ( Housing) department, Manager CAD The Senior Vice President, Mustafa Mohsin, Assistant Manager Syed Adnan Ali, Officer Aurangzab, Qaiser, Naeem Javed. They have been most supportive people throught my internship. And I want to pay my thanks to Humail Jilani, Sana mehmood, Salman, Kashif, Ali, Rehan, faraz from Car Ijarah. Faraz Ahmed Jalal, Habeeb Siddiqui, Noman Ahmed Akif From Labbaik Laptop. Akrama Farroqi, Salman, Fahad Khan, from Housing. Raza Saeed, Amir, from RMU for their cooperation.. ABSTRACT This report is specially meant for students of commerce. It is concerned to a brief study of the operations, functions, Products and Services of Meezan Bank. Meezan Bank is the largest Islamic Banking Network of pakistan. Islamic banking one of the fastest growing segments of the financial industry. We will write a custom essay sample on Internship Report on Meezan Bank specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Internship Report on Meezan Bank specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Internship Report on Meezan Bank specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Banks serving the Islamic population must comply with several very specific principles of Islamic law if they hope to retain existing customers and attract new ones. Banks must be ready with specialized products and services and they must put programs in place to train their personnel to support these products and services in order to exist in this competitive marketplace. This Report contains detail of MBL Management structure, products and Functions along with their features. It also includes departmental work in MBL Consumer Head Office. INTRODUCTION OF MEEZAN BANK Meezan Bank Limited, a publicy listed company was incorporated on January 27, 1997 and started its operations as an investment Bank in August that year. In January 2002 Meezan bank was granted as nations full-fledged commercial bank licence as a dedicated Islamic Bank, by The State Bank of Pakistan. Meezan Bank is the first and largest Islamic Bank in Pakistan having a network of over 220 branches in over 60 cities across Pakistan. Meezan Bank offers a complete range of Islamic banking products and services, including free online banking for all Pak Rupee account at all its branches. Meezan Bank today a noteworthy point along with the evaluation of Islamic Banking in pakistan. Meezan Bank  is catering to an increasingly astute and demanding financial consumer who is also becoming keenly aware of Islamic Banking. Meezan Bank bears the critical responsibility of leading the way forward in establishing dynamic and stabled Islamic Banking System. Meezan Bank offereing valuable products and services to its customers without any violation of shariah principles. MISSION VISION STATEMENT OF MEEZAN BANK Vision [pic] |   | | |   | | |Establish Islamic banking as banking of first choice to facilitate the implementation of an equitable| | |economic system, providing a strong foundation for establishing a fair and just society for mankind. | Mission [pic] |   | | |   | | |To be a premier Islamic bank, offering a one-stop shop for innovative   | | |value-added products and services to our customers within the bounds of Shariah, while optimizing | | |the stakehol ders value through an organizational culture based on learning, fairness, respect for | | |individual enterprise and performance. | Service Mission [pic] |   | | |   | | |   | | |To develop a committed service culture which ensures the consistent delivery of our products and | | |services within the highest quality service parameters, promoting Islamic values and ensuring | | |recognition and a quality banking experience to our customers. | SHARIAH SUPERVISORY BOARD MEEZAN BANK The basic principle of Islamic banking follows the laws of Sharia, known as Fiqh al-Muamalat (Islamic rules on transaction). The term â€Å"Islamic banking† is synonymous with â€Å"full-reserve banking† and â€Å"Sharia-compliant banking. † Members of the Shariah Supervisory Board of Meezan Bank are Internationally-renowned scholars, serving on the boards of many Islamic banks operating in different countries. The members of the  Board are: Justice (Retd. ) Muhammad Taqi Usmani ( Chairman) ? Dr. Abdul Sattar Abu Ghuddah ? Sheikh Essam M. Ishaq ? Dr. Muhammad Imran Ashraf Usmani (Shariah Advisor) ? The Board of Directors of Meezan Bank: †¢ H. E. Sheikh Ebrahim Bin Khalifa Al-Khalifa  (Chairman) †¢ Mr. Abdullateef A. Al-Asfour †¢ Mr. Rana Ahmed Humayun †¢ Mr. Mohammed Azzaroog Rajab †¢ Mr. Ahmed Abdul Rahim Mohamed †¢ Mr. Alaa A. Al-Sarawi †¢ Mr. Mian Muhammad Younis †¢ Mr. Mohammad Abdul Aleem †¢ Mr. Irfan Siddiqui  (President CEO) †¢ Mr. Ariful Islam  (Chief Operating Officer) MEEZAN BANK SEGMENTS Meezan Bank is managed by a team of professional bankers committed to the cause of Islamic Banking. This single unifying factor unleashes the tremendous power of a dedicated and motivated team committed to fulfilling the Vision and Mission of this Bank. The business segments of the Bank are: †¢ Consumer  Banking †¢ Corporate Banking †¢ Investment Banking †¢ Commercial Banking  (including Small and Medium Enterprises) †¢ Treasury Financial Institutions †¢ Asset Management (managed through a subsidiary Al Meezan Investment Management Ltd. ) PRODUCTS AND SERVICES OF MEEZAN BANK Banks that comply with Islamic law are forbidden to charge interest or late payment fees, which is also considered a type of riba. To minimize risk, banks will often require a large down payment on goods and property, or insist upon large collateral. It is lawful for the Bank to charge a higher price for a good if payments are deferred or collected at a later date since it is considered a trade for goods rather than collecting interest. Sharia-complaint banking products include Mudharabah (profit sharing), Wadiah (safekeeping), Musharakah (joint venture), Murabahah (cost plus) and Ijarah (leasing). Another way that banks work within Islamic laws while trying to turn a profit is by buying an item that the customer wants, and then selling the item to the customer at a higher price. Products Of Meezan Bank 1) Car Ijarah [pic] 2) Housing Finance (MUSHARKAH) [pic] 3) Meezan Lap-Top (MUSSAWAMA) [pic] 4) Meezan Labbaik Ummrah [pic] CAR IJARAH (YOUR OWN CAR. QUICK, AFFORDABLE HALAL! ) An Islamic Ijarah is an asset-based contract, i. e. he Lessor should have ownership of the asset during the period of the contract. Under Islamic Shariah, all ownership related rights and liabilities should lie with the owner while all usage-related rights and liabilities should lie with the user. A conventional lease contract does not distinguish between the nature of these liabilities and places all liabilities on the user of the asset, contradictory to Islamic Shariah. Under Car Ijarah in Meezan Bank, all ownership-related risks lie with the Bank while all usage related risks lie with the user, thus making the Lessor the true owner of the asset and making the income generated through the contract permissible (Halal) for the Bank. MODES OF CAR IJARAH There are two separate entities in Car ijarah. 1) INDIVIDUAL Salaried individuals, With necasary documents and conditions can apply for Car Ijarah Facility. 2) CORPORATE †¢ SME’S Small Business Entities. SME’s are legal entities that work on small basis. Sole Propritership Partnership having less than 50 Million current assets are called SME’s. †¢ COMMERCIAL To lie in Commercial Entities, A firm must have sales of 300 millions above 50 million current assets. †¢ CORPORATE Corporate are those Entities having above 700 millions sales. Mostly the Companies registered under companies Ordinance are corporate firm. Tenure:3 to 5 years Security Deposit:0 to 50% ( 0% S. D is not for Individual Clients, because due to State Bank regulations relaxation can be given to Corprates. ) Key Features of Car Ijarah †¢ Low monthly rental. †¢ Rental paid after delivery, not in advanced. †¢ Fastest processing and delivery. †¢ Tracker option available. †¢ Minimum security deposit. †¢ All new, used, local, imported and luxury vehicles can be financed Additional Car Ijarah features are; †¢ Continuation Of Lease Rentals In Case Of Total Loss Or Theft Of Vehicle If the leased vehicle is stolen or completely destroyed, the conventional leasing company continues charging the lease rent till the settlement of the Insurance claim. Under the Islamic system, rent is consideration for usage of the leased asset, and if the asset has been stolen or destroyed, the concept of rental becomes void. As such, in the above-mentioned eventualities, Meezan bank does not charge the lease rental. †¢ Takaful Instead of Insurance Legally (in accordance to Pakistan’s Law and Regulations), it is required for all leasing entities to insure the leased assets. As such, Meezan Bank insures its leased assets. Meezan Bank insured its assets through Takaful only, which is Islamic product for insurance. The Islamic Insurance Companies in transactions with Meezan Bank are Pak Kuwait Takaful Pak Qatar Takaful. †¢ Permissibility for Penalty of Late Payment of Rent under Islamic Shariah In most contemporary financial leases, an extra monetary amount is charged, in their income, if the rent is not paid on time. This extra amount is the considered as Riba and is Haram. Under Ijarah, the Lessee may be asked to undertake, that if he fails to pay rent on its due date, he will pay certain amount to a charity, which will be administered through the Islamic Bank. For this purpose the bank maintains a charity fund. 2) Easy Home Importance of Halal home finance Owning your own home is one of lifes most important achievements. It represents your security, stability, and is a great blessing in itself. It provides that all-important safety and comfort for you and your loved ones. However, in todays often unpredictable and costly environment, saving the required money can take a lifetime in itself. Rising property prices, taxes, inflation, currency devaluation†¦ its all a very hard bargain. On the other hand, owning your own home and paying an easy installment that takes you step by step towards complete ownership, is so much better than paying a rent which ultimately only adds to your expenses. Added to that is your desire to stay away from interest based financing and be totally Riba-Free, thus  achieving that inner satisfaction and peace of mind you desire so much. Why not have the best of both worlds? Isnt that what you are working so hard for anyway First complete Islamic Home Finance facility in Pakistan! Easy Home is comprehensive, affordable, and totally hassle-free. For at Meezan Bank, people are committed to meeting customers needs, in| |a truly Shariah-compliant manner coupled with dedicated service excellence. | |Islamic Financing on a Dimin ishing Musharakah basis | |With  Easy Home  customer participate with Meezan Bank in a joint ownership of property, where the Bank will provide a certain amount of | |financing usually up to 85%. They agree to a monthly payment to the Bank of which a component is for the use of the home (rent), and | |another for equity share. In fact, the otal monthly payment is  reduced regularly as your share in the property grows. When customers have| |made the full investment that had been agreed, customer become the sole owner with a free and clear title to the property. | | | | | | | | | | | | | | |Particulars | |Eligibility | | | |Citizenship | |- Pakistani and Non Resident Pakistanis as per policy | | | |Residence Work Address | |Pakistan other countries (NRP) as per policy | | | |Age | |- Minimum age required for a Primary Customer is 25 years. |-Co-applicant must be over 21 years of age. | |- Maximum 65 years old at the time of maturity of facility for Primary Customer . | |- Maximum 70 years old at the time of facility maturity for Co-applicant. | |In case of Salaried Person Applicant and/or Co-applicant, maturity date of facility shall not exceed the date of retirement. | | | |Customer / Applicant | |- Primary (or Single) Co-applicant allowed. | |- Co-applicant must be a member of the immediate family i. e. pouse parents only | | | |Income | |Salaried | |- Minimum Gross Income of PKR 20,000 per month. | |- 100% Co-applicant income will be clubbed in case of spouse. | | | | | |Self-Employed / Business Person | |- Minimum Gross Salary of PKR 50,000 per month. | | |Personal Reference | |- Two personal references (one relative and other office colleague/friend) not living with the customer | | | |Employment Tenure | |Salaried | |- Permanent job with a minimum 2 years continuous work history in the same industry / field. | | | | | |Self-Employed / Business Person | |- Minimum 3 years in current business / industry. | | | | | | |Particulars | |Eligibility  (For NRP Customers) | | | |Citizenship | |Pakistani | | | |Product Category | |Buyer, Builder, Renovation Replacement | | | |Builder / Renovation Cases | |In such cases, a responsible person will be appointed by the NRP customer who will look after construction on Musharakah property/land. | | |Segment | |Salaried Only | | | |Co-applicant for Income clubbing | |50 % of Net income of Parents, Spouse Son | | | |Age (Applicant Co-applicant for calculation of MBL financing amount) | |25 to 60 years | | | |Co-applicant Age (without income clubbing) |25 to 65 years | | | |Income | |Gross PKR 150,000/- above | | | |Employment Tenure | |Two years (minimum) regular experience in same industry. | |Minimum last 1-year existing job in the same country. | | | |Employment Status | |Permanent Contractual | | | |Company Eligibility | |Multinational Co. Well Established Local Corporate Groups | | | |Financing Tenor | |3 to 20 Years | | | |Financing Range | |PKR 0. 3M PKR 40M | | | FEATURES OF EASY HOME COMMENCEMENT OF AGREEMENT. The contract of Diminishing Musharaka house financing can be effected for a future date on the condition that the â€Å"profit† rate is payable after possession of the house by the client. Thus an effective forward contract is allowed despite its prohibition in Islam. It is called â€Å"a later† contract by the Islamic bank. Repayment of principal and â€Å"profit† / rent becomes due on possession of property by the client. 1- TERMINATION OF CONTRACT If the financier contravenes any term of the agreement, the client has the right to terminate the Musharaka contract unilaterally. If there is no contravention on the part of the financier, the contract cannot be terminated without mutual consent by the client. In case of the death of the client the contract will be terminated and it will be renewable by his successors. The client can terminate contract by purchasing the shares of the bank. 2- RISK OF LOSS In the Diminishing Musharaka house financing contract the financier as a Shirkat-ul-Milk participates in â€Å"profit† not in loss, the client will participate in both â€Å"profit† and loss, and the client will bear all losses. 3- OWNERSHIP PROVISION In the Diminishing Musharaka house financing contract the bank and the client co-own the house according to a predetermined ratio, if the bank invests 80% and the client invests 20%, the bank will own 80% of the property. 4- SALE TRANSFER The bank makes an agreement to allow the client to buy the units periodically, thus reducing the share of the bank and increasing the share of the client. This arrangement allows the bank to claim â€Å"rent† according to its proportion of ownership in the property and at the same time allows a periodical return of a part of the principal through purchase of the units of the bank’s share of the house by the client. 5- EXPENSE CONSEQUENT TO OWNERSHIP In Diminishing Musharaka house financing contract the client pays all expenses consequent to ownership, the bank participates in â€Å"profit† not in expenses or losses. 6- SECURITY Meezan Bank and AlBaraka require mortgage deeds. They prefer simple and registered mortgages. 7- LIABILITY OF BANK In Diminishing Musharaka house financing contracts the bank is liable for complying with the terms of the agreements. These include payments according to pre-determined schedules and sale of its share to the client. At the time of agreement the bank must disclose all facts pertinent to the agreement before the agreement is enacted 9- RIGHTS OF BANK’S CLIENT Diminishing Musharaka house financing. In Diminishing Musharaka house financing contracts the following are the rights and the powers of partners. 10-PENALTY ON LATE PAYMENT In Diminishing Musharaka house financing contracts the bank is entitled to charge penalty on late payments. Standard Chartered (Islamic bank), Meezan and Alabaraka charge penalty after 45 days. If the client makes late payments, the bank will continuously charge penalty. ?Easy Home offers customers a comprehensive solution with: †¢ Easy Buyer †¢ Easy Builder †¢ Easy Renovate †¢ Easy Replacement Within these wonderful options come the special benefits of Easy Home. †¢ Flexible Financing Tailored to Support customers. †¢ High financing amounts. †¢ Maximum financing against property value. Flexibility to make partial prepayments. †¢ Minimal processing charges. †¢ Very affordable and competitive monthly payment plan with a regularly reducing  rental amount. Quick Processing Time Absolutely hassle-free. Qu ick turn-around-times, with no burdensome complexities or excess paper work. It’s simple, halal, and easy! Come and take the step towards Riba free financing for your home, made easy with Meezan Banks Easy Home! Easy Buyer Buying a Home is Easy Halal!. †¢ Meezan Bank will finance up to 70% of the appraised value of your home cost to salaried individuals 60% to Businessmen.. †¢ Flexible financing by calculating DBR ( Debt Burden Ratio) Easy selection of financing tenure from a minimum of 2 years  (excluding construction period of max 12 months) up to a maximum of  20 years. ( in some cases it can go with 25 years Tenure) Easy Builder Building a Home is Easy Halal! For that special home you want to build yourself, or to help continue construction you may have already started. †¢ Meezan Bank will finance up to 70% of the appraised value of your home cost to salaried individuals 60% to Businessmen.. †¢ Flexible financing by calculating DBR ( Debt Burde n Ratio) †¢ Easy selection of financing tenure from a minimum of 2 years  (excluding construction period of max 12 months) up to a maximum of  20 years. in some cases it can go with 25 years Tenure) Easy Renovate Renovating your Home is Easy Halal! Making your home even better or just repairing it, do it with Meezan Banks Easy Renovate! Meezan bank finances maximum 30% of the Property Value in case of Renovation. Easy Replace Replacing  your existing mortgage to Islamic mode is Easy Halal †¢ Ready for transaction if it is replaced from Islamic Bank. †¢ It will Take period of 12 Months in case of replacement from Conventional Banks. RENTAL AMOUNT Rent Amount Is calculated with taking three figures. 1) UNIT COST (Dividing financing Amount with Total units/ months) 2) KIBOR ( Karachi Inter Bank Office Rate)Currently 14. 9 3) PROFIT RATE †¢ 3 for Salaried. †¢ 4 for Businessmen. †¢ 2 for listed Companies in Banks profile. RENTAL= UNIT COST+ KIBOR + P ROFIT RATE Modes of payment †¢ UMI †¢ EMI †¢ STEP UP MEEZAN LAPTOP Meezan Bank launches Laptop Ease offer in April 2011. It is a Shariah-compliant laptop financing, for individuals and for corporate class of  pakistan. By choosing this facility, customers can grab at their laptop sets by a process of easy installments.. Special features of Meezan Laptop Ease: †¢ Easy Installment options for financing period for 3 to 24 months. †¢ 2 years warranty with parts provided by vendor. †¢ Free Caring Case will be provided by vendor. Dedicated Call Center by New Horizon (vendor) for addressing after sale issues and providing after sales support to the customers at their door step †¢ Absolutely Free Takaful Coverage. All laptops acquired through Meezan Laptop Ease will be covered by Takaful (Islamic Insurance) before delivery to the customers. †¢ Minimum down payment up to 15% †¢ Laptop model offerings will vary from time to time in consistence wi th the latest upgraded features and market demand. †¢ Minimum age to avail this offer for both individuals and businessmen should be 20 years and maximum age should not cross over 60 and 65 years, respectively. Laptops are available at easy monthly installments of as low as Rs 2,750/- ELIGIBILITY CRITERIA ( BUSINEESMEN SELF EMPLOYED) |   | |Citizenship |Pakistani, Adult, Permanent resident | |   |   | |   |   | |Age |Minimum 20,   Maximum 65   at maturity | |   |   | |   |   | |Income (PKR) |PKR 40,000/- | |   | | |   |   | |Personal Reference |Two personal references (one relative and other office | |   |colleague/friend) not living with the customer. | |   | |   |   | |Employment Business  Tenure |Minimum 2 years in same business | |   |(Business tenure to be verified via Bank Certificate, NTN | | |Certificate, Tax returns, Proprietorship letter, Registered | | |Partnership deed etc) | | |   | SALARIED Citizensh ip |   | |   |Pakistani, Adult, Permanent resident | | |   | |   |   | |Age |Minimum 20, Maximum 60 (Salaried) at maturity | |   |(Applicant maturity date of facility shall not exceed the date of| | |retirement. ) | |   | |   |   | |Income (PKR) |PKR 25,000/- (Gross Salary) | |   |   | |   |   | |Personal Reference |Two personal references (one relative and other office | |   |colleague/friend) not living with the customer. | |   | |   |Permanent job with minimum 1 year continuous working history in | |Employment Business  Tenure |same industry. | |   |Direct company contract valid till maturity date of financing | | |(Total 1 year previous working experience is mandatory). | MEEZAN LABBAIK UMRAH Labbaik Travel Saving Aasaan Labbaik Travel Aasaan Labbaik Travel Aasaan is a completely Halal Riba Free Travel Solution. | | |Key Features | |Completely Halal Shari’ah Approved. |Renowned Travel Agent’s on Meezan Banks panel | |Umrah  Packages for different durations facilities are available | |Complete Visa Processing and Umrah Package Arrangements by selected agent. | |Confirmed return airline tickets | Labbaik Saving Aasaan Account On agreeing to become a Labbaik Saving Aasaan Account holder, you will enter into the relationship of Mudarabah with the Bank. Under this relationship, you will be the Investor (or Rab-ul- Maal) and the Bank will be the Manager (or Mudarib) of the funds deposited by you in the Deposit pool. These funds will be utilized by the Bank to provide financing to customers under Islamic modes of financing, including but not limited to Murabaha, Ijarah, Istisna and Diminishing Musharakah. Meezan  Labbaik Saving Account can be opened by Individuals, Sole-Proprietorships, Partnerships and Limited Companies. Key Features †¢ Meezan Labbaik Savings Aasaan provides a number of features including: †¢ Available for individuals, where customers can open a single / joint account with family members †¢ Labbaik Saving Plan is available for six (06) months to twenty (20) years †¢ Labbaik Saving Account is a Pak Rupee account †¢ It will be a Recurring Deposit Account, where customers will deposit monthly contribution as per the deposit schedule plan Labbaik Saving Account is a non-chequing account, where no cheque book or VISA Debit Card will be issued †¢ Apart from regular monthly deposit contribution customers can deposit additional amounts in order to complet e the deposit amount and make the make the desired journey earlier than initially scheduled †¢ After completion of the desired deposit amount, customers will have a right to travel with Meezan Bank or redeem his funds to go with an alternate company or utilize the funds for alternate purposes †¢ No pre-mature withdrawal schedule will be applied †¢ Customers may redeem 50% of the contribution as per defined procedure, one-time in the entire deposit tenure. Functional Departments Of Meezan Bank †¢ Sales †¢ Credit Inniation (CIU) †¢ Risk Management (RMU) †¢ Credit Administration (CAD) †¢ Collection Recovery 1-SALES Sales is the most important and fundamental function of Revenue generation. They approach the customers through, ? Direct Sales ? Dealers reference ? Branch Customers ? Branch Coordinators ? Telemarketing Functions Of Sales Department †¢ Create marketing strategies to achieve sales targets of a bank. †¢ Implement best practices to meet customers needs and requirements. Implement best practices to meet customers needs and requirements. †¢ Initiate customer retention strategies and build new customers Lead, direct and mentor sales and marketing teams to achieve hundred percent outcome. †¢ Initiate campaign strategies for bank products and services †¢ Resolve customer needs. †¢ Understand customer financial needs and objectives. †¢ Recommend appropriate financial produc t or service to the customer. †¢ Assist and support bank management in delivering customer services †¢ Prepare sales and marketing statements and reports for the top management of the bank. 2-CREDIT INNIATION UNIT It is obvious that  every bank must have an independent department that deals with the credit function. Department in a bank that evaluates the financial condition of credit applicants and maintains a log of loan payments on currently outstanding loans. Credit information is gathered on a confidential basis and stored for future reference. The credit department also responds to requests by other lenders for credit information on a particular borrower CIU makes the case, Reveiw the case, Assess the potentials of the client to repay the assets value, check the opinions and worth of the compamy. 3-RISK MANAGEMENT UNIT MEEZAN BANK’S risk management policy rests on its sound and Islamic bank management culture and complies largely with international Islamic Banking standards, management requirements, corporate governance principles and carries with it the highest ethical values from within the banking profession. The Organizational Structure of the Risk Management Group. The bank has set in place an independent risk management function within The Risk Management department, covering all risks: market, credit and operational risk. The Head of Risk Management reports to the Audit Committee, whose members are chosen among the Board of Directors. The Board of Directors formally approves overall risk management strategies and the direction of business. The Board regularly monitors the banks financial performance, reviews and controls risk management activities and bears the final responsibility of approving the banks risk appetite. Risk Management Department is the center of performing this function. This department reports to the Bank’s Risk Committee, The Head of Risk Management Group. 4-CREDIT ADMINISTRATION DEPARTMENT Leads centralized credit administration and control department whose function is to provide a uniform and efficient credit administration and control service encompassing completion of security/transaction documentation formalities, safe custody function, MIS development for monitoring of banks exposure from different risk angles to ensure that a high level of credit administration support is provided to the bank’s business units to protect banks risk assets. ? Reveiw the case ? Makes observation ? Disburse The Case ? Generate Installements ? Prepare Legal doucuments Agreements Principal Duties Responsibilities: ? Manage the Documentation and Limits Control Units Prepare accurate documentation of credit facilities to ensure that the same is legally enforceable without lacunas. ? Review security/transaction documents with a view to make it convenient for customers without compromising banks interest. ? Manage effective and efficient safe custody of original security/transacti on documentation and title deeds etc belonging to clients/third parties. ? To ensure that safe custody procedures are meticulously implemented. ? Ensure credit documentation deferrals are effectively followed up with Business Units for perfection within the time allowed. ? Arrange the valuations, from bank’s approved evaluators, of real estates held as collateral in line with Credit Risk Policy. Maintain marked to the market valuation for shares, mutual funds and other marketable securities and advise to business units where and violation of Approval of Finance / Credit Risk Policy occurred. ? To follow up with Business Units for early execution of documentation by clients. ? Immediate and accurate feeding of limits into the system once security documentation is completed by the client. ? Ensure least Turn Around Time (TAT) in line with SLAs with business units. ? Generate / Maintain MIS to monitor the portfolio and to prompt Business Units for timely completion of annual rev iews by providing necessary reports regarding expiring/expired facilities. ? Prepare weekly/monthly Exceptions Report   and circulate daily Overdrawn / Excess Over Limits report to the senior management and business units. Upload the accurate data as per the requirements of regulator. ? Managing and guiding team to execute above responsibility and help in their professional development. ? Managing specific tasks / projects assigned by the CRO from time to time in relation to Credit Administration Control. 5-COLLECTION RECOVERY DEPARTMENT (To Save The Bank’s Assets) The Recovery Collection function is an important component of any Bank’s business operations. The key is knowing when and how to accomplish the sale safely. The key is to  find the best way to minimize the risk of late payment or non-payment by customers. The core activities of the collection department include: †¢ Accelerating cash flow Minimizing bad debt losses †¢ Reviewing and approving new accounts †¢ Developing and updating  credit and collection policies †¢ Managing the collection function †¢ Maintaining current information in the credit file on each active customer †¢ Researching and resolving disputes and deductions that would otherwise delay or prevent payment of accounts receivable †¢ Communicating with other departments within the Bank. †¢ Safeguarding the companys investment in accounts receivable BUCKETS †¢ SMS ALERTS †¢ FRONTEND †¢ MID RANGE †¢ HAND COURT †¢ NON PERFORMING LOAN SMS ELERTS Before due date Sms are sent to the customers. FRONTEND One day past, the payment become Overdue. Frontend is the period from 1 to 29 days. An INTIMATION LETTER is sent to the customer by the bank as a soft reminder and Calls are made. MID RANGE / HARD COURT When overdues are not cleared by the customer within 29 days, Customer entered into 30+ DPD ( Day Past Due) Mid range is the period of 30 days to 59 days. REMINDER LETTER is sent to Customer. Home Visits are made. Tone is changed from soft reminders to aggressive one. NON PERFOMING LOAN 60+ DPD, 60 to 89 days of due payments are called Non Performing Loans. LEGAL NOTICE sent the customer with the time frame of 15 days to settle the payments. After that time limit, bank have the right to Repossess the vehicle. In case of reposession, Bank take the services of Agencies as 3rd party, after reposession Vchile is parked to the warehouse and FINAL LETTER is sent by bank to the customer. In which Total Amount including total purchase price, Over due Rentals, Surcharge amount, Valuation, legal, Parking and deduction of Security Deposit is mentioned. Where customer is offered to settle the account. But if customer fails to settle his account then Banks has options to sell or Auction the vehicle. A file is maintianed, called Repo File. It consists of †¢ Reminder Letter †¢ Copy Of Legal Notice †¢ Lease Agreement Copy †¢ Complete Exise File †¢ Copy Of Customer’s CNIC †¢ Application Form Coppy RECOVERY After 90 days customer entered into 90+ DPD. And Non preforming Loan shifted to Recovery.

Fermentation, is chemical changes in organic substances produced by the action of enzymes Essays

Fermentation, is chemical changes in organic substances produced by the action of enzymes Essays Fermentation, is chemical changes in organic substances produced by the action of enzymes Essay Fermentation, is chemical changes in organic substances produced by the action of enzymes Essay Yeast is a microorganism, and therefore is a living cell. Yeast cells require glucose to make energy. Yeast can break down and respire this glucose in the presence of oxygen, and in the absence of oxygen. This is called aerobic and anaerobic respiration.Aerobic Respiration (with oxygen)Glucose + Oxygen carbon dioxide + WaterC6H1206+02 6C02+6H206Anaerobic Respiration (without oxygen)Glucose methane + carbon dioxideC6H1206 3CH4+3C02As a culture of yeast is merged with solution of sugar, a reaction called fermentation occurs. Fermentation is chemical changes in organic substances produced by the action of enzymes. As products, ethanol and carbon dioxide are produced, in forms of liquid and gas. The rate of reaction can be illustrated by doing appropriate calculation involving the volume of gas produced.In order to react the glucose molecules need enough energy, known as the activation energy. Increasing the temperature increases the numbers of glucose molecules that have sufficient energy to react. Enzymes lower the activation energy needed for the reaction to occur.Research by Ann Fullick shows that at a lower temperature there is very slow fermentation. This is because the glucose molecules havent got very much kinetic energy and so are moving extremely slowly leading to a small amount of Carbon dioxide being made. As the temperature begins to increase the amount of carbon dioxide increases also. This is due to the lock and key mechanism. In the yeast enzyme there is an active site. This has a specific shape especially for use in fermentation. Only a glucose molecule is the right shape to be a substrate for the yeast enzyme active site. When the glucose molecule has enough kinetic energy it slots into the yeast enzymes active site (key fitting into lock). The reaction has then been catalysed and the products cant stay in the active site so they are released. These products are ethanol and carbon dioxide.AimTo investigate the affect of changing temperature on the amount of Carbon Dioxide created in the fermentation of yeastApparatus- Measuring tube- Test tube rack-Test tubes- Water bath- Stop Watch- Kettle- Thermometer- Syringe- Distilled water- Bung- 100cmà ¯Ã‚ ¿Ã‚ ½ of water.- 80cmà ¯Ã‚ ¿Ã‚ ½ of sucrose and yeast.PredictionStudying my research the optimum temperature for the reaction is 40?C because it is the activation energy. The glucose molecules have enough kinetic energy to collide and lock onto the yeast enzymes active sites.After 40?C some of the enzymes begin to denature (change shape) but not all at once. When they denature the glucose molecules cant lock onto the active sites anymore. At around 70?C all of the enzymes become denatured and the active sites have changed shape so no glucose molecules can lock on therefore there is no fermentation. This is a prediction of what my graph will look like.SafetyTo guarantee that my experiment will be done safely and accurately I will:-Tie back all loose hair and clothing-Make sure that the water bath is at an safe temperature, by using a thermometer, before letting it come into human contact-Place all bags and chairs under desks to prevent any accident-Handle all the glassware with caution-Wear safety goggles at all times-Leave an appropriate amount of space between each working groupThe equipment used in this experiment is reasonable safe. However, care is needed in handling glassware, as they are easily broken.Fair TestTo guarantee that the experiment is fair and that my results are trustworthy I will keep certain variables the same. These are my fixed variables. This will be the amount of yeast and water used. I will ensure this by measuring the yeast and water out with a syringe carefully each time. I will use the same equipment each time and make sure that the thermometer has restored to room temperature before using it again. Every repeat I will use fresh water and use new yeast and sucrose.By keeping these things constant will ensure that the experimen t is totally fair. I will repeat my experiment 3 times in order to obtain reliable and fair results. This is very important as the bubble counting may be unreliable as its counting by a person manually so by repeating the experiment will make the result more accurate. This will help me find the average, which will reduce the risk of anomalies.Obtaining evidenceMethodFor my investigation I will be altering the temperature of the yeast and sucrose is and observing how much carbon dioxide is released by counting the bubbles.-I Put 80cmà ¯Ã‚ ¿Ã‚ ½ of yeast in a test tube and 80cmà ¯Ã‚ ¿Ã‚ ½ of sucrose in separate test tube.-I heated 100cmà ¯Ã‚ ¿Ã‚ ½ of water to the temperature, which I was testing-I put both the test tubes containing yeast and sucrose in the water and put thermometers in each of them, then I waited until they settled to the temperature I was testing.-I Attached the two tubes together quickly to try and not let any gas escape, then observed the amount of bubbles produ ced and recorded my results every 10 seconds for 1 minute.-I did this for 30à ¯Ã‚ ¿Ã‚ ½c, 40à ¯Ã‚ ¿Ã‚ ½c, 50à ¯Ã‚ ¿Ã‚ ½c, 60à ¯Ã‚ ¿Ã‚ ½c, 70à ¯Ã‚ ¿Ã‚ ½c, and 80à ¯Ã‚ ¿Ã‚ ½c.-Then I repeated the experiment 3 times to ensure accurate and reliable results.ResultsTemperature (à ¯Ã‚ ¿Ã‚ ½C)Reading 1(Number of bubbles in 1 minute)Reading 2(Number of bubbles in 1 minute)Reading 3(Number of bubbles in 1 minute)Average(Number of bubbles in 1 minute)3022324011109105016161716602022242270404240418065676365Number of Bubbles (3 Repeats)1020304050603011112240246891050581114151660471115182270112129343842802239475360671020304050603011122240135891150810131516166010141517202070182630333740802234445062651020304050603011222340246899504681315176079141720247014212934384080203440535863AnalysisAnalysisThese results do not comply with my prediction. I predicted that after 40à ¯Ã‚ ¿Ã‚ ½C the enzyme would start to denature and become less effective. However this was not the case, as the carbon dioxide bubbles kept increasing all the way up to 80à ¯Ã‚ ¿Ã‚ ½C in a strong positive correlation. However this is not a one off anomalies, as I repeated the experiment 3 times and took all safety and fair test precautions. From this experiment I could come to the conclusion that the higher the temperature the more carbon dioxide produced in fermentation. However, as this does not complied with my research I will try and find a reason why my experiment is unreliable. I believe that these results have occurred because the enzymes did not have enough time to denature, as I only carried out the experiment for 1 minute, and this is why they carried on producing carbon dioxide.EvaluatingConclusionI believe the method I used was not unreliable, however I should have used a longer time scale to gave the enzymes time to denature. The results I obtained were accurate up to 50?C, however, after that they began to rise when I predicted that the carbon dioxide levels would fall, these were my anomalou s results.If I would repeat this experiment then I would have carried it on for a longer span of time to give the enzymes a chance to denature. I would have also used larger scale of temperatures so my results would be more reliable.I do not believe that counting the bubbles was a reliable method, because sometimes the bubbles were being released too quickly to count all of them, and the size of the bubbles were not taken into consideration, only the amount of bubbles. I think to improve this you could use a gas syringe to measure the amount of gas produced or put a balloon over the neck of the bottle so you can visually see how much gas is produced. I also think in the higher temperatures some of the bubbles would not be carbon dioxide but because of the higher temperatures they could be from the heat. I believe the results could have been slightly off, by human errors, however if I was to repeat the experiment I would be more careful.If I was to carry out more experiments I could use different concentrations of yeast, or use different pressures and temperatures. To conclude, I believe that I carried out the experiment well and completed my method accurately, fairly and safely. However the results I obtained were not as I predicted and as a result I would like to repeat the experiment with a longer time span, to give the enzymes time to denature at higher temperature.