Professional Documents
Culture Documents
INTRODUCTION
1.1 Introduction to the report
The internship report is compiled and submitted in the accomplishment of an
academic requirement for the degree of Bachelors' in Business Administration to be
rewarded by COMSATS Institute of Information Technology, Abbottabad.
The core objective of this report is to present a detailed insight of the internship,
carried out in the respective organization. I will be sharing my understanding and
experience being a Marketing student and the findings and learning that took place
during the six week period.
The report broadly covers the Marketing Strategies and practices being followed in
Askari Bank Limited and services and products being offered by the Islamic banking.
Annual reports
Manuals
Various relevant documents studies
Official bank Website
Previous internship reports
1.6 Limitations
For a corporate level organization, like Askari Bank Limited, where the operation
span is too wide, six weeks time is very limited to observe and research completely
the specialized and sensitive institutions. It does not let is to fully analyze and
understand the entire functionality of the bank, also the privacy policy limits access to
the organizational data and information that is termed as confidential. Because of the
bank tight and busy schedule and of the required staff complete information could not
be collected easily. During the study, I tried to include only the relevant material. This
study was conducted according to the objectives of the study.
CHAPTER 2
INTRODUCTION TO BANK
2.1 Evolution of banking in Pakistan
On August 14 1947, the partition of the sub-continent came into reality and a Muslim
country namely Pakistan came into being. At this crucial time, country was facing a
number of problems including the shortage of financial institutions.
At the time of independence, Pakistan was very rich in producing various crops and
other agriculture products. There were few industries but working in a bad form but as
far as the commercial banking facilities are concerned, they were fairly well.
For a new country like Pakistan, having limited resources, it was not easy to
immediately run a banking system of its own. Therefore in accordance with the
provision of Indian Independence Act 1947, a specialist committee was selected to
study the issue.
The committee recommended that Reserve Bank of India should carry on functioning
in Pakistan until 30th September, 1948 to settle down the problem of time and demand
liability, homage, currencies, exchange etc between Pakistan and India. It was also
decided that Pakistan would capture the supervision of exchange control and public
debt from Reserve Bank on April 1 1948, and that Indian notes would be maintained
as a the legal tender in Pakistan till September 30 the same year. By June 30 1948,
number of scheduled banks offices in Pakistan turned down from 487 to only 195
because of the transferring of assets to India after partition by Hindus.
At that time there were 19 foreign banks having category of small branch offices and
only 2 Pakistani institutions, Australasia Bank and Habib Bank. To rebuild the
confidence of the people in these banks, Government then revealed the banking
companies ordinance, 1947.
Pakistan was further pushed into problem when the Imperial Bank of India closed
down most of its offices in Pakistan and refused to accept the token amount of
Government of Pakistan securities. Such conditions called for the control and
management of banking and currencies in Pakistan.
Government of Pakistan established the State Bank of Pakistan on 1st July, 1948, after
the order was promulgated on May 12, 1948. In order to make the situation
controlled, SBP addressed itself with the equally urgent task of creating and
developing the banking system of the country. To achieve this goal, it provided every
help and encouragement to Habib Bank to expand its network of branches and also
recommended Government for the establishment of a new bank, which could work as
an agent of SBP in areas where its branches are not present. As a result, National
Bank of Pakistan established in 1940 and by 1952 it became strong enough to take
over the agency functions from the Imperial Bank of India. In order to develop sound
banking, the Banking Company (control) Act was propagated in 1949, authorizing the
State Bank to manage the functions of banking companies in Pakistan. Addition to
this, SBP limited the opening of fresh branches by the foreign banks in big cities or in
coastal towns from where trade was being done with foreign countries, while
Pakistani banks were encouraged to open possibly as many branches within the
country.
2.2.1 Vision
value
Fairness- Exemplary compliance, governess and business ethics
Teamwork- caring for our people and helping them in growth
Services- Dedication towards societal development and enhancement in the
quality of life
Directors
Syed Majeedullah Husaini - President & CEO
Lt Gen Naeem Khalid Lodhi, HI (M) (Retd) Director
Lt Gen Muhammad Haroon Aslam, HI (M),S Bt (Retd) Director
Mr. Qaiser Javed Director
Dr. Nadeem Inayat Director
Mr. Manzoor Ahmed (NIT) Director
Mr. Asif Reza Sana Director
Mr. Zaffar Ahmad Khan Director
Mr. M. A. Ghazali Marghoob - Company Secretary
An inclusive range of Islamic Banking products and services is being put forward in
the following areas, to meet the customer's demand of Shariah compliant banking.
It includes, Islamic
Corporate Banking
Investment Banking
Trade Finance
General Banking
Consumer Banking
Islamic Banking products have been supported and approved by the Shariah Advisor
of the bank. As per Shariah necessities, products and funds of Islamic Banking are
handled separately from the Conventional Banking side. All finances and resources
are attained, invested and shared in Halal approaches of investments, under the
management and supervision of Shariah Advisor.
2.3.1 Vision
Establish Islamic banking as banking of first to facilitate implementation of an
equitable economic system, providing a strong foundation for establishing a fair and
just society for mankind.
2.3.2 Mission
To be an Islamic banking, that offers a one-stop platform for innovative and valueadded products and services to the customers within the boundaries of Shariah, while
optimizing and enhancing the stakeholders value through an organizational culture
based on learning, equality, respect for individual enterprises.
2.4 Major Modes of Islamic Banking
Murabaha
Ijarah
Ijarah is a type of leasing in which a property is rent or leased by the leaser (seller) to
the lessee (buyer) in a manner that at the end of the agreed lease time, the lessee turns
out to be the owner of the property by acquiring it from the leaser during the lease
period or at the end of it at an approved sale price. In other terms, Ijarah or leasing is
the transfer of authorized and legal right for a concern that is rent in the case of
engaging of assets and wages in case of hiring people.
Musharakah
2.5.1 Departments
Current Account
Saving/ PLS Account
Basic Banking Account
1.
Current Account
Current account is the most regular account that is more preferred amongst business
concerns. There is no constraint or limit on the amount of withdrawal. Current
account facilitates the client to carry out cash transactions in a more competent
manner.
Features:
Current Accounts can be opened in with the minimum figure of Rs.1000/No Profit
No deduction of Zakat
Account close charges Rs.150
Online Charges Rs.100
2.
Zakat Deduction
3.
If balance is zero even after six months, the bank can close the Account.
accurate accounting for financial operations and to limit the potential exposure to loss
of assets. Measures taken include physical controls, review by management,
segregation of duties and internal and external audit to the extent necessary.
AKBL has provided good worth to its shareholders. Its share price stayed
approximately 12% higher than the other banks average share price during the last 4
years. Year 2005-2006 witnessed development in business activities; this had
dynamically impacted the Balance sheet and Profit & Loss account. As on December
31, 2006, the bank was having total assets of 11,053,230 Pak Rupees, with more than
600,000 banking customers.
The profit during 2006 was before taxation was 3,346,855 and after taxation it was
2,249,974 as compare to the 2005 it was 2,021.996.
In the last 2 years, the Bank had Rs. 9.2 billion of equity and total assets of Rs. 155.1
billion, having more than 800,000 banking customers, serviced by 3,754 employees.
A1+
Long Term
AA
Definitions by PACRA:
A1+: Obligations carried by the highest capacity for well-timed repayment.
AA: Indicates a very low expectation of credit risk. They specify very strong ability
for timely payment of financial dedication. This capacity is not considerably
defenseless to anticipated events.
2.8 CSR
At Askari Bank, Corporate Social Responsibility is an essential part of the mode it
does business, and is a crucial element of the bank strategy. As a responsible corporate
body, Askari bank always attempts to contribute to the culture and society in which it
functions and believes in generously giving back to the society by capturing initiatives
with the aim to offer the service that will help customers in meeting their financial
targets. In order to carry out the banks CSR objectives, it attempts to encourage
CHAPTER 3
FUNCTIONS OF THE MARKETING DEPARTMENT
3.1 Introduction
Marketing is social and managerial processes by which groups and individuals attain
what they want and need by producing and exchanging products and values with
others. The objective of every enterprise is to attract the customers, retain and grow
them. Enterprises first spots what creates value for each customer and then delivers
that value to him. Enterprises promoting relationships with customers develop a way
towards profitability. Increasing value for the customers by focusing and treating them
individually and differently will benefit the firm and this concept is at the heart of
CRM (customer relationship management).
"Satisfied customers are more likely to be loyal customers and loyal customers are
more likely to give the companies a larger share of their businesses".
tell customers the details of different type of accounts and to apply the principle of
customer relationship management to attract the customers. There are following
functions performed by the banks marketing department
Focus on customers
Monitoring competition
Owning the brand
Finding and directing outside vendors
Creating innovative ideas
Communicating internally
Managing budget
Recognizing ROI
Setting, planning and executing the strategies
Segmentation
Niche Market
Army
Geographic
Segmentation
Geographical
unit
Religious
Demographic
Segmentation
Age
Income
Occupation
Education
Nationality
Askari Bank offers numerous products for different target segments. In demographic
segment market is separated on the basis of age like students of 12-30 years and
retired people or pensioners of age ranges in 40-65 are offered with different kinds of
products. For students Askari Bank provides Askari special deposit account. With
respect to occupation, market is treated differently with several products like if
segmentation is based on agriculture then diverse kind of scheme is made available
that contains
Financial invertors
Religious groups interested in Islamic Banking
Customers who desires to purchase vehicle
All agriculture associated communities
Customers desiring for loans
Schools, colleges and business industries
Consumers interested to acquire on lease
3.4.3 Positioning
In marketing, positioning means the practice by which marketers try to build an
identity or image of its product brand, or organization, in the minds of the target
market. It is the 'relative competitive contrast,' a product occupies in a market as
supposed by the target.
Askari Bank has well-built positioning in the intellect of their target customers due to
its products matchless attributes, characteristics, features and better-quality service.
Top administration always makes an effort to distinguish their products and services
using diverse promotional schemes to communicate and correspond with the audience
and to form strong identity.
AKBL new slogan reflects customer service philosophy and provide them 24/7
information through online system and call centers and listen to the customer
complaints providing them with the solutions regarding bank issues (e.g. account,
credit or debit card). A well-crafted and finely made business positioning approach
can be utilized as an instruction for reviewing the suitability of all marketing plans
and programs, especially for endorsement, advertising and public relation events. It
will make sure that business image is reliable to the targeted end users and aids to
construct an enduring, outstanding significance to sell and promote business products.
The positioning of Askari bank towards the customers is that it is one of the renowned
banks that provides convincing and dynamic environment to their customers
maintaining a unique image. For example Askari rupee traveler cheque is considered a
secure way to transfer the money from one particular place to a further location and
keeping strong identity in the customers mind that a product has some quality
attribute with security that creates superior value.
To create a well reputed positioning of the organization and its products and services,
AKBL uses different marketing strategies to clearly and effectively convey their
The foremost two stages, new product development strategy and idea
generation, provide a focal point for making new-product ideas and a base for
assessing them.
Screening and evaluation stage enables the top management to screen out the
idea that are feasible and fits with the financial resources and the organization
objectives.
The next three stages, business analysis, development and market testing, deal
with the analysis of the business and market needs and then development and
The product
Product management
Product management is an executive lifecycle task within a company, dealing with the
setting up of a product or products and its development and marketing at every stage
of product life cycle. Product management and product promotion are different yet
balancing and complementary efforts with the objectives of maximizing sales
revenues, profit margins and market share. The function of product management
wraps many actions from strategic to operational level and fluctuates based on
organizational structure. When a product reaches the maturity stage of the product life
cycle, the management tries to maintain this level as it provides the peak of sales and
returns. The branch manager of Askari Bank tries to manage the product by
continuous innovation according to the customer needs and provide their best to their
customers with a product environment to achieve their goals and objectives.
Timely processing
Facility for buying more than one vehicle
Facility of income valuation plan
Low security deposit
Competitive profit charges
No hidden charges
Joint possession is formed in the assets between Bank & customers on the root
client/consumer on rent.
Client assures to buy banks share over the term of transaction.
Client then purchases the units monthly and ultimately becomes the possessor
of the property.
Rental sum is adjusted in accordance with the banks share left behind in the
property.
Shariah compliant
On time processing
Competing rentals
Highest financing limit: Up to Rs. 50 million
3 to 20 years as financing tenure
Eligibility criteria
Investment Certificates
Monthly
Periodicity of Profit
Distribution
Local payments
on investment and monthly return to the customers and these are flexible and
negotiable and can be moved to some third party. Investment Certificates are able to
be issued for a phase of 3 months and profit is to be paid on monthly basis through
pre-printed coupons.
(www.askaribank.com.pk)
3.6.2 Askari Islamic Deposit Products
Askari Islamic banking continuously and consistently with time endeavors to build up
new Islamic Banking Deposit Products to provide according to the rising needs of its
customers. Deposit Products includes the following list
AHSAN: Askari Halal Saving and Notice Account, with a monthly profit
payment
AHSAN Munafa: Monthly profit payment on day by day product basis
AHIA: Askari Halal Investment Accounts- investment certificates with
Product Name
Type
Tenors
Profit Calculation
(AHSAN)
Saving
NA
Average Monthly
Saving
NA
Profit payable on
monthly balance from
6th till last date of each
month
Business
Enterprises and
Individuals
Curren
t
NA
NA
Business
Enterprises
Curren
t
NA
NA
Low income
individuals
(AIIC)
Term
3 month5 years
Monthly
(AKIDA)
Term
3 month5 years
Monthly
(AITQAD)
Term
3-7 years
Monthly
(AHCAMM)
Term
1
monthsNo limit
Average Monthly
Individuals
Special
Musharakah
Certificate
Term
6 months
Average Monthly
Askari Halal
Saving Account
Askari Islamic
Current
Account
Askari Basis
Banking
Account
Target market
Business
Enterprises and
Individuals
Individuals,
business
enterprises, Govt.
entities
Individuals,
business
enterprises, Govt.
entities
Pensions Funds
and Individuals
3.6.3 Services
Internet Banking Services
In pursuance of the mission to present the most up to date service to the customers,
the bank offers banking through internet.
Important Features
Balance inquiry
Transferring of funds
Password modification
Payment of school fee
1.
It has been the banks effort at all times to set up the products and services custommade according to the requirements of its valued customers. Now customers can pay
their utility bills all the way through:
2.
Askari Cash Management Services aims to competently direct the accounts receivable
collection of middle and large corporate bodies. While this service lends a hand to the
corporate beings to develop their liquidity, due to the banks well broadened and
extended branch system and network.
The service at first and foremost aspires at giving clearing, assortment and
cash/transfer ability to corporate, under one asset focus, that will handle the course of
action through the extensions and gives enough exposure to the business clients, on a
variety of features of their accounts receivable portfolio, consistently.
3.7 Price
Pricing is another P amongst the marketing mix including product, promotion and
place. Price is the single income generating constituent among the 4Ps, the rest being
the expanse focused.
Askari bank applies diverse pricing strategies for dissimilar newly developed products
and services to attain the organization monetary goals. Before opting for an
appropriate price for a product, the marketer reviews the objectives and discuses with
the top management. The more apparent the company's objectives are, the easier it
will be to set price.
3.7.1 Objectives
Listed below are the potential and achievable pricing objectives
April 2014
March 2014
1 - 999,999,999
0.20%
0.24%
Average Monthly
Balance (PKR)
April 2014
March 2014
Upto 99,999
4.32%
4.42%
100,000 999,999
4.32%
4.42%
1,000,000 9,999,999
4.55%
4.65%
10,000,000 49,999,999
4.78%
4.88%
50,000,000 99,999,999
4.78%
4.88%
100,000,000 249,999,999
April 2014
March 2014
0.18%
0.19%
April 2014
March 2014
Upto 9,999,999
7.00%
7.00%
10,000,000 49,999,999
7.28%
7.44%
50,000,000 99,999,999
8.10%
8.10%
100,000,000 249,999,999
8.95%
8.95%
250,000,000 499,999,999
8.19%
9.00%
9.00%
(Askari Islamic Monthly Profit Rate Circular 2014)
Askari bank top management, to make the product available to the end user it is
distributed to its all branches. Askari bank has around 150 branches from where
customers can avail their desired product or service with access to the related
information. A mutual network of larger than 1,100 online ATMs wraps up all the
chief cities in Pakistan supporting the delivery channels for customer service.
3.8.1 Selective distribution
Askari Islamic Bank uses selective distribution strategy having fewer locations
selected for their services. It has only a few outlets in the geographical areas to
provide the facilities as there is only one branch of Askari Islamic Bank in Abbottabad
in Supply area that is near to the main Askari branch as well.
Advantages
Separate identity
Better market exposure than exclusive distribution
More control with less cost than intensive type
Improve products likeness & tolerate high markups
Supports loyalty and enhance forecasting
Disadvantages
Abbottabad
Chillas
Islamabad
Kohat
Peshawar
Rawalpindi
Sihala
Wah Cantt
Karachi
Quetta
Hyderabad
Faisalabad
Gujranwala
Gujrat
Jalal Pur Jattan
Lahore
Multan
Sialkot
3.9 Promotion
Promotion is a type of business
communication that makes use of diverse means to get in touch with the target
audience through a definite message in order to realize and manage specific executive
objectives. More or less all the organizations, whether working for profit or of nonprofit class, must be involved in some shape of promotion.
Under the impression of Integrated Marketing Communication, AKBL attempts to
grow a united promotional tactic connecting with the combination of numerous
various types of promotional tools. The objective of the promotion strategy is to
attract the clients to buy the banks product and, in nearly all cases, to retain and keep
a loyal and long-term customer.
The purpose and objectives for marketing promotions of AKBL may include
product/service quality and features provided by the bank to their customers. Askari
bank follows the principle of customer relationship management that includes some
considerations like
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
their complaint online or can get any information needed ranging from activating their
debit or credit cards to account problems etc.
3.9.2.4 Techniques of attracting new customers
To attract a new customer is actually to communicate the message their product or
service is delivering towards the target market. It is always important for every
company to acquire potential customers since the main focus of every organization is
to make maximum profits each month.
The strategy used by AKBL for acquiring new customers by providing their
organizations services information and detail is via advertising that is one of the most
widely used method to constantly keeping themselves alive in the consumers minds
and making them aware. The bank also uses different promotional techniques as
mentioned in the promotion part, to convey their message clearly and effectively so
that no ambiguity can be left.
By getting the feedback and entertaining the complaints by the users, the bank alters
and introduces new products to attract the new customers according to their needs and
expectations.
Now the banking trends has been changed a lot that enables Askari Islamic Bank to
create new dynamic and work-friendly environment that convinces the customers to
use their services. It also is beneficial for the people who want to get hired in the
bank. Askari bank has captured a wide target market ranging within all the sectors
they have targeted in their objectives due to a good working environment and
increasingly taking edge over competitors like National bank of Pakistan and others.
AKBL aims to expand their business worldwide with a strong image in the mind of
consumers, ultimately profiting the organization in monetary terms as well as in the
reputation.
CHAPTER 4
SWOT ANALYSIS
4.1 SWOT Analysis of AKIBB
SWOT is known for Strengths, Weaknesses, Opportunities and Threats. It is a useful
tool, providing support for analysis of organization. It is a familiar approach to
compose considerations in terms of internal and external settings of the organization
and to devise policies by examining its internally identified strengths and weaknesses,
and externally known opportunities and threats.
4.1.1 STRENGTHS
During the research, it has been observed that the staff/personnel of the organization
is qualified and experienced. Many of the bank officials have got advanced
knowledge and experience in the fields of management, banking law and practice.
The relationship of the manager and other staff in the organization is really good with
the customers, which results in a strong goodwill and loyalty of the customers towards
the organization.
Job satisfaction is one of the important factors for the employees to be motivated. The
people in the organization under consideration were found highly satisfied with their
jobs.
Performance appraisal is the way by which one can evaluate the employees
performance; it results in the enhancement of the organizations overall performance.
The performance appraisal is done on quarterly basis in this organization, which
results in better performance.
Friendly environment
The environment of the organization is very friendly. People over here are very
cooperative, not only with the customers but among themselves as well.
The senior management in the organization is very much competent and experienced;
successfully handling different internal and external affairs. The managers are fully
aware of the recent managerial concepts and are able to deal with any type of
scenario.
Computerization
The main strength of Askari Bank is that all of its branches are fully computerized
having latest software available to keep the records of their customers account and
other important information up-to-date. It reduces manual work and provides good
customer services.
AKBL is one of the leading private banks with deposit support of around Rs.167.68
billion/- showing steady growth over the time 1999 and with many online branches in
major cities of Pakistan.
Competent Staff
Strength of Askari Islamic Bank is that it has a well qualified and capable staff of
performing the task because of their expertise and training in the field.
Customers Feedback
Customers are allowed to give suggestions regarding banking services. If there is any
complaint by the customer, the bank authorities consider the reasons for complaint.
Complaint monitoring system is excellent at Askari Islamic Bank that shows bank
values more to its customers.
Information System
The Bank has invested heavily in technology resources, which has allowed bank to
develop one of the most comprehensive and advanced system that helped Askari bank
to achieve an online status via real time facilities and features available through
nationwide network. With the team of highly qualified professionals, bank is able to
use the system resources to provide customers with complete account of their
transaction on daily basis.
4.1.2 WEAKNESSES
The decision making in the organization is completely centralized which results in the
loss of confidence, motivation and sense of empowerment for the employees.
Lengthy recruitment process
The recruitment process is quite lengthy which can discourage the new comers. So,
there is a need to shorten the whole process.
The bank does not support its corporate identity and image, services etc in a
competitive way through advertising to create understanding among the potential
customers. Hence it lacks in the necessary marketing effort.
Traditional ways
The bank still has traditional ways of operations in this advance technological
environment. For example account opening registers, manual checking of vouchers.
Although the bank has computerized accounting systems, but still bankers make
entries in accounting registers manually.
Individual differences
In Askari Islamic Bank the individual difference has strong impact on the
organizations performance due to wrong criteria of selection of employees. So with
the passage of time individual differences started increasing which has demoralized
the goodwill of the organization.
Media
The advertising media used by the bank for publicity include mostly newspapers and
journals. The most powerful media to be used is TV through which people around the
world can get instant information about new products and developments in AKBL.
Equipments
Due to the increased interest of people in business field, many business institutions
are established producing a fine lot of qualified and competent business professionals.
So, the organization under consideration can hire more qualified people from market.
People working in the organization are more aware of the norms and values so these
employees can be utilized within the organization whenever required.
Feedback
Customer feedback on a range of diverse products and accounts has in actual fact
enhanced the bank performance and encouraged the environment for added future
policies.
Foreign remittance
Foreign remittance is an additional area as existing worldwide control system over the
transfer of money through unlawful channels has facilitated the spot for the banks to
have a proper check and balance on the functionality.
Hiring graduates
Foreign operations
Due to competent and well-informed management group, AKBL can in addition
progress well and expend its foreign functions successfully.
Leasing business
Increase in Competition
The increasing competition at local, national and multinational level also lower down
the profitability of the bank and compelling the bank to use a large amount of funds to
meet out competition. Meezan bank and Dubai Islamic are major competitors for
Askari Islamic bank.
The other organizations of similar nature are offering more salaries and benefit
packages to their employees. So, there is a threat to the organization that their current
employees may leave it for better opportunities and salaries.
An uncertainty about the future changes has been noticed among the employees of the
organization, it results in dissatisfaction and de-motivation of the employees, which is
a serious threat to the organization.
Better HR techniques
Other organizations of similar nature are using better and recent HR techniques, so
they have got an edge to facilitate their employees whenever they need. It can be a
severe threat to this organization as their employees would not be satisfied of their
own organization which will affect their performance.
Political instability
Political instability is also threat for the bank because instability leads to lower
business. The same situation is prevailing in Pakistan.
In our county, the rate of inflation is increasing along with the unemployment. So due
to increase in price of the products, the savings of the nation is decreasing with
passage of time. So it is threat for the banking sector. In the future, the deposits of the
bank will decrease.
Advancements
Promotional campaigns
CHAPTER 5
CONCLUSION AND RECOMMENDATIONS
5.1 Conclusion
Banking is the business that is directly related to general public and an employee can
be evaluated by the appraisal from the customer. This practice will increase the
precision of performance validity as well as will improve the behavior of employees
with general public.
After spending six weeks observing Askari Islamic bank, interacting with the
employees, getting their views and examining the functionality and structure of the
bank, I have come up with some outcomes and suggestions that I think are needed to
adopt that will definitely improve few weaknesses, in my view, observed in the bank.
Askari Islamic Bank is financially a strong bank providing pure Islamic services to its
customers. It is now extra powerful and confined with better-quality operational
abilities, wider allocation and superior intensity in human resource skills. With
stronger brand image and firmer footings the bank has been competent to influence its
5.2 Recommendations
5.2.1 Employee empowerment
Bank identifies its employees as a major talent and key contributor to the act of the
organization and greatly emphasize on the desirability, progress, and enthusiasm of its
employees. Delegating powers within the department in-charges to the possible extent
will reduce the workload on managers and also employees will feel motivated
performing their tasks well.
5.2.2 Generalization of Procedures
The procedure for account opening should be simplified. Account opening form
should be self-explanatory including translation in Urdu for those customers who are
not well educated and do not have a good understanding of English.
5.2.3 Human Resource Department
The significance of human resource cannot be deprived of in any organization. In case
of banks it is the most priceless asset, as bank is the most sensitive organization and to
Management style
SWOT analysis
Islamic banks need to re-evaluate their communication strategies and increase efforts
to ultimately increase their market share and to educate the community about the
creative understanding and essence of Islamic banking and its usefulness.
5.2.15 Coordination within bank
The coordination among employees of different levels and within different
departments should be improved and encouraged. The coordination and
communication among all the levels of management also needed to be enhanced.
5.2.16 Merit based hiring
All placements and hiring should be on merit, i.e. competence and performance,
without personal bias and external influences and everyone should be promoted on the
basis of work performance, required qualification and experience.
5.2.17 Motivation
Better efforts and performances should be rewarded fairly in order to encourage
schemes and enhance motivation level of employees. This will help in team building
in turn that will encourage employees to perform even better.
Table of contents
Acknowledgement .............................................................................................................
Abbreviations.......................................................................................................................
Executive Summary............................................................................................................
CHAPTER 1.......................................................................................................................
INTRODUCTION.............................................................................................................
1.1 Introduction to the report...............................................................................................
1.2 Purpose of the study.......................................................................................................
1.3 Objectives of the study..................................................................................................
1.4 Background of the study................................................................................................
1.5 Research Methodology..................................................................................................
3.6 Product.........................................................................................................................
3.6.1 Askari Islamic Consumer Products ..................................................................
3.6.2 Askari Islamic Deposit Products.......................................................................
3.6.3 Services .............................................................................................................
3.7 Price ............................................................................................................................
3.7.1 Objectives..........................................................................................................
3.7.2 Nature based pricing..........................................................................................
3.7.3 Profit rates for different products......................................................................
3.8 Place (Distribution)......................................................................................................
3.8.1 Selective distribution.........................................................................................
3.8.2 Branches all over Pakistan ................................................................................
3.9 Promotion ...................................................................................................................
3.9.1 Promotional strategies.......................................................................................
3.9.1.1 Advertising.................................................................................................
3.9.1.2 Bill Boards.................................................................................................
3.9.1.3 Broachers...................................................................................................
3.9.1.4 Personal Selling.........................................................................................
3.9.1.5 Internet ......................................................................................................
3.9.1.6 Social marketing........................................................................................
3.9.1.7 Public Relations.........................................................................................
3.9.1.8 Publicity.....................................................................................................
3.9.2 Customer Service...............................................................................................
3.9.2.1 Process of developing relations with customers........................................
3.9.2.2 Relation dependence..................................................................................
3.9.2.3 Techniques of retaining the customers ......................................................
3.9.2.4 Techniques of attracting new customers ...................................................
CHAPTER 4.....................................................................................................................
SWOT ANALYSIS...........................................................................................................
4.1 SWOT Analysis of AKIBB..........................................................................................
4.1.1 Strengths............................................................................................................
4.1.2 Weaknesses........................................................................................................
4.1.3 Oppurtunities.....................................................................................................
4.1.4 Threats ..............................................................................................................
4.2 Competitive Advantage ..............................................................................................
CHAPTER 5.....................................................................................................................
CONCLUSION AND RECOMMENDATIONS ..........................................................
5.1 Conclusion...................................................................................................................
5.2 Recommendations........................................................................................................
5.2.1 Employee empowerment ..................................................................................
5.2.2 Generalization of procedures.............................................................................
5.2.3 Human Resource Department............................................................................
5.2.4 Basis for Promotion...........................................................................................
5.2.5 Development of Managerial Leadership...........................................................
5.2.6 Comprehensive training programs...................................................................
5.2.7 Incorporated marketing strategy........................................................................
5.2.8 Change in Appraisal System..............................................................................
5.2.9 Guidance for Risk Management........................................................................
5.2.10 Effective Management.....................................................................................
5.2.11 New features....................................................................................................
5.2.12 Marketing activities.........................................................................................
5.2.13 Automation......................................................................................................
5.2.14 Islamic banking...............................................................................................
5.2.15 Coordination within bank................................................................................
5.2.16 Merit based hiring............................................................................................
5.2.17 Motivation.......................................................................................................
References.........................................................................................................................