An Analysis of Foreign Exchange Operations of Al-Arafah Islami Bank PLC

Abstract

A Thesis Report is a work-related learning experience for individuals who wish to develop hands on work experience in a certain occupational field. Most of the Project Reports are temporary assignments that last approximately few months up to a year. In the first chapter of my report it reflects the core of the report. As some objectives of this report is to gain knowledge about different functions & procedure of Foreign Exchange operations of Al-Arafah Islami Bank PLC. and so on. Primary source of data is collected from practical desk work, personal observation and discussion with the officials of AIB PLC. The secondary data is collected from the annual report, website of AIB PLC and several web pages. In the second chapter it gives an overall overview of Al-Arafah Islami Bank PLC. It covers the Historical Background, vision, mission, objectives, strategy, of AIB PLC, management structure and future plan of AIB PLC. In the third chapter I have discussed the overall Foreign Exchange operations of Al-Arafah Islami Bank PLC. It explains three main functions of Foreign Exchange department in a detailed way. It contains import, import procedure, margin and other charge, mechanism, source of finance, opening of import L/C, documents for L/C, LTR, LIM, import payment, export, export procedure, export policy, mode of payment of export payments, export L/C, foreign remittance, inward remittance, outward remittance etc. In the Fourth chapter I have discussed the findings and recommendations where I have found that AIB PLC has provides all kind of valid Foreign Exchange services to its clients. I have also found that lack of promotional initiatives to expand the Foreign Exchange business, insufficient training program for the employees on Foreign Exchange activities. So, I recommend that AIB PLC should provide some attractive incentive packages for the exporter and importer to increase the Foreign Exchange business. At last we can say that, foreign trade is becoming more and more important in today’s competitive business world. It is all important in the context of Bangladesh. Al-Arafah Islami Bank has already shown impressive performance in import, export and remittance business. I hope that AIB PLC will continue its journey with success and achievements in coming years. v