Commercial Basic Credit Management EXIM Bank Experience

DECLARATION This Internship report is submitted as a partial fulfilment of the requirement of Bachelor of Business Administration . I am Md. Saiful Islam hereby declares that the work presented in this report titled “Commercial Basic Credit Management EXIM Bank Experience. ” has been carried out by me and has not been previously submitted to any other University, College or Organization for any academic qualification, certificate, diploma or degree. The work I have presented does not breach any existing copyright.

I further undertake to indemnify the university the against any loss or damage arising from breach of the foregoing obligations.

Md. Saiful Islam ID NO. 0101092908 Department of Business Administration IBAIS University ACKNOWLEDGEMENT At first, I foremost like to express my heartiest thankfulness to Almighty Allah to reach me at the end of the BBA Internship. I would like to take the opportunity to express my heartiest gratitude to my honourable supervisor Mahabbat Hosen, Department of Business Administration, IBAIS University for his continuous guidance and support to complete this report.

My special thanks to the respondent and my friends specially, Sumon and Monirul Islam former students of IBAIS University for their kind help and co-operation during the course of this Internship. My sincere apologies to the readers for my conceptual and printing mistakes (if any). Md. Saiful Islam ID NO. 0101092908 Department of Business Administration IBAIS University Certificate of the supervisor This is to certify that the thesis on ‘Accounting Performance on Credit Management and Legal Settlement EXIM Bank Ltd. An overview’ as a partial fulfilment of requirement of ‘Bachelor of Business Administration’ degree from ‘IBAIS University’.

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The thesis has been carried out under my guidance and is a record of the bona fide work carried out successfully. Signature: ………………………………………………………………………………….. Supervisor’s Full Name: ……………………………………………………………… Date: ………………………………………………………………………………………….. Faculty: ……………………………………………………………………………………… Letter of Transmittal

Date: March 16, 2013 Mahabbat Hosan Lecture of IBAIS University Dept. of Business Administration Subject: Submission of Internship Report Dear Sir, It is my great pleasure to submit the internship report on “Accounting Performance on Credit Management and legal Settlement at EXIM Bank overview. ” Which is the partial fulfilment of Bachelor of Business Administration of IBAIS University. I made sincere efforts to study related materials and documents, observe operations performed in EXIM Bank Experience and examine relevant records for preparation of the report.

Within the time limit, I have to make this report as comprehensive as possible. But there may be some mistakes due to various limitations. For this reason beg your kind consideration in this regard. Sincerely yours. Md. Saiful Islam ID NO. 0101092908 Department of Business Administration IBAIS University Table of contents Part A Organization ChapterTopicsPage No. 1About The Report 1. 1Origin of the Report 1. 2Background of the Report 1. 3Objects of the study 1. 4Methodology of the study 1. 4. 1Primary Source of Data 1. 4. 2Secondary Sources of Date 1. 5Data Processing & Analysis Banking in Bangladesh 2. 1 Introduction 2. 2 Evolution of the word “Bank” 2. 3 Emergence of Modern Banking 2. 4Bank Development in Bangladesh 2. 5Concluding Note 3EXIM Bank At a Glance 3. 1Historical Background of EXIM Bank Ltd 3. 2Profile of EXIM Bank 3. 3Credit Rating 3. 4Vision and Mission 3. 5Functions of the EXIM Bank Ltd. 3. 6Corporate Culture 3. 7Human Resource Management of EXIM Bank 3. 8Organizational Structure 3. 9Management of Rajuk avenue Branch organ gram 3. 10Management of EXIM Bank Ltd 3. 11Social Commitments 3. 11. 1EXIM Bank Foundation and CSR Activities 3. 11. . 1Healthcare service 3. 11. 1. 2Scholarship program for brilliant poor student 3. 11. 1. 3Helping people affected by natural calamities 3. 11. 1. 4Education Promotion Scheme (Interest free loan) 3. 11. 1. 5Helping people in slum areas 3. 11. 1. 6Donation to educational institutions to setup computer lab 3. 11. 1. 7 Beautification of Dhaka City 3. 12Achievement 3. 12. 1First private sector bank to open exchange house in UK: 3. 12. 2Implementation of the world renowned Core Banking Software (TEMENOS T24) 3. 12. 3Conversion from Conventional Banking to Shariah Based Islamic Banking . 13Performance of EXIM Bank Ltd. 3. 14Shariah Board 3. 14. 1Shariah Auditing 3. 14. 2Banking with shariah principles 3. 15SWIFT Services 3. 15. 1SWIFT Network 3. 15. 2SWIFT is the logical choice for most international financial transactions 3. 15. 3SWIFT Messages 3. 16ATM Network 3. 17List of Branches 4Theoretical Aspect of Credit Management and Credit Policy 4. 1Credit Policy 4. 1. 1Definition of Credit Policy 4. 1. 2Purposes of Credit Policy 4. 1. 3Formulation of a Credit Policy 4. 1. 4Essential Components of a Sound Credit Policy 4. 1. 5Lending Guidelines 4. 1. Focus on Industry and Business Segment 4. 1. 7Types of Credit Facilities: Bank will go for 4. 2Credit Management 4. 2. 1 Process of Credit Management 4. 2. 2 Policy guidelines 4. 2. 3 Program guidelines 4. 2. 4Tools of Credit Management 4. 2. 5Definition of Credit Risk Grading(CRG) 4. 2. 6Use of Credit Risk Grading 4. 2. 7Number and short name of grades used in the CRG 4. 2. 8Financial Spread Sheet in Credit Management Part B Project Analysis 5Investment Case by EXIM Bank 5. 1Introduction 5. 2 Economic Sector Wise Distribution of Fund 5. 3 Nature Wise Distribution of Loans and Advances . 4 Maturity Grouping of Distribution of Loans and Advances 5. 5Securities in Credit Management 5. 6Practical Cases 6Recovery of Investment Fund 6. 1Loan Recovery Programs 6. 2Recovery Programs taken by EXIM Bank 6. 3 Recovery Patterns of loan and advance 6. 4 Problems in loan recovery 7Classified Loan & Bank’s Performance 7. 1Introduction 7. 2Signs for Classification 7. 3Performance of EXIM Bank Limited 7. 4Evaluation of credit management of EXIM Bank from the customers’ point of view 7. 5Concluding Remarks Findings & Recommendation Bibliography Chapter 01 About The Report 1. Origin of the Report Present world is changing rapidly to face the challenge of competitive free market economy. To keep place with the trend every organization need executive with modern knowledge. To provide fresh graduate with modern theoretical and professional knowledge in banking and all other different institution management, IBAIS University has assigned the internship program for the students to help them out to have a practical knowledge to work in a real official environment. Under this course the students are sent to gather practical knowledge about working environment and activities.

As a prerequisite for the Bachelor of Business Administration Degree I was required to complete this internship program in a suitable business organization. I had been selected to work as an Internee in Export Import Bank of Bangladesh Limited, Rajuk Avenue Branch for a period of 3 months from October 13, 2012 to January 12, 2012. Md. Moidul Islam, Senior Vice President, HR division, Export Import Bank of Bangladesh Limited appointed me as an Internee. After discussion and getting consent, I started to work on the project titled Accounting Performance on Credit Management and legal Settlement at EXIM Bank Ltd an overview”. . 2 Background of the Report For completion of the BBA degree all of the IBAIS University, students have to go through an internship program in an organization. For this reason BBA students require to undergraduate internship program where they match practical knowledge with that of theoretical knowledge which the acquired throughout the degree. The degree doesn’t complete unless a written report submitted to the faculty, basing on what have the students learned through the internship program. Being a student of BBA, I have the opportunity to work at EXIM BANK Ltd.

Rajuk Avenue Branch. This report is prepared based on by observation during the tenor I was with them. 1. 3 Objects of the study The main objective of the study is the evaluation “Commercial Bank Credit Management EXIM Bank Ltd. ” To achieve the main objectives, the study covers the following specific objectives. ?To understand the Commercial Bank Credit Management and its overview ? To know about the banking operation. ?To understand the different services provided by the bank ? To gather practical knowledge on Banking & to compare theory with ongoing practices. To present the suggestions to solve identified problems. 1. 4 Methodology of the study For the organization part, much information will be collected from different published articles, journals, brochures and web sites. All the information incorporated in this report will be collected both from the primary sources and as well as from the secondary sources. Here all the customers of EXIM Bank Ltd. who come to Rajuk Avenue Branch and related with the branch at least two years for doing various financial transaction constitute the total population of the study.

The total samples are thirty clients who are related with the bank at least two years or more. I think they may represent the whole population. Each client who is conducting their business two years or more with Rajuk avenue Branch is a sample unit. 1. 4. 1Primary Source of Data Collecting data directly from the practical field is called primary source of data. The method that will be used to collect the primary data is as follows: Primary Sources are: •Face to face conversation with the employees. •Appointment with the top officials of the Bank. •By interviewing customers of the Bank. 1. 4. Secondary Sources of Date The secondary data will be collected from the MIS of EXIM Bank. To clarify different conceptual matters, internet and different articles published in the journals & magazines will be used. Secondary Sources are: ?Annual Reports of EXIM Bank ?Other published documents of Bangladesh Bank. ?Office files and documents ?Study related books and journals ?Group Instruction Manual & Business Instruction Manual ?Web sites 1. 5 Data Processing & Analysis Collected information have then processed & compiled with the aid of MS Word, Excel & other related computer software.

Necessary tables have been prepared on the basis of collected data and various statistical techniques have been applied to analyses on the basis of classified information. 1. 6 Limitations of the study In spite of having the wholehearted effort, there were some limitations, which acted as a barrier to conduct the program and for doing an empirical research work. The limitations were: ?The study was limited only to the EXIM Bank Limited. ?Another Problem was time constraints. The duration of my internship Program was only three months. But this allocated time is not enough for a complete and fruitful study. The Bank was a busy one having heavy rush of people, whom officers need to deal with. So allocation of time for an internee is very much tough for the officers of the bank. ?Bank is a sophisticate business sector. So bank do not interested to provide me confidential data. As a result in my report there is a confidential data limitation. ?Non availability of up to date data. ?EXIM Bank is an Islamic bank for that reason I face some problems to understand their products & facilities they provide. Because some of the rules of the Islamic banking are deferent from the general banking rules ?

The department people always remain busy due to lack of supporting employees so they could not dedicate their full efforts. Chapter 02 Banking in Bangladesh 2. 1 Introduction Bank is an establishment which makes such advances of money to individual, as may be required with which individuals entrust money when not required by them for use. A bank is one, who in the ordinary course of his business receives money which he repays by honouring cheques of persons from whom or on whose account he receives it. Banks deal mainly with money and credit. They purchase and sell money and credit. . 2 Evolution of the word “Bank” Etymology deals with the roots and origin of the word ‘bank’. Regarding etymology or origin of the word bank there is no unanimous opinion among the writers of banking. According to some writers the word bank derived from the word BANCO, BANCUS, BANQUE, and BANC, all of which mean bench upon which the early bankers used to display their coins and transact business in the market place. According to the some other writers the word ‘bank’ has been derived from the German word ‘BANKE’ which means a joint stock fund.

The 1st version is widely accepted because at one time the banking history, money changing was looked upon as the most widely accepted function of a banker. Banking in the ancient times was largely confined to money changing and money lending. 2. 3 Emergence of Modern Banking In middle Europe the bankers of Lombardy were very famous. To them belongs the credit of modern banking. In other words they planted the seed of modern banking in England. They settled in London at a place known as Lombard Street. Florence was the capital of Lombardy. Lombardy was a province in North Italy.

Most of the prominent bankers of their present were from Lombardy. Among those prominent bankers we can named one who were famous not only in banking but also in political history in Europe. These Lombardy people were very much disturbed in 13’s by internecine work which was followed by plunder by Kaiser Frederick two. Lombardy people in large number as a result started migrating to more settled countries such as England, French, and Belgium. In England these Lombardy people brought the idea of modern banking and thus England becomes the home of modern banking. . 4 Bank Development in Bangladesh Indigenous banking in Bangladesh is as old as banking in other parts of the world. Money used to be accepted as a deposit and advances used to be given. During Mughal period, indigenous banking flourished. The subarna banik the bullion trading community used to do banking in the then Bengal. Subsequently, larger banking in Bangladesh was gradually taken over by the upcountry bankers who were known as Seth, shah etc. but subarna baniks continued to operate in rural Bengal.

With the British gradually coming over to Bengal and settling here, banking in the form of agency house, exchanging house started to flourish in kolkata. Entry of the Bengalese into banking started in the part of this century, especially in the wake of the swadeshi movement. In 1947 after the separation of India and Pakistan, bank business faced a severe disaster as non-Muslim bankers migrated to India. In order to rebuild the bank business State bank of Pakistan was established as a central bank of Pakistan in 1948. In 1971 Bangladesh became independent.

After liberation “Bangladesh bank was automated with the asset and liabilities of former “State bank of Pakistan”. There were several banks before independence of Bangladesh as follows: (1) The national bank of Pakistan (2)The bank of Vowalpur ltd. (3)The premier bank ltd. (4)The Habib bank ltd. (5)The commerce bank ltd. (6)The united bank ltd. (7)The union bank ltd. (8)The Muslim commercial bank ltd. (9)The standard bank ltd. (10) The Australasia bank ltd. (11) The eastern mercantile bank ltd. (12) The eastern banking corporation ltd. Bangladesh Bank nationalization Order promulgated on 26 March in 1972.

After the liberation war the above 1st three banks were converted to The Sonali Bank, The 2nd two banks were converted to The Agrani Bank, the next two banks were converted to The Janata Bank, the next three banks were converted to The Rupali Bank, the next one bank was converted to The Pubali Bank and the last bank was converted to The Uttara Bank. Banks in Bangladesh have correspondent relationship with other banks in foreign countries in order to sell their services or to purchase services from them. A summary picture of the country’s commercial banks is presented in the table on Banks of Bangladesh.

Statement of Banks in the year 2011 Name of BankBranchesCorrespondent Banks Sonali Bank1307 (1)*369 Janata Bank898 (4)1160 Agrani Bank903980 Rupali Bank514 (1)160 Pubali Bank350433 Uttara Bank198300 National Bank66143 The City Bank 76252 United Commercial Bank79110 Arab – Bangladesh Bank62 (1)310 IFIC Bank54 (2)200 Islami Bank Bangladesh109650 Al-Baraka Bank Bangladesh34117 Eastern Bank2137 National Credit & Commerce Bank27232 Prime Bank20198 South-East Bank12190 Dhaka Bank12271 Al-Arafa Islami Bank 34127 Social Investment Bank1252 Dutch-Bangla Bank69 Mercantile Bank89 Standard Bank913 One Bank155

EXIM Bank37 Premier Bank 411 First Security Bank13 Mutual Trust Bank214 Bank Asia 55 Trust Bank525 Bangladesh Commerce Bank2413 * Figures in parentheses indicate number of overseas branches 2. 5 Concluding Note Today’s bank in Bangladesh has not developed over night. Before and after independence of Bangladesh the concept of bank was developed in Bangladesh gradually. So I can easily say that bank history is as ancient as the human civilization. Chapter 03 EXIM Bank at a Glance 3. 1 Historical Background of EXIM Bank Ltd EXIM Bank Limited was established in 1999 under the leadership of Late Mr.

Shahjahan Kabir, founder chairman who had a long dream of floating a commercial bank which would contribute to the socio-economic development of our country. He had a long experience as a good banker. A group of highly qualified and successful entrepreneurs joined their hands with the founder chairman to materialize his dream. Indeed, all of them proved themselves in their respective business as most successful star with their endeavor, intelligence, hard working and talent entrepreneurship. Among them, Mr. Nazrul Islam Mazumder became the honorable chairman after the demise of the honorable founder chairman.

This bank starts functioning from 3rd August, 1999 with Mr. Alamgir Kabir, FCA as the advisor and Mr. Mohammad Lakiotullah as the Managing Director. Both of them have long experience in the financial sector of our country. By their pragmatic decision and management directives in the operational activities, this bank has earned a secured and distinctive position in the banking industry in terms of performance, growth, and excellent management. The authorized capital and paid up capital of the bank are Tk. 3500. 00 million and Tk 2677. 80 million respectively.

The bank has migrated all of its conventional banking operation into Shariah based Islami banking since July/2004. 3. 2 Profile of EXIM Bank •Legal Status. Public Limited Company •Establish 1999 •Incorporated 2nd June,1999 •Activity Starts 3rd August,1999 •Islamic Banking 1st July,2004 •Listing with Dhaka Stock Exchange September, 2006. Listing with Chittagong Stock Exchange September, 2006. •Inauguration of First Branch 3rd August, 1999. •Authorized Capital TK. 1000Million •Profit TK 4967563969 million •Total Asset TK 41793540. 962 million •Shares TK 2233254288 million •Paid up Capital TK 878. 5 Million •Reserve Fund TK 569. 98 Million •Number of Employees 1630 Persons •No. of Branches 52 •Proposed Branches 08 3. 3 Credit Rating oLong Term A-(Adequate Safety) oShort Term ST-3 (Good Grade) 3. 4 Vision and Mission ?To be the finest bank in the banking arena of Bangladesh under the Shariah guidelines. Contribute significantly to the national economy ?To maintain Corporate and business ethics. ?To become a trusted repository of customers’ money and their financial advisor. ?To make our stock superior and rewarding to the customers/share holders. ?To display team spirit and professionalism. ?To have a Sound Capital Base. ?To provide high quality financial services in export and import trade. ?To provide excellent quality Customer service ?To provide standard financial services. ?Wealth maximization 3. 5 Functions of the EXIM Bank Ltd ?The main task of the EXIM Bank Ltd. s to accept deposit from various customers through various accounts. ?Provides loans on easy terms and condition. ?The bank invest it fund in to profitable sector. ?It transfers money by Demand Draft, Pay Order, on line and Telegraph Transfer. ?The bank is doing the transaction of bill exchange, cheque etc. on behalf of the clients. ?EXIM Bank assists in the foreign exchange by issuing LC. ?Above all, EXIM Bank helps the businessmen financially by giving discount facility for bill of exchange and by providing the facility of letter of guarantee. 3. 6 Corporate Culture

This bank is one of the most disciplined Banks with a distinctive corporate culture. The bank believes in shared meaning, shared understanding and shared sense making. The employee of the bank can see and understand events, activities, objects and situation in a distinctive way. They mould their manners and etiquette, character individually to suit the purpose of the Bank and the needs of the customers who are of paramount importance to the bank. The people in the Bank see themselves as a tight knit team/family that believes in working together for growth.

The corporate culture we belong has not been imposed; it has rather been achieved through our corporate conduct 3. 7 Human Resource Management of EXIM Bank Human resource is the fundamental asset of the organization. Human resource approach is concerned with the growth and development of people toward higher level of competency, creativity and fulfillment. Therefore, human resources development has been given its due importance in an environment that’s values performance, teamwork, fairness and integrity, it has both quantities dimension .

EXIM Bank recognizes that intellectual capital is the most important asset for a financial institution. Without proper and efficient human resources, no organization. The Bank believes that the professional competence Bank personal and its commitment for accomplishing assigned responsibilities are a first line of defense to prevent irregularities. •The objectives of Human Resource Management of EXIM Bank are as follows: oConduction of job analysis. oPlanning employee needs and recruiting job candidate. oSelecting job candidates. Orienting and training of new employees. oManaging wages and salaries (compensating Employees). oProviding incentives and benefits. oAppraising performance. oCommunicating (Interview, counseling, disciplining) oTraining and developing managers. oBuilding employee commitment. 3. 8 Organizational Structure 3. 9 Management of Rajuk Avenue Branch Organ gram 3. 10 Management of EXIM Bank Ltd Management is the process of planning, organizing, leading and controlling the work of organization member and of using all available resources to reach stated organizational goals.

The strength of the bank depends of the strength of its management team. EXIM Bank is proud to have a team of highly motivated, well-educated and experienced executive who have been contributing substantially to the continued progress of the bank. Managerial effectiveness has been measured in EXIM Bank in terms of come selected criteria such deposit mobilization, loans and advances made, loan recovery, profitability’s and productivity, it has been found that EXIM Bank is effective in respect of branch expansion, loan disbursement, loan recovery etc.

With a short span of time, EXIM Bank has become one of the leading and most successful bank not only among the third generation banks but also it superseded many other bank and financial institutions belonging to second and even first generation banks from the point of view under the dynamic leadership of its management. Management is trying to support and assist well motivated and experienced affairs to run day to day affairs of the bank smoothly.

For maintains quality management, its required to train up more official at head office and branch level in respect of sanctioning, disbursement and recovery of credit, project appraisals, customer services etc 3. 11 Social Commitments 3. 11. 1 EXIM Bank Foundation and CSR Activities At least 2% of the annual profit of every year is put aside for the foundation to conduct Corporate Social Responsibilities (CSR) activities. The mainstream CSR activities that are carried out through this foundation are:- •Healthcare service. •Scholarship program for brilliant poor student. •Education Promotion Scheme (Interest free loan). Helping people affected by natural calamities. •Helping people in slum areas. •Donation to educational institutions to setup computer lab. •Beautification of Dhaka City. 3. 11. 1. 1 Healthcare service A 5 storied building having 10,000 sft floor space at 840 Kazi Para, Rokeya Sarani, Mirpur, Dhaka-1216 has been hired to set up EXIM Bank Hospital. The decoration of this hospital is going on in full swing. A doctor has been recruited who is working as a resident director of the hospital. Other doctors and hospital staffs have been in the process of selection through recruitment notice already published in the national dailies.

They will be appointed as soon as the decoration of the hospital is complete. 3. 11. 1. 2 Scholarship program for brilliant poor student This is a stipend package for poor and meritorious students that take care of the beneficiaries throughout their student life. EXIM Bank Scholarship Programme, launched in 2006 with 61 poor and meritorious students selected from different reputed educational institutions of Dhaka City including Govt. Laboratory High School, Viqarunnissa Noon School and College, Dhaka University, BUET, Dhaka Medical College, etc. nrolled as many as 1000 students from around 150 reputed educational institutions across the country by 31 December 2008. They are enrolled in the this programme to be taken care of for their whole educational life subject to their fulfilment of the eligibility criteria that include satisfactory academic results, non-involvement in student politics, financial insolvency etc. So far Tk. 19. 3 million has been disbursed as scholarship under this programme. 3. 11. 1. 3 Helping people affected by natural calamities Another vital area we are dealing with as part of our CSR activities is helping people survive natural calamities.

Under this welfare programmer, EXIM Bank provides relief in cash and kind for flood, fire or cyclone victims and cold-stricken people. The aim of these CSR activities is to help the target group overcome their provisional handicap and contribute to the socio-economic growth as soon as possible. 3. 11. 1. 4 Education Promotion Scheme (Interest free loan) Under Education Promotion Scheme, quard or interest-free loan is provided for poor and meritorious students to help them bear monthly educational expenditure including academic expenses, food, accommodation, etc.

The quard is disbursed to the selected students in monthly installments till their accomplishing the master degree. Under this programme the students are required to repay the amount (only the principal amount) in long-term monthly installments after they have joined a confirmed job accomplishing their education properly. By 31 December 2008, Tk. 19. 7 million was sanctioned to take care of around 138 poor and meritorious students from a number of reputed educational institutions like Dhaka University, Chittagong University, Dhaka Medical College, BUET, Bangladesh Agricultural University, Shahjalal University of Science and Technology etc. . 11. 1. 5 Helping people in slum areas Besides natural calamities, fire breaks out sometimes in slum areas that guts the shanties and renders the affected people totally helpless. In that situation, we help the victims fight against the hard days and return to normal life. 3. 11. 1. 6 Donation to educational institutions to setup computer lab We have donated to Dhaka University and Chittagong University to set up two computer labs that help the students of those universities acquire ICT knowledge. This will certainly help the students to be ready to take the challenges of this information society. 3. 11. 1. Beautification of Dhaka City In response to the call of the Dhaka City Corporation, EXIM Bank has been sharing a good portion of the mammoth task of beautifying the capital since 2005. To make the capital a modern city enriched with adequate urban amenities, EXIM Bank always joins hands with the government. 3. 12 Achievement 3. 12. 1 First private sector bank to open exchange house in UK In order to ensure delivery of smooth and most reliable remittance services to NRBs living and working in UK, Export Import Bank of Bangladesh Limited (EXIM Bank) has started operation of its wholly owned subsidiary “EXIM Exchange Company (UK) Ltd”. n 30th June 2009 in London, United Kingdom, one of the oldest destinations for the expatriate Bangladeshis. It is the first exchange house owned by a Bangladeshi private bank. Bangladesh Bank Governor Dr. Atiur Rahman inaugurated the exchange house as the Chief Guest, while H. E. Dr. M. Sayeedur Rahman Khan, Honorable High Commissioner, Government of the People’s Republic of Bangladesh, was present in the program as special guest. Chairman of EXIM Bank and Director of EXIM Exchange Company (UK) Ltd. Mr.

Md Nazrul Islam Mazumder presided over the program. Deputy High Commissioner Mr. Allamah Siddique, Director of EXIM Bank Mr. Muhammed Nurul Fazal Bulbul, Mrs Nasrin Islam, Mr. Abdullah-Al-Zahir Swapan, Mr. Md. Shahidullah, Managing Director of EXIM Bank Mr. Kazi Masihur Rahman and local elites were also present in the opening ceremony. With the opening of EXIM Exchange the Bangladeshi expatriates will now be able to send remittances to their family members back home within shortest possible time through online transfer to all the branches of EXIM Bank.

EXIM Exchange Company (UK) Ltd is located at the Universal House of Wentworth Street London which is a very convenient location for the Bangladeshi community and business houses. Unlike any other exchange company operating in UK, as EXIM Exchange is completely owned and supervised by EXIM Bank under the approval of Bangladesh Bank and UK regulators, it is expected to be the most reliable and trusted Exchange House for the NRBs. 3. 12. 2 Implementation of the world renowned Core Banking Software (TEMENOS T24)

All the branches of EXIM Bank have been using branch based banking software named PcBank2000 developed by Leads Corporation, Bangladesh. In order to replace this software with a centralized Shariah Based Islami Banking software, the bank management has made an agreement woth TEMENOS Switzerland to implement its world renowned Core Banking Software T24. Implementation of this software has been started at the end of the year 2007. A team comprising very skilled employees from both business and IT of the bank has been working day and night for implementing the Software. The team has been given training on the software from Chennai, India.

Working very hard with the foreign consultants during the last one and half year, this team has successfully migrated our Motijheel branch and Head Office on 03/05/2009 after completing gap analysis, customization of the software and User Acceptance Test (UAT). The Motijheel branc