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Bank Alfalah Ltd.

EXECUTIVE SUMMARYFollowing privatization, Bank Alfalah emerged as new identity of

Habib Credit and Exchange Bank with a revived purpose and commitment.

Charged with the strength of Abu Dhabi consortium and under the

leadership of His Highness Sheikh Nahayan Mabarak Al-Nayayan, the bank

has already made significant contributions in building and strengthening

both corporate and retail banking sector in Pakistan.

Designing the product portfolio of bank in response to the customer’s

preferences, the product like Royal Profit, Royal Patriot and Royal Custodial

are prime examples of quality and innovation providing timely banking

opportunities to the customers of bank.

Assessment of the needs and wants of the customers is an ongoing

process at Bank Alfalah, which helps to continually develop new products

and services. To continuously offer courteous, professional and advanced

banking solutions, the team of bank has recently been rejuvenated by going

though training programs with a focus on information technology.

To make their banking solutions become accessible to more and more

people, they have embarked upon a rapid expansion program, aiming to

provide a networking that makes the services available to any of their

customers in all the major urban centers of Pakistan- with a view to go

international in the near future.

Business Institutions 1

Bank Alfalah Ltd.

With their key indicators of progress already soaring to new heights,

the bank is committed to dedicate all its energies, resources and time to

bring higher value and satisfaction to their customers, employees and

shareholders.

The graph of bank is going up and up every year. The ratio of profit is

increasing at good percentage. The bank is serving the people at high level

of standard by going according to the whishes of the customers.


Bank Alfalah Ltd.

COMMERCIAL BANKING SCENARIO IN PAKISTAN

At the time of independence in 1947, there were 38 scheduled banks

with 195 offices in “Pakistan” but by December 31, 1973, there were 14

scheduled Pakistani commercial banks with 3,233 offices all over Pakistan

& 74 offices in foreign countries.

Nationalization of Banks was not done 1st January 1974 under the

Nationalization act 1974, due to certain objectives. But it had negative

effects on efficiency of the banking sector afterwards a privatization

Commission was set up on January 22, 1991, the commission transferred

many banks to the private sector i.e., MCB & ABL. The government

approved & permitted the establishment of 10 new private banks in

1991;hence many new private banks have incorporated, since then, BANK

ALFALAH in one of the namely established private scheduled banks in

Pakistan.


Bank Alfalah Ltd.

INTRODUCTION TO BANK ALFALAH

Bank of Credit & Commerce International (BCCI) was a Pakistan

based bank, established by Mr. Agha Hassan Abdi from UBL, in association

with U.A.E and Europe. BCCI has its branches in 74 different countries of

the world. It had its 3 branches in Pakistan. In 1991, the BCCI was banned,

when is was accused by European countries that the bank was involved in

some illegal operations with Gulf countries. The major reason behind

European accusation was that BCCI was of Islamic mode. Therefor, the

bank was closed due to international pressure. Then, its 3 Pakistani branches

were taken over by the Government of Pakistan, which were named as

Habib Credit and Exchange Bank (HCEB) and these were working as

subsidiary of Habib Bank Limited.

Following the privatization in July 1997, Habib credit and Exchange

Band assumed the new identity of Bank Alfalah on February 25, 1998. It is

now Abu Dhabi based bank as the family of Sheikh Nahayan Mubarik Al-

Nahayan purchased 70% of its shares and 30% shares remained with Habib

Bank on behalf of Government of Pakistan.

It has its 18 branches in 8 cities of Pakistan. The Multan branch has

recently been opened in May 1999. It is not listed on any stock exchange of

Pakistan.


Bank Alfalah Ltd.

Charged with the strength of Abu Dhabi consortium, and under the

leadership of His Highness Sheikh Nahayan Mabarak Al-Nahayan, Minister

of Higher Education and Scientific Research, Government of Abu Dhabi,

and a prominent member of Royal Family, the bank is energized with the

vision, envisaging the development of various sectors in Pakistan.


Bank Alfalah Ltd.

MISSION/OBJECTIVES

Edge on competitors.

High profits.

Expansion of strong structure.

Variety of Products.

A good banking standard.

BANK ALFALAH’S SLOGANLet’s Look Ahead Towards a Brighter Future. Together.

BANK BELIEVES

Every door leads to our customers.

The legacy of leadership stands as our guiding light.

The strength of chain relies on the strength of each link.

A keen ear is a key to understanding. Achievement is nothing

without target.

Time is our most valuable asset.

Performance is nothing without the ability to measure it.

Every drop counts.

BRANCHES NETWORKBusiness Institutions 6

Bank Alfalah Ltd.

Bank Alfalah has its 18 branches in 8 cities of Pakistan. Detail is as under:

KARACHI Main branch, B.A. Building, I.I. Chundrigar Road.

Cloth Market Branch.

Clifton Branch.

Shahrah-e-Faisal Branch.

Karachi (new Branch).

LAHORE Kashmir Road Branch.

Gulberg Branch.

Defense Branch

RAWALPINDI Mall Road Branch.


Bank Alfalah Ltd.

OTHER BRANCHESOther Branches are in:

Sialkot.

Islamabad.

Peshawar.

Multan.

Faisalabad.

Quetta.

Sukkur.

Hyderabad.

Gujranwala.

Now, Bank Alfalah is going to establish its branches in some foreign

countries. Hopefully, in Dhaka (Bangladesh) and Bahrain, its branches will

be opened in the year 2001. Some branches will also be opened in European

countries.


Bank Alfalah Ltd.

THE BOARD

The list of Board of Directors of Bank Alfalah Limited is as under:

H.H. Sheikh Nahayan Mabarak Al-Nahayan.

Mr. Abdulla Naseer Hawalled Al-Mansoori.

Mr. Abdulla Khalil Al-Mutawa.

Mr. Omar Z. Al-Askari.

Mr. Naeem Iqbal Sheikh.

Mr. Ikram-ul-Majeed Sehgal.

Mr. Muhammad Saleem Akhtar.


Bank Alfalah Ltd.

THE CORE GROUP

In the core group, there are 2 committees, i.e.,

Board Advisory Committee.

Executive Committee.

BOARD ADVISORY COMMITTEE Mr. Omar Z. Al-Askari.

Mr. Abdulla K. Al Mutawa.

Mr. Ganpat Singhvi.

Mr. Bashir A. Tahir.

EXECUTIVE COMMITTEE Mr. Mohammad Saleem Akhtar.

Mr. Ikram-ul-Majeed Sehgal.

Mr. Parvez A. Shahid.

Mr. Tanveer A. Khan.

Mr. Mohammad Yousaf.

Mr. M. Waqas Mohsin.

AUDITORS A.F. Ferguson & Co.

Chartered Accountants.


Bank Alfalah Ltd.

ORGANIZATIONAL CHARTS


Bank Alfalah Ltd.

FEATURES Bank Alfalah Limited is and established bank. It has some special

features with the help of those it is growing rapidly.

GOOD WORK ENVIRONMENT

As the work environment plays a great role in this competition age, so

the bank has good work environment. All the people work with cooperation;

managers are so kind that each problem can be discussed with them.

EFFICIENCY

Employees at Bank Al-Falah are quite efficient. As Multan branch is a

new one, its employees have to bring their bank among the list of good

banks. Therefore, they work more than their working hours and it is all

according to their will. It also shows their loyalty, commitment to

organization.


Bank Alfalah Ltd.

CUSTOMER SERVICES

All the customers are entertained individually. Same kind of behavior

and attention is given to all the customers.

SUGGESTIONS ASKED FROM CUSTOMERS

Getting ideas for improvement from customer side is a new idea and

that is working very well in Bank Alfalah Ltd. All the customers are asked to

fill a suggestion form and the standards of the bank are improved through

them.

EMPLOYEE BENEFITS

Employees are given the benefits like bonus, gratuity funds, loans,

increments, house rent, medical and conveyance.

Computerized Working Environment

In bank, all the work is done on computers. All the entries are made in

computer. Balance are fed into the computer. This increases efficiency of the

bank.


Bank Alfalah Ltd.

SHARE CAPITAL

The authorized capital of Bank Alfalah is of Rs. 1000 Million

(100,000, 000) Paid-up capital is of Rs 600 Million (600,000,000) ordinary

shares of Rs.10 each issued for cash.

PRODUCTS

Prioritizing its product portfolio in line with its corporate and

consumer needs and wants the bank is committed to develop products that

give more value to its customers in both the sectors.

Following their trend of bringing value added products and services to

their customers the bank has present Royal Group, Royal Profit and Royal

Patriot.

ROYAL GROUPRoyal Group is a joint investment plan that allows individuals to invest

money collectively and earn higher rate of profit.

Deposit Amount Rate

100,000-999,999 9.50 %

1,000,000-9,999,999 9.70 %

10,000,000 and above 10.00 %

ROYAL PROFIT


Bank Alfalah Ltd.

It is the profit obtained by individuals on their deposited amount.

Deposit Amount Rate

50,000 to 999,999 9.00 %

1,000,000 to 9,999,999 9.50 %

10,000,000 & Above 10.50 %

ROYAL PATRIOTIt is similar to term deposit. In term deposit one get no benefit of profit when

he withdraws his money before maturity date. But in case of Royal Patriot if

one withdraw his money before the maturity date, he can get the benefit of

profit. The profit rates for different periods are following:

Duration 1Month 3Months 6Months 12Months 2Years

Amount Rate Rate Rate Rate Rate

25,000-999,999 8.00 % 10.00 % 10.50 % 11.00 % 11.00 %

1,000,000-4,999,999 8.10 % 10.10 % 10.60 % 11.10 % 11.25 %

5,000,000 & Above 8.20 % 10.25 % 10.70 % 11.20 % 11.50 %


Bank Alfalah Ltd.

FINANCE POLICY

Bank Alfalah finance on short term basis only against current assets to

its customers in both corporate and consumer sectors. They don’t invest too

much in fixed assets. Maximum credit for short term is Rs. 50 Millions for

one party, they don’t go beyond five years financing.

FINANCING SCHEMES

The bank has introduced many financing Schemes such as Term

Finance & Royal Personal Finance. The bank has recently introduced a Car

Finance Scheme.

Royal Personal Finance

This is the facility for individuals to finance their domestic requirements

such as purchase of household equipments, computers, funding of education,

marriage, planning a holiday, payments of credit card bills, other liabilities

or any other personal requirement.

Facility Range Minimum Rs. 50,000 Maximum Rs. 500,000

Tenure From 1 to 3 years.


Bank Alfalah Ltd.

Maximum Loan Entitlement (Approximately)

Tenure 1 year 2 years 3 years

Factors 0.09168 0.04993 0.03615

ALFALAH CAR

It’s a scheme that enables one to own his desired car at easily

affordable and flexible installments with a minimum down payment and

insurance.

SALIENT FEATURES

Lowest Financing cost available in the market

Tenure of 1 to 5 years as per individual requirement

Quickest processing

Minimum processing charges: Rs. 3000 payable once

Down Payment requirement of 25%

Repayment through monthly installments

Lowest Insurance rates available from bank’s approved insurance

companies


Bank Alfalah Ltd.

MONTHLY INSTALLMENTS

Monthly Installments for Alfalah Car can be calculated by multiplying

Bank’s financing amount with the following factors:

Periods Factors

For 12 months

For 24 months

For 36 months

For 48 months

For 60 months

0.09072

0.04962

0.03609

0.02944

0.02553

ELIGIBILITY CRITERIA

All Businessmen, Corporate Employees, and other salaried or self-

employed professionals having net take home income in excess of three

times the monthly installment.


Bank Alfalah Ltd.

ACCOUNT OPENING DEPARTMENT

Borrowing funds from different sources has become an essential

feature of today’s business enterprises. But in the case of bank borrowing

funds from outside parties is more vital because the borrowed capital of a

bank is much greater their own capital. Banks borrowing is mostly in the

form of deposits. These deposits are lent out to different parties such deposit

creation is done through open an account in the bank.

The Bank does not make payment of a cheque bearing a six-month or

older date. If an account is not operated in six months, it is called Dormant

Account.

TYPES OF ACCOUNT

Current Account.

Saving Account.

Notice Deposit.

Term Deposit.


Bank Alfalah Ltd.

CURRENT ACCOUNT

There is no interest on these accounts. It is only for transaction

purposes. They paid on demand. Where a banker accepts, paying all checks

drawn against him to extend of the balance in the accounts. As there is no

profit paid on this account, it is also called checking account because cheque

can be drawn on it. Current account is mostly opened for business. The

minimum balance requirement for opening the current account is Rs. 1000.

SAVING ACCOUNT

The purpose of this account is to introduce the habit of saving

individuals in the neighborhood. The profit on saving accounts is paid on the

basis of profit and loss sharing at 9 % six monthly. The minimum balance

requirement for opening the account is Rs.5000.

NOTICE DEPOSITS

Notice Deposits are kind of fixed deposits. The minimum balance

requirement for opening the account is Rs. 5000 and payment is drawn on

maturity of the specific period.

NOTICE DEPOSIT IS OF TWO TYPES.


Bank Alfalah Ltd.

One for which a prior notice of 30 days and is required from the customer

before withdrawing deposited amount and for which rate return is 6.10%.

Second for which a prior notice of 30 days and above is required from the

customer before withdrawing deposited amount and for which the rate of

return is 7.50 %.

TERM DEPOSIT

A term deposit is a deposit that is made of a certain period of time. At

the end of specific period the customer is allowed to with draw the principal

amount. The rate of return of this account varies from 8 % to 13 %. The term

deposit account varies from one month to 5 years and the minimum balance

requirement is Rs. 5000.


Bank Alfalah Ltd.

PROFIT CALCULATION METHODSDAILY PRODUCT BASISDeposited Amount × Rate of return.

365 (No. of days in a year)

AVERAGE MONTH BALANCE.

Sum of daily end Balance

× Rate of return

No. of days in month

MINIMUM MONTH BALANCE

Any minimum balance during the month is taken for calculating profit

SAVING A/C (05 DAYS _ MINIMUM MONTHLY

BALANCE).

Minimum Balance of first 5 days is compared to the minimum balance of

the minimum balance of remaining 25 days. Less balance is calculated

for profit.

The amount of profit is given to deposits in three ways:

Cash payment ( only in case of term Deposits ). Or as per customer

requirement.


Bank Alfalah Ltd.

By sending bank draft to depositors home address or officers or

whichever is specified as mailing address.

The depositor’s account is credited at maturity.

Amount of Deposits & Other Accounts in 1999.

Fixed Deposits Rs. 4,038,133,000.

Saving Deposits Rs. 8,734,265,000.

Current Accounts Rs. 1,499,657,000.

Margin, Call & Sundry Deposits Rs. 158,708,000.

Deposits of Federal Government Rs. 1,389,710,000.

Particulars of Deposits & Other Accounts

In Local Currency Rs. 8,829,008,000.

In Foreign Currencies Rs. 6,991,465,000.

Total Deposits Rs. 15,820,473,000.

ACCOUNT OPENING PROCEDURE

For the chequing account, there are different types of account holders are

required for all these types of account holders. The operation/procedure

requirement that is needed for “Individual Account” differs greatly from


Bank Alfalah Ltd.

the “Joint Accounts” proprietorship A/C, Partnership A/C, Private

Limited company A/C and Public Limited Company A/C.

INDIVIDUAL’S ACCOUNT

When a single man or woman opens an account in his or her own

name and has the right to operate, it is called individual A/C.

DOCUMENTATION

Copy of National Identity Card.

Proper Identification ( Introduction ).

OPERATION

The person place in the type of account and type of operation required

in the account opening form.

He/she fills in part 1 of the form, a fix his/her either two of four

similar signature ( or thumb expression in the signature space ) and

get it introduced and signed by a person who already has an account

with the bank and write his account number in the specific rows in a

specific space.


Bank Alfalah Ltd.

The person fills his or her father, mother, husband/wife or any other

relative’s name, his/her address, phone number, his or her sign to

certify this requirement. This requirement is needed because in his/her

absence bank can have correspondence with a specific person.

The person deposits the initial amount for opening account onto the

cash counter. The person put his signature on form on two places in

“authorized Signature” and fills in the “Title of Account” space by

writing his name.

If the person put his signature in Urdu or any other language other

than English, he signed a “Vernacular Form”.

The next day is opening of account

JOINT ACCOUNT

When two or more persons neither partners nor, trustees, open an

account in their name is joint account.

DOCUMENTATION

copy of N.I.C card.

Identification ( Introduction ).


Bank Alfalah Ltd.

OPERATION The person checks the type of account and type of operation required

in the respective box on the form.

The person fills the Part-1 and Part-II

Signature of box or all persons are obtained on the formed in the area

specified for signature.

In the title of account space names of all persons maintained.

Account holders specified in the form that they will operate the form

singly or jointly.

PROPRIETORSHIP ACCOUNT

When the owner of the firm operating singly, open an account in his firm

name.

DOCUMENTATION

Copy of N.I.C.

Status of the firm.


Bank Alfalah Ltd.

Copy of Sole Proprietorship Declaration.

OPERATION

All operation remains the same, except that the firm name is written in

“title of account” area and Signature of the proprietor in the specified

area.

PARTNERSHIP ACCOUNT

The account is opened in the firm name and all partners designate one or

two persons to act behalf of the partnership firm all acts of the firm

jointly and serverly.

DOCUMENTATION Copy of N.I.C of all partners.

Status of the firm ( In case of registered firm ).

The attested copy of Partnership Deed (in case of registered firm ).

Operation of the A/C (as per deed).

Third party Mandate.

Letter showing the authority of one or more partners to act on.


Bank Alfalah Ltd.

OPERATION

All other requirements are same except that all partners dully sign the

form, cards are signed by all of those partners who will act on behalf of

the firm.

PRIVATE LIMITED COMPANY ACCOUNT

DOCUMENTATION

N.I.C of all partners.

Articles and Memorandum of association.

List of directors.

Resolution of Board of directors.

Certificate of Incorporation Form 29 (B) (Lasted Copy).

Company secretary will certify all these copies.

OPERATION

The person authorized in the resolution of the board of directors

put their signature on the S.S Card.

Next of Kin requirement is not need in a case of Private Limited

Company. Other procedure is same.


Bank Alfalah Ltd.

After completing each and every formalities are signed by all

partners who will act on behalf of the firm.

PUBIC LIMITED COMPANY ACCOUNT

DOCUMENTATION Copy of N.I.C of all partners.

Articles and Memorandum of association.

List of directors.

Resolution of Board of Directors.

Certificate of commencement of Business.

OPERATIONOperation is same as Private Limited Company

.


Bank Alfalah Ltd.

RESPONSIBILITIES OF ACCOUNT OPENING DEPARTMENT

Documentation Intact.

Proper Introduction.

ChequeBook Issuing.

Receiving Inward cheques.

Account Closing.

Every Day Posting.

ACCOUNT CLOSING When a customer wants to close his account because of any reason, he

has to give a hand written application to the head of the Operations

Department to close his account, plus remaining leaves of the chequebook.

The Operations Manager first verifies the signatures of account holder, then

closing is done from the registers on the computer where the account was

opened. In the file of account holder, his account opening form is also

crossed.

For this closing, a fee of Rs. 150 is charged in Bank Alfalah.

CHEQUE BOOK ISSUANCEWhen the account is opened, then, the customer is given a cheque

book to sign upon and en cash money. It is proceeded as under.


Bank Alfalah Ltd.

PROCEDUREAll the account opening formalities must be completed before, issuance

of cheque book. Particulars of the chequebook requisition should be

completed containing title of account, account number, type of currency,

number of leaves and signature of the customer. Signature of, the customer

are verified on the requisition.

If customer is unable to collect his chequebook, then he can give authority to

the 'third person to collect his cheque book' on his behalf by signing on the

back of .the requisition. In such case, the particulars of the third person are

required like name of the person, NIC number and signature of that person

on requisition and chequebook issuance register.

Chequebook is taken out from the safe/locker. It is assured that series

of the chequebook is in order. Particulars are entered in the cheque book

issuance register. Account number is stamped on every leaf of the cheque

book and those leaves are counted. Name of the account holder is written on

the cover of the cheque book and requisition on the chequebook for further

issuance is properly filled stamped and signed by officer of the bank.

Chequebook is delivered to the customer and his signature is taken on

the cheque book issuance register, cheque serial number is entered in the

system (Bank Excel).

Stock of Cheque books are balanced at the end of each day and kept

under safe custody.


Bank Alfalah Ltd.

Earlier in the banks were charging a fee for issuance of cheque book,

but now whenever a new account is opened, the account holder is issued a

cheque book free of charge.

Bank Alfalah issues the following chequebooks. Saving account - 25 leaves

Current account - 50 leaves

Current account - 25 leaves

Foreign currency $ - 10 leaves

Foreign currency £ - 10 leaves

Loose cheques are also issued in some cases.

RECEIVING INWARD CHEQUES

Another responsibility &function of Account Opening Department is

to receive Inward cheques for collection of other banks. These cheques

are sent to clearing official who clears these cheques at SBP from other

banks.

EVERY DAY POSTING

At the end of each day, Posting of cheque books is performed. The

account opening department makes credit vouchers of excise duty and

provincial tax on chequebook leaves, and posts it in the company.


Bank Alfalah Ltd.

CASH DEPARTMENT

Mr. Aqeel and Mr. Jawad helped us in learning about Cash

Department. Cash Department performs two main functions:

Cash Deposits

Cash Payments

CASH DEPOSITSCash receiving officer receives cash along with pay-in slip from the

customer. He checks if the deposit slip is properly filled up containing title

of account, account number, date and amount in word and figures. He also

verifies signature. Detail on both counter file and cash receipt voucher

should be the same. Cash is received by the cash receiving officer, twice

counted and matched with the deposit slip. The cash details are written on

the back of the deposit slip and are also entered in cash receiving register.

Cash received stamp is affixed on the face of the deposit slip along with the

signature of the cash receiving officer.

Deposit slip and cash receiving register is given to the officer in cash

department. Again proper scrutiny is made by the officer cash department

both on cash receipt and cash receiving register. Officer cash department

signs both the deposit slip and register; Deposit slip is credited and posted in

the concerned account in the system.


Bank Alfalah Ltd.

Counter folio is given to the depositor as receipt. One consolidated

cash debit voucher is posted in the system to balance the cash.

PAYMENT OF CHEQUESThe process for payment of cheques for local and foreign currency is

same. First the customer presents the cheque or holder to branch and the

particulars of cheque are properly filled in. Signature of the holder is taken

on the back of the cheque. Cheque handed over to the officer cash

department for scrutiny where officer checks the date, amount in words and

amount in figures, payee's name crossing if any, account number, cheque

serial number, any material alterations, endorsements and signature of the

customer. Account is debited and then the officer cancels cheque. It is

posted in the system and posting stamp and number is affixed on it. Cheque

is handed over to the cash payment officer for payment. One more signature

on the back of the cheque is taken from the holder to match with the first

one, and then cash is paid to the payee. Cash detail is written on the back of

the cheque. Cash paid stamp is affixed on the face of the cheque. Entry is

passed in the cash payment register.

If the payment is of Rs. 50000 the cashier can make it on its own. If

the amount is greater than Rs. 50000 to Rs. 100,000 the cashier and cash

deposit Incharge will verify the check and will sing it. Then the payment

will be made. But, if the amount is greater than Rs. 100000 to Rs. 1000,000

the manager operation will also verify the check and sign it so that the


Bank Alfalah Ltd.

payment can be made. If the amount is greater than Rs. 1000,000 the Branch

Manager

Will also verify the check and sign it. Otherwise the payment will not

be made.


Bank Alfalah Ltd.

CLEARING DEPARTMENT In clearing, Mr. Anees remained so helpful. The clearing process

majority involves receiving the cheques and making payments. This process

can be inward or outward.

CLEARING PROCESS (INWARD/OUTWARD)

Here the local cheques are received that are drawn on BAF. All the

cheques are received on one counter alongwith the paying slips duly filled in

properly containing particulars of cheques and account harder. Counter folio

of paying slip is handed over to the customer by putting stamp for #cheque

received for collection for Bank Alfalah' on it duly signed by officer. . These

cheques are scrutinized and cheques for local clearing are separated from

OBC. These are then entered in clearing register and cheques for collection,

are entered in OBC register and handed over the Bills Department for

collection.

Clearing officer checks and verifies title of all the cheques deposited

by the customers to confirm the good title of the cheques. Cheques are

scrutinized properly and paying slips are separated from cheques. Special

crossing, endorsement and clearing stamps are affixed on the cheques.

Cheques of each bank are sorted and arranged branch wise. All the cheques

are then entered into the clearing system of the bank. Print out of the

clearing is taken and details are attached with the cheques of each bank.

Details of these banks are then entered into the clearing schedule containing


Bank Alfalah Ltd.

number of cheques presented and their total amount against the name of

each bank. Then total number of cheques presented to all banks and their

total amount is written on the foot of that schedule, which is tallied with the

clearing register.

Next morning, these cheques are delivered to the respective banks in

clearing house of State Bank of Pakistan between 9:00 to 9:30AM. In the

same manner, other banks present their clearing drawn on Bank Alfalah.

Total number of cheques and their amount delivered to other banks and

received from them are written on the Clearing House schedule branch for

their payment. After proper scrutiny of cheques, verification of signatures

and confirmation of balance in the account, the Officer Cash Department

pays these cheques by canceling and posting them in the system.

If any cheque is not passed due to insufficient balance or any other

reason, Officer Cash Department returns the same cheque by attaching a

cheque return memo containing reason for return. This cheque is entered

into the cheque returned register and bank charges are deducted according to

the schedule of charges.

Second clearing is called at 2:30PM to check the fate of the cheques

presented to other banks in the morning. If any cheque is to return, that is

delivered to the same bank in second clearing. In the same manner, if any

cheque presented by Bank Alfalah in first clearing is returned, they receive it

and once again give schedule of clearing figure to the Officer Clearing

House SBP containing number of cheques and their amount delivered and

received unpaid.


Bank Alfalah Ltd.

REMITTANCES DEPARTMENT

The need of remittances is commonly felt in today’s business. The

main function of remittance department in a bank is the transfer of funds.

Mr. Hassan in Bank Alfalah is the officer for Remittances Department.

In remittances, following banking instruments are used:

Pay order

Demand draft

Telegraphic transfer

The procedure for dealing with all these under local as well as foreign

currency in BAF is as under.

PAY ORDERA pay order is a written order issued by a bank, drawn upon &

payable by itself, to pay a specified sum of money to or to the order of a

specified person.

PROCEDURE FOR PAY ORDERApplication form is given to the customer to fill. Two signatures are

taken on the form one for request and other for receiving the instrument. All

the particulars of application form are checked and bank commission

charges and withholding tax is written on the top of the application form. If


Bank Alfalah Ltd.

the customer is maintaining his account with the branch, he can give cheque

for total amount of instrument plus bank charges. Cheque and application

from is then given to the officer Cash Department for the payment of

cheque. After proper scrutiny, Officer Cash Department posts the cheque

and signs the application form in token of payment received. If the customer

wants to pay cash, then cash is deposited by the customer along with the

bank charges and withholding tax.

Application form is then given to the Remittances Incharge for

issuance of instrument. He enters all the particulars of the application form

in the system and computer gives an Auto Control Number to the

instrument. Printout is taken on the block of payment Order. Two

authorized officers of the branch then sign it. Instrument is then

protectographed, and given to the customer.

When instrument is presented for payment, it is posted in the system and

canceled by the Remittances Incharge after proper scrutiny.

DEMAND DRAFT A Demand Draft (DD) is an instrument, which is drawn by one bank

upon another bank for a specific sum of money payable on demand. It is

made by the bank, given to the purchaser against cash or cheque.

Parties Involved in DD:

Purchaser

Issuing Branch

Drawee Branch


Bank Alfalah Ltd.

Payee

PROCEDURE FOR ISSUING DDIssuance procedure of Demand Draft is same as of pay Order.

PROCEDURE FOR DEMAND DRAFT PAYABLEWhen DD advice is received, signatures of both signatory on the DD

are verified. All the particulars of the DD payable are entered in the system.

Prints out of vouchers (DD payable) are taken. When instrument is

presented for payment, signatures of the attorneys are verified on DD and

after proper scrutiny, it is posted in the system and canceled by the

Remittances Incharge.

TELEGRAPHIC TRANSFERSometimes, when the remittance is urgently required by the remitter,

Telegraphic Transfer (TT) is issued . TT may be issued to general public on

their written request and against the value received.

PROCEDURE FOR ISSUING TELEGRAPHIC TRANSFERApplication form is given to the customer to fill. Two signatures are

taken on the form one for request and other for receiving the instrument. All

the particulars of application form are checked and bank commission

charges and withholding tax is calculated and written on the top of the

application form (if customer is tax payer, he can give tax exemption

certificate). If the customer is maintaining his account with the branch, he

can give cheque and application form is then given to the officer for the


Bank Alfalah Ltd.

payment of cheque. After proper scrutiny, Officer Cash Department posts

the cheque. After proper scrutiny, Officer Cash Department posts the

cheque and signs the application form, to assure that payment is received. If

the customer wants to pay cash, it is deposited by the customer on cash

counter. Cash Receiving Officer receives cash n the application form along

with the bank charges and withholding tax. Application form is then given

to the Remittances Incharge for issuance of the instrument. He enters all the

particulars of the application form in the system (BPG) and computer gives

an Auto Control Number to the T. T.

Telegraphic Transfer message is written in the telex containing name

of transferring branch, name of receiving branch, date, amount, currency,

payee’s name and account number or identification if any, payer name and

payment advice. A test number is given to the T. T. message for receiving

branch. This message is then sent through telex to the receiving branch

followed by a T.T. advice. The customer is confirmed that T.T. has been

sent.

PROCEDURE FOR T. T. PAYABLEWhen T.T. message is received, tested number on the T.T. is checked

and verified. Tested number is then written in the register and signed by the

holder of test keys for officer record. All the particulars of the T.T. payable

are entered in the system. Payment instruction on the T.T. message are

followed if it is pay and advice it will be paid through TTR on the cash

counter or through clearing and if it is credit and advice, it will be

transferred in the account mentioned in the T.T. message. Printouts of

vouchers (T.T. payable) are taken. If TTR is presented for payment,


Bank Alfalah Ltd.

signatures of the authorized officers are verified on TTR and after proper

scrutiny, it is posted in the BPG and canceled by the remittances Incharge.

Procedure for Foreign Demand Draft Issuance:

Application form is given to the customer to fill the same. Two

signatures are taken on the form, one for request and other for receiving the

instrument. All the particulars of application form are checked and bank

commission is charged, which is US$ 5/- for each amount of FDD. Cheque

is received from the customer for total amount of FDD plus bank

commission. Cheque and application form is then given to the Office Cash

Department for the payment of cheque.

After proper scrutiny, Officer Cash Department posts the cheque and

signs the application form, to assure that payment is received. Then cheque

and application form is given to Incharge Remittances, who will enter all

the particulars of the application in the FDD Issuance Register. If the

customer wants to pay cash, it is deposited by the customer on cash counter.

Cash Receiving Officer receives cash on the application form along with the

bank charges. Application form is then given to the Remittances Incharge

for the issuance of the instrument. A control number is allotted to the

instrument from FDD Register. Instrument is completed by putting all the

particulars in it and signed by two attorney holders. Instrument is then

handed over to the customer. FDD advice is sent to the responding foreign

bank/paying bank where they are maintaining dollar account through

registered mail. Exchange Transaction Credit Advice (ETCA) is sent to the

Head Office for the reimbursement. Copies of the FDD and ETCA are kept

in the record of the bank.


Bank Alfalah Ltd.

PROCEDURE FOR FOREIGN TELEGRAPHIC TRANSFER

ISSUANCEApplication form is given to the customer to fill the same. Two

signatures are taken on the form one for request and other for receiving the

instrument. All the particulars of application form are checked and bank

commissin is charged, which is US$ 15/- (flat rate) for each amount of FTT.

If cheque is received from the customer, it is taken for total amount of FTT

plus bank commission. Cheque and application form is then given to the

Officer Cash Department for the payment of cheque. After proper scrutiny,

Officer Cash Department posts the cheque and signs the application form to

assure that payment is received.

If the customer wants to pay cash, it is deposited by the customer on

cash counter. Cash Receiving Officer receives cash on the application form

along with the bank charges. Application form is then given to the

Remittances Incharge for the issuance of instrument. He enters all the

particulars of the application form in the FTT Register and a Control

Number is allotted to the FTT. TT message is written in the telex containing

name of transferring branch, name of receiving branch, date, amount,

currency, payee’s name and account number or identification if any, payer

name and payment instructions. A test number is given to the FTT message

for receiving branch. This message is then sent through telex to the

receiving branch. Customer is confirmed that FTT has been made.

Exchange Transaction Credit Advice (ETCA) is sent to the Head Officer for

the reimbursement. Copies of the FTT and ETCA are kept in the record of

the bank.


Bank Alfalah Ltd.

COLLECTIONAll the cheques under collection are called cheques under Collection in

Bank Alfalah Limited. There are two types of bills for collection:

Outward Bills for Collection

Inward Bills for collection

OUTWARDS BILLS FOR COLLECTIONAl the cheques are received on one counter along with the paying slips

duly filled in properly containing particulars of cheques and account holder.

Counter folio of paying slip is handed over to the customer by putting stamp

for “cheque received for collection for Bank Alfalah” on it duly signed by

officer. These cheques are scrutinized and cheques for local clearing are

separated from OBCs. Cheques for local clearing are entered in Clearing

Register, whereas cheques for collection are entered in OBC register and

handed over to the Bills Department for collection. OBC number is allotted

to the cheque from OBC register. Special crossing and bank endorsement

stamps are affixed on the cheque.

OBC schedule is attached with the cheque and dispatched to the main

branch of that city for collection. If they do not have any branch in that city,

then cheque will be sent to the Collecting Agent of Bank Alfalah for that

city, and if they do not have any collecting agent even, then cheque can be

sent directly to the drawing branch. Instructions are given on the OBC

schedule for the payment of that cheque. Contra-liability vouchers are also

posted in the system. When OBC is realized, collection bank pays the

amount through IBCA if it is the same bank or through DD if it is another


Bank Alfalah Ltd.

bank. If DD is received against OBC, it is presented in the clearing for

collection. If IBCA is received from the branch for the payment of OBC,

certain vouchers are posted in the system.

INWARD BILLS FOR COLLECTIONIf any other bank sends a cheque of Bank Alfalah Limited, it is Inward

Bill for Collection. Bank Alfalah remits money after checking the balance of

the customer account.

The process of collection starts when the cheques of Bank Alfalah

Ltd. Are received from other banks. Then these cheques are sent to the

Head Office Karachi, which sends the cheques to SBP for clearing and get

the confirmation of cheque and credit advice. Main activity of clearing is

performed by Head Office, which contacts other banks through SBP.

BILLS FOR COLLECTION IN 1999Payable In Pakistan Rs. 22,092,000

Payable Outside Pakistan Rs. 1,964,738,000

Total Rs. 1,986,830,000


Bank Alfalah Ltd.

CREDIT AND ADVANCE DEPARTMENT

Credit and Advances Department deals with the provision of loans

(credit facility) to the customers. At BAF, credit is given on the basis of a

policy made by Board of Directors and is called Credit Policy. This policy

statement sets out the underlying principles from which the BOD will

determine the commercial credit activity of Bank Alfalah Ltd. The

committee to approve direct and review commercial lending of Bank and to

ensure that credit policies are adhered to and the credit operation is

conducted in an efficient and effective manner.

Purpose of this policy is to set out the credit policies for the boar, which

will be implemented by the Credit Committee. The policies are described

under the following readings:

Credit principles

Portfolio limits

Approval

Administration

Monitoring and review

1. CREDIT PRINCIPLESIt includes principles to be adopted for lending authority, approval,

monitoring and control on a basis consistent with Bank Alfalah Ltd.

The operational objectives and business strategies regarding objectives,

structure, performance and administration are also included.


Bank Alfalah Ltd.

2. CREDIT PORTFOLIOThese are the guidelines set down by Credit Committee regarding:

Total facilities

Term facilities

3. CREDIT APPROVALWhen the terms and conditions are set and both parties are agreed, the

Credit committee makes approval for the credit.

4. CREDIT ADMINISTRATIONThe credit application when handed over to Credit Administration,

then they critically examine securities given by client to bank against credit

facilities. Credit Administration keeps liaison with lawyers, surveyors,

valuators and other corporate bodies.

5. CREDIT MONITORINGThe client can present his own account insurance policy as security

for credit. When he presents his own account as security, his account is

blocked for the same amount, which the bank is granting him. When the

facility is adjusted at that time, the blocking is released from the account.

Clients can also use third party’s account for getting credit. Shares can also

be kept as security in this case these are verified and duly signed. These are

kept separate to avoid theft. The company whose shares are used is informed

that its shares are in the custody of the bank.


Bank Alfalah Ltd.

ADVANCESBank Alfalah Limited, Abdali Road Multan, provides the following

facilities in Advances Department:

Funded facilities

Non-funded facilities

FUNDED FACILITIESThese are the facilities in which funds like cash fund are included.

LPOGoods purchased on behalf of bank and provided to customers.

PRE-SHIPMENTIt provides to prepare consignment. Maximum tenor is about 150

days. Profit may be 16% per annum. The repayment is generally from sale

proceeds. This is for preparation of consignment.

POST – SHIPMENTDuring export process, funds are required for preparation of next

consignment that is provided by post-shipment facility. Maximum tenure is

150 days. Profit rate is about 15% per annum.


Bank Alfalah Ltd.

NON – FUNDED FACILITIESThese facilities are on:

Letter of Credit

Letter of Guarantee

L/C is of two types: Sight L/C for 90 days

Usance L/C for 120 days

CREDIT CARDSBank Alfalah has no credit card facility but, Inshallah, in March the

credit cards will be issued by bank.

ADVANCES IN 1999Rs. 10,327,324,000 All in Local Currency


Bank Alfalah Ltd.

FOREIGN EXCHANGE DEPARTMENT

Foreign Exchanged Department deals within exports and imports. Mr.

Saleem at BAF supervises it. The bank acts as exporter as well as importer

bank for different parties who are in the business of export and import.

EXPORTS

EXPORTERWhen the bank becomes the exporter bank for a party then the market

stability, reputation, financial position of the exporter is first of all checked.

DOCUMENTS TO BE ATTACHED FOR EXPORTS Invoice

Bill of lading

Packing list

(a) Total quantity

(b) Net weight/carton

(c) Gross weight/carton

(d) Total net weight/carton

(e) Total gross weight

Bill of exchange (original or draft)

E-form: Initial document on which total export proceeding is based.

In this form , all the conditions are given, which are necessary for

exports.


Bank Alfalah Ltd.

Letter of credit: It is written agreement between importer and

exporter.

Beneficiary certificate

DHL certificate (TCS certificate)

Form ‘M’

Certificate of Origin (Form –A)

FORM – EGovernment has provided facility to exporter in taking E-Form from

any bank and he can present it to any bank for negotiation.

Export Proceed Realization Certificate

SBP gives rebate to exporter against export after realization. It is paid

according to commodity wise and bill wise.

Claim period: 1 year.

TRANSPORT DOCUMENT (BILL OF LADING, AIRWAY BILL)

When insurance is done by importer, C&F (cost and freight) usually

used.

FOB cost (free on board)

CIF (cost insurance and freight) when insurance is done by exporter,

CIF is used.

Tenor (At sight) immediate payment by importer after receiving

product.

Partial shipment: Product is sent partially.

Transshipment: Product is sent via any country


Bank Alfalah Ltd.

E-FORM CERTIFICATIONWhen export is done on C&F basis, so bank issues E-form

certification to exporter and he submits it to the custom officer along with E-

form certification to certify E-form.

FORM OF AUTHORIZED DEALER’S CERTIFICATEState Bank permits exporter to issue Bill of Lading in the favor of E-

form bank. But if requirement of L/C is to issue Bill of Lading in favor of

company then shipping company issues bill of lading in favor of Exporter

Company. Authorized Dealer Certificate is filled for this purpose.

CERTIFICATE OF ORIGINThis certificate shows that goods are from Pakistan.

COVERING SCHEDULEIf in covering schedule, it is given that “please remit proceed to our

Karachi Office A/C no. 5740734881 with ABN (Amro Bank New York),

USA for onward credit to BAF Multan.”

BENEFICIARY CERTIFICATEIf L/C requires some information as proof of anything from exporter

then exporter has to present beneficiary certificate for that proof.


Bank Alfalah Ltd.

E-FORME-form has four copies:

One for custom officer

One for exporter

Triplicate copy for SBP

Duplicate copy for bank

Bank reporting or duplicate and triplicate is done by bank. Custom

Officer (date is given on the foot of form) should clear product.

PAYMENT FROM IMPORTER BANKIt is the choice of importer to open L/C from any bank and the bank

from which L/C is opened can also refer to some other bank for payment.

So bill of exchange is sent to referred bank and other documents are sent to

L/C opening bank.

SWIFTIt is network among all banks. No other institute can get involved in it.

BILL OF LADINGCertificate from shipping company for loading documents. If

requirement of L/C is to issue Bill of Lading in favour of L/C opening bank,

then authorized dealer certificate will be provided by bank in favor of L/C

opening bank.


Bank Alfalah Ltd.

BANK KEEP IN RECORD Covering schedule

Invoice

Packing list

AWB

Certificate of Origin

E-form

Normally bank keeps photocopy of all documents in record.

Negotiable documents (original documents).

IMPORTSL/C is opened by the importer. There are two types of L/C.

Revocable

Irrevocable.

NECESSARY REQUIREMENTIf place of issue and port of loading is different on Bill of Lading, then

along with the stamp of shipment on board, vessel name and port of

shipment is written.

1) Issue date of Bill of Lading – shipment on board.

2) There should not be cutting on bill of lading without authentication.

3) Bill of lading should show capacity of agent. If bill of lading can be

taken by the agent of Importer Company, then his name should be

mentioned on bill of lading.

4) Original GSP should be presented.


Bank Alfalah Ltd.

5) If TT reimbursement is not acceptable, it means bill of lading is

necessary.

When documents are received for export, do enter into lodgment

register.

DOCUMENTS FOR IMPORT Performa Invoice signed by importer

Category passbook copy attested by any bank

L/C opening application filled in by the customer

Import registration with export Promotion Bureau

Annexure

Verification of signature by S. S. Card

L/C issued on basis of L/C application form.

Insurance if covered by buyer.

Insurance cover note.

Insurance policy.


Bank Alfalah Ltd.

ACCOUNT DEPARTMENTMost important department of bank as it is concerned with:

Revenue

Expenses

Assets

Liabilities

These are the pillars of any business. This department is supervised by

Mr. Masood Ahmad. In this department, all the vouchers that are posted

during one day are sent to the Account Department next day. These

vouchers are already posted to computer by the concerned department. So

computer also sends a report to the Accounts Department. The accounts

Department has to tell that all the vouchers are posted under the right head.

Amount, date, stamps, signatures all the requirements for cheques and

vouchers are fully checked.

If any kind of renovation or construction or rebuilding is done, all is paid

from the Accounts Department. Like petrol for the car of EVP and VP,

stationery charges, medical allowance, etc. are all paid by this department.

DAILY CUSTOMER MOVEMENT LISTAll the changes that are made in accounts of customer are shown in

the daily customer movement list. By using this list, people of Accounts

Department can prepare the vouchers.

Following activities are performed by Account Department:


Bank Alfalah Ltd.

Voucher preparation

Preparation of daily, weekly, monthly, and annual statement.

Budgeting and fixed assets

Employer’s benefit

Expenditure approval.


Bank Alfalah Ltd.

SWOT ANALYSIS

STRENGTHS

Bank has a belief in customer service

Backed by strong Abu Dhabi Consortium

Customer give suggestion for the improvement of bank and these

suggestions are listened carefully.

Manager & EVP Mr. Asif A. Sheikh has good coordination with

staff members.

Environment is friendly.

Products are excellent

Expansion is consistent

Modernized banking (online + Internet)

Fully computerized, each department has to own PC.

WEAKNESSES

BCCI Image.

Mixed Culture

New Setup

No ATM facility is provided

No traveler cheques are issued.

Tokens are not issued to customer so the chances of doubling are

present.


Bank Alfalah Ltd.

No credit card facility is available.

Personal Lockers are not available.

No internal audit is held.

Staff is lesser.

OPPORTUNITIES Information Technology.

Credit Card Facility

Internet Banking

Establishing Foreign Branches

Local Setup Expand

THREATS Competition

Legal Reputation


Bank Alfalah Ltd.

RECOMMENDATIONSFinally, We are giving some suggestions for Bank Alfalah Limited.

These suggestions are based on our experience with bank.

This is a routine practice that in order to give personalized services to the

customer, bank staff tries to fill all the columns of AOE with their own

handwriting, which is wrong. AOE must be filled in by the customers.

Bankers should avoid to fill in the AOE because it can create problem if

the address, title of account or any other information provided by the

customer has not been written properly. Customer may be affected or he

may claim that this information was not provided by him, but if AOE is

filled by the customer then banker cannot be held responsible for any

incorrect information provided by the customer.

Under no circumstances chequebook should be given to the customer if

the account formalities are incomplete.

There are two officers involved in cash deposit process, which is time

consuming. Cashier should be given certain powers to receive cash of

US$, DM and L to provide prompt services.

Similarly, there are two officers involved in cheque payment process,

which is time consuming. Cashier should be given certain powers to pay

cheques up to Rs. 25,000/- to provide prompt services.


Bank Alfalah Ltd.

Cheques, which are drawn on Bank Alfalah Branch and returned unpaid

in clearing, are not reflected in the Statement of Account of the

customers. These cheques must be reflected in the accounts so that

credibility of the customers may be assessed.

Tokens should be issued to avoid doubling.

Lockers, ATM, credit card, traveler cheques all these facilities should be

provided to attract more customers.

Audit should be held internally. Rather there should be an Audit

Department in the branch to make audit on daily basis. This can become

so helpful as different banks are having this department of their own.


Bank Alfalah Ltd.

MARKETING PRACTICES ADOPTED BY BANK

Nowadays marketing of products is of prime importance for any

organization. In this dynamic environment, every organization has its own

Marketing Department, which is responsible for creating the demand of its

goods and services.

Nowadays banks also have their marketing departments, which are

responsible for creating demand of their products, i.e., their deposit schemes

and increasing the deposit of the bank.

Bank Alfalah has its own full marketing Department at the Head

Office, Karachi. This department prepares different deposit schemes for its

customers, time to time, in order to increase the business of the bank. At

branch level, the Operations Department follows marketing practices. At

each branch of bank, officers are available to provide marketing activities of

their products.

They make customer calls and personally visit the potential customer

to convince them to invest in AFB. They make phone calls to customers and

inform them about their schemes, profit rates.


Bank Alfalah Ltd.

CONCLUSIONBANK ALFALAH ( BAF ) under the leadership of Sheikh Nahayan

Mabarak Al-Nahayan has made significant in building of strengthening both

the corporate and retail banking sectors in Pakistan.

The Bank attained Number two (2) position in terms of its Balance

Sheet size amongst the private banks in Pakistan in 1999. The significant

improvements in terms of its results in comparison to the corresponding

period for the year 1998 have been much above the market expectations.

Balance Sheet footing of the Bank reached the level of Rs.21 Billion-an

increase of more than 46% over the previous year. Customer Deposits rose

by 33% on a year-to-year basis and stood at Rs.15.82 Billion. Bank

maintained a Capital adequacy ratio of over 13%, which is significantly

above the Basle guidelines and international requirement of 8%. The pre-tax

profit of the Bank also increased more than five (5) times as compared to the

previous year and stood at Rs.354 million for the year 1999. Bank’s

investment in the Financial Sector was based on the confidence of bank in

the country as a whole and it has been amply demonstrated by the growth

plans of bank though ambitious in nature but prudent and in line with the

potentials of the market place. Although the financial sector in general

witnessed some shrinkage, both in terms of downsizing and closure of

certain locations, the bank, however, continued with its expansion

programme and added five (5) new Branches in their network, one each in

Islamabad, Peshawar, Multan, Faisalabad and Lahore.


Bank Alfalah Ltd.

BANK ALFALAH views specialization and service excellence as the

cornerstone of its strategy. The people of bank innovation, creativity,

reliability, customized services and their execution are the key ingredients

for their future growth. Based on this approach, their Treasury Division and

the Structured Finance Unit have been geared to provide specialized services

to the Corporate customers. Revenues from these activities have started

yielding dividends and they expect significant growth in these areas in the

coming years. While building on their in-depth familiarity with their

customers’ needs and anticipated developments in the banking industry, the

Retail and Corporate areas of their operations will continue to provide a

strong and stable base to the business of the Bank.

They are aware that they have stepped into the 21st century and they

must meet its challenges by acquiring the highest levels of Technology.

They will thus be accelerating their enable them distribute their products and

services through most efficient and high-tech means. They say that they will

invest in the modern tools and substantial allocation of resources will be

made to achieve this objective during the current year. Their programme to

launch real time – on line Banking Services and introduction of ATMs at

strategic locations have been firmed up and it will be fully operational

during the year 2001.

Their focus would be to constantly seek out growth opportunities

through increased quality assets and by offering a wider range of products

and services to their esteemed customers. There are significant growth

opportunities for BANK ALFALAH and they are confident in their ability to

grasp them. They are committed to enhancing the shareholder’s value and


Bank Alfalah Ltd.

look forward with greater optimism to a prosperous future for BANK

ALFALAH

Based on the profit of Rs.354 million, the Board has proposed that a

cash dividend at a rate of Rs. 2.00 per share i.e. 20% of share capital be

distributed among the shareholders.


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