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PREFACE

ACKNOWLEDGEMENT:

This Internship report marks the end of my four year Bachelors of Commerce. First and foremost I will thank Allah Almighty who gives me chance to study in the best Commerce institute of Asia & then my teachers who taught me not only the bookish knowledge but also the keen sense of responsibility, confidence & a way to believe in my own self. Then I would like to thank Miss Sadaffe Abid (Chief Executive Officer) Mr Amir Ramzan (Manager Accounts & Finance), Miss Fiza Farhan (Business Development Manager) & Mr. Mubasahir Shah (Senior Accounts Officer) who painstakingly taught me the working & help me to correct trillions of my mistakes. Its all due to then that I successfully complete my internship & is now a much more learned person then I was before. Although I was taken in as an Accounts Officer the management seeing my interest in others areas kindly allowed me to learn the functioning of them as well. For which I am extremely grateful.Lastly, I would dedicate this effort to my parents & peers who became not only my support but also a power to complete this whole program.

Buksh Foundations Corporate Vision:

Buksh Foundations vision is to empower the underprivileged, to make them productive and to create equity in the society. To achieve scale sustainably, to be innovative in our approach and to create measurable impact on the global economy as a whole.

Buksh Foundations Mission:

Buksh Foundation mission is to contribute to an equitable and prosperous Pakistan where every human life is valued and respected through delivering inclusive financial services to the unbanked segment.

Buksh Foundations Core Values

Core values are instrumental in guiding organizational culture, its spirit and identifying positive behaviors and attitudes. All Buksh Foundation team members believe in the following values:

Honesty, fairness and respect: I give my colleagues and our clients respect, treat them fairly and am honest in all my interactions.

Service: My Clients are my priority and my job is to understand and satisfy their needs. We strive for mutual prosperity.

Improvement: I strive consistently to improve what I do and ensure quality, efficiency and financial viability.

Team work: Our success depends on helping each other succeed and my commitment to team work.

Openness to change and responsibility: I communicate, am open to change and share responsibility for realization of our mission.

THE OBJECTIVES OF BUKSH Provide inclusive and a wide range of financial services including credit, money transfers, inward remittances, insurance and other value added financial services to clients at the base of the pyramid.

Build a cost effective and financially sustainable microfinance institution centred on the clients and a brand that exudes trust, respect and integrity. BF aims to generate financial return and social value.

Strong focus on human resource training and development with major emphasis on youth and women. Extend business development services and develop market linkages for clients from low income households including rural agriculture through partnerships Demonstrate and measure impact by enhanced client income, increased asset base and focus on empowerment

History:The Buksh Group (Pvt) Ltd is one of the leading business groups in Pakistans retail market and has a distinguished history, various successful business ventures and exclusive links with numerous international names. Established in 1948 by its initial Chairman Saeed Ahmed Buksh, the group has continued to develop under the directives of his sons, Asim (CEO), Saqib (Director) and Usman (Director). Buksh Foundation was incorporated on April 16th, 20009

under section 42 of companies ordinances 1984. Its a non-profit micro financing institution with a vision to help deprived and also to develop women enterprenures.

1. CORPORATE GOVERNANCEEffective governance is essential for the success of an organization. Buksh Foundation believes that a strong governance structure will play a pivotal role in realizing its vision and strategy. The Foundation received its license under section 42 of the Companies Ordinance 1984 as not profit organization, on April 16th, 2009. The Foundation has a progressive and professional board, bringing a variety of skills, perspectives and rich experiences to ensure strategic development and institution building.

4.1 Board Composition The following are the board members of Buksh Foundation:

Malcolm Harper Wasif M Khan Dr. Abid Bilal Amena Arif Asim Buksh Sadaffe Abid

Management: Amena Arif Amena is a seasoned banker with 15 years of work experience in corporate/commercial banking in Pakistan. She has primarily held front office roles including most recently as the country head for Citi Banks initiatives of strategy and integration in Pakistan. She is also the country commercial head for Citi Bank and before that has held positions as country human resource officer, cash management head for the North, relationship manager at Citi Bank. She started her career as a relationship manager at ABN Amro Bank. A gold-medalist MBA from the Lahore

University of Management Sciences (LUMS), Amena has undertaken numerous international training sessions and development courses which have groomed her professional career.

Asim Buksh Asim is the founder of a dynamic, high end, luxury Retail Company, Buksh Group. With its inception in 1993, Buksh Group has repeatedly proven itself with sustained revenue and growth in changing markets. From fashion to sound and technology, jewelry and automation, the company has defined new directions which are both challenging and exciting. With sales in 35 outlets nationwide and an asset base of US$ 60 million, Buksh Group entails top brands from around the world within its umbrella. As his most recent venture, Asim has founded Buksh Foundation, with a vision to convert it into a micro finance Bank aiming to offer a range of financial services to the un-banked low income households. Furthermore, Asim is pioneering in bringing alternate and renewable energy solutions to the 54% of Pakistan which lacks access to electricity, through the founding of Buksh Energy Pvt. Ltd. He has Masters in Business Administration (MBA) from Lahore University of Management Sciences (LUMS) and a Bachelors degree in Economics from Govt. College, Lahore.

Sadaffe Abid, Founder and CEO Buksh FoundationSadaffe brings twelve years of on the ground microfinance experience, running one of the leading microfinance organizations in the country, Kashf Foundation. Prior to this, she did two years of consulting, involving assessments of World Bank and Asian Development Bank projects in the social sector. She joined Kashf Foundation in its start up phase as a Research analyst when it had less than 100 clients. Along with handling research and business development, she set up the first branch and then a series of additional branches in Lahore, Sheikhupura, Gujranwalla and other nearby districts as the Operations Manager. Sadaffe then moved to the position of Chief Operating Officer in 2003 where she was responsible for designing and executing business strategy, aligning the HR function and ensuring quality growth along with realization of social goals of the organization. In 2006, she was promoted to be the Chief Executive. In 2008, she decided to move on to explore new arenas. When she left Kashf, it had grown to 150 branches, 2000 staff members with an outreach of 300,000 clients and a portfolio at risk under 2%. She has received several scholarships to attend high quality international courses including HBS-ACCION course on Strategic leadership for microfinance

(2009) and Strategic perspectives in non-profit management at the HBS (2008). Sadaffe is committed to delivering finance to the unbanked and exploring innovative ways for empowerment, consciousness raising and change. She brings expertise in operational management, strategy, people development, institution building as well as research and product development.

Fields of Activity:

Product and ServicesBuksh Foundation brings a strong understanding of the bottom of the pyramid and envisions differentiating itself by offering efficient and client friendly financial products and services. The analysis of the current market indicates high transactional costs of borrowing due to rigid rules related to attendance at meetings, group formation as well as mandatory trainings.

Buksh Foundations competitive edge lies in: Implementing an efficient and innovative system for client identification. All new loans will be disbursed within 5 days following best practices in individual lending. Provision of credit products for women and men, focusing on the entrepreneur. The basis of this strategy includes a holistic focus towards poverty engaging men and women in promoting entrepreneurship. A household and business cash flow analysis of the loan applicant will be undertaken for assessment. Focus on business development creating a value proposition through developing linkages and a particular focus on enhancing womens capabilities. A culture valuing service and customer care with systems in place to solicit client feedback and continuous focus on service improvements. Reducing the transactional cost of borrowing by simplifying systems for installment collection and reducing frequency of meetings to monthly. In typical individual lending, there is no concept of meetings and clients come to the branch monthly to make payments allowing an opportunity for interaction. PAR is maintained at under 1.5%. Strong monitoring and compliance with rotation of business analyst portfolios every quarter and regular compliance reviews

Loan ProductsAn i