BANK ALFALAH LIMITED PAKISTAN

7/30/2019 BANK ALFALAH LIMITED PAKISTAN

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STRATEGIC AUDIT BANK AL FALAHLIMITED PAKISTAN

Submitted To: Fauzia Mubarik

Submitted By: Miss Rohi Tarranum

Master of Business Administration

Department of Management Sciences

National University of Modern Languages

H9 Islamabad


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BANK ALFLAH LIMITED

1. Current Situation

a. Current Performance

The performance of the Bank Alfalah Limited Pakistan is figure based. The

bank has shown excellent performance during the last 15 years. The bank

which started its operation in 1997 with just 3 branches, has now 450

branches including 8 foreign branches (5x Bangladesh, 2x Afghanistan

and 1 x Bahrain). Its net interest Income has increased by 5.73% as

compared to previous year. Now markup Income has shown an impressive

growth of 27.81%. Deposits grew by 4.34% where as gross advances has

increased by 6.56%. Investment has shown an increase of 23.63%. Its

share price has increased to RS 2.60 per share as compared to previous

one that is RS 0.72 per share.

b. Data Available

(1) Share Capital = RS 13,491,563,000

(2) Statutory Reserve = RS 2,961,132,000

(3) Exchange Translation Reserve = RS 858,001,000

(4) Unappropriated Profit = RS 2,415,860,000

(5) Total = RS 19,726,556,000

Profit earned from 2007-2011

Figure 1: Profit figures for the past five years (in millions)


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Source: B

B

200

Revenue 31,8Deposits 273,1

Advances 171,1

Investment 88,4

Source: B

Figure 2: Busine

0

1000

2000

3000

4000

2007

nk Alfalah Annual Reports, 2007-2011

usiness Volume (PKR 000)

7 2008 2009 2010

22 35,789 40,743 72,23874 300,733 324,760 354,015

99 191,790 188,042 207,153

92 75,973 99,159 113,426

nk Alfalah Annual Reports, 2007-2011

ss Figures for the past five years (in million

2008 2009 2010 2011

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2011

49,666401,248

198,469

166,532

s)


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Source: Bank Alfalah Annual Reports, 2007-2011

(6) Achievements

(a) Started with 3 branches in 1997 and now has 450 branches

including foreign branches.

(b) 5th largest bank in Pakistan within 15 years.

(c) Awarded long-term credit rating of AA and short-term credit

rating of A+ by PACRA (Pakistan Credit Rating Agency

Limited for first half 2012.

(d) Reduction of Mortgage Deed registration Fee from 6% to

0.5%.

(e) Formulation of KYC (Know Your Customers) forms for

individual and corporate accounts.

(f) Promotional of Islamic Banking.

(g) Creation of Credit Information Bureau.

0

100

200

300

400

500

2007 2008 2009 2010 2011

RevenueDeposits

Advances

Investments


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(h) Active participation in Watan Card Programme and disburse

Rs 20,000/- each to 108,000 family as a phase-I. Total of Rs

6.480 millions has distributed through Watan Card in

consultation with NADRA and GoP.

(i) Holding of conference on Islamic Banking and Finance.

b. Strategic Posture

(1) Bank Alfalah Limited was incorporated on June 21st, 1992 as a

public limited company under the Companies Ordinance 1984. Its

banking operations commenced from November 1st, 1997. Thebank is engaged in commercial banking and related services as

defined in the Banking companies ordinance, 1962. The Bank is

currently operating through more than 540 branches domestically

and an international presence in Afghanistan, Bangladesh and

Bahrain, with the registered office at B.A.Building, I.I.Chundrigar,

Karachi.

(2) Mission. To develop and deliver the most innovative products,

manage customers experience, deliver quality service that

contributes to brand strength, establishes a competitive advantage

and enhances profitability, thus providing value to the stakeholders

of the bank.

Source: www.bankalfalah.com


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(3) Vision. The Vision of Bank Alfalah is:-

VISION is to be the premier organizations operating locally

and internationally that provided the complete range of financial

services to all segments under one roof.

Source: www.bankalfalah.com

(4) Goals & Objectives Goals and objectives are factors through

which the company devotion and commitment to the job can be

seen. If the goals are realistic and achievable, than surely that

organization is doing its job. Bank Alfalah also has certain goals and

objectives which it is trying to achieve, through its variousstrategies and operations. The goals and objectives are mentioned

below:-

a. To create a sound base, and through efficient systems

achieve modern banking throughout Pakistan.

b. By the end of every accounting year there is an increase in

deposits. As a result its deposits are increasing day by day.

c. To create unit banking net work in all the branches of Bank

Alfalah so that the customer can be facilitated in one visit.

d. To promote industrial, agricultural and socio economic

processes.

e. To promote Islamic Banking system in Pakistan which is very

acceptable by general public. However, there is lot

of work to do for successful implementation of the Islamic

Banking Plan. Islamic Banking Branch under the supervision

of its Islamic Banking Division and has now 85 Islamic

Banking Branches throughout the country.


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(4) Strategies. Bank Alfalah has formulated certain sets

of strategies to enable it to achieve its goals and objectives. These

strategies are mentioned below:-

a. Bank Alfalah has started operation of Automated Teller

Machines (ATM) in almost all major cities of Pakistan.

b. Bank Alfalah, backed by a strong Abu Dhabi Group and

inspired by the vision of its Board and Management,

provides full range of banking services to corporate clients,

while applying leading technologies. Today the Bank is well-

positioned to provide appropriate banking services to

customers.

c. Management recognizes that a banking relationship requires

compatibility, communication, and cooperation and that each

customer deserves nothing less than full attention and

available resources to meet their financial objectives.

d. Core value and corporate culture is based on the belief that

superior personalized service is the most important product.

Bank is in the process of getting to know customers by name

and understand their business and personal financial needs.

e. The Bank Alfalah team comprises of some of the most highly

skilled and professional financial experts in banking industry.

The Management focuses its attention on making informed

and feasible economic decisions, bringing better returnsand more profitability for investors and customers.

f. Keeping in view the unrest among the Islamic Community on

the Interest Bearing Banking, the Alfalah is in the process of


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target marketing and gives its full attention to this segment of

a large population over the world.

g. To acquire the reputation and status of bank which operates

on international standard, Alfalah Bank was to get the credit

rating of Pakistan Credit Rating Agency, which gave it the AA

and A1+ in the long te rm and short term respective

2. Strategic Management

a. Board of Directors

(1) It has seven Directors. Four are external and remaining three are

internal.

(2) Except for CEO, all the directors are non-executive directors. The

non directors include two independent directors.

(2) All the BODs have good financial, marketing and investment

background.

(3) It includes following directors:-

(a) H.H Sheikh Hamdan Bin Mubarak Al Nahayan - Chairmain

(b) Mr Abdulla Nasser Hawalileel Al-Mansoor - Director

(c) Mr. Abdulla Khalil Al Mutawa - Director

(d) Mr.Khalid Mana Saeed Al Otaiba - Director

(e) Mr. Ikram Ul-Majeed Sehgal - Director

(f) Mr. Atif Bajwa - Director &CEO

(g) Mr. Nadeem Iqbal Sheikh - Director


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b. Top Management

(1) Top management is responsible for all the decisions which is

managed by the chairman.

(2) All the top managers are well experienced in the field and

management.

(3) All the top management is promoted from the beginning level in

the state life.

(4) All the strategic decisions are done in social responsible manners

which are environmentally sustainable.

(5) Its members includes:-

(a) Mr Atif Bajwa - CEO

(b) Mr. Shakil Sadiq - COO

(c) Mr. Mohammad Yousuf - Chief Risk Officer

(d) Mr. Saad Ur Rehman - Group Head

Corporate & Investment

Banking

(e) Mr. Adnan Anwar Khan - Group Head

Retail & Middle Market

(f) Mr. Ijaz Farooq - Group Head

Islamic Banking


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(g) Mr. Nadeem Ul Haq - Group Head Admin,

Technology, System &

Operations

(h) Mr. Faisal Farooq Khan - Group Head

HR & Learning

(i) Mr. Yasar Rashid - Group Head

Audit & Inspection

(j) Mr. Syed Ali Sultan - Group Head

Treasury & Financial

Institutions

(k) Mr. A. Wahid Dada - Group Head Operations

(l) Mr. Zafar Baig - CFO

(m) Mr. Sajan Hamid Malik - GM Credit Division

(n) Mr. Haroon Khalid - GM Risk Management

3. External Environment

a. Natural Environment. NA

b. Societal Environment. It is also called as PEST analysis. PEST analysis

stands for "Political, Economic, Social and Technological analysis" and

describes a framework of macro-environmental factors used in the

environmental scanning component of strategic management. It is a part

of the external analysis when conducting a strategic analysis or doing

market research and gives an overview of the different macro


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environmental factors that the company has to take into consideration. It

is a useful strategic tool for understanding market growth or decline,

business position, potential and direction for operations.

(1) Political Environment

(a) Political environment has a strong influence upon the

activities of any organization in a society.

(b) Poli tica l envi ronment strongly affects the marketing

decisions.

(c) The political stability of a country has its i m p a c t o n

c o n s i s t e n c y o f p o l i c i e s o f g o v e r n m e n t .

(d) Pakistan has always been struggling for political stability

since its creation and there are significant political

r i sks in Pak i s tan .

(e) S ta te bank o f Pakistan has been given sovereignty and it

is now an autonomous body in making its decisions.

(f) BAL-IBD can make their strategies accordingly as there is no

chance for any major Change of policies in near future

(2) Economic Indicators

(a) The economy of any country directly influences any

financial organization.

(b) Economic indicators include Gross Domestic Product (GDP),

inflation, balance of payment and debt of the government.

(c) Pakistans economy has witnessed the most challenging period

since its creation.

(d) High rate of inflation, huge fiscal deficits, balance of

payments issues, energy crises and overall security threats are major

contributing factors towards unstable growth in Pakistan.


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(e) Investors are not investing in the Pakistan and the existing

business men are losing their business unit due to the loss.

Due to this poor economy, businesses are reaping low profits

and stock market is in great danger.

(f) Pakistan foreign debts are rising day by day so such a situation

is a big challenge for banking institution to survive. The

financial crisis in Pakistan has made the management of BAFL

tensed to work in such an environment.

(3) Technological Factors

(a) Banks in the developed world have been turning to heavy IT

investments which differentiate their products, provide

response times, enhance accessibility and improve customer

satisfaction.

(b) ATM visa, MasterCard, and smart cards, tele banking, internet

banking and now mobile banking are common IT investment

in the developed world and now these products and

services are gaining faster acceptance in Pakistan.

(4) Socio cultural environment

(a) Pakistan is situated at very important geographically location

and it has a diverse culture.

(b) Islam is the religion of majority of the population and

Islam has deep and everlasting influences upon theculture of the people of the area.


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(c) The life style of people and attitudes of consumers is

favorable for Islamic banking being religious minded

and they want to deal in Islamic finances.

(d) Pakistan i people have a respect for their religious

and cultural celebrations.

(e) BAL Islamic banking is taking an advantage of this

soc io-cu ltu ral environment of Pakistan

4. Internal Environment

a. Corporate Structure. Annexure A & B


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b. Corporate Culture. For better functioning, bank has following

departments:-

(1) Accounts Department. Accounts department is a backend

department at Bank Alfalah I-8 Markaz that performs the following

functions:-

(a) Reports. It generates reports like Statement of Account

Activity (a report on the activity of all accounts at Bank

Alfalah I-8 Markaz), Statement of Affairs (a report on the

assets and liabilities of Bank Alfalah I-8 Markaz), Statement

of Foreign Exchange (a report on the foreign exchangecurrencies at the bank) and Statement of Profit & Loss (a

report on the income and expenditures of Bank Alfalah I-8

Markaz). These reports can be generated at daily, weekly,

monthly, quarterly or yearly basis as required by the bank.

(b) Income and Expense. The department also needs to

calculate the revenues and expenses, control expenditure

and forecast profits every month.

(c) Budget. Formulation of yearly budgets & targets in

consultation with the branch manager is also done by the

accounts department.


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(d) Activity Checking.Daily activity checking and monitoring is

done by the accounts department of the whole bank.

(e) Storage of Records. Accounts Department also has

the duty to store vouchers and system generated reports.

(f) Payments. The accounts department is responsible to pay

vendors on behalf of the bank with authorization from the

branch manager. It also has to amortize large payments and

calculate depreciation of branch assets.

(2) Credits Department. The credit departments of Bank Alfalah

work with both SMEs and corporate clients. There are two major

categories of credit line facilities that Bank Alfalah provides to its

customers:-

(a) Funded Credit Line Facility. There are three major

products that come under the funded credit line facility:-

Current Finance.

Karobar Finance. Milkiat Finance.

(b) Unfunded Credit Line Facility. There are two types of

unfunded credit line facility, which are as follows:-

Letter of Credit (LC).

Letter of Guarantee (LG).

(3) Operations Department. The operations department is

responsible for three major activities. In large branches of Bank

Alfalah, all these jobs are done by different departments, but as

Bank Alfalah I-8 Markaz is a small branch, all these jobs are done

by one department, known as operations. Operations department is


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sometimes also known as the Transact department. Its

responsibilities includes:-

(a) Clearing

(b) Transfers

(c) Remittances

(d) Cash Transfers

(4) Human Resource Assessment. Bank Alfalah not only is

one of the fastest growing bank in Pakistan that provides its

customers with a number of financial services but is also a great

employer of human resources that provides its employees with a

conducive environment that not only is challenging but also helps

them in applying and gaining knowledge.

c. Corporate Resources

(1) Marketing. In todays contemporary business world,

marketing plays an important role and banks, such as Bank Alfalah,that have a number of competitors in the banking industry, need to

use their marketing plan and strategies effectively to attract

customer loyalty for its customer. The major ways in which Bank

Alfalah markets it and its products are through electronic, print and

sponsorships

(2) Finance. It is the most important department of the bank

because it is concerned with revenues and expenses. In this

department, all the vouchers that are posted during one day are

sent to the head office. This department has to tell that all the

requirements for cheques and vouchers are fully checked.


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(3) R&D. NA

(4) Operations. This department is responsible for overall

operation of the bank. Operation officer is responsible to make the

daily report of operation and solve the queries of the different

branches remaining under the policies of bank alfalah.

(5) Human Resources

(a) Like other organizations HRM department acts as the mind

of the organization. Without the HRM department Bank

Alfalah cannot imagine being able to function. AtBank

Alfalah, HRM has great significance, everybody depends on

this department for the entire organization to work and

succeed in its mission. The concepts and techniques

need to carry out the people or personal aspects

of management job are:-

Conducting job analyses (determining the nature of

each employees job).

Planning labor needs and recruiting job candidates.

Selecting job candidates.

Orienting and training new employees.

Managing wages and salaries (compensating

employees).

Providing incentives and benefits.

Appraising performance.

Communicating (interviewing, counseling and

disciplining).


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(b) Pr

ba

E

Figur

So

7250

7300

7350

7400

7450

7500

7550

7600

20

Training and developing managers.

sently following numbers of employees a

nk Al Alfalah:-

Years 2007 2008 2009

ployees 7371 7584 7462 7

3: Number of Employees for the past five

rce: Bank Alfalah Annual Reports, 2007-20

7 2008 2009 2010

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e working with

010 2011

571 7580

years

11

2011


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5. Analysis of Strategic Factors

WEAKNESSES OPPORTUNITIE THREATSSTRENGTH

Financially

strong Diversified

portfolios

Credit rating

Environment

friendly

Expansion

Target

Achievement.

Policies &

Procedures.

ControllingStandards.

Lack of

network.

BCCI Image.

Mixed

Culture.

Marketing

Department.

Low

Training &

Coaching.

HRD is not

effective.

Extension.

IncreasedProfitability.

Capital

reserve.

Financial

position.

Foreign

Branches.

On job

training &

coaching.

Marketingdepartment.

Intense

competition.

Unstable

political and

economic

situation.

Overall

security

threat.

High

inflation

rate.


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a. Situational Analysis (SWOT)

(1) Strengths

(a) Alfalah Islamic Banking division is financially very strong

bank.

(b) Business man based bank.

(c) Diversified portfolios.

(d) Crediting rating of AA for long term credit and A1+ for short

term credit by Pakistan Credit Rating Agency Limited

(PACRA) at June 30, 2012.

(e) Bank has a belief in customer service.

(f) Backed by strong Abu Dhabi Consortium.

(g) Environment friendly.

(h) Expansion is consistent. 60 more branches are planned by

end December 12.

(i) Modernized banking (online + Internet).

(j) Target Achievement.

(k) Policies & Procedures.


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(l) Controlling Standards.

(m) Rewards & Benefits.

(n) Job Security for the Employees.

(o) Accounting & Banking System is Accurate & Reliable One.

(2) Weaknesses

(a) Lack of branch network as compared to other Islamic banks

in Pakistan.

(b) More job rotation.

(c) It is a step behind in using new technology (MIS) as

compared to other banks.

(d) Most of the employees are overloaded with work.

(e) BCCI Image.

(f) Mixed Culture.

(g) Lack of Self Marketing Department.

(h) Low Training & Coaching.

(i) Human Resource Department is not so much effective.

(j) Low salary packages as compared to other banks.

(3) Opportunities

(a) Bank can extend its network in other cities of Pakistan.

(b) Profitability can be increased by making use of new

technology (MIS).


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(c) Ability to introduce new products and services because of

the huge capital reserve.

(d) Good financial position creating a good reputation for future

advances and huge deposits.

(e) Establishing more Foreign Branches.

(f) On the job training & coaching sessions can be conducted.

(h) Marketing department can be started in order to promote

the name of BAL.

(4) Threats

(a) In certain era of Pakistan people emphasizes more on

Islamic mode of banking.

(b) Bank is facing intense competition from other Islamic Banks

working in Pakistan.

(c) Bank is performing very well in the presence of unstable

political and economic situation but this uncertainty is a

continuous threat for the bank.

(d) Overall security threat.

(e) High inflation rate.

(f) Devaluation of money.

(g) Huge borrowing by the government.

SWOT analysis shows that Bank Alfalahs strengths are more than its

weakness and it has a chance of availing many opportunities.


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6. Evaluation and Control

a. The internal controls of Bank Al Falah is based on an ongoing process

designed to identify the significant risks in achieving the banks policies,

aims and objectives and to evaluate the nature and extent of those risks

and to manage them efficiently, effectively and economically.

b. Banks management is responsible to establish and maintain an adequate

and effective system of Internal Control and every endeavor is made to

implement sound control procedures and to maintain a suitable control

environment.

c. The Board of Directors has instituted an effective Internal Audit Division

which not only monitors compliance with banks policies, procedures and

controls but also regularly reviews the adequacy of the Internal Control

system. The observations and weaknesses pointed out by the external

auditors are also addressed promptly and necessary steps are taken by

the management to eliminate such weaknesses.

d. The bank is in process of adopting an internationally accepted COSO

Internal Control-Integrated framework, as envisaged under the State Bank

of Pakistans (SBP) Internal control Guidelines and has engaged a

reputable advisory firm for assistance in this regard.

e. Bank has always made concerted efforts to comply with the SBP

Guidelines, the identification, evaluation and management of risks within

each of the Banks key activities and their continues evaluation and

changes to procedures remains an ongoing process.


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f. Bank has also planned a comprehensive management testing plans and

framework to develop for ensuring an ongoing operating effective of key

controls.


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Annexure A

CORPORATE STRUCTURE

President

Chief Operating Officer

Head of Country

O erations

Country Risk

ManagersExecutives Vice

Presidents

Chartered

Accountant

Information

De artments Corporate Heads Branch


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Annexure B

Bank Alfalah Hierarchy Chart

Chairman

Board of Directors

CEO

Grou Heads

Re ional Mana ers

Branch Mana ers

Area Mana ers


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IFAS Bank Al Falah Limited Pakistan

Strength Weight Rating WeightedScoring

Remarks

1st Islamic Bank of Pakistan 0.10 3.2 0.32 Leading in Islamic Banking

Diversified Portfolio 0.12 3.5 0.42 Key to success

Good Credit Rating 0.04 2.5 0.10 Good creditability

Environment Friendly 0.08 3.0 0.24 Good business environment

Consistent Expansion 0.04 2.0 0.08 Increased profitability

Modernized Banking 0.05 2.5 0.12 Dedicated ATM network

Target Achievement 0.04 2.7 0.10 Constant increased

profitability

Effective Policies and

Procedures

0.08 3.2 0.25 Key to success

Controlling Standards 0.15 3.50 0.52 Key to success

Rewards and Benefits 0.05 2.50 0.12 Employees satisfaction

Weaknesses

Lack of Branch Network 0.10 4.50 0.45 60 more branches being

established

BCCI Image 0.04 2.50 0.10 Questionable

Lack of Marketing

Department

0.03 2.50 0.08 Strategic level planning

Low Training & Coaching 0.04 2.80 0.11 HR Consideration

Low salary packages 0.04 2.60 0.10 Moral lower factor

Total 1 3.11


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EFAS Bank Al Falah Limited Pakistan

Opportunities Weight Rating WeightedScoring

Remarks

Extension of Network 0.14 3.0 0.42 Growth

Use of New Technology

(MIS)

0.04 2.5 0.10 Competitive edge

New products /services 0.2 3.5 0.70 Increased profitability

Good reputation 0.1 3.2 0.32 Quality services

More foreign Branches 0.06 3.5 0.21 Only in Afghanistan,

Bangladesh and Bahrain

On job training and

coaching

0.05 3.8 0.19 Learning organization

Marketing Department 0.05 3.6 0.18 Increased business

Threats

Intense competition 0.10 4.00 0.40 Quality services

Unstable economic

situation

0.04 3.50 0.14 More investment

Overall security threats 0.05 2.50 0.13 Common to banking sector

High inflation rate 0.11 2.80 0.31 Decreased deposits

Devaluation of money 0.02 3.50 0.07 Increased interest rate

Borrowing by government 0.04 2.75 0.11 Decreased loans to

customers

Total 1 3.28


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SFAS MATRIX - Bank Al Falah Limited Pakistan

Strategic

Factors

Weight Rating Weighted

Score

Duration Comments

Short Intermediate Long

1st Islamic Bank of

akistan (S1)

0.10 2.50 0.25 X Key to success

Diversified Portfolio

(S2)

0.10 4.50 0.45 X Key to success

Consistent

Expansion (S3)

0.10 3.50 0.35 X Increased profitability

Low Training &

Coaching (W1)

0.05 2.50 0.13 X Increased

performance

Lack of Marketing

Department (W2)

0.05 2.80 0.14 X Increased sales

More foreign

Branches (O1)

0.10 3.00 0.30 X Afghanistan,

Bangladesh and

Bahrain

Good reputation

(O2)

0.10 3.50 0.35 X Quality services

New products

/services (O3)

0.10 3.00 0.30 X Increased profitability

Intense

competition (T1)

0.10 3.50 0.35 X Quality services

Unstable economic

situation (T2)

0.10 2.60 0.26 X More investment

Devaluation of

money (T3)

0.10 2.80 0.28 X Increased interest

rate

TOTAL 1.00 3.16


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Implementation, Evaluation and Control Plan- Bank Al Falah Limited Pakistan

trategic Factors Action Plan Priority System

(1-5)

Who Will Implement Who Will Review How Often

Review

Criteri

1st Islamic Bank of

Pakistan

Introduce

Islamic products

2 GH of Islamic Banking

Division

BODs Annually Monitor

compe

Diversified

Portfolio

More investment 1 GH Credit Division BDOs Quarterly Investm

mo

comp

Consistent

Expansion

Establish more

branches

2 GH Establishment Division BODs/CEO Half yearly Establis

bran

Low Training &

Coaching

Introduce

effective HRD

1 GH of HR & Learning

department

CEO Quarterly Through

selecti

recrui

proc

Lack of Marketing

Department

Establish

Marketing

Department

2 GH Establishment Division BODs/CEO Annually Monitor

compe

More foreign

Branches

Find strategic

alliances

partners

2 Strategic Planning

Division

BODs Annually Focus o

Mus

Coun

Good reputation Provide excellent

services

1 Quality Assurance

Department

CEO Monthly Focu

qua

serv

New products

/services

Establish R&D

department

1 Product Head & Market

Initiative Department

CEO Annually Mar

researc

satisfa

Intense

competition

Gain competitive

edge

1 Heads of branches Competition

committee

Quarterly Harness

co

compe

Unstable

economic

situation

Increased

market shares

4 GH Treasury & Financial

Institutions

GH/CFO Half yearly Institu

Inve

Devaluation of

money

More dealing in

foreign currency

3 CFO BODs Quarterly Ease in

curre

acco

manag

BANK ALFALAH LIMITED PAKISTAN

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