CHAPTERSEVEN: FINDINGS, RECOMMENDATIONS & CONCLUSION

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  Most of the branches of the IBBL located in the urban area and few of them are involved with foreign exchange transaction, so most people do not know about the foreign remittance service of IBBL.
  
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  People think that Private bank is less confidential than nationalized bank to send and collect remittance.
  
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  Islamic Banking is a new phenomenon in our country during last two decades. So majority of our people have no proper knowledge about the activities of Islamic Banking as well as its foreign exchange mechanism and foreign remittance collection and sending procedures
  
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  Foreign exchange procedures of IBBL are more or less similar with traditional Bank.
  
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  Most of the people in our country have a bad impression of IBBL’s operations regarding indirect generation of interest which meaning no difference between investment of IBBL foreign remittance account, they are not too much interested to open foreign remittance account IBBL.
  
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  IBBL has contract with other bank transaction by without interest thus, it generate low profit for foreign remittance account.
  
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  Because of complexities of opening foreign remittance account and procedural problem many people prefer hondi to collect and send remittance.
  
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  Because of insufficient application of Islamic Banking rules in our country the foreign exchange operations of IBBL can't run smoothly.
  
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  This Bank can't invest in all economic sectors, which are prohibited by the law of Islam.
  
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  Profitable investment portfolio of IBBL requires foresightment and clear investment knowledge according to Islamic shariah. But sometimes IBBL can't invest its assets in proper portfolio due to insufficient and unskilled manpower in these regards .As a result, there is a large amount of money being idle and thus potential profits is not increasing and generate low profit of foreign remittance account.
  
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  Sometimes foreign remittance operations of IBBL are hampered due to increase, dishonest, indiscreet, hypocritical nature of people.
  
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  IBBL has no strong promotional activities to increase foreign remittances by motivate present and potential non-residents Bangladeshi.
  
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  The Islamic banking products which are offered by IBBL through its 180 branches located of important centers all over the country and spontaneous acceptance of those products by the people proves the superiority of Islamic banking
  

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  IBBL’s market share of deposit investment and ancillary business is steadily increasing.
  
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  IBBL, through steel a tiny bank, handles more than 10% of country’s export and import trade.
  
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  Among the contemporary commercial banks IBBL’s position is the first in respect of mobilization, deployment of funds and earning profits.
  
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  More than 115000 workers are employed in the industrial projects financed by IBBL. IBBL has thus made significant contribution to solving unemployment problem of the country.
  
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  Dhaka is the capital of Bangladesh being a mega city – has acute transport problem. IBBL has join hands with an enterprising group to introduce a fleet of premier bus service, which has attracted the attention of all section of the people and mitigated transportation problem of the city to some extent.
  
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  IBBL has introduced several other welfare oriented investment schemes, such as small transport investment scheme, small business investment scheme, agriculture implement investment scheme, poultry investment scheme, household durable investment scheme, and housing investment scheme.
  
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  IBBL has contributed a remarkable amount income tax to the government exchequer every year.
  
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  At the initiative and drive of IBBL, several universities in Bangladesh have introduced courses on Islamic Banking and Finance.
  
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  Islami Bank Bangladesh Limited has many representative branches in many countries in the world to deal with foreign exchange business.
  
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  IBBL conduct many seminars to avoid hundi and ultimate result is increasing foreign remittances.
  
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  Sending foreign remittances through IBBL is very easier than other banks.
  
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  Opening foreign remittances account in IBBL also easier.
  

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  This bank should arrange a wide varieties of regular programs like "Islamic Jalsa", "Oaaz Mahfil", "Seminar" , "Mosque -based discussion" etc. about Islamic banking function countrywide to remove the negative impression about IBBL.
  
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  IBBL should be located their branches in the important places of the rural area so that most people will know about the foreign remittance service of IBBL.
  
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  Remittance service of IBBL should be easy and flexible.
  
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  Bank should be creating such situation so that people put confidence on private bank for huge money transaction.
  
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  IBBl should sponsored seminar and symposium for the purpose increase awareness about the foreign remittance service of IBBL.
  
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  IBBL should conduct strong promotional activities to increase foreign remittances by motivate present and potential non-residents Bangladeshi.
  
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  IBBL management body should be caution about foreign remittance operations of IBBL that are hampered due to increase, dishonest, indiscreet, hypocritical nature of people.
  
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  IBBL should conduct seminar about the bad effect of the Hundi that will hamper economic development of the country.
  
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  IBBL should invest the remittance in the profitable sector that will produce more profit for the owner of the account so that people will attract for foreign remittance account of Islami Bank Bangladesh Limited.
  
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  IBBL should recruits fresh MBA graduates from any reputed university.
  
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  IBBL should set up information desk in every branch.
  

• 
  A text book of Banking
  

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  M. Radashawmi
  
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  S.V. Vasudevan
  

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  Website of Islami Bank ( www.islamibankbd.com )
  
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  Islam and Economics Challenges
  

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  Chapra Dr.Umar
  

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  Foreign Exchange Mechanism
  

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  Rahaman Habibur
  

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  Brochure of Different Accounts of IBBL
  
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  Bangladesh Bank guideline
  
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  Ali, M and Sarkar, A.A. (1995). “Islamic Banking: Principles and Operational Methodology”.
  
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  Abdallah, A.1987. “Islamic Banking”, Journal of Islamic Banking and Finance, January-March, 4(1): 31-56.
  
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  Abdeen, A.M. and Shook, D.N... 1984. The Saudi Financial System, J. Wiley and Sons, Chichester.
  
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  Islami Bank Bangladesh Ltd., 2005, Annual Report 2004-2005
  
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  Islami Bank Bangladesh Ltd., 2006, Annual Report 2005-2006
  

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  Jakat or Islami Bank Foundation, IBF
  

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  A hand book of 24 years progress of IBBL
  

ATM-Automated Teller Machine

CAMEL-Capital, Assets, Management, Earnings and Liquidity

CCI&E-Chief Controller of Export& Import

CIB -Credit Information Bureau.

CRR-Cash Reserve Ratio,

DD- Demand Draft

EPB-Export Promotion Bureau

ERC-export Registration Certificate

IBIB-International Association of Islamic Bank

ICC- International Chamber of Commerce
LCAF-Letter of Credit Authorization Form
RDS-Rural Development Scheme

SLR- Statutory Liquidity Reserve

SWIFT- Society for world Wide inter Bank Fund Transfer

TT- Telegraphic Transfer

UCPDC- Uniform Customs & Practice for Documentary Credit

WTO-World Trade Organization