Al-Falah Bank Limited Chapter-2

CHAPTER 2

ORGANIZATIONAL REVIEW

Introduction To Banking

According to banking ordinance 1962 the banking is defined as “Bankers means a person, transacting the business of accepting for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise and withdrawal by cheques, drafts or orders or otherwise”. Pakistan banking system at the time of partition consists of 19 non Indian foreign banks and two Pakistani banks i.e. Habib Bank LTD and Australasia Bank. State bank had started functioning on July 1^st 1948. In 1949 National bank of Pakistan was established and started its functioning with six offices in former east Pakistan.

There are about 22 Pakistani scheduled banks operating in the NWFP having 1150 branches or about 15% of all the branches of scheduled Pakistani banks in the country.          In addition six foreign scheduled banks with a total of six branches are also operating in the province.

History of Bank Alfalah

Bank Alfalah Limited was incorporated on June 21^st, 1997 as a public limited company under the Companies Ordinance 1984. Its banking operations commenced from November 1^st ,1997. The bank is engaged in commercial banking and related services as defined in the Banking companies ordinance, 1962. The Bank is currently operating through 195 branches in 74 cities, with the registered office at B.A.Building, I.I.Chundrigar, Karachi.

Since its inception, as the new identity of H.C.E.B after the privatization in 1997, the management of the bank has implemented strategies and policies to carve a distinct position for the bank in the market place.

Strengthened with the banking of the Abu Dhabi Group and driven by the strategic goals set out by its board of management, the Bank has invested in revolutionary technology to have an extensive range of products and services.

This facilitates our commitment to a culture of innovation and seeks out synergies with clients and service providers to ensure uninterrupted services to its customers. We perceive the requirements of our customers and match them with quality products and service solutions. During the past five years, we have emerged as one of the foremost financial institution in the region endeavoring to meet the needs of tomorrow today.

Chairman’s Message