ACKNOWLEDGEMENT

All praises for Almighty Allah who is “THE CREATOR” of whole

of the universe and admires to our Holy Prophet Muhammad

(Peace

be Upon Him) Who taught us every thing of this life and the life

thereafter.

Now it is our responsibility to convey the “WORDING OF

SUCCESS” to whole of the Ummah. As it was indicated in the

last Address of our Holy Prophet (Peace be Upon Him). And the

graves of “FELLOW BEINGS” are the proof of the completion of

this responsibility.

I am very thankful to Mr. Liaqat Ali Khan (the branch manager

EBI Sialkot) who provided me an opportunity to do my
internship in one of the top international banks in Pakistan. I am
also very thankful to all the staff members of EBI Sialkot branch,
who trained me with keen interest about their banking system. I
would like to thank Mr. Tabashar Zaki Malhi with whom
reference I were able to do my internship in EBI. I also

1
appreciate the working environment and the behavior of the
staff members.

EXECUTIVE SUMMARY

This is an internship report, which I did from Emirates Bank

International PJSC. Basically this report is based on my working in

the three departments of the bank i.e. Operation. Trade Services

and Credit. This report contains all that I have learnt from Emirates

Bank. It contains the history of EBI, the different types of accounts,

account opening documentation, different types of cheques,

remittances, international trade, documents needed for import and

export, kinds of letter of credits, procedure for collection of

payment, different types of finances and securities against finances.

I have also mentioned the marketing activities of EBI in Sialkot.

2
 TABLE OF CONTENTS

Introduction of Banks 04
Emirates Bank International 04
Vision Statement 05
Mission Statement 06
Financial analysis 07
Account opening 08
Account opening documents 12
Types of Accounts 14
Inactive and Dormant accounts 17
Closing of account 19
Remittances 20
Types of cheques 21
Negotiable Instruments 23
Solution Center 28
Data Control 29
Trade 30
Trade of Companies 32

Foreign Exchange 34
Documents of foreign trade 36
Exports 43
Import 44
Parties in a trade deal 48
Process of opening letter of credit 49
Credit 52

3
 Marketing 56

INTRODUCTION OF BANKS
Banks are the financial institutions. Some authors opine that the word
bank is derived from the words ‘Bancus’ or ‘Banque’ which means a
bench. The explanation on of this origin is attributed to the fact that
the Jews in Lombardy transacted the business of money exchange on
the benches in the market place and when the business failed the
‘banco’ was destroyed by the people. Incidentally the word ‘Bankrupt’
is said to have been evolved from this practice. Other authorities hold
the opinion that the word ‘Bank’ is derived from the German word
‘Back’, which means ‘joint stock fund’. Later on when the Germans
occupied major part of Italy, the word ‘Back’ was Italanized into ‘Bank’.

STATE BANK OF PAKISTAN

State bank of Pakistan operates as the controller of money market. It is

the central bank of the country and was established on July 1, 1948.
The state bank provides the policy guidelines and ensures that the
money market operates on sound professional basis.

EMIRATES BANK INTERNATIONAL PJSC

HISTORY

Emirate Bank International was incorporated in Dubai, United Arab

Emirates, as a commercial bank with limited liability in March 1977.
The bank was registered as a Public Joint Stock Company (PJSC) in June
1995.
Emirates Bank International traces its origins back to 1977 in Pakistan
when it began its operations as Union Bank of Middle East. It later
acquired Dubai Bank and in two decades the Bank has gone from

4
strength to strength, to become one of the largest and most profitable
foreign owned banks in Pakistan.
Emirates Bank International has its 10 branches located in 8 major
cities nationwide i.e. Karachi, Lahore, Islamabad, Rawalpindi,
Faisalabad, Peshawar, Multan and Sialkot.
Emirates Bank International is recognized as a Technological Leader in
the banking industry of Pakistan. Branches across the nation are
connected through

VSAT link on IBM AS400 platform. This connectivity is the key for better
customer service, since the customer can transfer funds to any of the
branches instantly. Moreover accounts can be operated from any of
the 10 branches of the bank.
Emirates Bank was also the first to introduce a network of online, real-
time ATMs in Pakistan.

VISION STATEMENT

Emirates Bank Group’s vision is to be the leader in the financial

services market in the region.
Emirates Bank, Leadership means:

• Being the preferred lead banker for customers

• Delivering increased earnings and increase in market value to
shareholders
• Being a fair employer and employees perceive the Bank as "a
great place to work".
• Being an active participant in community affairs and events
• Being at the forefront of industry involvement and be a catalyst
for change in industry standards, and
• Being the most innovative and technology-led bank.

In quantitative terms it means:

• Be among the top three banks ranked by ROE in the region

• Be among the top three banks ranked by Total Assets in the UAE,
and
• Capital adequacy to exceed 30%

5
The region covers UAE, GCC, Islamic Republics, Pakistan, India,
Malaysia and Singapore.

MISSION STATEMENT

EMIRATES BANK INTERNATIONAL, PAKISTAN provides banking

products and services to selected corporates, institutions and to the
retail sector.

EMIRATES BANK INTERNATIONAL, PAKISTAN will be innovative

and adaptable to change to ensure the range of banking services and
products offered are based on identified customer needs.

EMIRATES BANK INTERNATIONAL, PAKISTAN main strategic thrust

will be focused on clear identification of our risk appetite,
implementation of cost controls and delivery of services a timely,
professional manner.

EMIRATES BANK INTERNATIONAL, PAKISTAN will ensure growth

through delivery of quality customer service and care which will be
provided by all employees motivated through a planned training career
development program.

EMIRATES BANK INTERNATIONAL, PAKISTAN will project a sound

and secure image, be pro-active to change and enhance stakeholders'
value.

LOGO

The Emirates Bank’s logo links the world with the United Arab
Emirates. The left side of the logo depicts the Seven Emirates States
while the globe on the right portrays the world. The gold and black

6
colors represent abundance of natural resources namely gold and
petroleum.

Development of Sialkot Branch

The Sialkot branch was developed in 1997. Basically this branch was
planed to be opened in Gujranwala but due to the excess of exports of
sports goods in Sialkot it was opened in Sialkot. It is situated at Paris
Road on the first floor of Sialkot Chamber of Commerce and Industry
building. It has three departments i.e. Operation, Trade Services and
Credit. Emirates Bank also has a marketing team. This branch is doing
a good business in Sialkot. This branch has also started evening
banking from 15 June 2001.

Financial Analysis of Pakistan Branches

December 31 2000 1999

(Million) (Million)

Advances 8,065,992 7,271,936

Investment 1,896,052 1,567,058

Total Assets 15,470,242 14,963,998

Total Deposits 11,464,526 11,200,361

Total Capital 1,161,993

1,040,514

Profit Before Taxation 270,615 213,200

Profit After Taxation 229,615 305,200

7
 ACCOUNT OPENING
The opening of an account is the establishment of banker-customer
relationship. By opening an account at a bank a person becomes a
‘customer’ of the bank.

Types of customers

1) Individual’s account:

Individual’s account is operated by a single person.

Illiterate Account:

For the opening of an illiterate account, the banker must obtain 4

passport size photographs. One copy is pasted on the account
opening form, two copies on the specimen signature cards and the
fourth photograph ids pasted on the cheque book. Instead of
signatures, the left hand thumb impression from male, and right
hand thumb impression from female is taken on the cards and
account opening form.
An illiterate person must come personally to operate his account.

Pardanashin Women

8
Pardanashin women are competent to open a bank account. But if
such women are illiterate, then the bankers generally avoid opening
such an account.

Minor Accounts

If a person is below 18 years age, he/she is considered as minor.

The minor accounts are opened on the request of the guardian who
signs the account opening form himself and gives his own specimen
signatures for the operation of the account, but the title of the
account remains in the name of both the minor and guardian.

2) Sole proprietorship:

In sole proprietorship there is only one account owner of the

company, the owner operates the account.

3) Joint account:

Joint accounts are the accounts of two or more persons who are
neither partners nor trustees. When such an account is opened, it
is necessary that the banker should obtain clear directions as to
whether one or more of them shall operate upon the account.
However in the absence of such directions, the banker should allow
the operations under the signature of all the joint account holders.

4) Either or Survivorship account:

The authority to operate upon the account should also state as to

whom the balance is to be paid in the event of the death of one or
more of the joint account holders. Such instructions are not
absolutely necessary in ordinary joint accounts, because under the
law of Devaluation, the survivor or survivors are generally entitled
to the whole amount on the death of one or more of the joint
account holders.

9
5) Partnership Firm’s account:

Partnership is the relation between persons who have agreed to

share the profits of the business carried on by all or any of them
acting for all. There a partnership can be created by a written
agreement. This agreement between partners is called partnership
deed. This partnership deed is a best document for opening
partnership/firm’s account. Persons who have entered into the
partnership are individually called partners and their collective
group is called a firm.

Operation of firm’s account:

The account is to be operated according to instructions given at the

time of opening the account. Every partner has an implied
authority to counter-

made payment of any checque drawn on the firm’s account and

the banker is bound to comply with the instructions issued by that
partner.

6) Private and public limited companies:

Company is an association of individuals for the

purpose of profit, possessing a common capital contributed by
the members constituting it, such capita being commonly divided
into the shares, of which each posses one and more and which
are transferable by the owner.
a) Public limited companies:
In public/private limited companies liabilities of
shareholders are limited up to the extent of their share.
b) Private limited companies:
A private limited company is a company where the right to
shares of its members is restricted and public subscription
in the shares of the company is prohibited under its article.

7) Associations, Clubs and Corporations:

10
 There are non-trading companies and organizations and
firms for the promotion of culture, science, education,
recreational activities and charitable purpose etc. The affairs of
these institutions are administered by a body known as
“Managing/Executive committee, which draws its authority from
the rules and regulations or bye-laws of the institutions.

8) Trust accounts:

A trust is an obligation annexed to the ownership of the

property and advising out of a confidence proposed in and
accepted by him for the benefit for another or of another and the
owner.
The account should be opened in the name of trust and all
the trustees should sign the account-opening opening form. If
the account is

opened in the name of trustees, it should not be the ledger

and specimen signature card etc should be boldly marked
suitably to show that it is a trust account. The banker should
examine the instrument of trust very carefully, and copy of it
should be kept on record.

9) Account of local bodies:

These are the autonomous institutions instructions formed

under the local bodies’ act, such as Municipal Corporations or
Municipal Committees. Their own Managing Committees
comprising generally of elected members govern them. The
chairman of these local bodies may be elected by the members
or nominated by the government.
When an account of a local body is to be opened, the
banker must see that the request comes only from the person
authorized to do so in the controlling act. The authorized person
who should also mention clear instructions regarding the
operation on the account should sign account opening form, and
specimen signature should be taken from the person authorized
to operate the account.

11
 Completion of Account Opening Documents:
Every account-opening document must contain Know Your Customer
(KYC). In KYC all the status and the information of the customer is
written.

Account Opening Documents for Individual/Joint

Account Holders:

 An account opening form.

 Specimen signature cards. (3)
 Copy of National Identity Card (NIC) or passport (duly originally
signed certified by a bank’s officer).

Account opening documents for sole proprietorship:

 Account opening form.

 Specimen signature cards. (3)

12
  Copy of NIC or passport (duly originally signed certified by a
bank officer).
 Letter/declaration of Sole proprietorship.
 NTN certificate.
 Certificate of commencement of business (Pvt. limited
companies limited).

Account Opening Documents for trusts:

 Account opening forms and SS cards.

 Copies of NIC’s of all trustees.
 Copies of trust Deed.
 A certified true copy of the certificate of registration of the public
trust.
 Copy of Resolution Board of Trustees for opening and operation
of the trust account with the bank.

Account Opening Documents for Association and Club

Societies:

 Account opening forms, SS cards and NIC copies of all office

bearers/managing committee members.
 Certified true copy of bylaws/rules and regulations.
 Certified true copy of Resolution by association, club or society,
authorizing opening and operation of the account.

Account Opening Documents for Local Authorities,

Municipal Corporations:

 Account opening forms, SS cards and NIC copies of all authorized

officials
 Certified true copy of the status under the body was created and
governed.

13
  Mandate authorizing designated persons who would operate the
account.
 Permission from the concerned ministry, division or department.

Steps for a Proper Introduction of an Account:

 Introducer’s full name and address is written on the account

opening form.
 Verification of Introducer’s signatures by and authorized officer.
 Authorized/verifying officer’s signatures, rubber stamp and
power of Attorney number.

Type of Accounts:
Emirates Bank offers the following product line.

1) Saving Account (PKR, US $, GBP, DM & TY):

Saving account is only for individuals not for companies.

Emirates Bank deals in five currencies in saving accounts. This
account is based on profit and loss share.

2) Current Account:

Current account is mostly for companies. It is also for

individuals. In this type of account interest or profit is not given.
Minimum amount for opening of current account is Rs.10000.

14
3) Emirates Extra:

Emirates extra are a special saving account, which

calculate profit on a daily basis and pays monthly. It has the
convenience of a current account plus advantages of a current
account.
It has following features.
 Profit paid monthly
 No limit on number of transactions
 Deposits and withdrawal at any branch.
 No notice required for the withdrawal of funds at
any branch.
 Instant transfer of funds from any of its 10
branches in 8 cities in Real Time through the most
advanced computer system IBM AS400
 Minimum deposit requirement for an individual
account holder is Rs.50000 and for a corporate
account holder is Rs.1000000.
 Profit is paid on the basis of deposits

4) Term Deposit Account:

An Emirate Rupee Term deposit is with its exceptionally

higher rate of return plus a choice of profit payoff tenors.

The deposit is from 7 days to 5 years. The higher the tenor more
will be the profit. Profit is paid monthly, quarterly, half yearly and
yearly basis.

5) Emirates Pakistani:

Emirates Pakistani is a high yield Pak-rupee account

especially designed for conversion of funds from foreign currency
accounts DBEs, FCBs and FEBCs. This account gives a unique

15
 advantage of a term deposit with all the benefits and flexibility of
saving accounts.

It has following features.

 The account can be opened with funds form foreign

currency accounts DBCs, FCBCs and FEBCs.
 No minimum deposit requirement.
 It provides an exceptionally high return. It lets you
decide how much you earn on your investment in
Pakistani rupees.

Tenors Rate of Return

One month 11.5% p.a

Two months 11.75% p.a
Three months 12.50% p.a
Four months 12.75% p.a
Six months 13.50% p.a
Eight months 13.75% p.a
/Eleven months 14.00% p.a

 In case of premature encashment, return will be

according to the last tenor completed.
 No penalty for premature or particle encashment.
 No prior notice required for withdrawal.

Other Services:

Emirates Express:

This is the most beneficial cash-flow management system available in

Pakistan. The unique services are availed by many large Pakistani and
multinational

companies to speed up cash flow flexibility, resulting in reduced

overheads and less borrowing.
Emirate ATM Card:

16
Emirates network’s online, real time ATM’s ensure that the customer
access his funds 24 hours a day, 7 days a week at 10 locations in 8
major cities throughout the Pakistan. Emirates ATM card is free of cost
while other banks charge for ATM. ATM is issued if you have a current
and/or a saving account with any of the branches.
ATM gives the following services.

 Cash withdrawal up to Rs.50000 per day.

 Balance inquiry.
 ‘Mini statement’ issuance tells the record of last 10 transactions
with the latest balance.
 Account statement request.
 Cheque book request;

Global Accidental Protection Plan at Rs. 1 Per Day

Emirates Bank is offering global accidental protection plan in

association with American International Group Inc.(AIG). In this plan
the account holder of EBI are covered for two times their average
balance, which they have maintained over the last six months, in case
of accidental death. Accidental death shall mean death during the
period of insurance, caused solely and directly by violent, accidental,
external and visible means within 365 days from the date of such
accident.

If some one has Rs. 5000/- in his/ her account and the policy is
invoked, the minimum amount paid out is Rs. 250,000/- and if he/she

17
has 250,000/- in his /her account then the minimum amount paid out is
Rs.500,000/- the insurance amount can go upto a maximum of
Rs.5,000,000/-

Inactive and Dormant Accounts:

Current Account:

In current account, if no transaction takes place for six months, the

account becomes inactive. The account is activated after the request
of account holder. If the account is not activated then after one year it
becomes dormant and the amount is sent to the state bank of
Pakistan.

Saving Account:

18
The duration for inactivation of saving account is three years. After
three years the account is activated only upon the request of account
holder. After ten years the account will be dormant and the amount is
sent to the state bank of Pakistan.

Opening of more than one Account by

Individuals:
If a person already has an account say saving and he wants to open
another account then his account number remains the same and only
the suffix (the last three digits) of account number will be changed. But
a separate form is filled for new account. The new account opening
form is attached with previous account opening form.

Procedure for Fixed Deposits:

19
For fixed deposits an application form is filled upon which customer
name, NIC number, mode of deposits, terms and conditions of profit
are written. This application form is also called a deal. Then another
from is filled out which is similar to the format feed into the computer
system. Then all the data is also entered into the computer system.

Steps Involved In Account Opening:

1. Filling of account opening form and SS cards.

2. Allotments of account number.
3. Entry of new account into the computer system.
4. One of the SS card is send to the cash counter and the other is
send to the head office for scanning and entering into the
computer system which is sent back is sent back and is attached
with the account opening form.
5. Sending of Letter of thanks to the account holder. A copy of
letter of thanks, NIC, SS and mail slip is attached with the
account opening form.
6. Cheque Book receipt is given to the person responsible for
issuing cheque book.

Amendments:

If a person wants to change any thing say wants to change his address,
phone number or signature then a request form is taken from the
customer and check list is filled in which the conditions are activated or
disactivated according to the situation. This condition is also entered
into the computer system.

Closing of Account:
Whenever an account is closed, a request form is taken from
account holder. His outstanding balance is checked, SS card is taken
from the cash counter and then account-closing checklist is attached
with the account opening form. All these documents are stamped as
closed account and then put into the file of closed accounts. The
cheque book and ATM card are being destroyed. The account closing
condition is also entered into the computer system.

20
 Remittances:
Remittance means transfer of funds from one place to another.

Modes:

The different modes of remittances are:

1. Demand Draft:

21
 Demand draft is a cheque issued by a bank. It is also called
manager’s cheque. (MC)
2. Mail Transfer:

i. Electronic fund transfer. (EFT)

ii. Telegraphic Transfer.

Cheque:

A cheque is a bill of exchange drawn on a specific and no expressed to

be payable otherwise than on demand.

Parties to a Cheque:

There are three parties to a cheque.

a) Drawer: drawer is the person who is the maker of a cheque. He

must be account holder.

b) Beneficiary or payee: payee is the person named in the

cheque to whom or to whose order the payment is to be made.

c) Drawee: drawee is the bank on which cheque is drawn.

Types of cheques:
There are two types of cheques.

I. Open cheques:

Open cheques are payable in cash at the counters of a

banker in accordance with the practice of the bankers.

II. Crossed cheques:

22
 Crossed cheques are not payable in cash at counter of a
bank but can be collected by only the banker who would credit
the proceeds to his customer’s account after realization.

Crossed cheques are of two types.

i. General Crossed: when a cheque bears addition of

the words or any abbreviation between two parallel transverse
lines is called general crossed cheques.

ii. Special crossed: when a cheque bears addition of

the name of a banker between two parallel transverse lines is
called special type crossing.

Payment of Cheques: On Counter:

1) Cheque should be in proper from: The

format should be clear and free from ambiguity. The banker
must see that the customer has not changed the form of the
cheque according to his conditions.

2) Cheque should not be crossed: A crossed

cheque cannot be honored over the counter over the counter to
any person but a collecting banker.

3) Cheque should not be mutilated: When a cheque is

torn, worn out or does not give sufficient evidence of the
customer’s intention, it is called a mutilated cheque. The banker
should see that the cheque presented for encashment is not
mutilated.

4) Funds must be sufficient and available:

The banker should see that there are sufficient funds available in
customer’s account to permit the honoring of cheque presented.

Post-dated or stale cheques:

Post-Dated Cheques:

23
 Post-dated cheques are those, which are presented for payment
before the due date.

Stale cheques:

Stale cheques are those, which are presented for payment after
the due date. The validity of a cheque is six months. After months it
will be stale cheque.

Initial security for payment of cheques:

 Drawn on that bank.

 Signed by the drawer.
 Properly dated (it will not be post-dated or stale).
 Open or crossed.
 Bearer order.
 Amount in words and figures tallies.
 Alternation/addition authenticated.
 Stamps affixed/endorsement regular.
 Cheque series exist in system.
 Credit balance exists.
 Verification of drawee’s signatures.

Negotiable Instruments
A document whose title can be transferred in others favor is called
negotiable instruments.
These are:
 Cheque
 Bill of exchange

24
  Bill of landing
 Promissory note.

1) Bill of exchange:

Bill of exchange is “An instrument is an unconditional

order, signed by a maker directing a certain person to pay
on demand or at a fined or determinable future time, a
certain sum of money only to or to order of a certain
person or to the bearer of the instrument.

2) Bill of landing:

Bill of landing is an instrument in writing containing an

unconditional undertaking signed by the maker, to pay on
demand or at a fixed or determinable future time, a certain
sum of money, to, or to the order of a certain person, or to
the bearer of the instrument.

Manager’s cheque issuance

For the issuance of manager’s cheques MC form is filled on which the
account number of the customer and the bank’s internal account
numbers are being written. The amount of MC and the name of
beneficiary are also being written. All these information is also entered
into the computer. The bank also takes charges on the issuance of

25
manager’s cheques. Print out of the cheque is taken and sent to the
beneficiary or given to the customer and carbon copy is kept in the file.
When MC is paid. This carbon copy is stamped as paid on the date of
payment.

Entry:

When MC is made customer’s account is debited and bank’s MC

account is credited. And when the MC is paid this entry is being
reversed.

NOSTRO, VOSTRO ACCOUNTS

Every bank does not have its branches in all countries, so they have
their correspondents in the countries where they don’t have their
branch.

26
Nostro

Nostro means the banks account with the correspondent.

Vostro

Vostro means the correspondents account with the bank.

Types of clearing:
Outward clearing

When the bank receives cheques of other local branches of banks, a

cheque deposit slip is filled; the carbon copy is given to the cheque
depositor after receiving, original slip is attached with the cheque. The
slip is stamped as clearance. Then the summary of total cheques
received is made. At the day end the cheques are sorted bank wise
and the person who is responsible for clearing takes all the cheques to
the State Bank’s Clearing House. In Clearing House each bank have
their accounts. The cheques of the certain bank are handed over to
them who credit the account of that bank in the State Bank, which
gives them cheques.

Entry:
Bank account is debited and customer account is credited when the
cheque is being cleared.

Inward Clearing

When the bank receives its cheques from other local branches of bank
through clearing house, it checks that whether the cheques are in a
proper format and properly signed. Then that’s banks account in the
state bank is credited and that of its own account is debited.

27
 COLLECTION

Outward Collection(OCC)

When the cheques of other cities are received then after filing the slip
and giving an OCC number they are sent to the relative banks for
collection. A voucher is made in which bank liability is increased and
that of customer liability is decreased. When the payment is received
this entry is reversed and the bank account is debited and customer
account is credited.

Inward Collection (ICC)

When the bank receives the cheques of its branch for collection, then it
is given an ICC number and voucher is made in which that banks
account is credited and that of bank own account is debited.

FOREIGN REMITTANCES
Foreign clearing (FCC)

When a foreign currency cheque is received then it is send to the

Nostro where it is cleared. Bank liability is increased and customer
liability is decreased. After clearance, the Nostro credits the banks
account. Then the bank will credit the customer’s account and debit its
internal account. The bank will also decrease its liability and increase
customer’s liability.

Traveler’s cheques (TC)

Traveler’s cheques are issued when someone has to go abroad. For the
issuance of traveler’s cheques documentation is very important. It
needs the following documents:

28
Copy of passport
National Identity Card
Copy of Visa
Copy of Return Ticket

A request application is taken from the customer. All the documents

along with the application are kept in the TC file. The entry is made in
the TC register in which the number of visa, ticket and the amount of
traveler’s cheques is being written.

SOLUTION CENTRE

In solution center, cheque books are issued and statements of

accounts are delivered.

29
 Issuance of cheque book
Along with account opening form a cheque book requisition slip is
filled. On which the account no, name of account holder is written.
At the time of issuance of cheque book the serial no of cheque book is
written on the cheque slip and record register. The signature of the
account holder is also taken on the cheque book slip.
Then a voucher is made in which customer account is debited and that
of bank is credited. In this voucher the amount of cheque book, Govt.
tax and that of banks charges are debited from customer’s account.
After stamping the account number on each leaf of the cheque book it
is given to the account holder. The serial number of cheque book is
also entered into the computer system.

Foreign Currency Cheque Book Issuance:

When a cheque book of foreign currency is issued it deals with two

currencies. The bank takes Govt. tax and its own charges in Pak rupees
from foreign currency account so the entry is passed on a deal on
which the exchange rate of that day is being written. The entry is also
made in the computer system.

Loose cheque:

A loose cheque is issued when a person is issued when a person gives

the request that he has misplaced cheque book.

DATA CONTROL

In data control all the vouchers are being posted. There is a specific
coding for each department and debit, credit, collection and clearing.
All the vouchers are posted according to these specific coding, the
voucher are signed after posting and the copies of advices are given
back to the relative persons for record.

30
 TRADE

Trade is buying and selling of commodities between two parties.

Trade is done by two means:

31
1. Barter system:

Barter is the exchange of goods with goods. There is no money

involvement.

2.By involving financial transactions:

In this method money is involved. Commodities are being sold and

money is received in return.

STEPS OF TRADE
Trade involves the following steps:

1. To find out different sellers:

If we are going to buy something then the first step is to find out
different sellers of the specific product, which we are going to
purchase.

2. Selection of the product:

The second step is the selection of the product. This step involves what
features we want in the product, the quality of the product , its size,
weight etc.

3. Price

Is the price reasonable or not. Are we ready to pay the money

demanded by the seller or not? In other words the settlement of the
price between buyers and sellers.

4. Agreement for buying and Selling:

This step includes whether the seller is going to supply the product or
we are going to take it by ourselves, the agreement upon
transportation cost, damages etc.
This agreement includes the following points:

32
a) Specification of items

Specification of items means the features of the product e.g. If we

want to purchase a computer then the agreement will be upon its Ram,
casing, company floppy and CD derive etc.

b) Mode of payment

Whether we are going to pay in advance or after receiving the product,

whether the payment is in cash or by checque.

c) Delivery Terms

It means whether the seller is going to deliver it or buyer is going to

take it by his own. Who will bear the transportation cost.

BOTH THE PARTIES SHOULD SIGN ALL THESE TERMS.

TRADE OF COMPANIES
For the company to involve in trade it will require the following things:

1) Registration:

33
The firm should be register in the chamber of commerce and then in
Export Promotion Bureau (EPB). The company should also have its
National Tax Number (NTN).

2) Course of Action:

After registration the company has to decide what product it wants to

produce? Whether it wants to involve in production or acquire the
product and sells it?

3) Local Or International Sellers:

Then the company has to decide whether it will sell the product in the
local or national market or international market.

4) Market survey:

Then the company will do a market survey in which it will find out its
competitors, from where the competitors are acquiring their ran
material, what are strengths and weaknesses of competitor and who
potential buyers or end users of the product.

5) Sources of international trade

The following are the different ways to get customers

A. Magazines
B. Directories
C. Chambers of commerce
D. Internet

6) Introduction of ourselves:

After getting the information about the customers, the next step is the
introduction of our product and services to the customer.

7) Negotiation over Rate, Quality and Quantity:

34
Then the next step is the negotiation over the price at which the seller
is wanted to sell and buyer is ready to buy, what quality the buyer is
wanting and what will be the quantity of that item.

8) Agreement or Contract:

An agreement is signed after the negotiation.

FOREIGN EXCHANGE
H.E Evitt says “the means and methods by which rights to wealth
expressed in terms of the currency of one country are converted into
rights to wealth in terms of the currency of another country are known
as foreign exchange”
OR

35
“The system by which commercial nations discharge their debts to
each other”

Procedure to become Importer/Exporter

• Formation of a company
• To obtain National Tax number (NTN)
• Opening of companies current account with a bank
• Registration with local chamber of commerce
• Obtaining license from EPB

Methods of international Trade

The following are the different methods of international trade:

 Barter or Counter Trade

Barter means exchange of goods with goods. In barter or counter

trade, it is not necessary to involve money. Mostly Govt. to Govt.
transactions are done in this type of trade. It is a very useful device
to conserve the foreign exchange.
 Advance Payment Method

In this method payment of full value of goods is remitted by the

importer to the exporter in advance who ship the goods at some
future time. This method is all in favor of seller as he obtains
payment in advance and ships the goods later. The buyer is
therefore at risk of non-performance by the seller.

 Open Account Method

In this method the exporter directly ships goods to the imported and
importer makes payment after receipts of goods at the time as
specified in sales contract. This method is all in favor buyers as he
receives the goods in advance directly from seller before making of

36
payment while the seller runs the risk of default by the buyer or his
country.

 Documentary Collection Method

This method is a compromise between open account and advance

payment method. After the sales contract has been conducted and
goods have been shipped by the seller to the importer, the exporter
draws the bill of exchange on the importer and presents it to his
bank along with shipping documents to collect the money from
importer through his bank.
The presentation of documents through bank gives some payment
surety to the exporter while goods as contract surety to the
importer. However exporter still runs the risk of the buyer’s
unwillingness to pay and payment may also be blocked due to
country’s political and economical events.

DOCUMENTS OF FOREIGN TRADE

37
In international trade transactions the exporter has to tender the
documents specified in the contract of sale. These documents are
called documents foreign trade and they are used by negotiating
banks in the settlement of claims. These documents are submitted
in sets and are issued and signed by the designated authorities.

These documents falls into the following five broad categories:

1. Commercial Documents
2. Official Documents
3. Insurance Documents
4. Transportation Documents
5. Financial and financing Documents

1.Commercial Documents
The following commercial documents are generally used in foreign
trade:

a) Invoices

An invoice evidences the contract of sale and purchase between the

buyer and seller.
Invoices are of three types:

1) THE PROFORMA INVOICE

The Proforma invoice is the memorandum of the terms of a contract

of sale wherein the seller gives the quotation to a potential buyer. If
the buyer approves its terms he sends a definite order for supply.
Such an invoice is marked with the words “Proforma Invoice”
otherwise it is just like customary commercial invoice.

2) Commercial Invoice

A commercial invoice is drawn up by the seller on his business letter

head and contain full details of the transaction including the full
name and address

of the consignee, quantity, quality, unit price and total price of the
goods, complete reference of the L/C number and import license
number.

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 3) Certified Invoice

A certified invoice is an ordinary signed commercial invoice

certifying that the goods are in accordance with the specific
contract of the proforma and that the goods are of specific country
of origin.

b) Certificate of origin

A certificate of origin is a statement evidencing the origin of the

goods. Certain countries have prescribed its forms in which the
exporter has to provide certificate of origin issued by Chamber of
Commerce or trade body or any other authority designated under
L/C.

C) Weight Note

This is the document, which indicates the weight of the goods,

which should tally with that shown on all the other documents.

d) Packing List and Specification

These documents set out the details of the packing of the goods but
they don’t necessarily give details of the cost or price of the goods.

d) Quality or Inspection Certificate

This is a certificate declaring that the goods have been examined

and found to be in accordance with the contract of sale. This is
signed by the manufacturer or supplier, but the contract of sale may
require to be issued by a recognized independent inspection body.

2) Official Documents

The official documents includes:

a) Legalized Invoice

39
Some countries require that the commercial invoice should be
countersigned and stamped by the authorized officer in their
Embassy.

b) Black-Listed Certificate

Due to strained political relations or any other reasons some

countries do not allow transactions with some particular countries.
These countries and the exporter there, are black listed and the
importers are required to ensure that the origin of the goods is not
that of a black listed country and the parties involved are also not
black listed. The seller provides the certificate that the origin of
goods is not from a black-listed country.

c) Health, Veterinary and Sanitary Certificates

These certificates are generally needed in the purchase of foodstuff,

hides and live stock and in the use of packing material. This
certificate is issued by the recognized health authorities in the
exporter’s country.

3) Insurance Documents

The insurance documents generally includes the following:

a) Letter of Insurance

A letter of insurance is a certificate from the insurance broker that

insurance has been approved but the policy is not issued yet, thus
the course of action in the event of claim is not against the insurer
but against the broker.

b) Insurance Certificate

It is a certificate issued by the insurance company confirming that

the insurance cover has been provided to the consignment, details
of which has been given in the certificate.

c) Insurance Policy

An insurance policy provides indemnity against losses incurred or

damages suffered by goods in transit. The policy must be signed by
or on behalf of the insurer.

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 4) Transportation Documents

These are the documents which evidence that the goods have been
delivered to the named shippers, airline or transporter for carriage
to a named port, airport or place of delivery.

The following transport documents are being used:

a) Airway Bill

It is a receipt evidencing the delivery of goods to an airline or its

agent for transportation by air to a named consignee, according to
the defined and agreed terms. this document is drawn in sets of
multiple copies and three original parts, first of which is marked for
the Carrier and is delivered to the carrier with the goods for
recording and checking them.

b) Mate’s Receipt:

It is a document signed by the ship’s Chief Officer acknowledging

the delivery of goods. Since it is merely a receipt for goods shipped
on board and issued to the exporter, it is not a document of title,
yet it indicates any deficiency in the quantity of goods delivered, or
any defects in their packing or condition.

c) Bills of Lading

It is a document issued by the shipping company confirming receipt

of described goods from the consigner, for their shipment to a
named port of destination on specified terms and condition.
It is a document of title to goods and is transferable by
endorsement and delivery or by delivery alone, and the holder of
the bill of lading is entitled to receive the goods to which it relates.

5) Financial and Financing Documents

These documents are used in payment by the buyer to the seller of

goods, in the international trade transactions. Such documents as
Bill of Exchange, Promissory Notes and Warehouse Receipts are
very commonly used.

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BILL OF EXCHANGE

An instrument containing an unconditional order in writing signed

by maker directing a certain person to pay on demand or at fixed
future time a certain some of money only to or to the order of a
certain person or to bearer of the instrument.

Types of collections
SIGHT (D.P)

In sight collection importer is asked to pay value of bill of exchange

upon presentation .The importer is compelled to get delivery of
documents only after making payment.

USANCE (D.A)

In usance collections Importer gives acceptance of bill of exchange

for payment at some future time.

Due date / maturity date:

The date on which Bill of Exchange falls due for payment.

DISHONOUR OF A BILL

Most of the bills are duly accepted when presented for acceptance
and duly paid when presented for payment. Occasionally however,
acceptance or payment is refused and the bill is said to be
dishonored by non-acceptance or non-payment as the case may be.
The negotiable instrument act allows 48 hours from presentation to
drawee to accept or to refuse the acceptance/ payment.

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 NOTING AND PROTESTING

When the bill is dishonored by non-payment or non-acceptance, it is

sometimes necessary to obtain formal proof that it has been duly
presented and dishonored. The first step to this end is known as
protesting. The services of notary public are employed for this
purpose.

CONTENTS OF PROTEST

• Copy of bill
• Name of person requesting for protest
• Place and date of protest
• Cause and reason of protest
• Sign of two witness
• Seal of notary

INCOTERMS:
Incoterms is a standard trade term, which explains how
responsibilities, costs and risks are divided between buyer and seller in
connection with movement of goods from seller place to buyer place.
This includes the agreement that who will arrange for carriage and
insurance from one point to another point and who will bear the risk of
loss or damage to the goods.

There are four different categories:

Group E: The term whereby the seller makes the goods available to
buyer at the seller’s own premises.

Group F: The term whereby the seller is called upon to deliver the
goods to a carrier appointed by the buyer. It includes Free Carrier
(FCA), Free On Board (FOB).

Group C: The whereby the seller has to contract for carriage but
does assume the risks of loss or damages to the goods or additional

43
costs due to events occurring after shipment and dispatch. It
includes Cost and Freight (CFR), Cost Insurance and Freight (CIF).

Group D: The term whereby the seller has to bear all costs and
risks needed to bring goods to the country of destination. It includes
Delivered at Frontier (DAF), Delivered Duty Paid (DDP).

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 EXPORT

“E” FORMS
All exports from Pakistan are required to be declared on form “E”
which is in sets of four copies each. The exporter should submit the full
set of form “E” to the authorized dealer (bank) for certification. While
certifying form “E” authorized dealer should ensure that exporter gives
only one address in form “E”. After certification the form is submitted
to the customs/ postal authorities at the time of shipment along with
the shipping bill. The custom authorities will detach the original copies
and after filling in the portion relating to them and affixing their seal
and signature thereon forward it to the State Bank. The customs
authorities will return the duplicate, triplicate and quadruplicate copies
to the to the exporter or his authorized agent who will retain the
quadruplicate for his record.

Submission of Export Documents to Authorized Dealer

All shipping documents covering goods exported and declared on form

“E” must be passed through the medium of an authorized dealer
(bank) within 14 days from the date of shipment.
When the exporter returns form “E” along with other documents like
invoices, drafts, packing lists, airway bills etc, entry is made on the
computer and the exporter is assigned an Outward Documentary
Credit (ODC) number, and all the documents are stamped with the
allotted ODC number, then a schedule is made and is attached with
the documents. All the documents are kept in an ODC file. Then a
voucher is made in which bank liability is increased and exporter’s
liability is decreased.

Payment of Exports

When the payment of exports is received from the beneficiary, a deal

is made on which tax and services charges are debited from the
exporter’s account. In the other voucher the bank liability is decreased
and exporter’s liability is increased. The exporter is credited by the
exchange rate of the day the payment is received after negotiating
with the exporter.

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 IMPORT

INTERNATIONAL TRADE
International trade is done on two terms
1) Letter of Credit (LC)
2) Contract

1) Letter Of credit (LC):

LC is an undertaking by the issuing bank in the name of beneficiary

(exporter to pay him certain amount subject to fulfillment of terms and
conditions laid down in LC.
A letter of credit is generally a very safe method of obtaining payment
provided the exporter complies with the terms of the credit. While a
letter of credit generally favors the exporter, the importer can also
protect his own position by stating documentation he requires and by
specifying shipping date.

Kinds of LC
1) A Revocable Credit:

A revocable credit is one, which may be amended or cancelled without

the prior notice to the beneficiary. The issuing bank retains the right to
revoke such a credit, which may be exercised (1) upon a written
request from the applicant for the credit or (2) on its own, because it
considers that it would not be possible to obtain reimbursement from
its customer.
An exporter of a revocable letter of credit runs a great risk because the
credit may be amended or cancelled while the goods are still in transit
before presentation of the relative shipping document.
Revocable letter of credit do have some advantages in that they are
cheaper than other types of documentary credits and facilitate earlier
payment to the exporter.

46
2) Irrevocable Credit:

Irrevocable credit is one, which can be amended, modified or cancelled

with the permission of all the parties involved in LC.
From the point of view of the seller, an irrevocable letter of credit
affords him a greater degree of protection than a revocable letter of
credit.

3) Confirmed credit:

If the seller wishes to be sure that once he exports the goods he could
obtain payment therefore he can insist upon the buyer to have the
letter of credit confirmed by a bank in the sellers country. In this
situation the issuing bank requests either its own branch in the sellers
country to advise the beneficiary regarding the establishment of the
letter of credit and adds its own confirmation to the letter of credit.

4) Unconfirmed Credit:

There is no need of confirmation from confirming bank in

unconfirmed credit.

5) Red clause Credit:

Red clause LC is mostly used for the import of big plants. A red clause
credit enables an importer not only to set forth-documentary terms in
a letter of credit covering a shipment but also to provide for the
exporter to draw upto a specified percentage of the amount stated in
the credit, which is up to 33%. This will be with the prior permission of
state Bank of Pakistan. The clause inserted in letter of credit to permit
cash advance facility is known as the ‘Red Clause’. The clause
regarding advance payment is typed in red color that’s why it is called
red clause LC. Credits with ‘Red Clause’ are used where there is a close
business relationship between the importer and the beneficiary.

6) Back to Back Credit:

47
In a Back to Back credit two separate letters of credit are involved. The
original letter of credit is issued in favor of a supplier essentially acting
as a middleman and who is unable to supply the goods himself. He
therefore uses the original credit issued in his favor to back another
letter of credit to be issued by his bank in favor of another supplier
who can supply the goods. A Back to Back credit is a

second credit issued by at the request and application of the original

beneficiary in favor of another supplier.

Example:

If A is going to import something from B but B does not produce it by

itself instead gets it from someone else say C.
Then A will send LC to B and B will send it to C.

A B dealer /trader

LC

C
In this type of LC two LC`s are involved one is from A B and other is
from
B C .Here B will serve as a middleman.

This type of L.c. is not allowed in Pakistan because Pakistan has not
maintained good relations with some countries like Israel, South Africa,
Taiwan and India. May be if Pakistan wants to import something from
Japan and Japan buy it from Israel.That`s why it is forbidden in
Pakistan.

7) Transferable Credit:

In this type of LC the beneficiary can transfer LC to the third party.

e.g. if A wants to purchase something say socks from B and n have no
stock or capacity to fulfill the demand.B will transfer LC to C
LC can be transferred once.

48
A B

The first beneficiary can transfer the credit only if there is an express
provision for its transfer to the third party. Where the credit does not
contain a specific provision regarding the transferability of the credit,
all credits are to be treated as non-transferable.

8) Revolving Credit:

A Revolving credit is designed to finance a series of dealings between

buyers and sellers. The word “Revolving” is used to describe a letter of
credit that has a clause in it, which allows the value of the credit to be
renewed over an extended period of time rather than establish
individual, credits for each shipment.

For e.g. if a company has only $20 Million with it & it wanted to open
&50 Million LC then LC will be labeled revolving & &20Million L.c. will
be opened. Suppose during first month $Million export is made then it
will be left with $15 million.
In this case $5 Million will be added from $30 Million & again LC will be
of $20 Million in the second months $15 Million transaction is dome,
then $5 Million will be left, in this case $15Million will be added from
$25 Million which were left from $30 Million and again $20 Million LC
will be made. This cycle will continue until the amount will be finished.
Revolving credits can also revolve in time, i.e. they are available for a
fixed limit at fixed limit, say monthly until expiry.

49
 PARTIES IN A TRADE DEAL

A- Seller (Applicant) The bank’s customer who requests the issue of

the letter of credit i.e. the importer.

B- Buyer (Beneficiary) The person in whose favor the letter of

credit is issued i.e. the exporter.

C- LC opening bank The bank that issues the letter of credit at the
request of its customer

D- LC advising bank A bank in the beneficiary’s country through

which the issuing bank communicates the
credit to the beneficiary.
E- LC negotiating bank The bank which makes payment when
the beneficiary presents the documents to
them

F- Confirming bank A bank which adds its own independent

payment undertaking to that of the issuing
bank.

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 THE PROCESS OF OPENING OF LETTER OF
CREDIT

SHIPMENT

AGREEMENT GUARANTEE
A B C
SHIPMENT

PAYMENT
LC
LC LC PAYMENT

LC

LC
F D
LC
E

51
PAYMENT PAYMENT PAYMENT
NOSTRO

OPENING AND TRANSMITTING LETTER OF

CREDIT
Banks open letters of credit on behalf of their approved customers who
request them to issue the credit in favor of beneficiary. The issuing
banks have prescribed a standard application form that contains the
required guideline, instructions and other relevant terms and
conditions under which the credit is to be opened and claims from the
beneficiary are to be settled.

The applications generally contain the following;

2) Description of the goods, details of quantity, unit price, total price

and currency of credit.
3) Instructions about the advice of credit, whether it should be sent by
mail, telecommunicated or electrically conveyed.
4) Form of credit: whether revocable or irrevocable, confirmed or
unconfirmed.
5) The name and of beneficiary.
6) Type of credit: whether transferable or revolving etc.
7) Validity period of credit and last dates for shipment and negotiation.
8) Port of shipment and port of destination and whether transshipment
and/or part shipment is allowed.
9) Types and numbers of sets of documents required to be submitted
by the exporters.

52
10) Terms for payment: type of D/A (documents against acceptance)
or
D/P (documents against payment) basis.
11) Shipping terms in the contract of sale, e.g., FOB, CIF.

The application form is a formal contract between the issuing bank

and the applicant therefore, it should be signed by the customer, who
by going so under takes to abide by the terms and conditions of credit,
usually mentioned in the application form.

TRANSMISSION OF LETTER OF CREDITS

Transmission of credits can be affected by post, telex or

teletransmission method.
When transmission is by post, the letter of credit is prepared in a
standardized manifold set of advices consisting of usually five copies.
The credit must be issued under the signature of two authorized
officers whose specimen signatures must have been sent to the
correspondent banks so that

there is no ambiguity about the verification of the signatures on the

advice. When the credit or an amendment to a credit is teletransmitted
the standardized authenticated format is used by the issuing bank.

Discrepancies:

The beneficiary is entitled to receive payment only if he presents the

documents with the terms and conditions of the credit. If the paying
bank finds that they do not meet this requirement, the documents are
rejected and the beneficiary loses the security of the bank undertaking
for the credit. However in case of minor discrepancies in the
documents, the amount of credit may be released to the beneficiary
against acceptable specific indemnity.

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 CREDIT
Industry requires financing in two categories:

1) Financing of Fixed Assets

Financing of fixed assets means loans for the purchase of plant and
machinery, and land and building for new industrial units or for
modernization and replacement of existing units. Since it requires
long term financing, commercial banks have not been able to do
much for it. Industrial Development Bank of Pakistan (IDBP) and
Pakistan Industrial Credit and Investment Corporation (PICIC) have
catered these requirements.

2) Financing of Working Capital

In order to meet running expenses and production costs the

industrial units need short-term finances, generally known as
‘working capital’.

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EXPORT FINANCES

The different types of exports finances given by Emirates Bank are:

CASH FINANCE/RUNNING FINANCE (CF)

This is working capital finance. In cash finance borrower is allowed

to borrow money from the bank up to certain limit either at once or
as and when required. This is secured by tangible securities e.g.
Demand Promissory Note etc. the borrower prefers this form of
lending due to the facility of paying markup charges only on the
amount he actually utilizes.

OVERDRAFT (OD)

This is the most common form of bank lending. When a borrower

requires a temporary accommodation, his banker allows
withdrawals on his account in excess of the balance, which the
borrowing customer has in credit, and an overdraft thus occurs.

FINANCE AGAINST PACKING CREDIT PART ONE (FAPC-I)

This is pre-shipment export finance. This is allowed on receipt of

confirmed irrevocable letter of credit opened by foreign importer.
Markup is as per SBP tariff. In case of bank’s own resources markup
depends upon the market conditions.

FINANCE AGAINST PACKING CREDIT PART TWO (FAPC-II)

This is given by the state bank of Pakistan on the basis of 50% of

previous years exports performance. Markup as per SBP tariff.
Normally under Export Finance scheme of SBP. In case of bank’s
own resources mark up depends upon the market conditions.

FOREIGN BILLS PURCHASED (FBP)

Post shipment finance against documents. No discrepant

documents are allowed.

POST SHIPMENT LOAN UNDER EXPORT REFINANCE SCHEME

(FBPR)

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This is a post shipment loan under SBP refinance scheme. Shipment
will be against contract or firm orders. The amount of loan did not
exceed the value of bill.

POST SHIPMENT LOAN FROM OWN SOURCES

For post shipment loan from banks own sources additional security
is held for coverage. This loan is against firm order, contracts or
LC’s with major discrepancies. Markup depends upon market
conditions.

BANK GUARANTEE

In bank guarantee bank substitutes its own credit standing for that
of its customer. It is commission based. It should have specific
expiry date but may be issued open ended which command higher
risk. It should be for specific amount and clear.

Different Types of Securities Against Finances

Bankers in Pakistan lend money against tangible and marketable

securities. The bankers prefer such securities, which do not run the
risk of general depreciations due to market fluctuations. Common
securities for the bankers are as under.

Banker’s Lien

‘Lien’ is the banker’s right to with hold property until the claim on
the property is paid. The bankers look at their lien as a protection
against loss on credit facility.

Pledge

The bailment of goods as security for payment of debt or

performance of a promise is called pledge. Pledge occurs when
goods or documents of title thereto or the securities are delivered
by a customer to his banker to be held as security for the
repayment of an advance. In a pledge the ownership remains with

56
the pledger, but the pledgee has the exclusive possession of
property until the advance is repaid in full, while in case of default
the pledgee has the power of sale after giving due notice.

Hypothecation

When property in the goods is charged as security for a loan from

the bank but the ownership and possession is left with the borrower,
the goods are said to be hypothecated. Lending against
hypothecated goods is very risky.

Guarantees

Guarantee is a contract to perform the promise, or discharge the

liability, of a third person, in case of his default. In other words a
third person gives the guarantee of the borrower. Guarantor may be
a single person, two or more persons or a firm.

Charge

When in a transaction both parties (bank and borrower) evince an

intention that property, existing or future, shall be made available
as security for the payment of a debt and that the creditor shall
have a present right to have it made available, there is a charge.
If the borrower has given a charge to a bank and he wants to get
another loan from another bank, then he can give second charge to
the second bank. But if the second bank says that it is going to take
charge on equal sharing then it is called ‘Pari Pasu’ charge. This
equal sharing is on the basis of amount credited.

57
 Marketing

Each branch of Emirates Bank has a marketing team who visits the
market and makes the people aware of their products and services. It
is the efforts of the marketing team that the deposits of the customers
are increasing. Moreover a keen customer care is given by all the staff
members.

Advertisement

Emirates Bank did not advertise through media i.e. television.

Whenever a new product or service is launched it is advertised through
newspaper, brochures and banners. Emirates Bank also has its web
site; a lot of information is available on it.
This year the second weak of August was celebrated as EBI weak. In
this weak banners of different products of Emirates Bank was placed
on the roads throughout Sialkot. The banners were very colorful and
attractive. The marketing team put an effort in the placement of these
banners. Moreover the brochures were also dropped in houses during
this weak.

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 BIBLIOGRAPHY
• Practice and Law of Banking in Pakistan By Israr Ahmed Siddiqee

• Www.emiratesbank.com

• www.emiratesbank.com.pk

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