Internship in Qatar Islamic Bank - Essay Example

Internship Final Report (Qatar Islamic Bank) Introduction to Organization Qatar Islamic Bank isone the recognized financial institutions in Qatar, established in 1982 and since then functional with a great amount of success. The bank signifies a name and identity as far as Islamic banking is concerned. The organization provides effective opportunity to people who desire to work in the Islamic system of finance. QIB holds assets of QAR 83 billion, where its market share touches to 43.4% in the first quarter of 2013. With 32 operational branches, QIB has a workforce of 500,000 employees. It has 3,000 corporate sectors and 170,000 retail sector clients, which further shows the competence and worth of QIB in the Gulf region. Today Qatar Islamic Bank stands as one of the largest and finest financial institutions in the Islamic banking sector (Qatar Islamic Bank). Organization Objectives and Missions QIB provides diverse financial services. It contains programs of the real estate investment, long-term business and industrial investment. Furthermore, there are services of retail banking and personal banking which QIB organizes. Altogether there are six segments in which QIB works inclusively project finance, contractual finance, asset, real estate, corporate and working capital finance (Qatar Islamic Bank). We believe in Islamic Shari’a and therefore serve the mission to provide Shari’a-compliant financial solutions to our clients. We dedicate ourselves to maximize efficiency, not just for our clients but also for the whole society that give us the clean opportunity to grow and to serve. It is innovation, which sets our path for performance and integrity (Qatar Islamic Bank). · Qatar Islamic Bank comes up with significant goals to achieve not just in the financial stream but also in the entire service network operation. · QIB aims to maximize the benefit for its partners and shareholders. It aims to raise its net profit incomes so that maximum could be delivered to both international and domestic clients. · QIB is solely dedicated to adopting the technology in order to improve its functional activities. · QIB aims to come out highly socially responsible and therefore has certain goals in the CSR (Corporate Social Responsibility) segment. · QIB aims to grow in the international domain. Presently, the bank successfully resides in UK, Sudan, Malaysia and Lebanese market. Internship Position Description For an internship, I got appointed as an intern in the Qatar Islamic Bank. The organization titled me as CSR (customer service representative), where I had multiple tasks to manage like dealing with clients and communicating with employees for inquiries. It was basically a trainee position to go with which involved skill development, teamwork and active participation. I was part in different activities like client dealing, transactional activity or service work. Officially I was a trainee, but actually I was provided a comprehensive forum where I could explore each important area of the banking nature. It was basically non-conventional banking, giving me a chance to learn that how non-conventional banking works and functions. Overall, it was not a distinctive position like a titled one, but a diverse position, which involved different tasks and different scenarios. Training Completed Becoming part of the Qatar Islamic Bank system was an ideal learning opportunity. It was a place for learners for students who really want to know about banking system and how banking system works. There are significant things that I learned especially that how one should adjust in practical and professional environment. In this section, I would highlight the training I received in the four weeks period and what actually I earned from the organization and its system. Week 1 The first week was a tight one as I had to understand the organization’s system, its environment that how people there worked and functioned. It was actually familiarization of the place, which I got in the first week and after that started bridging my knowledge and my experience. Week 2 The second week was a new start as I was given responsibility in the customer service section now. I was certainly given task of clients’ dealing in which I had to address problems in accounts section. Firstly, I was taught the legal frameworks of opening and securing an account and then how to communicate with clients in any trouble case. Here I learned withdrawal, cash and cheque depositing, and accounts handling. The next important thing I learned in this week was remittance that how one could receive and send payments abroad. Another important training I received in this week was of the Mosaic system, which is an established ERP (enterprise resource planner) of QIB. I received training in data management, that how to verify client details and then secure it to the main database. It was certainly a difficult task in the beginning but with time, it became the most-comfortable task for me to manage. In this way, I learned much in the second week than in the first week when I was adjusting. Week 3 The third week involved training of managerial skills like I learned to issue or cancels proxy on bank accounts, issue cheque books or manage cash withdrawals and transactions. Furthermore, I received training on mobilization of frozen accounts and troubleshooting of client critical problems like payment rejection or cash approval. It was not part of my job to work as a manager or coordinator but still I was put onto it to get deeper understanding of the banking managerial operations. I certainly learned the marketing skills like in QIB every customer with an account balance of more than 350,000 is given a special service called “uniqueness”. It made me learn that how a customer could sustain with a special bank service offer. Week 4 This week was a progressive one as I received training in how operational flaws could be overcome. I learned certain bank policy like the bank does not take cheques after 12 P.M., or the bank does not take cheque without client’s phone number. These were some small, but critical things that I learned in this week, which came useful in removing certain operational flaws and errors. Intern’s Contribution to Organization Being an internship trainee, I tried best to come out useful to the organization. I handled certain important aspects like receiving customers with care or to manage their account problems. Furthermore, I was like a helping hand in bank’s quality service, which is a promise QIB has made with its customers. Although, it was a learning experience for me but for the bank it was an opportunity to improve their training programs and methods. Academic Training Integration and Organization’s Expectation Comparison In an internship, it was expected that I bring my academic qualification and knowledge into use. From the first day, I was in the process that how should I translate my knowledge in practicality. I translated my knowledge by getting involved in different bank operations, like handling customers or handling service quality. In QIB, I got the chance to bridge between my academic knowledge and practical work. I certainly learned things more than a person could learn in school like I learned teamwork, professional communication and the method to work in a pressure-seeking environment. Actually, it was a professional environment in QIB that enabled me to translate my academic skills into practical work. Usefulness and Merit of the Internship Training Being a banking and finance student, I could say that QIB internship means a lot to me. It is not just that I practiced my knowledge here, but internship grabbed me true professionalism or professional attitude. Qatar Islamic Bank is one of the top international banks in the region and working here means one is qualifying from a renowned institution. It is not just a bank, but also a complete institution I would say after my internship experience. QIB attaches name and recognition, which I feel is a proud thing to mention anywhere I go for job or interview. It would definitely help me in the future especially during my job or work period. Qatar Islamic Bank is one of the pioneers in Islamic banking. As far as Islamic finance or banking is concerned, it is certainly a big name to follow. In this way, QIB will provide me opportunities of work in the Islamic banking sector. It is for sure that I could find a suitable job on behalf of working in QIB. Assessment of the Organization’s Work Environment From my experience, I would say that QIB is a well-managed and highly professional organization. During the internship, every minute was a learning experience as I was never left out free or being leisure. The supervisors were tremendous and so as their managers in the way they guided new people and new comers in the system. I received the quality time from my supervisors, as they taught me not just work, but a humor, which is important in the professional workplace. It took no more than a week to adjust in QIB, which shows that the organization has a great system of welcoming and regarding. I felt gratitude in every person I met and worked with in QIB, which is a great thing about organization. In this way, QIB environment not just enhanced my work skills but also qualified to my personal behavior. Suggestion for Program Improvement There are different aspects, which I would like to discuss and mention in this section. I would talk about improvements required in the QIB internship program and in the program’s policy. Overall the program was effective but there were some set backs which I felt in the internship. There is no rule or policy of wage for a trainee in the bank that I feel needs to be changed or amended under certain conditions. A trainee or intern dedicates him or herself to the workplace and therefore should be given some monitory return or benefit as intern is a worker and is committed to bringing his or her effort to the place. Therefore, some reward should be given to him or her in the form of compensation. Qatar Islamic Bank is a big organization, and I think this proposition is not hard to imply. I would suggest that interns should be given deliberate choices like their positions and activities should be defined and ultimate. At times, I was into confusion like I was given multiple tasks, which brought multiple problems together. Clarity is much important for both worker and the workplace. Apart from all, it was customer’s privacy, which I found in the threat and in risk in banking operation. I experienced that customer’s private information like their contacts and addresses were all open to bank agents. It needs to be improved not just in QIB but also in the entire banking sector, and that customer information is kept private to certain bank members. It is a suggestion, which I would like to pass on to QIB board members. Conclusions From my experience at Qatar Islamic Bank, I would recommend an internship in this vital organization. The organization has a great system of producing skilled workers. There are several things, which I learned during the internship program. From interpersonal skills to teamwork and from practically to friendship, I tried learning everything in this four-week period. Qatar Islamic Bank is a complete institution. It is not just a bank, but also a complete forum to groom us both in the academic and professional ways. It took a week to get adjusted to the place, but as soon I got adjusted, I found an effective way forward to professional learning. I received training in different areas such as accounts handling, cash management, transaction operation and customer service operation that I believe would definitely help me in the future. The best thing about Qatar Islamic Bank is that it is one of the recognized financial institutions in the Gulf region. Picking up an internship from QIB means that I have opened good chances for the future. There are some suggestions, which I have for QIB administration like the bank should introduce wage or compensation for the trainees. It will increase the number of internees and number of people who would like to be part of QIB after adequate learning. Works Cited Qatar Islamic Bank. Mission, Vision and Values. 2014. Web. 11 August 2014 . —. QIB Profit grows by 15% to reach QR 335 Million for 3 months ending 31st March 2014. 16 April 2014. Web. 11 August 2014 . Read More