bai salam

Defination: Bai-Salam means advance sale and purchase. Bai means sale and purchase. Salam means advance.Bai-Salam is a contract between a Buyer and a seller under which the Seller sells in advance the certain commodities/products permissible under Islamic Shariah and the law of the land to the Buyer at an agreed price payable on execution of the said contract and the commodities/products are delived as per specification, size, quality, quantity at a future time in a particular place.

Security and Charge creation

Bank takes different types of security from client while giving investment eg cash, goods, land and buildings, machines, share certificate etc. Banks get the clients sign different documents to establish its right on security given to banks. These are known as Charge documents. Without signing charge documents, security kept to bank will be simply preservation of others property. In case, clients fail and want its security bank, bank will be legally bound to give.

INCOTERMS

  Inco terms fixes up the risk and responsibility of buyer and seller.

Language is one of the most complex and important tools of International Trade. As in any complex and sophisticated business, small changes in wording can have a major impact on all aspects of a business agreement.For business terminology to be effective, phrases must mean the same thing throughout the industry. That is why the International Chamber of Commerce created "INCOTERMS" in 1936. INCOTERMS are designed to create a bridge between different members of the industry by acting as a uniform language they can use.

Import Finance & Export Finance

Mainly three types of import are done purpose wise

1.      Import of trading item for ultimate consumer

2.      Import of raw materials or industrial item for further processing or further production

3.      Import of capital machinery & capital item

For the first 2 types, finance can be done in Bai Murabaha and bai Muajjal for the first two eg

1.      Import of trading item for ultimate consumer

2.      Import of raw materials or industrial item for further processing or further production

 For the third type, HPSM mode is used.

Export Development Fund:

Bangladesh Government with the help of International Development Association (IDA), World Bank, created the EDF fund in 1989. During creation, the amount was USD 300 million in size as of now, it is USD 5 billion .  The EDF is held and managed by the Foreign Exchange Reserve and Treasury Management Department (FRTMD) at the head office of BB.

Human Resources Management

                                 

Human Resources Management is a formal system in an organization to recruit, nurse and administer the talents to ensure effective and efficient utilization of the same for accomplishment of the organizational goals. The first and foremost responsibility of Human Resources Management is to place the right people in right places. Likewise, Human Resources Division recruits employees, arranges proper placement, imparts necessary training, applies administrative control, provides welfare facilities to ensure wholesome development of the same. . The term ‘HRM Everywhere’ may be considered as the slogan of the day and all the Incumbents, regardless of rank and status, should consider themselves as HR Managers to ensure efficient management of the workforce under their respective control and hence it is the expectation of the management that they should come forward with this impulse in mind to have their Operational Units transformed into a ‘Center of Excellence’ to this effect. 

Corporate Management and Good Governance

What Corporate Governance is

Coprate Governace is the system by which companies are directed and controlled. It is about leadership, sustainability and corporate citizenship. It is also about establishing a framework of company processes and attitudes that add value to the business, help build its reputation and ensure its long term continuity and success.

Board of Directors is responsible for the governance of their companies. The shareholders’ role in governance is to appoint the directors & auditors and to satisfy themselves that an appropriate structure is in place to ensure RAFT (Responsibility, Accountability, Fairness, and Transparency) in the company.