ASSIGMANT BANK MANEGMANT

Class: bbf07-b

Group members:

1: hamdi cilmi yusuf

2:Mohamed hasan osman

3: Ahmed Mohamed Yusuf

4: amal khalif sh: c/laahi

5: ramla maxamed cali

INTRODUCTION

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IBS Bank is a privately owned Shari compliant commercial bank incorporated in Somalia in
2020 and licensed by the Central Bank of Somalia in 2020. We believe in the promise of a new
Somalia. We all have a role to play in rebuilding Somalia. Together, we can make a difference. It
is this philosophy that guides our efforts to help rebuild Somalia and encourage economic and
community development.

PROFILEOF IBS BANK

THIS FIGURE SHOWS IBS BANK’S STRUCTURE

IBS Bank Limited provides financial services to individuals and businesses in Somalia, and
internationally. It operates through Business and Private Banking, Consumer Banking and
Wealth, Corporate and Institutional Banking, and Somali Banking segments. The company
accepts transaction accounts, savings accounts, term deposits, and deposit accounts; and
specialized accounts, such as foreign currency, business interest, statutory trust, community free
saver, and farm management accounts. It also provides home loans; personal loans; agribusiness
loans; business loans; vehicle and equipment loans; trade and invoice finance, as well as business
overdrafts and bank guarantees. Further, it provides investment products; credit, debit, and
business cards; payments and merchant services; travel services; online banking services; small
business services; and international and foreign exchange solutions.
founded in 2020 and is based in Muqdisho, Somalia.
IBS Bank Limited was
Our vision and values
IBS Bank is committed to customer ownership and to operating in accordance with
the international principles for cooperative financial institutions. 
 Our vision – to be Somalia’s leading customer owned responsible bank
 Our purpose – to create mutual prosperity for our customers in the form of positive
economic, personal, social, environmental and cultural outcomes
 Our values – IBS Bank will:
 treat our customers with dignity and respect
 value, encourage and support our employees
 operate ethically and with integrity
 apply prudent financial and business practices
 be economically, environmentally and socially responsible 
 Our brand – customer owned responsible bank.

Mission Statement of IBS

“The operations of the Company and the Consolidated Entity are driven by the Group Mission
Statement and Values. All the Values are important and cover every aspect of daily banking and
financial service practices. The Values include the requirement that the business be conducted
ethically and with professionalism to achieve the highest standards of behavior. This Value is
reinforced by the Company s internal Code of Conduct, which is provided to all staff members
and which requires observance of strict ethical guidelines. The Code of Conduct covers: Personal
conduct; Honesty; Relations with customers; Prevention of fraud; financial advice to customers;
Conflict of interest; and Disclosure. "

Our core values

Team work – We value teamwork not only between ourselves but also with our stakeholders.
Integrity – We are honest, trustworthy and straightforward in all our dealings with our
stakeholders.
Reliably – We deliver what we commit to our stakeholders and keep them informed of progress.
Innovations – We are receptive to new ideas and new thinking to provide business solutions to
our clients.
Efficient – We continually strive to perfect our processes in order to provide world-class service
in all aspect

MEMORANDUM AND ARTICLES OF ASSOCIATION

The Somalia Law on "The Central Bank" sets out the objectives, authority, structure and
management of the Central Bank. The Law provides that the Central Bank is a legal entity, the
sole founder of which is the federal of Somalia. The key objective of the Central Bank is
ensuring price stability, which is achieved by developing, approving and conducting monetary
policy programs. The Law further provides the objectives of the Central Bank include creation of
requisite conditions for stability, liquidity, solvency and normal functioning of the banking
sector, and creating and developing an efficient payment. The Law specifies the Central Bank's
relationship with Government authorities, banks and other legal entities; it regulates the authority
of the Central Bank as a currency agent, the circulation of the Armenian currency, currency
control, and other relations essential to the economy.

The Somalia Law on "On Banks and Banking" regulates the activities of Somalia banks. The
Law determines registration, licensing, regulation and termination of activities of banks, their
branches, foreign bank branches and all affiliations, and terms of supervision of banking. It
explicates the definitions 'bank', 'banking activity', 'bank deposit' and some other definitions; it
regulates the corporate structure and management and financial, investment and subscription
activities, and the prudential economic standards.

The Somalia Law on "On Currency Regulation and Currency Control" in a new edition was
adopted that explicated the definitions 'resident and non -resident', 'current currency transactions',
'movement of capital' and 'financial currency transactions'. It determined the cases of
implementing transactions in Somalia currency and foreign currency.

Services of the bank

A bank’s job is to provide customers with financial services that help people better manage their
lives. As technology advances and competition increases, banks are offering different types of
services to stay current and attract customers.

Whether you are opening your first bank account or have managed a checking account for years,
it helps to know the different types of banking services available. This ensures you get the most
out of your current financial institution. Deciding which services are most important can lead
you to the bank that best fits your needs.

Different Types of Services | Bank Accounts

Individual Banking—Banks typically offer a variety of services to assist individuals in managing

their finances, including:

Checking accounts: Checking Account Definition: A checking account is a bank account that
allows easy access to the funds. It is the account that you will use to pay your bills and make
most of your financial transactions. If you have a checking account you can access your money
by writing a check, setting up an automatic transfer or using your debit card. These transactions
are debits to your account. A credit is a deposit. This is the easiest way to manage your money
while using a bank account.

Savings accounts: is one of the simplest types of bank accounts. It allows you to store cash
securely and earn interest on your money. Banks and credit unions have three kinds
of savings vehicles, each with varying requirements and levels of return.

Insurance:  is a means of protection from financial loss. It is a form of risk

management primarily used to hedge against the risk of a contingent, uncertain loss.

An entity which provides insurance is known as an insurer, insurance company, or insurance

carrier. A person or entity who buys insurance is known as an insured or policyholder. The
insurance transaction involves the insured assuming a guaranteed and known relatively small
loss in the form of payment to the insurer in exchange for the insurer's promise to compensate
the insured in the event of a covered loss. The loss may or may not be financial, but it must be
reducible to financial terms, and must involve something in which the insured has an insurable
interest established by ownership, possession, or preexisting relationship.

The insured receives a contract, called the insurance policy, which details the conditions and
circumstances under which the insured will be financially compensated. The amount of money
charged by the insurer to the insured for the coverage set forth in the insurance policy is called
the premium. If the insured experiences a loss which is potentially covered by the insurance
policy, the insured submits a claim to the insurer for processing by acclaims.
Wealth management is a high-level professional service that combines financial and investment
advice, accounting and tax services, retirement planning and legal or estate planning for one set
fee. Wealth management combines both financial planning and specialized financial services,
including personal retail banking services, estate planning, legal and tax advice, and
investment management services. The goal of wealth management is to sustain and grow long-
term wealth.

2. Business Banking—most banks offer financial services for business owners who need to

differentiate professional and personal finances. Different types of business banking services
include:

Business loans Businesses require an adequate amount of capital to fund startup expenses or pay
for expansions. As such, companies take out business loans to gain the financial assistance they
need. A business loan is debt that the company is obligated to repay according to the loan's terms
and conditions.

 Checking accounts

 Savings accounts

 Debit and credit cards

Merchant services (credit card processing, reconciliation and reporting, check collection)

Cash management (payroll services, deposit services, etc.)

3. Digital Banking—the ability to manage your finances online from your computer, tablet, or
Smartphone is becoming more and more important to consumers. Banks will typically offer
digital banking services that include:

Online, mobile, and tablet banking

Mobile check deposit Mobile Check Deposit is a feature that provides you the convenience of
depositing checks on your schedule, without needing to visit a branch or an ATM. All you need
is a Smartphone or a tablet with the Santander Personal Mobile Banking App (available for IOS
and Android devices).
Text alerts Text alerts are automatic messages delivered to your cell phone or other mobile
device when you choose. They are designed to remind you of important events, alert you to
something, or simply entertain. Text alerts are easy to sign up for and use to your advantage.

Text alerts exist for all different purposes. Some of the most popular text message alerts are
associated with your bank or credit card. They might alert you when a deposit, withdrawal, or
payment occurs on your account, or when your credit card is used. If you are concerned
about identity theft or credit card theft, mobile alerts can be a great way to keep track of your
finances and stay secure.

Other financial purposes might include stock market notifications. You may wish to be notified
when a stock either increases or decreases in price, or when a stock is purchased or sold. This
might help you make quick decisions about stocks while at work or on the go when you are
pressed for time.

If you are making travel plans or trying to determine the length of your commute, you might set
up weather alerts. These text alerts can alert you not just to the weather forecast but to extreme
and potentially dangerous weather changes. Traffic alerts might also be handy, to notify you of
potential traffic jams or detours.

In addition to the bill payment facility, most banks will also offer various features with their
electronic bill payment systems. These include the ability to schedule payments in advance to be
made on a specified date (convenient for installments such as mortgage and support payments),
to save the biller information for reuse at a future time and various options for searching the
recent payment history. In many cases the payment data can also be downloaded and posted
directly into the customer's accounting or personal finance software.

4. Loans—Loans are a common banking service offered, and they come in all shapes and sizes.
Some common types of loans that banks provide include:

Personal loans unsecured loans (called signature loans) are advanced on the basis of the

borrower's credit-history and ability to repay the loan from personal income. Repayment is
usually through fixed amount installments over a fixed term. Also called consumer loan.
Home equity loans A home equity loan is a type of loan in which the borrower uses the equity of
his or her home as collateral. The loan amount is determined by the value of the property, and the
value of the property is determined by an appraiser from the lending institution.

Home equity lines of credit Home Equity Line of Credit (HELOC) vs. Home Equity Loan.
A home equity loan is sometimes called a second mortgage. It works in the same way as your
primary (also called your first) mortgage; it's issued for a specific amount and repaid with fixed
monthly payments

Home loans Home Equity Line of Credit (HELOC) vs. Home Equity Loan. A home equity loan
is sometimes called a second mortgage. It works in the same way as your primary (also called
your first) mortgage; it's issued for a specific amount and repaid with fixed monthly payments

Business loans Businesses require an adequate amount of capital to fund startup expenses or pay
for expansions. As such, companies take out business loans to gain the financial assistance they
need. A business loan is debt that the company is obligated to repay according to the loan's terms
and conditions.

Better Banking Services from First Bank

If your current financial institution doesn’t offer the services mentioned above, you may not be
getting the best banking service possible. At First Bank, we are dedicated to helping our
customers get the most out of their money.

That is why we offer different types of banking services to meet a variety of needs. To learn
more about our banking services

EXPENDITURE OF THE BANK

The Total Fee for incorporating the Business – $750.

The budget for insurance policies, permits and license – $10,000

The Amount needed to acquire a suitable Office facility in a business district with 1Year rent up
– front (Re – Construction of the facility inclusive) – $50,000.

The Cost for equipping the office (computers, printers, fax machines, furniture, telephones, filing
cabins, safety gadgets and electronics et al) – $5,000
The Cost of Launching your official Website – $600

Budget for paying at least 10 employees for 3months and utility bills – $200,000

Additional Expenditure (Business cards, Signage, Adverts, personal sales and Promotions et al) –
$2,500

Capital Base – 10 Million Dollars

Miscellaneous – $10,000

REFERENCE

https://www.bankaust.com.au/corporate-reports/corporate-report-2015/corporate-report/our-
aspiration/our-vision-and-values/

https://www.examplesof.com/mission-statements/National-Australia-Bank.html

http://www.companysecretary.com.au/board_briefings/Memo_Association.pdf

https://www.newbanking.com

https://www.moneysavingexpert.com › Banking

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