Internship Report on Bank Alfalah

Full text



Bank –Alfalah





Along with theoretical knowledge it is very much

important for the students of MBA to know the

practical applications of this theoretical knowledge.

For this purpose Business Administration Department

made arrangements for internship training in

diff erent organizations for its students.

I am proud of having this opportunity to complete my

training in a very reputable and prominent

organization i.e. Bank Alfalah limited. During my

six weeks training, I tried my best to learn as much

as possible and in the report in your hands I have

tried to make my humble endeavor to cover various

aspects like introduction with history, management,

departments with their functions, reports working of

Bank Alfalah limited.

Although Bank Alfalah Limited is running its fi nancial

matters very well, but I think there is always a room

for further improvements. Keeping this thing in view I

made a humble eff ort to give some suggestions in the

last of this report.


COMSATS Institute of Information Technology



After completing my internship program fi rst of all I

am immeasurably thankful to Almighty Allah for

helping me in many ways to complete this internship

report. My second thanks to my loving parents whose

encouragement made this task easier. I am grateful

to Mr Faizi Zia Uddin (Marketing manager BAL) who

provided me an opportunity to do my internship

program in highly regarded organization i.e. Bank

Alfalah Limited .It was the valuable experience for

me to do such interesting work and it was really a

delightful job for me to do.

I am specially thank full to Mr Tahir Qazafi (Manager

accounts WECHS) who made his valuable eff orts to

arrange my internship in this prestige and growing


During my internship tenure I found the staff of the

bank very cooperative and helping in all regards. So

that I got the opportunity to learn in very good and

friendly atmosphere.


I am thankful to all offi cials of Bank Alfalah Limited

and both offi cer and non-offi cer rank staff in this

offi ce for providing facilities and necessary

information, whatever needed during my internship

program that was necessary to complete the report.

My special gratitude to all those staff members who

have directly guided and teach me in their respective


COMSATS Institute of Information Technology



Sr.# List of contents Page #


Evaluation of Banking Structure


02 Introduction of Commercial Banking



Introduction of Bank Al Falah (BAL)



History of BAL Ltd.



BAL vision and business philosophy



BAL objective



BAL values



Corporate information


09 Managerial Structure


10 Committees of the Bank


11 Branch Network


12 Product and Services






Benefits to Employees



Managerial Policies




Accounts Departments


17 Accounts opening Department 61





Locker handling dept. 81


Customer Relationship Management Dept. 84


Internal Audit



Customer Relationship Officer Dept.



Govt. Securities



Internship Activities



Swot analysis



Recommendation for BAL



Suggestion for next Internship



At the time of independence there were only 487 branches of banks working in Pakistan. The economy of Pakistan was largely dependent on Indian banks. There were only 2 Muslim owned banks in sub-continent and they were Habib bank and Australasian Bank. Due to lack of resources and communication network most of the banks were closed and a no of branches were reduced to 195 in June 1948.

To overcome immediate problems like issuance of currency, exchange control etc. The reserve bank of India was allowed to act as a central bank of Pakistan.

At that time there were 19 branches of foreign bank working in Pakistan .the govt of Pakistan took over exchange control from reserve bank of India on April 1st.

On July 1st 1948 the state bank of Pakistan was founded as a central bank of the

country and inaugurated by Quaid –e –Azam.The main reasons establishment of SBP were to:


1. To overcome problem of public debt management and exchange control. 2. Indian govt had withheld share of Pakistan amounting to rs.75 crore. Right after the formation of SBP, Habib Bank Ltd was encouraged to expand its branches, National Bank of Pakistan was also established in 1949 .THE first development finance institution was Pakistan industrial and credit Investment Corporation, which was formed in 1947 to encourage industrial sector in Pakistan.

In 1959, United Bank Ltd was formed.

In 1961, Industrial Development of Pakistan was established. In 1962, National Investment Trust was formed.

In 1966, Investment Corporation of Pakistan was established to encourage investment in the country.

In 1973, national development Finance Corporation was reestablished for providing short-term loans.

On 1st January 1974, govt. of Pakistan nationalized all banks and

were brought down under these names:





But now the Financial Structure of Pakistan can be broadly categorized into scheduled Banks and Non-Banking Financial Institutions (NBFIs). There are 13 private commercial banks, 4 privatized commercial banks, and 3 nationalized commercial banks and 21 foreign banks.



The word bank is said to have been derived from the Latin word bank banque or back or banc us. The history of the bank dates back as early as 2000 BC. Since the commercial banking has passed many phases the commercial banks

performs so diversified functions is that not possible to do. So far as the law is concerned Banking Companies Ordinance 1962, defines the term banking as

“Accepting for the purpose of lending or investment of deposits of money from the public repayable on demand or otherwise and withdrawals by cheques, drafts or order otherwise”

The commercial banking has been developed into an important sector of economy, it is service oriented organization performs numerous functions




Bank Alfalah





Bank Alfalah Limited is a prominent Pakistani Bank, providing exceptional value to its customers,

Shareholders and employees.

Bank Alfalah Limited competes in selected market niches on the basis of superior service, innovation, specialized products and professionalism.


Team spirit, initiative, performance drive and customer orientation are the key characteristics of Bank Alfalah Limited staff and organizational culture.

Business Philosophy

The Bank is committed to be a sophisticated, prominent and professional institution, providing one window service to its customers. The Bank visualizes itself as a full service institution catering to the specialized needs of its niche markets. Bank Alfalah Limited's activities of dedicated banking services to the commercial middle market segments of the economy; however, selective focus is primarily covering the provisions also given to the corporate finance sector.

Bank Alfalah Limited's operating strategy is focused on continuous improvement of internal procedures and operating systems to ensure a better control on the quality of its business and operations.

OBJECTIVES OF Bank Alfalah Limited

Remodeling the bank on the lines of latest global practices.

Converting the BANK AL FALAH in to a viable platform for financial success and growth.

Stabilization of deposit base.Origination of new ventures.

Development of new business plans and consequently to become a bank, which we can all be proud of.


All strategies are focused to become a leading consumer bank in Pakistan.

A bank responsive to the needs of target market customers.Delivery of superior services to their stakeholders.

Bank Alfalah Limited

A customer friendly bank with a global yet personalized standard of services, a superior and consistent look and feel of branches with a strong technology orientation.

It has the capability to monitor, understand and continuously and proactively

anticipate and adapt to an ever-changing external environment and customer needs.


It serves an upwardly mobile middle and upper-middle income socioeconomic

class with a desire for a higher standard of service.

It strive for the consistent delivery on the promise to the customer for all

products and services in line with their needs and aspirations making their interaction with the bank a “wow” experience.

It offers products that are simple, creative and address the life stage needs of

our target market customer.

It creates value for our stakeholders- employees, customers, shareholders,

regulator & community at large; not through short-term profit, but long-term successful growth of business and staff development, and commitment to social causes.


Being conscious of one’s self worth but modest with a sense of style and quality and respectful towards colleagues regardless of rank or position.


Uncompromising honesty to oneself, the customer and the company with mutual relationships based on trust and the rejection of intrigues.


Compensation and career progression based on performance against set goals and objectives – without bias to personal relationship, gender, religion or ethnicity.


Create and implement simple yet creative, new and dynamic future oriented leanings leading to out of the box solutions to the needs of the customer and improved productivity.


The ability and willingness to share equally the responsibility of failure and the glory of achievement.



BANK ALFALAH ONLINE is a state-of- the- art contact center, which offers real time advantage, With ONLINE customers no longer have to take time out to visit the branches for their banking needs. With just a single phone call they can


access to a wide range of the TELE-BANKING solution and personalized banking services.

Key benefits of BANK ALFALAH ONLINE.

 Simple and convenient banking solution over phone.

 Instant access to banking services from anywhere at anytime.

 Save time and money.


 Check account balances.

 Instruct issuance of pay order and demand drafts.

 Transfer funds between your own account and to a third party account.

 Order issuances of check books.

 Make your cards or loan accounts payments.

 Check transaction history of accounts.

 Get your account statement through fax.

 Receive information on various Bank Alfalah Limited products and


 Obtain status of your issued cheque.

 Find out status of your card and loan application.

 Request balance and reference certificate.

 Get currency exchange rates.

 Find emergency and important numbers.

 Issue stop payment instructions.






Bank Alfalah limited, in collaboration withMoney Gram, offers remittance service to Pakistan.MoneyGramis person to person money transfer service that allows consumers to receive money in just a few minutes.

Secure and reliable:

An extensive network of quality agents, linked by computer, will transfer your money safely and ensure that it is handled with care and without delay. Thousands of people already use the Money Gram service all over the world. It is trusted for its reliability and security.

Convenient and fast:

Money Gramis available in over 154 countries and in more than 40,000 locations worldwide. With Money Gram your money is transferred immediately and usually arrives at the receiving end within 10 minutes while other services can take days or weeks. There are no complicated procedures and you do not need a bank account or a credit card. What’s more, the receiver is handed the cash immediately.

Free message service (for senders):

There is also an added personal touch-you can receive a 10 word message from the sender with every transaction at no extra cost.


Easy to receive!

Simply follow these steps:

To receive money

Ensure that the sender has given you the Money Gram reference


Go to any Bank Alfalah’s authorized branch, taking some form of identification

(e.g. N.I.C./passport) with you.

Provide the reference number and complete a simple form. You will be given the money immediately, in your local currency


MoneyGram is available in over 154 countries and in more than 40,000

locations worldwide.

With MoneyGram your money is transferred immediately and usually arrives at the receiving end within 10 minutes Other services can take days or weeks. There are no complicated procedures and you do not need a bank account or a credit card. What’s more, the receiver is handed the cash immediately.

These are the countries:

Albania, American Samoa, Andorra, Angular, Antigua, & Barbuda, Argentina, Armenia, Aruba, Australia,Austria, Azerbaijan. Bahamas, Bahrain, Bangladesh, Barbados, Belarus, Belgium, Belize, Benin, Bermuda,Bolivia, Bosnia, and Herzegovina, Botswana, Brazil, Bulgaria, Burundi,Cambodia,Cameroon,Canada, Cayman Islands, Chile, China, Colombia, Costa Rica, Croatia, Cyprus, Czech Republic, Democratic Republic Of Congo, Denmark, Djibouti, Dominica, Dominican Republic, Ecuador, Egypt, El Salvador, Equatorial Guinea, Eritrea, Estonia, Ethiopia, Fiji, Finland, France, Gambia, Georgia, Germany, Ghana, Gibraltar, Greece,Grenada, Guam, Guatemala, Guinea, Guyana, Haiti, Honduras, Hong Kong, Hungary, India, Indonesia, Ireland, Italy, Ivory Coast, Jamaica, Japan, Jordan, Kazakhstan, Kenya, Kyrgyzstan, Kuwait, Latvia,Lebanon, Liberia, Lithuania, Macau, Macedonia,


Malawi, Maldives, Maldives, Malta, Mexico, Moldavia, Monaco, Mongolia, Morocco, Mozambique, Namibia, Nepal, Netherlands, Netherlands Antilles, New Zealand, Nicaragua,Nigeria, Norway, Oman, Pakistan, Palestine, Panama, Paraguay, Peru, Philippines, Poland, Portugal, Qatar, Romania, Russian, Federation, Rwanda, St.Kitts & Nevis, St. Lucia, St.Vincent & Grenadines, Samoa, Saudi Arabia, Senegal, Seychelles, Sierra Leone, Singapore, Somalia, South Africa, South Korea, Spain, Sri Lanka, Suriname, Sweden, Switzerland, Taiwan, Tanzania, Thailand, Togo, Trinidad, And Tobago, Tunisia, Turkey, Turks, & Caicos, Uganda, Ukraine, United Arab Emirates, United Kingdom, Uruguay, Venezuela, Vietnam,Virgin Island, Western Sanoa, Yemen, Zambia, Zimbabwe.



Main Branch: BA Building, I.I Chundrigar Road. Tel :( 92-21) 111-777-786, 2414030-9


LDA Plaza, Kashmir Road. Tel :( 92-42) 6306201-10, 6303716

Sharah-e-Faisal Branch

54-A, Fortune Centre, Block 6, PECHS. Tel :( 92-21) 4313536-8

Gulberg Branch

125-E/1, Main Boulevard, Gulberg III, Tel :( 92-42)-5877800-8, 5757791-2


Rawalpindi Branch: B A Building, 8, The Mall Tel :( 92-51)5582288, 566084-6,



Blue Area Branch: 1-B, Awan Arcade, Jinnah Avenue,

Blue Area

Tel :( 92-51) 2275286, 2270193, 206986-7


Islamia Road Branch: 6/38/L, Islamia Road, Peshawar Cantt.

Tel :( 92-91) 287051-5


Paris Road Branch: 40-A, Paris Road. Tel :( 92-342) 591741-43-44, 590098


Abdali Road Branch: 62-A, Abdul Raod. Tel :( 92-61) 546792-6, 540964


Liaquat Raod Branch: State Life Building, Liaquat Raod,

Tel :( 92-41) 617436-39, 617433


Saddar Branch:

Plot No. 476/1-2, Adjacent Hotel Faran. Tel :( 92-221) 786020-22, 784242


G.T. Road Branch: Naqvi Building, Behind General,

Bus Stand, G.T. Road. Tel :( 92-431) 255556-16, 299931-6


Rahim Yar Khan

Shahi Raod Branch: City Centre, Shahi Road, . Tel :( 92-731) 84771-73-79, 79881


M.A. Jinnah Raod Branch. 2-12/7(1), M.A. Jinnah Road.,

Tel :( 92-81) 841048-57-63






There are three types of accounts:

 Current account

 Saving account

 Term deposits account

As the name signifies it is the department whose function is of opening the new accounts. New accounts bring business and deposits for the bank. Deposits are the lifeblood for any bank.

Any person who wants to open an account with BANK AL FALAH walks into the bank and fulfills some of the requirements and become an accountholder of the bank.

1. Opening An Account

a) A Customer designing to open an account in the Bank shall submit in the prescribed form an application for opening an account. The customer shall provide the required information and submit the required documents. The customer must be introduced as required.

b) If for any reason an account is opened with incomplete documents or information, the Bank may at its discretion withhold operation in the account till such time information/documents are provided. In case of non-compliance


of these requirements, the Bank shall have the option to close such an account.

c) The Bank reserves its right to refuse to open an account without assigning any reason.

d) Each account shall be allotted a distinctive number, which is to be quoted in all correspondence with the bank relating to the account.

Requirements In Case Of Individuals Account


1. Date of account opening 2. Account opening approval 3. Customer Name

4. Joint Name (in case of joint account) 5. Mailing Address

6. Alternate mailing address 7. Telephone number

8. Nationality

9. NIC/Passport Copy Attached 10.Account type

11. Currency of account

12.Related account information 13.Zakat deduction authorization

14.Affidavit/Declaration in case of no Zakat deduction (if applicable) 15.Hold Mail

16.Either or survivor instructions 17.Next of Kin information 18.Third party Mandate (if any)

19.Proof of guardianship in case of Minor’s account 20.SS Card (specimen signature card)

21.Check Book Ordered


22.Introducer’s Name and Account Number 23.Introducer’s Signature Verification

24.Segment Code Mentioned

25.Signature on Bank’s Terms and conditions

In Case Of Sole Proprietorship

following things are required: 1. NIC/Passport Copy Attached

2. Copy of NTN Certificate

3. Request Letter on Company’s Letterhead 4. Sole Proprietorship Stamp

Partnership/Club/Society/Association or Trust

1. Certificate of registration

2. Certified copy of Partnership Deed 3. Certified Copy of Rules

4. Certified Copy of Resolution 5. Copy of By-Laws

6. Copy of NTN Certificate

In Case Of Limited Company has to open the account, and then following things

are required:

1. Certificate of Incorporation

2. Certificate of Commencement of Business (PLC only) 3. Memorandum of Association

4. Articles of Association 5. List of Directors


6. Copy of Board Resolution 7. NIC Copies of Signatories 8. Copy of NTN Certificate



a) The laws and the customs shall govern the relationship between the Bank and the Customer and usage of the Banking Trade and these Terms and Conditions.

b) Nothing contained in these terms and conditions shall impose any obligation on the Bank. These are only for the guidance of the customers.

2. Opening An Account

a) A Customer designing to open an account in the Bank shall submit in the prescribed form an application for opening an account. The customer shall provide the required information and submit the required documents. The customer must be introduced as required. b) If for any reason an account is opened with incomplete documents

or information, the Bank may at its discretion withhold operation in the account till such time information/documents are provided. In


case of non-compliance of these requirements, the Bank shall have the option to close such an account.

c) The Bank reserves its right to refuse to open an account without assigning any reason.

d) Each account shall be allotted a distinctive number, which is to be quoted in all correspondence with the bank relating to the account.

3. Joint Account

a) If the account is opened in the names of two or more persons, the balance to the credit thereof any time shall belong to the Customers jointly. Such persons shall be jointly and severally liable for all liabilities incurred on the account has and the services.

b) The bank is authorized to pay or deliver to, or to the order of the

survivor of the persons in whose name the account has been

opened or the Legal Personal Representative of such survivor,

any monies, securities or properties standing to the credit of the

Joint Account or held by the bank for either one or both persons.

c) Where an account is operated with a single signing authority, oral instructions from any one of the Customers will be accepted at the Bank’s discretion and will be binding on the other customer. If such account is operated with joint signing

Authority, oral instructions will not be accepted from any of the joint account holder(s) unless previously authorized by all account holders in writing.


i) Each of the signatories shall be deemed to have authorized and empowered the other (i) to endorse and deposit for credit to such account, any and all cheques, drafts, notes or other instruments or the payment of money, payable for purporting to belong to either or both of the Customers and should any such instruments be received by the Bank without being so endorsed, the Bank shall be authorized in the absence of any instruction to the contrary, to endorse the same on the Customer’s behalf and deposit it to the credit of such account, and (ii) to issue to any of the Customer’s order(s) that may be drawn hereunder against such account.

ii) Whether or not the death of any or all of the customers shall have intervened, the Bank may continue to act from time to time in reliance upon any signing authority conveyed to the Bank until the Bank shall have received notice in writing from or on behalf of any of them that it has been terminated or revoked by operation of law or otherwise. Also in the event of the death of any of the customers, the amount of deposit to the credit of such account at the time of the death in question shall belong to the survivors and may be disposed of by the Bank as such.

e) If prior to acting on instructions received from one signatory where the account is operated with single authority, the Bank receives contradictory instructions from another signatory, the Bank may at its absolute discretion, only act on the instructions of all signatories notwithstanding that any relevant existing mandate or instructions specify otherwise.

f) In the event that the Bank receives conflicting instructions from the signatories of a joint account, the Bank shall be entitled to suspend the operation of the account.


4. Partnership Account

If any partner in the firm for which the account has been opened, ceases to be a member of the said Firm by death or otherwise, the Bank is authorized, until it receives notice in writing to the contrary from all the partners or any one of the partners or the legal representatives of trustees of any of the partners, to treat the surviving or continuing partner(s) for the time being as having full powers to carry on the business of the firm and to deal with its assets as if there had been no change in or dissolution of the firm.

5. PLS Savings/PLS Notice/PLS Term Deposits

a) The Profit and Loss Sharing Scheme of the Bank is limited to the profit/loss of the business of the Bank in Pakistan as bankers and the Bank alone will decide on the use and investment of funds credit to the customer’s account. b) Any use, investment, determination, decision or allocation of funds deposited

in PLS Savings, and PLS Notice and PLS Term Deposits Accounts will be made in such manner and on such basis and in accordance with such principles as the Bank may, in its absolute discretion, decide from time to time.

6. Foreign Currency Deposits

a) Each foreign currency deposit is subject to the laws of Pakistan, including the exchange control regulations of Pakistan in force from time to time. Under the


current exchange control regulations, the Bank may be required to sell the deposit

for Rupees to the State Bank of Pakistan, which is bound to repay the deposit, with the interest, in the same currency at its maturity date.

b) The customer will enter into each foreign currency transaction with full awareness that foreign currency transactions could involve foreign exchange risks for which the Bank shall not be held responsible.

c) Foreign Currency deposits will be automatically renewed for like periods and amount unless withdrawn or notified by the Bank to the account holder(s) in writing at least 15 days in advance of the original or any renewed maturity date(s) of its desire to terminate the account or change any of the terms and conditions of the account. The Bank, in the case of automatic renewal, will pay interest at the ruling rate at the time of renewal.

d) The Bank shall not be required to repay the deposit and any other accrued interest for as long as and to the extent that the Bank cannot repay the Deposit due to (a) The failure of the State Bank of Pakistan to make the requisite foreign currency available; (b) an act of war, insurrection or civil strife; (c) an action by the government or any other instrumentality of or in Pakistan preventing such repayment or (d) any event or circumstance beyond the Bank’s control.

e) The exclusive place o jurisdiction for any claims brought against the Bank is the competent court in Pakistan.

f) Upon the replacement of a relevant European national currency by the Euro, (the account) and the relevant account documents, shall continue to be in full force and effect in accordance with the laws and regulations implemented by European Monetary Prime.


7. Death of Account Holder

In case of demise of an individual account holder, no withdrawals shall be allowed except on production of a Succession Certificate from a Court of competent jurisdiction, Letter of Administration or Probate.

8. Closing Of Accounts

a) The Bank reserves the right, at its sole discretion and with or without notice to the Customer, to close the account, which is not being operated in a manner satisfactory to the Bank or for any other reason whatsoever, without disclosing the reason for closure of the said account to the customer. The Bank also reserves the right to terminate any other type of relationship(s) e.g. lockers, safe custody, relationship cards, etc.

b) On closure of an account, any unused cheque relating to the account must be returned forthwith by the customer to the Bank, alternatively, it must be confirmed to the satisfaction of the Bank in writing that the unused cheques have been destroyed.

c) The Bank reserves the right to close any account, including but not limited to an account that fails to maintain the required minimum balance, without assigning any reason whatsoever for the closure.

9) Return on Accounts (Savings, Term/Call, Foreign Currency, Current)

In case of profit and loss sharing account, the amount in the account and the profit thereon, shall be subject to the Terms and Conditions of the Bank in force governing PLS accounts.


In case of saving or PLS Accounts, unless otherwise indicated by the Bank, interest/profit would be applied half yearly in June and December or July and January (as the case may be).

If the average monthly balance falls below the minimum balance requirement for such Savings or PLS Accounts (if applicable), interest/profit will be payable/credited to the account on the basis of minimum monthly balance for the relevant month, or on any other basis, as maybe decided by the Bank from time to time. Otherwise,

Interest/profit will be payable/credited to the account on the basis of daily balance or on any other basis as may be decided by the Bank from time to time. The Bank also reserves the right to pay no interest to accounts not maintaining the minimum/average balance.

No profit/interest is paid on Current Accounts.

The method of calculating any return under the profit and loss sharing scheme is governed by the prevailing regulations/directives of the SBP issued from time to time.

Any amount allocated as profit/loss by the Bank shall be final and binding on all customers. No customer or any other person claiming under him shall be entitled to question the basis of determination of such profit or loss. The Bank reserves the right to change the rate of interest/profit without any prior notice or advice and such altered profit/interest rate shall immediately thereafter be binding upon the customer.

The use or maintenance of funds lying with the Bank is solely at the discretion or judgment of the Bank. No customer or any other person claiming under him shall be entitled to question the use or maintenance of such funds lying with the Bank.


Interest on foreign currency savings and call deposits are normally fixed at the beginning of each half-year but the Bank may decide to fix them on a monthly basis. The interest rates on foreign currency term deposits

Are fixed at the rate prevailing on the day the deposit is placed or rolled over.

Unless specified otherwise, the term deposit shall be automatically renewed at the applicable ruling date on the date of maturity. Withdrawals of deposit before maturity shall be at the Bank’s discretion, and shall result in forfeiture of any or all of interest or profit-earned since the time of original or any

renewed maturity date


The Bank also reserves the right to apply a penal rate for the

unexpired period in case of premature encashment.

In the event that a time/call deposit matures on a day other than a business day, then the Bank shall pay the deposit and/or the return thereon, as the case may be, on the next business day when the Bank is open for the Business

Early encashment of a Time Deposit will be subject to a reduced rate of return and other charges and associated costs as determined by the Bank from time to time.

In the absence of withdrawal or disposal instructions received by the Bank in accordance with these terms and conditions at least two working days before the maturity date of time deposit, such time deposit shall be


automatically rolled-over for a similar period(s) as that applicable to the original time deposit , at prevailing rate of interest for foreign currency deposit, or at such rate of return in case Rupee deposit as is declared by the Bank for deposits of like period.

Foreign Currency, current or savings accounts and time deposits can be established in U.S. Dollars, Pound Sterling, Euro, Japanese Yen and such other currency, as the Bank shall determine, as allowed by local regulations in force from time to time.

10) Hold Mail Instructions

a) The customers desirous of not wanting the statements/advices and other correspondence relating to their account(s) maintained with the Bank, to be mailed at their given address (es) shall furnish a duly filled/signed Hold Mail Indemnity to the Bank.

b) The Bank may in its sole discretion, upon a written request of the Customer, provide a “Hold Mail” facility whereby the Bank shall retain for periodic collection by the

customer or its duly authorized agent, all communications or statements of account relating to the Customer’s Account.

c) The account holder hereby waives his right to question any detail appearing in the “Hold Mail” communications or statements of accounts irrespective of their actual date of receipt.


11) Dormant Accounts

a) Current/saving accounts: the customers desirous of not wanting the statements/advices and other correspondence relating to their account(s) maintained with the Bank, to be mailed at their given address (es) shall furnish a duly filled/signed Hold Mail Indemnity to the Bank.

b) The Bank may in its sole discretion, upon a written request of the Customer, provide a “Hold Mail” facility whereby the Bank shall retain for periodic collection by the Customer or its duly authorized agent, all communications or statements of account relating to the Customer’s Account.

c) The account holder hereby waives his right to question any detail appearing in the “Hold Mail” communications or statements of account irrespective of their actual date of receipt.


Deposit rates are given below:


Rates (P.A)% For individuals and Corporate For Financial Institutions, NBFIs and DFI's PLS Saving Deposits on Balances upto Rs.24,999/- 2.00% 1.00% on Rs.25,000/- and above 2.00% 1.00% PLS 7-29 Days Notice Deposits 2.00% 1.00% PLS 30 Days Notice Deposits 2.00% 1.00% PLS Term Deposit 1 Month 3.00% Contact us PLS Term Deposit 3 Months 3.50% Contact us PLS Term Deposit 6 Months 4.00% Contact us PLS Term Deposit

One Year 4.50% Contact us

PLS Term Deposit

Two Year 6.00% Contact us

PLS Term Deposit

Three Year 6.50% Contact us

Royal Profits

Amount Proposed Rates (P.A) %

From 50,000 To 999,999

2.25% 37


From 1,000,000 To 9,999,999 3.00% From 10,000,000 To 49,999,999 3.50% From 50,000,000 To 99,999,999 4.00% From 100,000,000 & Above

Contact BAL

Royal Patriot

Tenure 25,000-999,999 1,000,000-4,999,999 5,000 & Above

1 Month 3.00% 3.10% 3.50%

3 Month 3.50% 3.60% 3.70%

6 Months 4.00% 4.10% 4.20%

1 Year 4.50% 4.60% 4.70%



These are outstation cheques. These are those cheques of the banks that are of outside Lahore and are presented in BAL, LDA branch.


 The cheques and credit vouchers are stamped containing the date, OBC

number and on the backside of the cheque a stamp “payee’s account will be credited subject to realization” is affixed.

These cheques are entered in “OBC REGISTER”. Cheque no., OBC number, date, beneficiary’s name and account number, name of drawer’s bank, city name and amount ate noted.

Segregation of cheques: cheques of those cities are set aside where

Bank Al Falah has its branches and other cheques are of those cities where Bank Al Falah do not has its branches.

Procedure for those cheques where BANK AL FALAH has its branches:

Those OBC’s are sent directly to BAL branches and then those branches launch the cheques in local clearing. Following entry is passed


Debit: sundry debtors account Credit: suspense account

At the time of realization

Debit: suspense account Credit: customer account

Bank Alfalah provides safe deposit lockers facilities to its customers for safe keeping

of their valuables like documents, securities and jewellery etc.

Important features of lockers facility are as follows:

Various sizes to choose from small to extra large: small, medium & large. Annul locker rent ranges from Rs.1,000/- to Rs.3,500/-.

Locker rent is waived for customers maintaining a minimum deposit of Rs.2 million.

Current account or above US $25,000/- in a current account or US $ 50,000/- in a


Locker Rates

The annual licensee fees of the following sizes of lockers will be as per Bank's Schedule of Charges, which are:

Locker Size Charges Small Rs.1000/-Medium Rs.1500/-Large Rs.3000/-Special

Rs.3500/-The License fees of the lockers will be payable in advance every year and no part of the same shall be refundable in any case.

Key Deposit: Rs.1000/- (Refundable)


1) Annual rent and other charges are briefed to customer and other terms and conditions are also briefed.

2) Application form is filled with a copy of I.D card and verification card. Client has also to fill out an undertaking-authorizing bank to recover unpaid locker rent from his minimum balance kept under lien.

3) Application is submitted to BOSS (branch operation & services supervisor) for approval.

4) After approval


i. Mark lien on customer as per schedule of charges.

ii. Following entry is passed out


In case a customer qualifies for free rent locker only key deposit fee will be credited only in the accounting entry.

5) One locker key is given to customer and acknowledgement is obtained on application form.

6) Information is entered on locker register also.



Only one customer can operate at a time. Signatures and in and out time is entered in locker register. It must be confirmed that locker is locked after transaction is completed.


Only authorized officer is allowed to go in the strong room. Grill door will remain close. At day end grill door is locked and it should be confirmed.


The customer submits written application for closure. Customer signatures are verified


The customer with the reason of lost of key submits written application.

As the locker breaking involves placement of new lock so all charges are covered from customer and temporary replacement locker can be issued if locker is broken on customer request.


Voucher is prepared and accounting entry is passed





a) Master key remains with the bank.

b) Keys of unissued lockers also remain with the bank. c) Keys for lockers issued to locker department.


A register having all information is maintained.

Box files to be maintained for keeping all documents related to one particular locker.

One box files for closed lockers is to be maintained. Signature verification cards are also maintained.

List of key deposits that are exempted is also maintained.



Responsibilities of CRM include

 Greeting and Dealing with customers

 Solving problems of the customers

 Guiding the customers

 Preparation and Maintenance of reports such as


Service meeting report System down time report Circulars report

Mystery shopping report Customer’s Complaint report




Bank Alfalah Limited is offering a wide range of consumer products to its valued customers. Bank Alfalah Limited is catering different market niches with different categories of products designed for different kind of customers.

At the moment Bank Alfalah Limited is dealing in following fields:



Your Bank Alfalah Visa Card is your partner everywhere and is globally accepted and welcomed at locations displaying the VISA logo. It is accepted at nearly 30 million merchants and 870,000 ATMs in more than 150 countries around the globe and over 10,000 establishments in Pakistan.

Alfalah VISA lets you pay for shopping, travel, entertainment, meals and much more. Cardmembers are facilitated through a number of promotions from time to time like Matchless Discounts (discounts at nationwide merchants’ outlets, making each shopping spree an exciting one), Dine’a’ Discount (the best discounts at a wide range of selective restaurants) , Fortunes Rewards Program (exchange of fortune points against an array of attractive products and services), etc. In addition, there are a number of strategic business partnerships with leading local and international brands for purchase of home


appliances at exciting Step-BY-Step (SBS) monthly installment plan with free home delivery at lowest interest rates.

No Joining Fee

Join Alfalah VISA without paying any joining fee. Start enjoying your free card from the moment you get hold of it.

No Annual / Renewal Fee

Alfalah VISA is the only credit card in Pakistan with no annual or renewal fee, so benefit from your card without worrying about any renewal fee.

Lowest Markup

Only Bank Alfalah gives you the unmatched feature of the lowest mark up of 2.25% per month.

Balance Transfer Facility

Bank Alfalah offers balance transfer facility to all its Cardmembers - the easy and convenient way to settle unsettled credit card payments on all existing credit cards in Pakistan. As an Alfalah VISA Cardmember you can avail balance transfer facility at a low rate of only 1.50% per month (for initial six months), which happens to be the lowest in Pakistan. The balance transfer facility can only be availed only if the total outstanding balance does not exceed beyond the credit limit assigned by Bank Alfalah for Alfalah

VISA card.

Avail balance transfer facility by filling out our Balance Transfer Facility Form. Print the form, fill out all the fields, sign it and send it to us through courier. OR Drop it in at any of Bank Alfalah drop boxes available in all Bank Alfalah Branches.

Global Acceptability

Your Bank Alfalah VISA card is your partner everywhere and is globally accepted and welcomed at locations displaying the VISA logo. It is accepted at nearly 24 million locations in more than 130 countries around the globe and at over 10,000 establishments in Pakistan.


Cash Advance Facility 75% Of Credit Limit

Now you can avail Cash Advance Facility up to 75% of your available credit limit. Enjoy the benefits of this exculsive offer on your Bank Alfalah Credit Cards. You can get cash from Alfalah ATMs or cash counters of Bank Alfalah branches and other VISA member banks in Pakistan.

Revolving Credit

With Alfalah Visa you have the option of paying only 5% (minimum Rs. 500/-) of your outstanding balance by the payment due date. Service charges at the rate of 2.25% per month will be levied on the balance unpaid and carried forward. These charges are calculated on a daily basis from the transaction date for all cash and retail transactions. The following month you have the option of either the full amount payment or if you wish, pay only the minimum amount due and revolve again.

Free Supplementary Cards

Gift your family members with exclusive Alfalah VISA supplementary cards and let them also enjoy the privileges of Alfalah VISA. Only Alfalah VISA gives you the unique feature of having up to six free supplementary cards for anyone you care for. All supplementary Cardmembers share your credit limit. All charges incurred on the supplementary cards will be reported on your monthly statement.

Card Expiry Period

Effective 7 June 2005, all VISA Credit cards being issued by our card division will have an expiry of 3 years on them.

•Zero Loss Liability

Bank Alfalah ensures you have complete peace of mind even if you loose your card. You are covered for all fraudulent charges made on your card after it has been reported lost to us. Just make sure that you report the loss immediately upon discovery with Alfalah VISA, you are completely secure against loss or theft.

All Billing in Pak Rupees

Whether you make transactions in Dollars or any other currency, for your convenience, all your billing will be in PAK Rupees.

Comprehensive Travel Protection


Alfalah VISA offers a comprehensive cover up to Rs. 7.0 Million on Alfalah VISA Gold Card in case of an accident, while traveling on any common carrier. It is applicable only if the tickets are charged through Alfalah VISA card. The details are given as follows: Limits of Indemnity: Rs. 7,000,000 = For Gold Card Holders

Rs. 3,500,000 = For Classic, Classic Blue and Women Exclusive Cards

Coverage: Personal accidents travel insurance for card holders during travel only, if ticket is bought using the card, as per benefits listed below.

Death: 100%

Special Exclusion: This policy will not cover any claim due to death or permanent

injury unless the same is caused due to any accident of the carrying vessel/vehicle.

Geographical Limit: World Wide

Permanent Disablement

Permanent total loss of both eyes or two limbs: 100% Permanent total loss of one eye and one limb: 75% Permanent total loss of one eye or one limb: 50% Permanent total loss of one finger or thumb or toe: 10%

Utility bill Payments

Now Utility bill payments* can be made through Alfalah VISA credit cards either by calling Call Centre or through Direct Debit instructions. *Available on SSGC & PTCL. Other companies shortly to be signed.


Step By Step Plan

Now you can convert any transaction amount of your choice to a Step-By-Step payment plan. It gives you the flexibility to convert your large payments into small equal monthly installments.

What Transaction can I Transfer to SBS?

• Retail Transactions (Domestic & International) • Cash Transactions (Domestic & International)

• Balance Transfer Transactions (@ 0.99% p.m. if applied within 10 days ofBTF transaction)

How Can I Apply?

It is a simple three-step process:

1 Fill in this form and send it to Alfalah Credit Card Centre, 8-Ali block, New Garden Town, Lahore or drop it into any drop box available at all Bank Alfalah branches (required only at the time of first transaction).

2 Call at 111-225-786 and book the transaction under SBS.

3 For normal SBS choose from 3, 6, 12, 18, 24, 30, 36 months affordable payment plans. And for BTF to SBS choose from 6, 9, 12, 18, 24, 30, 36 months plans.


Calculate your monthly installment at only 14.99% p.a. by simply multiplying (*) the factor given below with the transaction amount. For BTF conversion to SBS calculate monthly installment at only 11.88% p.a. by multiplying (*) the factor given below with the transaction amount.


On a transaction amount of Rs. 6,000/- the installment for 36 months is Rs. 241.62 p.m. (i.e. 6000 x 0.04027). For BTF transactions, monthly installment for same amount will be Rs. 226.20 p.m. (i.e. 6000x0.0377) if applied within 10 days of BTF transaction.


Payments Plan Normal SBS BTF conversion to SBS Factor* @ 1.25% Monthly Installment (Rs.) Factor* @ 0.99% Monthly Installment (Rs.) 03

months 0.34583 2,074.98 N/A N/A

06 months

0.17916 1,074.96 0.1766 1,059.60


months N/A/ N/A 0.1210 726.00 12 months 0.09582 573.72 0.0932 559.20 18 months 0.06805 408.30 0.0655 393.00 24 months 0.05416 324.96 0.0516 309.60 30 months 0.04582 274.92 0.0432 259.20 36 months 0.04027 241.62 0.0377 226.20


Gold and silver package:A perfect card combination for all segments of salaried & professional individuals

Classic blue package: As a Classic Blue Cardholder you have a privilege of having access to all features of Alfalah VISA Credit Cards including one free supplementary card.


A Card Exclusively for Women.

Now for the first time in Pakistan, Bank Alfalah has introduced a credit card exclusively for women. This card has its unique features, which have been Tailor-made for the women in Pakistan.

For the first time in Pakistan, Bank Alfalah introduces a credit card for Students. This card is for you if you are enrolled in a professional university (as per Bank Alfalah’s approved list) with 15 years of schooling experience. Now you can pay your fee, buy books or just with Alfalah VISA... :-)

Not only this but you will also earn reward points and can redeem them for a TV, Mobile Phone, CD player & DVDs etc.



1- The applicant must be a graduate with 14 years of schooling and must be currently enrolled in a professional college/University.


• Fatima Jinnah Medical College

• Lahore University of Management and Science (LUMS) • FAST University

• King Edward Medical College • Punjab University- IBA

• National College of Arts (NCA) • Lahore Medical College

2-Clear Copy of NIC/ “B” Form.

3-Clear Copy of Fathers/Guardian's NIC. 4-Father's/Guardian's sign as Guarantor.

5-Minimum age should not be less than 17 years.

6-Copy of Result Card of 1st year of professional education or equivalent semesters/terms.

7-Copy of Last Fee Deposit Slip in the current institution. 8-College/University roll number, section & department.



Quickest processing No hidden charges Minimum down payment

Complete repayment at any point of time

Balance transfer facility {BTF} for existing as well as new clients from other Banks

Tenure period ranging from 1 to 5 years.

Financing of all brand new locally assembled vehicles and used cars.

Financing limit ranging b/w Rs. 200,000/- to Rs. 2000,000/- for brand new cars


BAL’s recently introduced car leasing facility for individuals and

corporate sector has set new dimensions for the product. Now you are provided with the option of either to get the vehicle leased or financed.


Renowned and reliable Insurance companies are offering the competitive rates of Insurance. Pay year insurance premium in advance { at the time of down payment } and remaining in the subsequent equal monthly installment.


Bank Alfalah's mark-up rates are as follows : Pak Suzuki Cars 11.9 % All other local assembled Cars 12.9 % Imported Cars 12.9 %


Easily affordable installments on monthly basis in the form of

postdated cheques will set you free of depositing your rental cheques every month.



Hypothecation of vehicle in the name of the Bank Alfalah Limited.


Acting as a co borrower, will enables your family members {spouse, children- 18 year and above} to avail the financing facility and can get the car registered in their names as well.


Two passport size photographs. Copy of National ID card.

Bank statement for the last six months. Salary certificate {for salaried individual}. Business proof {for a business person}. N.T.N Certificate.

Co borrower’s NIC copy {if the car is to be in the name of the co- borrower}.


Yes you get a car loan form bank Alfalah to purchase a brand new car if you are:

Pakistani National Identity Card holder.

Over 20 years of age (Maximum 60 years in case of salaried and 62 in case of a

business person at the time of maturity of the loan). Salaried , Businessman or self employed .


Following is the list of cars available for financing :

Car Name Price

LANCER GLA AT(1.6) -Imported 1389000

LANCER GLX AT SR -Imported 1439000

KALAM (HR) 415000

KALASH (SC) 292000

GILGIT(DC) 360000

SUZUKI MEHRAN VX Non-Metalic 315000

SUZUKI MEHRAN VX (CNG) Non-Metalic 345000

SUZUKI MEHRAN VX (Stand) Metalic 320000

SUZUKI MEHRAN VX(CNG) Metalic 350000

SUZUKI MEHRAN VXR Non-Metalic 360000

SUZUKI MEHRAN VXR (CNG) Non-Metalic 390000

SUZUKI MEHRAN VXR Metalic A/C 365000

SUZUKI MEHRAN VXR (CNG) (A/C) Metalic 395000

SUZUKI ALTO-VX Non-Metalic 419000

SUZUKI ALTO-VX (CNG) Non-Metalic 454000

SUZUKI ALTO-VX (Stand) Metalic 424000

SUZUKI ALTO-VX (CNG) Metalic 459000

SUZUKI ALTO-VXR Non-Metalic 464000

SUZUKI ALTO-VXR (CNG) Non-Metalic 499000

SUZUKI ALTO-VXR (A/C) Metalic 469000

SUZUKI ALTO-VXR (CNG) (A/C) Metalic 504000

SUZUKI CULTUS-VX (Stand) Non-Metalic 504000

SUZUKI CULTUS-VX (Stand) Metalic 509000

SUZUKI CULTUS-VXR (A/C) Non-Metalic 555000

SUZUKI CULTUS-VXR (A/C) Metalic 560000

SUZUKI CULTUS-VXR (CNG) (A/C) Non-Metalic 590000

SUZUKI CULTUS-VXR (CNG) (A/C) Metalic 595000

SUZUKI CULTUS-VXL (A/C) Non-Metalic 604000

SUZUKI CULTUS-VXL (A/C) Metalic 609000





SUZUKI BOLAN (Stand) Non-Metalic 367000

SUZUKI BOLAN (CNG) Metalic 404000

SUZUKI BOLAN (A/C) Non-Metalic 427000


SUZUKI BOLAN(A/C) (CNG) Metalic 461000

SUZUKI RAVI Non-Metalic 312000

SUZUKI RAVI (CNG) Metalic 344000

SUZUKI BALENO-JXR Non-Metalic 749000

SUZUKI BALENO-JXR (CNG) Metalic 789000

SUZUKI BALENO-JXL Non-Metalic 809000

SUZUKI BALENO-JXL (CNG) Metalic 849000

SUZUKI BALENO (JXR) (SPORT) Non Metalic 769000


SUZUKI POTOHAR (Stand) (1000 CC) 618000

SUZUKI POTOHAR (A/C) (1000 CC) 678000

HONDA CITY EXIS MT (1300 CC) 835000

HONDA CITY VARIO (AT) (1300 CC) 885000

HYUNDAI SPOTAGE (1300-CC) 1549000




HYUNDAI SANTRO AT (executive) 629000

NISSAN SUNNY MT EX SALOON (1.3 CC) -Imported 1125000

NISSAN SUNNY AT EX SALOON (1.3-CC) -Imported 1185000

NISSAN SUNNY MT EX SALOON(1.6-CC) -Imported 1365000

NISSAN SUNNY AT EX SALOON(1.6-CC) -Imported 1450000




TOYOTA COROLLA 2.OD (1975-CC) 1039000









HONDA CIVIC VTI Exi MT (1493-CC) 1002000

HONDA CIVIC Exi AT (1493-cc) 1042000

HONDA CIVIC VTI MT hard top (1590-CC) 1147000


HONDA CIVIC VTI Auto hard top (1590-CC) 1237000

HONDA CIVIC VTI PT Orial UG (1590-CC) 1287000

HONDA CITY (EXIS-MT)(1300-CC) 835000

HONDA CITY VARIO (AT) (1300-CC) 885000

ROMA FV (AC) (1000-CC) 449000





MASTER ECNO (NJ-1062) 799000




CHEVROLET OPTRA AT- Imported 1269000

CHEVROLET OPTRA MT- Imported 1175000

CHEVROLET OPTRA-SE MT- Imported 1095000

LANCER GL MT(1.3) -Imported 1029000

LANCER GLX MT(1.3) -Imported 1099000

LANCER GLX AT(1.3) -Imported 1149000

LANCER GL MT(1.6) -Imported 1289000

LANCER GLX MT SR -Imported 1339000


Home Finance


The Eligibility Criteria

You may apply for Bank Alfalah Home Finance, If you are a Pakistani National.

If your age is between 25 and 65 years.

If you are in continuous employment in a permanent position for the last 2 years or more.


If you have existing 3 years (or more) of business or professional experience.

If your gross annual income is Rs: 200,000/ — or more [Your spouse’s income (up to 50%) can also be combined with yours].

If you require a financing of at least Rs: 500,000/- or more (maximum Rs: 10,000,000/-).

If you have been a Bank Alfalah borrower for past one year with clean payment record.

You may apply for Bank Alfalah Home Finance for minimum period of 3 years and a maximum period of 20 years ( subject to your present age ).


1. We provide you with all the information you need about Bank Alfalah Home Finance. This can be through a face-to-face meeting with our Relationship Officer, or over the telephone, or through the post.

2. You give us some basic information about your income and the amount you need so that we can give you an agreement in principle.

3. Once you have decided on the amount you want, you complete an application form and pass it on to us, together with the required documents.

4. We make some inquiries about your financial circumstances.

5. We carryout a valuation of the property and verification of your income

6. Once we have carried out all the initial processing, we send you our offer through a “Facility Advice Letter”.

7. You sign the Facility Advice Letter and return it to us. 8. Our Documentation Control Centre will get in touch with you to complete Finance & Security documentation including legal opinion on the title documents of the property and also the insurances.

9. You sign the Finance Agreement and Charge documents.

10. Our legal advisor will accompany you to the Registrar’s office on the appointed date with our cheque against the financing for conveyance of the property and your home finance begins.


"Alfalah Phone Banking” is available to all customers on a countrywide basis.

Customers can dial 111-225-111 (without any city code/prefix) from their respective cities i.e. 21 cities where Bank Alfalah is present, and get prompt services from the Centralized Phone Banking Services.

Customers enjoy 24x7Round the Clock Phone Banking Services.

Bank Alfalah is the first bank in Pakistan to offer Centralized UAN connectivity from

21 cities to its Call Centre with Hunting & ACD facilities.

The services offered by Alfalah Phone Banking include:


Card activation Transaction Details

Card ATM PIN re-issuance Lost / Stolen request

Lost / Stolen request Statement Request

Financial/Service Charges breakup Billing address Change request

Replacement card request Credit Balance Inquiry

Reward points inquiry Card Criteria Information

New Application status Credit Cover Information

Credit Limit Enhancement Card BTF

Merchant related queries Authorization issues

Card dispute request Complaints

Rupee Travelers Cheques (RTCs)

Procedures for lost and stolen RTCs Information of branches

Issuance/encashment procedure

Other Services

Product information Account Opening procedure

Deposit interest rates Lockers

Car Financing Money Gram

Consumer Durables Financing


Bank Alfalah now offers the facility of on-line banking to its customers through its country wide network of branches. Customers can use the ATMs or the banking counters of any branch for day-to-day banking needs, irrespective of branch where they maintain their accounts. For Corporate customers centralized Cash Management facility is also offered through on-line banking.


Bank Alfalah through its commitment to provide superior and improved services to its valued customers, has unveiled a nationwide network of

ATMs. For your convenience, you now have access to instantaneous cash

availability, 24 hours a day, 7 days a week.

Our ATM network is geared up to exploit the latest technology, and is equipped to meet the highest standards of security and efficiency. With your new Hilal Card card you can now:

Withdraw Cash

Use our convenient, user-friendly fastcash option Make a Balance Inquiry.

Get an instant printout of your account balances

Get a printout of your last transactions (Mini-statement) on the spot. Change your PIN (Personal Identification Number).

Bank Alfalah is pleased to introduce 53 state of the art ATMs, deployed at the most convenient and accessible locations. Bank Alfalah is a founder member of the 1-Link Switch, thus making a countrywide network of ATMs available.



BANK AL FALAH considers its employees as a ladder of its success. It takes care of their employee that is why employees also work hard and it is clear that now its profitability is increasing.


Bank Al Falah is operating an approved provident fund scheme for all its permanent employees. Equal monthly contributions are made, both by the bank and its employees, to the fund @8.33% of the basic salary of the employees.


The bank also provides medical allowance to its permanent employees. It is given on reimbursement basis.

Rs. 20,000 p.a is given in case of married employees but having no children. Rs.30, 000 p.a is given in case of married employees having kids also. Rs. 10,000 p.a allowance is given in case of unmarried employees.

3 basic salaries are provided in case of hospitalization and if employee himself or any of his spouse, kids and his widow mother is hospitalized.


Bank Al Falah operates an approved funded gratuity scheme for all its permanent employees. Contributions are made in accordance with the actuarial recommendations. Projected Unit Credit Method has been used for actuarial valuation. The bank was previously using EAN Funding Method for valuation of its gratuity scheme. At 31 December 2001, the valuation was carried out using



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