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ADNIF’s mission, vision, goals, and values 1
Organizational structure 4
Department Information 4
Their mission, vision, and goals 4
Recommendations for improvement 6
Learning Objectives 6
Higher Level Learning Analysis and Application of Course Concepts and Theory 8
Employment Opportunities 8
Job description 8
Overview of the Internship related work, purpose, and the major objectives 9
Key Learning objectives and benefits 10
The name of the bank organization is Abu Dhabi National Islamic Financing, which is the subsidiary of the National Bank of Abu Dhabi PJSC. It was established in order to provide products as well as services that are based on the Sharia’s compliant to their customers. These products are based on different factors that impact the growth of their business such as high standards of quality, excellence, and innovation. These are managed by a devoted group of highly qualified and experienced professionals. (ADNIF , 2015) There are several departments that were visited during the entire course of the internship project. These departments are the accounting department, customer services, and the Finance department. The main focus was given on the corporate type of banking. They offer three different types of banking i.e. corporate banking, personal banking, Elite Islamic banking, and investment banking. (ADNIF , 2015) Their different products and services are NBAD Islamic accounts, different types of cards as well as financial solutions that are associated with different types of banking, elite Islamic accounts, and specialized creative products. (ADNIF , 2015) Their role is to meet their customers’ needs as well as requirements in a way that they are satisfied with our services as well as products. They have an amazingly deep understanding of the Islamic financing landscape. Different Sharia’s products are Istisna, Ijara, LME Murabaha, Purchase and Lease, and Purchase and Lease-back. (ADNIF , 2015)
ADNIF’s mission, vision, goals, and values
Their vision is to be the leading Islamic Finance provider in the Arab region. (ADNIF , 2015)
Their mission is to deliver the highly specialized and innovative financial solutions that are completely based on the Sharia’s compliant i.e. the principles of Islam and their religious values. (ADNIF , 2015)
Their desired set of objectives comprises of the following major goals:
• To meet their customers’ needs and requirements by providing them with better financial solutions that are based on the Sharia’s compliant. (ADNIF, 2015)
• To continuously grow in bounds as well as leaps in order to set high standards for new Islamic banking agencies and to keep on growing continuously. (ADNIF, 2015)
• To become the leading Islamic banking agency in the Arab region (ADNIF , 2015)
• To follow the basic philosophy of ethical and non ethical considerations related to their services by bringing innovation in their products as well as services. (ADNIF , 2015)
• To continuously expand their business of banking by planning different expansion related projects on many different levels. (ADNIF, 2015)
• To bring the sustainable development as far as the economic growth of the bank is concerned.
• To provide their customers with the innovative as well as highly specialized Sharia’s products as well as services in order to meet the requirements of their customers.
The major values that are associated with the over-all growth of the Abu Dhabi National Islamic Financing are commitment, team work, integrity, innovation, quality, excellence, and exceed customers’ expectations. (ADNIF , 2015)
The Abu Dhabi National Islamic Financing is affiliated to the National Bank of Abu Dhabi as one of its subsidiaries. It has different branches at several locations. One of these locations has its headquarter which is situated in Abu Dhabi in the United Arab Emirates. Their different branches are in Abu Dhabi, Al Ain, Dubai, Sharjah, and Ras Al Khaimah. (ADNIF, 2015) They are as follows:
• Abu Dhabi
Corniche branch- Its location is Golden Beach Tower, Corniche St. (ADNIF, 2015)
• Al Ain
Clock Tower branch- Its location is NBAD Clock Tower branch, Al Ain Street.
Hili Mall Branch- Its location is Hili Mall, Al Ain Street. (ADNIF, 2015)
ADNIF Creek Branch- Its location is Easa Saleh Al Gurg Tower, Baniyas St, Riggat Al Buteen – Deira (ADNIF, 2015)
ADNIF King Faisal St. Branch- Its location is Zain Abu Baker Mohd. Al Zubaidi, King Faisal St (ADNIF, 2015)
• Ras Al Khaimah
Al Naeem Mall Branch- Its location is Al Naeem Mall, Al Nakheel Area, Bin Dahir St. (ADNIF, 2015)
The top management team consists of the Chairman, Deputy Chairman, Managing Director, and two board Members. This level is followed by the level of different departments that are related to the banking industry i.e. operations department, IT department, the HR department, the Accounting department, the Finance department, and the department of customer services. The Sharia’s FATWA also consists of three main members. They are Professor Jassim Ali Salem Al Shamsi, Dr. Abdul Sattar Abu Ghuddah, and Shaykh Nizam Yaquby.
There are different departments in the Abu Dhabi National Islamic Financing i.e. the personal banking, the elite Islamic banking, the corporate banking, and the investment banking. My specialized department was the department of corporate banking which in turn, has different sub departments. Out of those different sub departments, few were visited by me such as the accounting department, the finance department, and the department of customer services.
Their mission, vision, and goals
Their vision is to become the leading Islamic banking industry in the department of corporate banking by increasing the domain of their customer base which in turn, would be done by including more and more business as well as corporate companies for providing finance related solutions.
Their mission is to provide Sharia-compliant derived products as well as services to their corporate type of customers that fall under the category of corporate banking.
Their one of the major goals is to provide different corporate companies with the highly specialized Sharia’s compliant products, services, and financial solutions in order to meet their requirements. However, the main goal is to make sure that the sustainable development is achieved in terms of its economic growth as well as business growth.
Medium to long term investments, competitive returns through NBAD Sukuk, multiple currencies trading, Wakala Investment Deposits, religiously appealing, creative aspect, Zakat, and Islamic institutions benefit are their major strengths. (ADNIF, 2015)
Their weaknesses are lack of value given to the process of standardization, different interpretations of Islam that lead to a lot of misinterpretations of the Islamic culture and their values, and major differences that are seen between their practices and their theoretical aspects. (Khan, 2009)
Islam is growing at an exponential rate in terms of growth which is done by different religions from all over the world. Conventional as well as traditional values form the basis of this Islamic banking due to which the process of banking has an opportunity to regain its value among different intellects and experts in the banking industry. Different types of new markets have been emerging for last few years especially in the major non-Islamic regions. These are few of the major opportunities that the ADNIF has.
Several loopholes have been seen in its way of implementation as it has not been implemented properly. The Islamic banking requires a deep understanding of their products. The scene of the Islamic banking has already got ruined in the western regions after the attack of 9/11. (Khan, 2009) These are the major threats
Recommendations for improvement
According to my visit to the concerned department of corporate banking as well as the SWOT analysis of the Islamic corporate banking, it can be said that the process of standardization should be more preferred i.e. they should set high quality standards. They should also maintain the sense of responsibility towards their religious values as people make more than one interpretation of the Islamic culture due to the traditional Islamic banking. They should be responsible for preventing people from getting misguided as in forming wrong interpretations or misunderstanding the religion of Islam. They should work, act, and use their practical methods according to their theoretical aspects of structuring the Islamic banking. They should also try to keep strong track of their process of its implementations as they are already facing the threat of improper implementation. They should try to track the progress of the process of implementing the concept of Islamic banking in National Bank of Abu Dhabi. They should not keep such complicated names of their products as well as services as because that requires a lot of deep knowledge about those products as well as services. The major titles that are given to these Sharia’s products should be self explanatory in nature as in they should give an idea about what a particular product specifically means. They should also try to improve their web portal online in order to interact with their customers at a faster rate.
The major objectives of my internship on the topic of corporate banking in the Abu Dhabi National Islamic Financing are:
• To recognize the level of professionalism that is shown by the public accountants in the department of corporate accounting as well as to improve understanding of the role that these accountants play in order to manage their clients.
• To understand the proper concept that forms the basis of the functioning of the software that the banking firm uses for the accounting purposes.
• To learn and determine different methods which are used by the banking firm in order to evaluate the general ledger.
• To understand the concept behind the method of adding and showing different types of information in the major financial statements.
• To learn different methods which are used by the ADNIF in order to restore accounts and to solve major issues related to it.
• To understand the different concepts of the monthly accounting and the reporting cycle.
• To learn and understand different skills that accountants possess in order to manage their clients and to resolve issues that are related to resettlement of accounts.
• To learn the different needs which are related to the audit and to provide valuable assistance to them.
• To gain understanding of the different processes that the bank uses in order to learn how to document every activity of the bank and to understand how to interact with the supervisors effectively
In the over-all duration of my internship in the department of corporate banking, I have to say that there are a few objectives that I could not achieve. This happened due to lack of detailed information given to the trainees as far as the major objectives that are associated with the HR department are concerned. I got to witness the level of professionalism of the accountants, got to understand different ways of handling clients, different ways of restoring accounts, different concepts of the reporting cycle and the monthly cycle but several specific objectives were not met due to lack of information provided by the bank for example I could not gain a deeper understanding of the software that the firm uses in order to conduct activities that are related to the process of accounting. Several pieces of information were not given to us as they were entirely confidential according to the authority of the bank. However, my supervisor was quite aware of the many underlying concepts of the bank due to which I got to have a broad overview of almost all the objectives and in fact some of them were met properly.
Higher Level Learning Analysis and Application of Course Concepts and Theory
I got to learn about different rental based modes such as Musharaka, Mudaraba, Murabaha, and Ijarah. Murabaha is a contract for purchase and resale. It allows different customers to buy the major deals with zero interest as well as zero loan. Mudaraba means an activity which involves investment by a more qualified and more technically sound people on your own behalf. Ijara is a way of leasing and it consists of the deal in which the bank purchases something and then leases it.
I also learnt the fundamental principles behind the Islamic banking that involve the set of parameters such as risk sharing, individual rights, authentication of contracts, dedications, the level of professionalism shown by the public accountants, fair deals, different techniques that the bank uses to restore accounts and to solve issues regarding it, transparencies, and the different skills that these accountants possess in order to manage their clients properly.
I also came to know that any sort of payment over the real principal amount is extremely prohibited. I also learnt that there is only one sort of loan that is commonly known as Qard-ul-hassna. In this type of loan, the lender charges zero interest. They believe in employing the skill of participation, encouraging involvement, and using their funds positively.
The role of credit analyst in the department of corporate banking involves providing assistance to the senior relationship manager who comes in the category of the top management team. This also involves several activities such as forming credit proposals, forming credit packages, analyzing credit packages, examining the sanction related advice, and lodging important documents that are related to the security of the bank. The total number of credit analyst professionals in the ADNIF is fifty six with Niyaz Hussain as their relationship manager. In order to apply for this particular job, the main step is to apply for it online or offline through contacting the recruitment team. One more method is to apply online by submitting your CV as well as a cover letter using the various social networking websites that allow you to apply for any sort of job profile in the banking industry.
Sample cover letter and resume.
Overview of the Internship related work, purpose, and the major objectives
I applied for my internship project in the department of corporate accounting in the Abu Dhabi National Islamic Financing, which is a subsidiary of the National Bank of Abu Dhabi. I visited three different departments i.e. customer services, the accounting department, and the finance department in order to achieve the desired set of objectives. The whole purpose was to understand the functioning of these three departments in order to acquire the basic skills that my job profile demands. I got to understand the level of professionalism shown by accountants by having useful conversations with them and by learning different skills in order to manage clients. I also visited these three different departments in order to understand the over-all relation between these three departments which form the basis of my job profile as I was supposed to understand how everything works in the concept of Islamic Banking. I also got to visit the customer services department in order to understand and learn different skills that junior and senior accountants should possess in order to manage their clients while solving issues as a result of financial issues in their financial statements. The main focus was given on achieving the desired set of objectives by following the specified order i.e. customer services (1st week and 2nd week), accounting department (3rd week, 4th week, and 5th week), and finance department (6th week, 7th week, and 8th week).
The best thing about my internship project was that I got to learn the theoretical as well as technical aspects of my job profile through my visits to the different departments. The interesting part was to see how these three departments work productively and play major roles in the over-all development of the Islamic banking industry.
The worst thing about my internship project is that I got to compromise in a few areas where I was supposed to have detailed pieces of information in order to have a deeper understanding of the underlying concepts of the Islamic banking. It was mostly due to lack of standardization and due to lack of relation between the theoretical concepts and the practical activities. I also got to see how Islam has been interpreted in many wrong ways due to this conventional Islamic banking.
Key Learning objectives and benefits
I got to learn different skills that accountants should possess in order to manage the clients. I got to learn that analytical skills, high quality communication skills, and deep understanding of the Arab region are required in order to properly work in the Islamic banking firms. I also got to learn different methods that they use to restore accounts as well as to solve issues that are related to resettlement. I developed a considerable number of skills that are required for managing the clients. Other than this, I also got to learn about different Sharia’s products and services that they offer. If I would have to do this internship project again then I would certainly like to visit the HR department as it tells a lot about how the bank manages its employees, improves the productivity of their performance, and how they motivate them using different ways. I would also like to have detailed pieces of information regarding few of my objectives such as understanding the software that they use for the purpose of accounting.
ADNIF . (2015). About ADNIF . Retrieved March 28, 2015, from NBAD : http://sites.nbad.com/countries/en-ae/adnif/about/Pages/default.aspx
ADNIF . (2015). Vision & Mission. Retrieved March 28, 2015, from NBAD : http://sites.nbad.com/countries/en-ae/adnif/about/Pages/ADNIF-Vision-Mission.aspx
ADNIF. (2015). Contact Us. Retrieved March 28, 2015, from NBAD: http://sites.nbad.com/countries/en-ae/adnif/about/Pages/ContactUs.aspx
ADNIF. (2015). Key Strengths. Retrieved March 28, 2015, from NBAD: http://sites.nbad.com/countries/en-ae/adnif/Corporate/Pages/keystrengths.aspx
ADNIF. (2015). The Managing Director Message. Retrieved March 28, 2015, from NBAD : http://sites.nbad.com/countries/en-ae/adnif/about/Pages/ADNIF-Managing-Director-Message-.aspx
Khan, J. (2009). Islamic Banking Industry . Retrieved March 28, 2015, from Slideshare : http://www.slideshare.net/jayzee/ibi-1342816