An early market economy and an early form of mercantilism, sometimes called "Islamic capitalism", were developed between the eighth and twelfth centuries. The monetary economy of the period was based on the widely circulated currency the gold dinar, and it tied together regions that were previously economically independent.
A number of economic concepts and techniques were applied in early Islamic banking, including billsofexchange, partnership (mufawada,including limitedpartnerships,or mudaraba), and forms of capital (al-mal), capital accumulation (name al-mal),cheques, promissory notes,trusts (see Waqf),transactionalaccounts, loaning, ledgers and assignments.Organizational enterprises independent from the state also existed in the medieval Islamic world, while the agency institution was also introduced during that time. Many of these early capitalist concepts were adopted and further advanced in medieval Europe from the 13th century onwards.
Bangladesh is one of the largest Muslim countries in the world. The people of the Muslim community wishes to design their economic activities in accordance with the percepts of Islam so the establishment of some numbers of Islami Bank in Bangladesh is the true reflection of long day’s deep cry in their heart.
The Objective of Social Islami Banking is not only to earn profit, but also to do good and welfare to the people. Islam upholds that, money, income and property belong to Allah and this wealth is to be used for the good of the society. Social Islami Banks operate their banking activates based on the Islamic principles of profit and loss sharing and strictly avoiding interest.
1.2 Background and Purpose of the Internship Program
The internship program is an integral part of the BBA program that all the students have to undergo of International Business Administration and Information System University (IBAIS), Dhaka. After the completion of all the courses of BBA program every student needs to complete a 3 months internship program in any organization. The students are sent to various organizations where they are assigned to one or more projects. At the end of the program, the internships are required to place the accomplishments and findings of the project through the writing of the internship report covering the relevant topics. During this program, supervisor guides each student one from the university and the other from the organization.
This report is the result of a 3 months (March 14, 2012 to Jun 14, 2012) internship program in Social Islami Bank Limited (SIBL), Dhanmondi Branch, H: 84, R: 7/A, Satmosjid Road, Dhanmondi R/A, Dhaka-1209. This report contains introduction & Accounting Information System of SIBL. The topic of the report has been consulted & directed by the internship supervisor from International Business Administration and Information System University (IBAIS).The purpose of this report is to get an idea about the “Accounting Information System of SIBL”. SIBL is an Islamic Bank based on Sariah. This report is an attempt to reflect the position of SIBL in the banking industry procedures, policies and activities with emphasis on modern banking system.
1.3 Objectives of the Internship Program
This study is aimed at providing me valuable practical knowledge about banking operation system especially Islamic banking in Bangladesh. It will also help me to develop my concept of banking and its operation. The objectives are:
➢ To know the banking system of Social Islami Bank Limited and to give an idea about how SIBL emerged
➢ To understand the various services the bank offers and to understand the mechanism of the services
➢ To identify the strengths and weakness, opportunities and threats of SIBL.
➢ To know about Accounting Information System.
➢ To know Accounting Information System of SIBL.
➢ To formulate recommendations that could add value to the service of SIBL....