I have received an email from IBP announcing some changes in their exam cycle and other updates. Main points are mentioned below ,
Enrollments for ISQ (JAIBP, AIBP & Special Certificate) session of
Summer-2014 are open.
There are certain changes in IBP exam cycle. From 2014 onwards, the summer
exams shall be held in April while the winter exams shall be held in
October. The Summer 2014 exams are expected in the 3rd week of April.
Get enrolled for Summer examination session scheduled
for April 2014.
The last date to enroll
for ISQ Summer-2014 examination is February 15, 2014.
The exam fee for the upcoming session is PKR, 1500 per subject.
Please ensure that the payment instrument (Demand Draft/Pay Order) should be
drawn on Karachi branch.
To download JAIBP examination form please visit
<http://ibp.org.pk/pdfs/files/ISQ Form A4.pdf>
http://ibp.org.pk/pdfs/files/ISQ%20Form%20A4.pdf
UAN: (021) 111-IBP-ISQ (111-427-477)
E-mail: examination@ibp.org.pk
PABX: (021) 35205129 ext. 542, 548
Tuesday, January 21, 2014
Wednesday, December 11, 2013
SWIFT - Society for Worldwide Interbank Financial Telecommunication
SWIFT or Society for Worldwide Interbank Financial Telecommunication provides a network to allow financial and non-financial institutions (e.g. corporates) to transfer financial transactions through a 'financial message'.
Currently SWIFT's network can support the following message standards:[
SWIFT MT
SWIFT messages, developed by SWIFT Standards Laboratories Private Limited, consist of five blocks of data including three headers, message content, and a trailer. Message types are crucial to identifying content.
All SWIFT messages include the literal "MT" (Message Type). This is followed by a 3-digit number that denotes the message category, group and type. Consider the following example, which is an order to buy or sell via a third party:
- Example: MT304
The first digit (3) represents the category. A category denotes messages that relate to particular financial instruments or services such as Precious Metals (6), Treasury (3), or Travelers Cheques (8). The category denoted by 3 is Treasury Markets.
The second digit (0) represents a group of related parts in a transaction life cycle. The group indicated by 0 is a Financial Institution Transfer.
The third digit (4) is the type that denotes the specific message. There are several hundred message types across the categories. The type represented by 4 is a notification.
Overview of SWIFT MT Categories:
Source : www.wikipedia.org
Tuesday, June 18, 2013
SMEs are now further classified into SEs & MEs
In the recent issue of PRs SBP has further categorized SMEs into Small Enterprises (SE) and Medium Enterprises (ME) on the basis of below mentioned criteria,
Definition of Small Enterprise
A Small Enterprise (SE) is a business entity which meets both the following parameters:
Number of Employees Annual Sales Turnover *Up to 20 Up to Rs. 75 million
*including contract employees
Definition of Medium Enterprise
Medium Enterprise (ME) is a business entity, ideally not a public limited company which meets both the following parameters:
*Number of Employees Annual Sales Turn-Over 21-250 (Manufacturing & Service MEs)
21- 50 (Trading MEs)Above Rs 75 million and up to Rs 400 million
(All types of Medium Enterprises)
*including contract employees
Thursday, May 23, 2013
Revised Prudential Regulations for Small and Medium Enterprise (SME) Financing
SBP has issued IH&SMEFD Circular No. 08 of 2013 in which they have issued revised PRs for Small & Medium Enterprises. Before this SBP issued separate Prudential Regulations (PRs) for SMEs in 2003 which has now further been revised with the following structure:
1. General Prudential Regulations that apply on both Small and Medium Enterprises
2. Specific Prudential Regulations for Small Enterprise Financing
3. Specific Prudential Regulations for Medium Enterprise Financing
Revised PRs are applicable with immediate effect for the fresh financing facilities. However, since the banks/DFIs need to segregate their existing SME portfolio according to the new definitions and revised classification criteria, Banks/DFIs are allowed a maximum implementation period upto September 30, 2013 for their existing portfolio.
Revised Regulations (R-1) specifically require banks to prepare a comprehensive SME specific Credit Policy duly approved by BoDs. Risk Management Department is also requested to update existing policies, guidelines and procedures (including TAT as per SE R-10) to the effect and accordingly its approval from concerned quarters.
In these PRs they have provided different definition of Small Enterprises and for Medium Enterprises. This is because banks were probably much focusing on the medium level enterprises and small enterprises which are more in number and have much more need of bank credit, were being neglected.
This seems a good step, as this shows that SBP is constantly working on their strategy of bringing credit for small businesses which play a very vital role in the development of economy.
Why you took comprehensive test ?
Few Days back I got a call from Marketing Department of IBP in which they asked me that why you took comprehensive test for Charter Banker ? What was your motivation behind that? My answer was simple, "The tag of Chartered Banker".
Question comes in mind, why I need that ? Is that worth spending efforts, time and money? would it pay me back something ? Is that really necessary for my banking career? My Answer would be yes ! Although its new in Pakistan but this standard for banking qualification might earn repute in the coming days and it might be helpful for you in getting a good job or for showing off on your CV or Business card. But currently it seems that people don't care much about this certification. IBP has to develop and market it into a brand so people who are earning this charter should feel proud of it and get some reward from their organization.
However, another motivation behind this comprehensive test was that I would be able to review all the books once again before I go to AIBP exam in the coming winter. As this is very important to refresh your knowledge which fades away in your busy office routine.
The guide hinted that the response of comprehensive test would be pleasent ! So, hope for the best and get ready to show off your Charter of Certified Banker !
Good Luck !
Islamic Banks restrained by SBP to give special deposit rates
Islamic banks were providing special deposit rates to their customer
by foregoing their own share of profit. This practice was adopted by
the banks to compete in the highly challenging Enviornment of banking.
However, objecting this practice, SBP has barred the Scheduled Islamic
Banks to distribute profits with special premiums.
SBP has issued circular No.3 dated Nov 19, 2012 in this regard with
subject "Instructions for Profit & Loss Distribution and Pool
Management or Islamic Banking institutions "
Some Islamic Bankers are of the view that this step was done to curb
the high growth in deposits of Islamic Banks.
However, SBP has taken a stance that this step would bring more
transparency, disclosure & standardization to the Islamic Banking
System.
by foregoing their own share of profit. This practice was adopted by
the banks to compete in the highly challenging Enviornment of banking.
However, objecting this practice, SBP has barred the Scheduled Islamic
Banks to distribute profits with special premiums.
SBP has issued circular No.3 dated Nov 19, 2012 in this regard with
subject "Instructions for Profit & Loss Distribution and Pool
Management or Islamic Banking institutions "
Some Islamic Bankers are of the view that this step was done to curb
the high growth in deposits of Islamic Banks.
However, SBP has taken a stance that this step would bring more
transparency, disclosure & standardization to the Islamic Banking
System.
Thursday, July 5, 2012
Comprehensive Exam - Experience
It was June, it was hot, loadshedding was on its peak and IBP is taking a comprehensive exam for Chartered Banker Certification !
Exam started at sharp 9. There were about 60 candidates which comprised of different age groups. Air Conditioning of SBP building was giving a true example that these are premises of Government ! A total failure it was ! Pedistal Fans and water at room temperature was the last hope to survive those six hours of exam !
"...... Ok ! Stop your boring stories and tell us how was the exam !!!!"
Exam was comprehensive ! First three hours it was objective portion which had 115 questions. Questions were covering almost all subjects of the syllabus and difficulty level was mixed! Over all paper was well designed and questions were good ! The only issue was hot weather !
After a two hours break it was a subjective portion containing about 15 questions ! This was mostly narrative with a few numerical questions of accounting ! Questions were checking both your theoretical and practical knowledge !
Most of the candidates were saying that they came without any preparation. But as it is said never underestimate your enemy, so this time, it is hard to pass if you have not covered the syllabus.
Anyways good luck ! and try to take such exams in winter ! or IBP should conduct such exams with better arrangements.
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