Procurement Process of First Security Islami Bank PLC

Abstract

This report represented the procurement process of First Security Islami Bank PLC. First Security Islami Bank PLC’s procurement process is therefore a structured method used for acquisition of goods and services for the organization. There are few crucial processes that are needed in assessment and planning process, supplier selection and evaluation process and supplier performance process. Payment and settlement are additional stages that follow contract management. In First Security Islami Bank PLC, Compliance with Shariah requirements are always essential aspects in the bank procurement functions. Every business deal is carried in compliance with Islamic law whereby all actions are financially and ethically acceptable. These are revealed to minimize interest-based transactions, encouraging the concept of ‘buyer beware’, and being transparent. In conclusion the procurement process of First Security Islami Bank PLC is effectively structured and streamline which in turn assist the operation of the Bank and contributes to its success. Through Islamic principles, regulatory requirements, and value maximization, the Bank has properly supervised and controlled the procurement functions to be free from any irresponsible procurement practices.