Download CALIBRI BOLD 42 pt Islamic Banking

PRINCIPLES OF ISLAMIC BANKING
Mustafa Dereci
Group Manager
Retail and Business Banking Marketing and Product Development
OCTOBER 2011
Islamic Economy
and Other
CALIBRI
BOLDPractices
42 pt
→ What is economics?
“To utilize the limited resources in a way that maximum needs and wants
are met to ensure the well being of all members of the human society.”
→ The four basic economic problems:
1.
2.
3.
4.
Determination of Priorities
Allocation of Resources (Land, Labor, Capital, Entrepreneur)
Distribution of Income
Development
Islamic Economy
and Other
CALIBRI
BOLDPractices
42 pt
Problems
Capitalism
Every individual has unconditional &
absolute right to participate in any
business to maximize profits
•
No individual has the right to participate
in any business independently.
•
Concept of collective interest.
•
Concept of Selfish Interest
•
•
Supply & Demand will determine the
priorities.
State will determine the priorities as per
the overall planning.
Allocation of
Resources
•
Market forces will decide where to invest
resources
•
Govt. will decide where to allocate
resources
Development
•
Market forces will decide
•
Govt. will decide
Distribution of
Income
•
Land - Rent / Capital- Interest
•
Land – Rent fixed by Govt.
•
Labor – Wages / Entrepreneur- Profits
•
Labor – Wages fixed by Govt.
Right to Wealth
Right to wealth is with the factors of production
only.
Determination of
Priorities
•
Socialism
Right to wealth is with the Govt. which then
distributes it among the factors of production.
Problems of
Capitalism
CALIBRI
BOLD 42 pt
→ No bindings/ restrictions while maximizing profits.
→ Blindly follows market forces that creates exploitation of labor & poor people.
→ No moral value limitations.
→ Monopolies & Cartels are created that exploit the society as a whole.
→ Government & Industrialists join hands for mutual benefit and make laws that
exploit common people.
→ Imbalance in the distribution of income due to which concentration of wealth
takes place.
Problems of
SocialismBOLD 42 pt
CALIBRI
→ The other extreme of not even giving the natural freedom.
→ Perfect Planning is assumed to be the “Cure of all ills”.
→ Governments are assumed to be angels which can’t commit a deliberate
mistake.
→ Cannot work without forceful dictatorship.
→ Creates overall inefficiency in the society. There is no incentive to work
efficiently as there is no individual profit motive.
Islamic Economy
CALIBRI
BOLD 42 pt
→ Islam is a Deen which gives guidance for Aqaid, Ibadat, Mu’ashrat, Akhlaq &
Mu’amalat.
→ Hidaya- famous nook of Fiqh has 70 % portion dedicated to Mu’amalat.
→ The humanitarian goal of achieving the well being of all members of the human
family cannot be attained by concentrating primarily on the material constituents
of well-being and making maximization of wealth as the main objective of
Economics.
Islamic Economy
CALIBRI
BOLD 42 pt
→ It is also necessary to raise the spiritual content of well being and reduce all the
symptoms of anomie, like family disintegration, heavy interest based debt
payments, conflict and tensions, crime, alcoholism, drug addiction, and mental
illness, all indicating lack of inner happiness and contentment in the life of
individuals.
→ Optimization of human well-being as per the divine guidelines of Allah.
→ Islam accepts the market forces of supply and demand- Reference of Holy Quran.
→ Islam accepts the right to private property and accepts the right to maximize profits.
But these rights are not unbridled and un conditional rather there are some prohibitions.
Islamic Economy
CALIBRI
BOLD 42 pt
→ In Islam there are three factors of production
1.Land
2. Labor
3. Entrepreneur
→ Entrepreneur & Capital is a single factor of production.
→ As interest is Haram hence the risk of profit & loss is with the capital.
→ Anyone investing capital must also take the risk of the investment.
→ In both Capitalism & Socialism the right to wealth is with those factors of production
only that have taken part directly in the process of production.
→ Islam believes that the original ownership of everything is with Allah and without
Allah’s “Taufeeq” no factor of production can produce anything.
Locating Islamic Economy
Locating Economics & Finance Within Islam
ISLAM
AQIDAH
(Faith & Belief)
SHARI’AH
(Practices & Activities)
IBADAT
(Human Worshipping to
Almighty God)
POLITICAL ACTIVITIES
AKHLAQ
(Moralities & Ethics)
MUAMALAT
(Human-to-Human
Activities)
ECONOMIC ACTIVITIES
OTHER ECONOMIC ACTIVITIES
SOCIAL ACTIVITIES
BANKING & FINANCIAL ACTIVITIES
Basic Principles of Islam
•
•
•
•
The Islamic worldview is based on tahwid (the oneness of God), risalah (God’s prophets as
the source of Divine Guidance), akhirah (life-after-death, that is the continuity of life beyond
death and a system of accountability based on Divine Law)
It provides for freedom of action whereby each individual is viewed as an integral part of the
whole.
Individuals are expected to establish justice (‘adl) and promote beneficence (ihsan), resulting
in attaining high levels of good life (hayat al-tayyebah) , both individual and collective.
It aims to strike an appropriate balance between the needs of present and future generations
(need fulfillment; respectable source of living; equitable distribution of income and wealth;
growth and stability)
Basic Principles of Islam
•
•
•
•
•
Accountibility before Allah
Free-will (Ihsan)
Responsibility (Fard)
Divine arrangements (Rububiyya)
Purification (tazkiyya)
Implications of the Basic Principles
•
•
•
•
•
Human beings can only proclaim credit for what he/she produces.. The needy and
society have a right too; zakah, etc…
Responsible use of rightful earnings by keeping the moral purposes of human
beings in view;
Individuals must not prevent others in society and nature from meeting their basic
biological needs
All people should have equal opportunities, without discrimination, to benefit
from environmental and public resources.
The creation of wealth, work, earning and production is necessary and good. What
makes wealth bad is firstly, its single-minded pursuit; its misuse, abuse,
conspicuous consumption, wastage or israf; and squandering or tabhdir; its
exclusiveness to oneself and denial of the share of the society (zakah and other
forms of sharing); and the use of socially and ethically wrong or unjust means to
produce it – the immoral, prohibited modes, oppressive exploitation of human
beings and creation of ecological imbalance or environmental disruption.
The Operational Impacts Of Islamic Economy
•
•
•
•
Islamic economic and financial system, on the one hand, aims to guarantee
individual liberty, freedom of choice, private property and enterprise.
On the other hand, it seeks to provide effective moral filters at different levels of
life and activity and established institiutions in the voluntary sector, as well as
through state apparatus to ensure economic development and social justice in the
society.
Islam does not prescribe a particular economic system but provides the core
elements and principles, which form the basic philosophy of a system or an
economy.
Islam provides primarily normative principles for economics and finance.
Islamic Finance-Main
Considerations
CALIBRI BOLD
42 pt
→Divine Prohibitions
Islam has prohibited some economic activities that are not allowed
at any time at any place.( interest, gambling, hoarding, adultry,
alcohol etc.)
→Govermental Restrictions
Islam allows Govt. to intervene where it feels appropriate ,
but these restrictions are temporary as per the need of the time.
→Moral Considerations & Restrictions
Life in this world is temporary and there is an eternal life hereafter.
Islamic Finance-Main
Considerations
CALIBRI BOLD
42 pt
→As interest is prohibited the risk of profit & loss is with
the capital.
→ Anyone investing capital must also take the risk of the
investment.
→ Islam ensures equitable distribution of wealth through
the concept of primary and secondary ownership
Islamic Banking
CALIBRI
BOLD 42 pt
Islamic Banking is interest free Asset Backed banking governed by
the principles of Islamic Shariah
→
Islamic Banking distinguishes from Conventional Banking in four
basic principles:
1.
2.
3.
4.
Interest Free Transactions
Risk Sharing
Asset & Service Backing
Contractual Certainty( Gharar free contracts)
Islamic Banking
CALIBRI
BOLD 42 pt
→ Financiers are linked to the underlying transaction
→ Money is not a “Commodity” in itself, merely reflecting
“Time Value” for a return
→ Gold and silver are not commodities, they are
considered as money
Core Basic Tenets Of Islamic Finance
•
•
•
•
If something is immoral, one cannot profit from it
To share reward, one must also share risk
One cannot sell what one does not own
In any transaction, one must clearly specify what he/she is
buying or selling and what price is being paid;
Haram + Haram ≠ Halal
Haram + Halal ≠ Halal
Thus:
Islamic finance aims at removing speculation and ensuring
value-enhancing activity
Islamic Finance as an Ethical Solution
Tenet Bound:
- Fundamental tenants are derived from Sheriah
- Absence of interes-based interactions
- Avoidance of economic activity involving
speculation
- Prohibition on production of goods and services
which contradict the values of Islam
Principles based:
- Concept is grounded in ethics and values
- Ethical investing
- Emphasis on risk-sharing and partnership
contacts
- Credit and debt products are not encouraged
Real Economy linked:
- Islamic finance offers an alternative financing
paradigm
- Asset- backed transactions with investments in
real, durable assets
- Stability from linking financial services to the
productive, real economy
- Restrains consumer indebtness as credit is linked
to real assets
Society Service:
- Islamic banking is community banking
- Serving communities, not markets
- Open to all-faith clients
- Instruments of poverty-reduction are inherent
part of Islamic finance (zakat & qard hasan)
Thus, Islamic finance in essence a value and moral proposition and more
than financial contracts.
Islamic Banking Positive Impacts
• Promoting the investment mindset as opposed to the banking mindset:
– Investing in real assets rather than promoting speculation and leverage
• Making meaningful real economy impact
– Investing in asset-backed instruments and real economy values
• Engagement of an under-served and previously un-banked market
– Providing an ethical banking solution to local communities to deepen the
banking market
• Attracting foreign investment and cross-border partnership from Islamic
financial institutions
– Attractive source of cross-market ventures and cross-border lines from Muslim
countries
Prohibited Activities
– Conventional banking &
Insurance
– Alcohol
– Pork
– Defence
– Gambling
– Adult Entertainment
– Tobacco
– Other non-accepted activities
as defined by the Sheri’ah
Board
Controversies In Sheriah Governance
•
•
•
•
•
•
•
•
•
•
Conflicts of interest
Confidentiality
Fees (Scholars for dollars?)
Scarcity of scholars Vs. High Demand
Finding problems or finding solutions
Dialogue between the deaf?
Consistency issues
Who takes the blame?
Expectation management
Resource planning
Challanges In Sheriah Governance
• The scholars of different schools of thoughts (Madhabs) with different
interpretations and opinions
• The number of scholars qualified in the jurisprudence of dealings (Fiqh-ulmuamalat) relatively limited
• The level of familiarity of the scholars with modern day financial services
is limited
• Most of the management of IFI’s coming from conventional backgrounds
with no or very little understanding of Shariah
• The expectations of the stakeholders (regulators, shareholders, customers
& the management of IFI’s) from Islamic finance are very unrealistic
Typical Balance Sheet of an Islamic Bank
Liabilities
Assets
Capital
15
PLSA
Current Accounts
70
15
Total
100
Murabaha
Istisna
Ijarah
Salam
Musharakah
Mudharabah
90
2
5
1
1
1
100
How is Islamic Finance Different from
Conventional Finance?
• Conventional financial institutions operate within a system based on debt
and transfer of risk
• This raises the probability of disconnecting financial instruments from
their underlying assets
• Some of the financial tools created to share risk actually resulted in a
concentration and intensification of risk
• In contrast, Islamic finance emphasizes asset-backing for transactions and
is anchored on the principle of risk sharing
• Shariah principles ensures a direct link between financial transactions and
real sector activities
• Shariah principles also prohibit (Gharar), the use of excessive leverage and
avoids many forms of controversial complex securitization
Performance of Islamic Finance During the
Crisis
• Islamic banks escaped the direct impact of the crisis, as they were not
exposed to sub-prime and toxic assets
• A recent IMF Working Paper* found that the business model of Islamic
banks helped them to mitigate the impact of the crisis
• As Islamic banking services are more connected to the real sector, initially
performed well during the crisis yet were severely hit by the second round
effects:
BÖLÜM BAŞLIĞI
PRODUCTS & SERVICES
CALIBRI BOLD 42 pt
R E TA I L B A N K I N G P R O D U C T S & S E R V I C E S
Credits Products
1
Car Finance
2
Real Estate Finance
3
Car Showroom
4
Home Renovation Finance
5
Home Appliances Finance
6
Car Renovation Finance
7
8
Education Finance
Travel Finance
9
Boat Financing
10
Small Business Module
Done
Processing
Pending
8
9
10
11
12
13
14
15
16
17
18
Launching the Project
7
Training the Sales Staff
Launching Advertisement
Campaign
6
Testing
Preparing Promotional
Materials
5
Documentation
4
Approval of the Budget
Implementation Through
Related Depts.
3
Procedures Manual
2
Approval of the BDDK
1
Budgeting
Approval of the Advisory
Board
Approval of the Legal
Advisors
Approval of the Internal
Audit Dept.
Approval of the Financial
Control Dept.
Approval of the Top
Management
Concept
Formation of the Project
Team
Feasibility Study and Market
Research
Product Development
Steps in42
İslamic
CALIBRI BOLD
pt Banks
FOLLOW-UP TABLE FOR RETAIL BANKING PRODUCTS IN 2004
19
PHASE OF PRODUCT
BÖLÜM BAŞLIĞI
DEPOSIT PRODUCTS
CALIBRI BOLD 42 pt
Deposits
CALIBRI BOLD 42 pt
Deposit Accounts
Current Accounts
Participation Accounts
Classic
Gold
Silver
Platinum
+
Platinum
Current Accounts
CALIBRI
BOLD 42 pt
→ No tenor
→ No profit or loss
→ No minimum cap
→ Withdraw and deposit any time
→ Any currency denomination
→ Based on Kard Al Hasen structure
Profit and Loss
SharingBOLD
Accounts
CALIBRI
42 pt
→ Flexible account tenors
→ Profit or loss distribution
→ Minimum cap applied
→ Withdraw and deposit at maturity only
→ TRL, USD, EUR denomination
→ No preset yield guaranteed
→ Based on Mudaraba agreement
→ No capital guarantee
Profit and Loss
Distribution
CALIBRI
BOLD 42 pt
→ PLS Accounts serve as fund pools
→ Depositing fresh money or opening a new
PLS account contribute to the level of the
pool
→ Water in the pool (fund) is invested in
highly profitable projects
→ Invested fund with its yield is added to
the pool
→ If investment returns loss, it negatively
effect the pool level
→ At maturity generated profit or loss is
shared with customers
R E TAI L B AN K I N G P R O D U C T S & S E RV I C E S
Profit and Loss
Distribution
CALIBRI
BOLD 42 pt
From Deposit to Profit
Deposit (TL)
Legal Reserve (6%)
100
6
Liquidity (10%)
10
Net Fund to Invest
84
Return on Investment (15%)
Bank’s Share on P/L (20%)
Customer’s Share on P/L (80%)
12.60
2.52
10.08
Income Tax (15%)
1.51
Net Profit for Customer
8.57
Net Profit Rate
8.57%
Profit and Loss
Generation
CALIBRI
BOLD 42 pt
Unit Value: the coefficient which is assumed as 100 for the first day of
the participation bank that accepts fund to ist participation accounts.
Unit value changes when profit or loss is made.
Account Value: the coefficient colculated by dividing the amount
deposited to the unit value.
Unit Account Value: The value determining the the current value of
the participation account and calculated through multiplying the unit
value by the account value and the amount on which the account
holder may lay claim to.
Profit and Loss
Generation
CALIBRI
BOLD 42 pt
Account Opening
Date
01.04.2009
Tenor
30 Days
Account Balance
200.000 TL
Unit Value
100
Account Value
200.000 ÷ 100 = 2.000
Account Closing
Date
01.05.2009
Unit Value
101,15
Unit Account Value
101,15 X 2.000 = 202.300 TL
Profit Rate
(101,15 ÷ 100) - 1= 1,15%
New Account Balance
200.000 X 1,0115 = 202.300 TL
Fund Collection
Products
CALIBRI
BOLD 42 pt
 Current Account
 Participation Account (Classic, Silver, Gold, Platinum,
Platinum+ Accounts)
 Savings Account ( Family, Youth and Child Savings
Account)
 Precious Metals Current Accounts
 Precious Metals Participation Accounts
 Investment Account
 Flexible Maturity Participation Accounts
 Salary Account
 Gold denominated gift cheque
 Tenant’s Accounts
Banking Services
CALIBRI










BOLD 42 pt
VIP Package
Special Fund Pool
Forward transactions
Foreign currency buy and sell
Check services
Promissory Note services
Safe box
International and local money transfers
Moneygram
Gold bullion
BÖLÜM BAŞLIĞI
LOAN PRODUCTS
CALIBRI BOLD 42 pt
Main Islamic
Loan Products
CALIBRI
BOLD 42 pt
→ Murabaha
→ Musharaka
→ Icara (Leasing)
→ Mudaraba
→ Istisna’
→ Kard Al Hasen
→ Salam
→ Tawarruq
Mudaraba CALIBRI
Concept
BOLD 42 pt
Periodic profits and return
of capital customer
Investment
/trading
activity
Entrepreneur (mudarib)
Islamic Bank
Payment of
mudarabah capital
customer
• Investor provides Mudarib all the capital to fund a specific enterprise.
• Mudarib does not contribute capital but contributes to management and
expertise
• Mudarib is responsible for the day-to-day management of the enterprise
and is entitled to deduct its management fee (Mudarib fee) from profits.
• If the enterprise makes a loss, the investor has to bear all the losses
unless the loss has resulted from negligence on the part of the Mudarib
Murabaha CALIBRI
Concept
BOLD 42 pt
Transfer of
titles to bank
Vendor
Transfer of title
to customer
Islamic Bank
Payment of
purchase price (p)
Customer
Payment of marked
up price (P+X)
•
Murabaha refers to contracts in which a financial institution purchases goods upon the
request of a client, who makes deferred payments that cover costs and agreed-upon
profit margin for the financial institution.
•
Murabaha is the most widely used instrument at Kuveyt Turk with 90% of total contracts
being Murabaha based.
Murabaha CALIBRI
Concept
BOLD 42 pt
Supplier
3. Customer buys
the goods as
Bank’s agent.
Cost: $100
4. Disbursement
of the Facility.
Facility Amount:
$100
Customer
1. Execution of
Murabaha
Agreement.
5. Bank will
immediately sell the
goods at $110 (cost
plus a profit margin)
Sale
Bank
2. Bank appoints
the Customer as
its agent to buy
the goods.
MusharakaCALIBRI
Concept
BOLD 42 pt
Islamic Bank
Partner (customer)
60% ownership
40% ownership
Musharaka
•
Musharaka is a partnership between parties in which one or several parties
supply working capital. Musharaka is widely used for joint venture investments.
•
Both the investor and the enterprise contribute towards the capital
•
The enterprise and the investor share in the profits according to the agreed
proportions
•
Any losses of the enterprise will be borne by the investor and the enterprise
according to their contributions
Musharakah
• Shirkah or sharing
• Musharakah involves a mutual contract to participate in a
commercial enterprise
• Determination of returns
– Proportional distribution agreed in advence, usually relating to
investment shares
– Net profits of the business
– Losses must be shared in proportion to amounts invested
• Management
– All partners may be involved in the management of the business
– May agree in advance that one party a sleeping partner
Musharakah versus equity
investment
•
•
•
•
•
Musharakah
Venture of limited duration
Partnership with joint
ownership
No exit without agreement
of partners
Investors obtain profit share
Little probability of asset
gains when venture
terminates
•
•
•
•
•
Equity Investment
Company exists in
perpetuity
Exclusive ownership by
shareholders
Exit at any time if company
listed
Investors get dividends
Focus on capital gains and
market value of equity
Ijara Concept
CALIBRI
Assets leased to the
customer- title does (not)
pass at the end of the lease
term
Transfer of title
to the bank
Vendor
Islamic Bank
Payment of purchase
price
•
•
•
•
•
•
BOLD 42 pt
Customer (lessee)
Ijarah
installments
Ijara is a lease purchase contract in which a financial institution purchases
capital equipment or property and leases it to an enterprise.
The bank buys the assets from the vendor
The bank then leases the asset to the customer
The bank collects periodic rentals
The title of the asset remains with the bank under an operating Ijara.
Title passes to the customer under an Ijara muntahia bittamleek, either gradually
over the period of the contract or at the end.
Ijara Concept
Operating ijara is a pure leasing arrangement
- Two parties to the contract, lessor and lessee
- Rental payment provides an income stream
- Contract of fixed duration but renewal possible
Owner and lessee responsibilities
- The lessee can be requiered to maintain equipment on
a periodic basis
- Owner responsible for loss or damage to asset beyond
control of lessee
-Lessee can indemnify owner against misuse or
negligence caused by lessee
Conditions & Limitations of Ijara
• Property being leased must have a valuable use
– House or business premises should be occupied,
not a mere speculative purchase
• Leased property cannot be used for purposes
other than specified in the leasing department
– Non halal use would contravene shariah
– Restrictive covenants may be included in new
leases but uncertainties of conversion with
existing leases
Hire Purchase
Ijara wa iqtina or ijara muntahia bittamleek is a hire
purchase contract
Leased asset passes as a gift or a sale at the end of
the lease period
Purchase possible during the lease period if the
remaining rental installments paid
Gradual transfer of ownership also possible rather
than an outright sale
Lower risk as lessee has ownership stake
Istisna’ Concept
CALIBRI
Delivery of asset at
future date
Entrepreneur
BOLD 42 pt
Delivery of asset at future
date
Financier
Payment of purchase
price on delivery
Manufacturer
Progress payment of
purchase price
Istisna’a is primarily a deferred delivery sale contract similar to Salam. It is similar to
conventional work in progress financing for capital project. In practice it is usually
used for construction and trade finance such as pre-shipment export finance.
Istisna’ Concept
Contract to acquire goods on behalf of a third
party
Price paid to a manufacturer in advance of
goods being purchased
Payments received cover wages and costs of
input supplies
Applied to production of specific times
Delivery at an agreed date
Parallel Istisna Concept
Deferred Payments
Islamic Investors
Operator
Payment for sale of receivables
Project
Manager
Payment for
supplies
Investment
Bank
Facility handover & payment to project manager
Tawarruq Concept
• Bank buys and owns the commodity
• Commodity sold to the client at a mark-up
• Purchaser can authorise bank to sell commodity for a service
commission
• Sale value deposited into clients account
• Client repays amount plus mark-up as deferred lump sun or in
installments
Tawarruq Concept
Final transfer of title
Islamic
Bank
Vendor
Payment
Client
Deferred Payment
Plus Mark-Up
Sale
Third
Party
Payment
Initial transfer of title
Salam Concept
• Financier pays price of commodity in advance in full
• Quantity and delivery date and place specified
• Financier may enter parallel salam to sell commodity at a
slightly higher price if period shorter to delivery
• Price differential represents financier’s profit
• Risk involved to justify profit as time period of contracts may
not coincide and financier exposed
Parallel Salam Concept
Payment in full at inception
Investor
Euros 950.000
Asset for 90
day delivery
Euros
1.000.000
Client
Sale of asset for spot price
Euros
960.000
Wakala Concept
• A contract appointing an agent to act on behalf of a principal
party
– Parallel with granting a power of attorney or an enduring
power of attorney
– Wakil may be paid a fee, rather than sharing in profit as
with mudarabah
Wakala Structure
Shariah Board
Principal
Wakil
Investments
Fund Utilization
Products
CALIBRI
BOLD 42 pt











Home Equity Loan
Mortgage Loan
Auto Loan
Personal Loan (Home renovation, Education, Travel, Home/Office
equipment loans)
Small Business Loan
Decreasing installment home loan
Consumer Price Indexed loan
Rent Finance
Leasing
Letter of Guarantee
Letter of Credit
BÖLÜM BAŞLIĞI
CARD PRODUCTS
CALIBRI BOLD 42 pt
Card Products
CALIBRI
→ Principal Member of
→ Principal Member of
→ Member of
BOLD 42 pt
Card Products
CALIBRI
BOLD 42 pt
Classic Cards
PersonalCredit
Cards
Gold Cards
Platinum
Cards
Business
Classic Cards
Commercial
Cards
Business Gold
Cards
Palmiye Cards
Debit Cards
BÖLÜM BAŞLIĞI
ADC PRODUCTS
CALIBRI BOLD 42 pt
ADC Products
CALIBRI













POS Services
Internet Branch Banking
ATM Services
Kiosk Services
SMS Banking
Telephone Banking
Mobile Banking
Bill Payment
Tax Payment
Customs Payment
Salary Payment
Social Security Payment
Corporate website management
BOLD 42 pt
ADC Products-ATM
CALIBRI
BOLD 42 pt
→ 120 ATM
→ Membership of Common Point
Network (6000 ATM)
→ 1.5 Million Transactions a year
→ Mark-up on cash advance
Not permitted
ADC Products-POS
CALIBRI
BOLD 42 pt
→ 120 ATM
→ Membership of Common Point
Network (6000 ATM)
→ 1.5 Million Transactions a year
→ Mark-up on cash advance
Not permitted
BÖLÜM BAŞLIĞI
Thank You
CALIBRI BOLD 42 pt