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New IFB Branch code shall be created for each existing Branches
E.g. IFB Branch code for Main Branch 101 and its IFB Branch 701
Creation of New IFB Finance code
E.g. Finance code 100 and IFB Finance code 700
New IFB Branch shall be created Whenever BIB Open new branch as well.
IT shall allow dual user for concerned staffs to access both IFB and Conventional
Branch
Chart of accounts
Replication of Conventional chart of account (except Interest and loan related
for IFB window by adding letter “I” at end.
Creation of chart of accounts Specific to IFB window attached.
Inventory
Charitable fund payable
Profit equalization reserve Payable (PER)
Investment Risk reserve Payable (IRR)
Hiba/Gift expense and its tax withholding account
Late payment penalty charge
Hamish Jidiyah/Urbun/ Margin held
Preparation of separate financial statements, trial balances, daily transaction lists for
IFB window.
Scheme types SBA and CAA can be used for Wadia saving and Wadia current
customer accounts respectively.
Zero interest maintenance at product level rather than account level.
Separate Financial statement for IFBD and IFB Branches
Interest batch processing for conventional interest bearing accounts shall not affect
IFB noninterest bearing saving accounts at all time.
Existing CBS cannot support Profit bearing IFB deposit account maintenance.
2. Cash management
Each Branch shall serve IFB customers by IFB window/cage.
All tellers/ CSOs perform their tasks via rotation (including IFB Window).
All checkers shall also authorize IFB transaction as well.
Each Branch shall close end of day cash transaction for conventional and IFB through
Vault and petty balances respectively.
No need of additional strongbox.
No need of additional tellers/CSOs in every Branch except Branches in which
transactions per teller exceed average tolerable figure.
Each Branch shall have only one cash register for both IFB and conventional.