orders, wire transfers, and basic management of daily reports and
transactions.In addition, the following are samples of the bank policies developed by
management and approved by the board of directors:
&Employees are restricted from entering other departments’ areas, the
vault, and the Fed wire and computer room.
&Faxes sent and received must be checked by the CFO, CEO, or a quali-
fied officer. All faxes must be approved before sending.
&Opening/closing bank doors may only be done by designated bank offi-
cers who have a set of keys to open the bank. The officer who is open-
ing and/or closing the bank must follow a specific procedure for
searching/clearing the facilities and sign a logbook located next to the
vault. A log for keys handed out to employees, as well as other keys, is
also kept.
&The vault is opened by two officers; each officer has half of the combi-
nation. Both officers must sign the Opening/Closing Vault log next to
the vault. Vault access is limited by time clock as well as by authorized
personnel.
&The ATM/Night Drop needs to be opened every day by two employees,
one of whom must be an officer. The night drop is opened twice a day,
once in the morning and afternoon. The ATM is opened daily in the
afternoon.
&All information for an outgoing wire transfer needs to be approved by
CEO, CFO, or Vice President. All wire transfers are entered and veri-
fied under dual control and registered in a special log.
&Employees are required not to use work e-mail for personal use, and all
incoming and outgoing e-mail is monitored, read, and reviewed by the
chief security (executive) officer.
&All mail sent and received by the bank is checked by an officer, and all
shipments received through special delivery (UPS, FedEx, Messenger,
etc.) are logged into the book and opened by two persons, one of
whom is an officer.Creating True RF Private Bankers and RF Credit Analysts
The conventional riba-based approach to developing a loan portfolio has
been to attract an employee from another bank who can bring with him the
customers who borrowed money from his current bank to grow his new
bank’s loan portfolio. In addition, these banks train their bankers to bring
324 THE ART OF ISLAMIC BANKING AND FINANCE