Ethics in Banking-followed by Bank

Ethics can be defined as a system of criteria and measures examining the values, norms and rules underlying the individual and social relations on such moral grounds as right and wrong or good and bad. Banking ethics is a specialized set of ethical standards and rules that should be followed in the activities of financial institutions and employees of the banking sector.  Importance of Ethics in Banking:  1.     To define acceptable behavior. 2.     To promote high standards of practice. 3.     It gives management credibility with employees. 4.     It helps in better decision making. 5.     Law cannot protect society, ethics can. The ethical conduct of a bank is followed by its directors, officials and all the member staffs from their respective positions. The ethical conduct includes, but not limited to, the following: 1.     Adhering to the Shariah and implementing its principles. 2.     Maintain honesty and integrity, avoiding actual or apparent conflicts of interest in personal and professional relationships. 3.     Provide customers with information that is accurate, complete, objective, relevant, timely and understandable. 4.     Comply with all applicable rules and regulations of the country. 5.     Keep and safeguard customer confidential information with due care and will not disclose any confidential information to third parties. 6.     Share knowledge and maintain skills important and relevant to customer’s needs. 7.     Abstain from any discrimination of ethical origin, religion, financial and social status or sex in provision of our services. 8.     Achieve responsible use of and control over all assets and resources employed or entrusted. 9.     Adhere to the underlying principles relating to corporate governance in line with the code of corporate governance. 10.  Any violation of this code is strictly dealt with  appropriate administrative measures.