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Askari Bank

Askari Bank



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Published by sana_mariaahsa

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Published by: sana_mariaahsa on Aug 19, 2009
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A banker or bank is a financial institution that acts as paymnet agent for customers, and borrows and lends money. Banks act as payment agents by conducting accounts for customers, paying cheques drawn by customers on the bank, and collecting chequesdeposited to the customer’s current accounts. Banks also enable customer payments viaother payment methods such as telegraphic transfer.Banks borrow money by accepting
funds deposited on current account, accepting term deposits and by issuing debt securitiessuch as bank notes and bonds. Banks lend money by making advances to customers oncurrent account, by making installment loans and by investing in marketable debtsecurities and other forms of lending and other forms of lending.Banks provide almost all payment ervices and a bank account is considered indispesable by most businesses, individuals and businesses. Non-banks that payment services such asremittance companies are not normallly considered an adequate substitute for having a bank account.The history of banking is closely related to the history of money. As monetary payments became important, people looked for ways to safely store their money. As trade grew,merchant looked for ways of borrowing money to fund expeditions.In Egypt and Mseopotamia gold is deposited in temples for safe-keeping. The concept of  banking arrived.The firstbankswere probably the religioustemplesof the ancient world, and were  probably established sometime during the 3rd millennium B.C. Banks probably predatedthe invention of money. Deposits initially consisted of grain and later other goodsincluding cattle, agricultural implements, and eventually precious metals such asgold,inthe form of easy-to-carry compressed plates. Temples and palaces were the safest placesto store gold as they were constantly attended and well built. As sacred places, temples presented an extra deterrent to would-be thieves. There are extant records of loansfromthe 18th century BC inBabylonthat were made by temple priests to merchants. By thetime of Hammurabi's Code, banking was well enough developed to justify the promulgation of laws governing banking operations.
Ancient Greeceholds further evidence of banking. Greek temples, as well as private andcivic entities, conducted financial transactions such as loans, deposits, currencyexchange, and validation of coinage. There is evidence too of credit, whereby in returnfor a payment from a client, a moneylender in one Greek port would write a credit notefor the client who could "cash" the note in another city, saving the client the danger of carting coinage with him on his journey. Pythius, who operated as a merchant banker throughout Asia Minor at the beginning of the 5th century B.C., is the first individual banker of whom we have records. Many of the early bankers in Greek city-states were“metics” or foreign residents. Around 371 B.C., Pasion, a slave, became the wealthiestand most famous Greek banker, gaining his freedom and Athenian citizenship in the process.The fourth century B.C. saw increased use of credit-based banking in the Mediterraneanworld. In Egypt, from early times, grain had been used as a form of money in addition to precious metals, and state granaries functioned as banks. When Egypt fell under the ruleof a Greek dynasty, the Ptolemies (330-323 B.C.), the numerous scattered governmentgranaries were transformed into a network of grain banks, centralized in Alexandriawhere the main accounts from all the state granary banks were recorded. This bankingnetwork functioned as a trade credit system in which payments were effected by transfer from one account to another without money passing.In the late third century B.C., the barren Aegean island of Delos, known for itsmagnificent harbor and famous temple of Apollo, became a prominent banking center. Asin Egypt, cash transactions were replaced by real credit receipts and payments were made based on simple instructions with accounts kept for each client. With the defeat of its

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