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Trade Finance-i

Letter of Credit-i

 The Islamic Letter of Credit is based on the concept of Al Wakalah (Agency).
Refers to an agency relationship where the Bank acts as an agent on behalf of a company or individual.
Written undertaking by the Bank will be given to the seller at the request and instruction from the buyer, in making payment to the seller on behalf of the buyer at a determinable future date.


Trust Receipt-i
A working capital financing facility based on the Murabahah concept of cost plus profit sale.
A contract where the bank purchase the goods and sell them to customer at mark-up(principal + bank’s profit margin) and to be paid upon maturity.


Accepted Bills-i

AB-i can be used to finance imports and local purchases under the concept of Murabahah. Under this concept, the bank appoints the customer as the purchasing agent for the bank. The Customer then purchases the required goods from seller on behalf of the bank which would then pay the seller and resell the goods to the customer at a price, inclusive of a profit margin. The customer is allowed a deferred payment term of up to 365 days. Upon maturity of the Murabahah financing, the customer shall pay the bank the cost of goods plus the bank's profit margin.


Shipping Guarantee-i

 An undertaking to the shipping company or forwarding agent to release goods to the importer pending receipt of the original Bill of Lading.
Save you from storage charges levied by the port authorities.


Bank Guarantee-i

 A legal instrument executed by us on your behalf favouring the beneficiary in connection with a permissible contract between you and your customer.
The Bank will provide an undertaking to pay a sum of money in the event of non-performance of the permissible contract.

 
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