Accepted Bills-i (AB-i)

There are two types of facilities available to exporters under ECR – i Scheme:

A facility granted to buyers to finance their purchase of trading goods which include raw materials, semi-finished and finished goods. The Bank will enter into Murabahah contract with the customer and later the bill is traded in the secondary market under Bai-Al Dayn contract.

Benefits

  • Competitive rate of profit based on the prevailing money market rate quoted by the Bank daily;
  • It is ready source of fund;
  • Tradable in the secondary market to provide liquidity;
  • Fixed marked-up rate throughout the tenor.

Features

  • Based on contract of Al-Murabahah (cost-plus sale);
  • Usance Bill of Exchange drawn by the Bank on and accepted by the customer;
  • 100% financing of invoice value;
  • Minimum amount for financing is RM50,000.00;
  • Financing tenor 365 days less the period between the date of the earliest supporting document and the date of drawing the AB-i. Transaction documented more than 180 days before the drawing date should be declined;
  • To finance local purchases or import;
  • Bunching of documents in multiple RM1,000.00 to reach the minimum amount of RM50,000 is allowed for financing.

A facility granted to the sellers to finance their usance exports or domestic credit sales. The customer sells his debt to the Bank and obtains immediate proceed, The Bank enters into Bai’ Al-Dayn contract with the seller / exporter.

Benefits

  • Competitive / low rate of financing;
  • Competitive edge in the international market;
  • 100% financing of the exports bill.

Features

  • Based on the concept of Bai’ Al-Dayn (debt-trading). 100% financing of the invoice value;
  • Minimum amount of financing RM50,000;
  • Bunching of documents to reach the minimum amount of RM50,000 is allowed for financing;
  • Minimum financing period is 21 days;
  • For exports financing maximum period is 365 days but should not exceed the credit term given by the seller to the buyer and the facility tenor;
  • To finance exports for usance period of more than six months, the approval of the controller of Foreign Exchange must be obtained;
  • For local sales the usance period not exceeding the remaining tenor of the credit extended to the buyer and should not exceed 365 days.
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