Features
- The customer sells the goods on credit. While waiting for the export/sale proceeds to be realized
- The Bank provides financing by purchasing the receivables/debt at a mutually agreed price and the proceeds will be credited to the customer’s account
- 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.
Document Required
- AB-i Draft
- AB-i Bai Al Dayn Contract Note
- Commercial Documents (Invoice and Transport Documents)
- Other supporting documents
The documents required for creating AB-i are: