Foreign/Domestic Bill of Exchange Purchase-i (FBEP-i/DBEP-i) – Authority to Purchase

FBEP-i/DBEP-i (Authority to Purchase) is a facility granted by the BMMB to the Client (seller) whereby BMMB negotiates or purchases Client’s foreign or domestic bills presented under Documentary Credit (DC) under the principle of ‘Bai’ Dayn’.

 

Benefits

  • Client gets immediate fund
  • Improve company’s cash flow pending payment from buyer
  • Financing for full amount of the bill
Features
  • The customer will sell the goods to its buyer(s) on sight or credit term under DC.
  • While waiting for the export / sale proceeds to be realized, the Bank provides financing by purchasing the debt/receivables where the financing amount is credited into the customer’s account.
  • The Bank then claims the payment from the issuing bank by sending the documents under the DC.
  • The Bank will be paid upon receipt of the payment under DC or by debiting the client’s account on maturity date whichever is earlier
  • Documents presented that comply with the Documentary Credit terms
Document Required

    The documents required for creating Foreign/Domestic Bill Purchased-i (AP) are:

  • Documentary Collection / Negotiation Form from the customer
  • IFBEP DOC Bai Al Dayn Contact Note (Export Bill Purchased)
  • IDBEP DOC Bai Al Dayn Contact Note (Domestic Bill Purchased)
  • Bill of Exchange
  • All shipping documents stated in the ILC
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