Features
- The Bank acts as a Collecting Agent on behalf of the Exporter / Seller’s Bank (also known as Remitting Bank)
- Upon receipt of documents from the remitting bank, the Bank acting as agent collects payment from the importer/buyer
- The Bank will remit the payment to the Remitting Bank and release the documents to Importer / Buyer
- There are two types of payment under IBC-i -D/P – Documents against Payment or Sight-D/A – Documents against Acceptance or Usance
Document Required
- Collection Instruction
- All the necessary documents (as stated in Collection Instruction)
- Accepted Draft by Drawee (if applicable in case of D/A IBC)
- Letter of Authorisation to debit account (if applicable in case of non-financing)
- Bill of Exchange or AB-i draft
- AB-i Murabahah / MWCF Contract Note (which is applicable in case of financing)
- Al-Murabahah Working Capital Financing Letter (If applicable in case of financing)
The documents required for creating MWCF are: