Foreign/Domestic Inward Bill For Collection-i (FIBC/DIBC-i)

This service is under the shariah principle of Wakalah (Agency) where it facilitates handling of Domestic/Foreign inward documents received from a Remitting Bank or Seller for presentation to Buyer or Importer. Terms available either document against payment (at sight) OR documents against acceptance (usance) for future date payment.

 

Benefits

  • Immediate fund
  • Financing for full amount of the bill
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

The documents required for creating MWCF are:

  • 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)
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