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)