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

The Bank receives IBC documents from the Bank’s Agents (foreign and domestic) together with a Collection Instruction requesting the Bank to collect the payment. The Bank will advise the Client (Drawee) and collect the bill of payment from Drawee under the concept of Wakalah.

Facility granted to the buyer to finance their purchase of raw material under the concept of Murabahah using the IBC documents received by the Bank.

Unless otherwise specified by the remitting agents in their Collection Instruction, such collection items are governed by the Uniform Rules for Collection (1995 Revision) ICC Publication 522.

 

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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