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