Thursday, 19 October 2017, 28 Muharam 1439H Solat Time:
KL Imsak 5:31 | Subuh 5:41 | Syuruk 6:56 | Zohor 1:01 | Asar 4:18 | Maghrib 7:01 | Isyak 8:10

Documentary Bills for Collection-i


Documentary Bills for Collection-i is basically one of the widely accepted methods of trade settlement to facilitate sellers/exporters in obtaining payment for their sales/exports. Documentary Bills for Collection-i is normally referred to handling of documents by the Bank in accordance with instruction received, in order to:

  1. obtain payment and/or acceptance; or
  2. deliver documents against payment and/or against acceptance; or
  3. deliver documents on other terms and conditions

 

a) Inward Bills for Collection-i (IBC-i)
The IBC-i- is based on the contract of Wakalah, stipulating an agency relationship where we are appointed to act as an agent on behalf of the exporter’s bank. Documents are channeled by the exporter through his/her banker to us for presentation of the documents to you. In exchange for the documents, you are expected to either pay at sight or accept to pay on a future date. We are acting as the collection agent of the Remitting Bank (exporter’s bank).

 

Benefits of using our services:

  • You and your suppliers have the comfort of knowing that the documents are handled professionally
  • With branches nationwide, you will find we are always nearby to facilitate the collection of the documents
  • The processes are designed to allow you to obtain your documents quickly while making prompt payment to your suppliers, thus enhancing your business relationships with the suppliers
  • TWCF-i/AB-i (Purchase) facility can be arranged to enable you to obtain the goods without having to worry about the gap in your cash flow


b) Outward Bills for Collection-i (OBC-i)

The OBC-i service is based on the contract of Wakalah. It is an agency relationship where we act as your agent to send transport documents together with commercial/financial documents through our established agent banks worldwide for payments from the importer/buyer.

 

Benefits of using our services:

  • The strategic correspondent banking arrangement between Bank Islam and the leading bank institutions enables your transactions to be effectively and efficiently handled
  • Proper channeling and control of title documents to protect you as exporter
  • Our sales/export financing facility can be arranged to enable you to obtain the proceeds as and when the needs arise to close the cash flow gap

* Subject to all terms and conditions complied with

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