Features
- The customer will sell the goods to its buyer(s) on sight or credit term under DC.
- While waiting for the export / sale proceeds to be realized, the Bank provides financing by purchasing the debt/receivables where the financing amount is credited into the customer’s account.
- The Bank then claims the payment from the issuing bank by sending the documents under the DC.
- The Bank will be paid upon receipt of the payment under DC or by debiting the client’s account on maturity date whichever is earlier
- Documents presented that comply with the Documentary Credit terms
Document Required
The documents required for creating Foreign/Domestic Bill Purchased-i (AP) are:
- Documentary Collection / Negotiation Form from the customer
- AB-i Bai Al Dayn Contract Note
- IFBEP DOC Bai Al Dayn Contact Note (Export Bill Purchased)
- IDBEP DOC Bai Al Dayn Contact Note (Domestic Bill Purchased)
- Shipping documents (as stated in Collection Instruction)
- Bill of Exchange
- All shipping documents stated in the ILC
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