- Letter of Credit (Inland and Foreign)
A letter of Credit issued by a bank to another bank (locally or in a different country) to serve as a guarantee for payments made to a specified person under specified conditions. Being an Islamic Bank, LC is always issued under a Shariah compliant arrangement.
- Import Contract Registration
A Contract is an agreement between two parties in exchange of goods and services. Contract will be honored by the issuing bank if documents against it are presented as per the terms and conditions. However, the issuing bank is not liable for payment in case the applicant defaults or fails to honor the payment under contractual obligation. BankIslami opens bank contracts under URC-522 and within SBP regulations.
- Import Open Account
An Import Open Account is a transaction where Exporter of the goods dispatches the document to the Importer without opening of Letter of Credit. The goods along with all the shipping documents are dispatched to the Importer and the Importer approaches the bank to initiate payment for the goods received. BankIslami facilitates its clients to fulfill their eligibility criteria of the Import Open Account as per the SBP regulations.
- Imports Advance Payment
Import Advance Payment is a pre-payment method in which, an importer makes the payment for the items to be imported in advance (prior to the shipment of goods). BankIslami is facilitating importers to fulfill their eligibility criteria of the Import Advance Payment as per the SBP regulations.
- Shipping Guarantee
Issuance of Shipping guarantee is done either through endorsement of Air Way Bill (AWB) or issuance of guarantee in favor of respective shipping company. Shipping guarantee is required by a customer when goods have arrived at port of discharge or airport and the underlying shipping / transport documents have not been received by the LC issuing bank. In order to avoid demurrage & other port/airport charges, a customer approaches the bank for issuance of guarantee in favor of respective shipping company or Endorsement of AWB along with their undertaking that “they will accept the documents despite any discrepancy(ies) therein”.