About

Bills for Collection-i is one of the trade services which refers to handling of documents by the Bank in accordance with instruction received, in order to:

a. Obtain payment and/or acceptance; or
b. Deliver documents against payment and/or against acceptance; or
c. Deliver documents on other terms and conditions

Inward Bills for Collection-i (IBC-i)

An Inward Bill for Collection-i (IBC-i) is a trade service offered by the Bank as Collecting/ Presenting Bank to handle inward documents received from correspondent banks (foreign or domestic) for presentation to buyers to either:

i. Obtain payment from drawee (sight Bills);
ii. Deliver commercial documents against drawee’s acceptance and to obtain payment on maturity of the Bills;
iii. Obtain drawee’s acceptance and deliver commercial documents against payment.

The services are divided into 2 which are:
i. Domestic Inward Bills for Collection – i  (DIBC – i ); and
ii. Foreign Inward Bills for Collection (FIBC-i ).

Shariah Contract (IBC-i)

IBC–i  is structured under the concept of Wakalah bil Ujrah in which the Bank is nominated as an agent to act on behalf of customer (wakil) to perform delegated task with imposition of fee/s. Under IBC-i , the Bank will act as agent for the buyer/ importer to perform checking on collection instructions and documents received.

Outward Bill for Collection-i (OBC-i)

An Outward Bill for Collection-i  (OBC– i ) is a trade service offered by the Bank to handle for outward collection as instructed by the sellers for onward submission to the buyer either for:

i. Against payment
The documents are released to the buyer only when the buyer pays the amount due.

ii. Against acceptance
The documents are released to the buyer when the buyer accepts a bill of exchange for payment at a later date.

Shariah Contract (OBC-i)

OBC–i  is structured under the concept of Wakalah bil Ujrah in which the Bank is nominated as an agent to act on behalf of customer (wakil) to perform delegated task with imposition of fee/s. Under OBC-i , the Bank will act as agent for the seller/ exporter to handle the processing of documents, collect payment from Collecting Bank on its behalf and any other task as delegated by the customer.

Fees & Charges