Maybank

The handling of inward documents (domestic and foreign) received from seller/exporter’s bank (Remitting Bank) and/or Seller for presentation to buyer for payment and/or acceptance of bills of exchange for payment at a future date. It is issued under the Shariah contract of Wakalah. 

• Generally, IBC-i will be accompanied by either Sight Bills of Exchange for Documents Against Payment (D/P) or Usance Bills of Exchange for Documements against Acceptance (D/A) drawn on the buyer
• In the case of D/P, the buyer will have to make the payment before documents can be released to him
• For D/A, documents can be released upon the buyer’s accepting and acknowledging on the Bills Of Exchange. By doing so, the buyer acknowledges his legal obligation to pay the face value of the Bills of Exchange upon maturity
• Financing is available for eligible customers

The handling of outward documents (domestic and foreign) sent to buyer/importer's bank (Collecting Bank) and/or Buyer for presentation to buyer for payment and/or acceptance of bills of exchange for payment at a future date. It is issued under the Shariah contract of Wakalah.

• Applicable to both local and foreign transactions
• For local transactions, the seller would normally deliver the goods to the buyer and the buyer would have to acknowledge receipt of the goods before claim is made. The delivery order is to be presented to the bank when the claim is made
• For foreign transactions, the transport documents together with other documents such as invoice, parking list, etc are normally persented first. The document will only be released to the buyer when payment arrangement is made
• May facilitate post-export financing for eligible customers
• Documents of title for the goods, such as bill of lading will not be released to the buyer(drawee) until payment or acceptance has been affected