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Post Export Finance-Foreign
This product is primarily based on Qard contract of Shariah. Bank will provide customer a Qard against Export Bill.
This product is primarily based on Qard contract of Shariah. Bank will provide customer a Qard against Export Bill. Customer will provide the bank a sale undertaking (waad bil bai) to sell some foreign currency at a future date offering a fixed exchange rate. The bank will not provide any counter undertaking to purchase but if required they will purchase the foreign currency on future date at a offered rate when export proceed is realized. The bank will earn income from exchange gain only. No penalty can be imposed for delay payment of export proceeds.
Salient Features
- Underlying Shariah contract is Qard.
- It is for 100% export oriented industries/farms.
- To perform the post-export finance under Shariah compliant mode.
- Bank will earn income from exchange gain only
- From export proceeds complying Bai As-Sarf guidelines of the bank or from own source of the Customer.
- No penalty can be imposed for delay payment of export proceeds.