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.