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A trade facility in foreign currency to finance the import of goods from foreign suppliers and export of goods to foreign buyers.
Features
  • It is offered under the Shariah contract of Murabahah (for import) and Bai’ Dayn (for export).
  • Available in major currencies such as USD, EURO, JPY, CHF, GBP, SGD, BND, AUD, NZD, AED, etc
  • To finance import of goods drawn under Letter of Credit, Inward Documentary Collection or import and export under open account basis
  • Margin of financing is up to 100% of invoice value
  • Lower financing rate, as it is determined based on inter-bank rate/cost of fund, which is normally lower than BFR
  • Two methods of payment on maturity date, i.e. debiting directly from FCA-i or to contract for foreign currency rate and debit from RM account
  • Booking of Forward Exchange Contract-i is allowed if customer has FEC-i facility
  • Requires customers to have a facility/account with the bank
Benefits
  • Option of seeking OFCF-i financing when the cost for Foreign Currency transaction is lower than that of Ringgit transaction
  • Need not pay the import in Ringgit Malaysia upon taking up the documents
  • Ability to mitigate the FC exchange risk as the customer can choose to authorise the bank to debit his Foreign Currency Account-i (FCA-i) on maturity date of the financing
  • Transaction based on Shariah compliant goods
  • Financing rate is fixed throughout the tenor
Financing Amount & Period
  • Minimum financing amount: USD30, 000 or RM equivalent
  • Minimum financing period: 14 days
  • Maximum financing period: 180 days
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