Amidst growing demand for Shariah compliant import finance from business customers, The FNB Islamic Trade Finance offering is modelled on the Murabaha arrangement which entails the bank entering into an agreement to purchase and assume legal possession of items being imported and selling them to the customer upon delivery.
As part of the agreement, the customer is required to facilitate logistics relating to the purchasing and receipt of goods from the supplier/exporter.
The offering further includes access to various trade finance products such as, import letters of credit, foreign bills for collection, forward exchange contracts, guarantees and open account payments.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.