Import Services

NIB offers tailored solutions to help you manage your import business while minimizing the financial risks of global trading. Our team ensures all safeguards are in place for a smooth trade transaction 

Documentary Credit

A Documentary Credit (DC) is a 'commitment to pay' given by the buyer's bank (i.e. the issuing bank) subject to submission of required documentation. It is a written undertaking issued by the Bank in favour of the seller (beneficiary) at the request and in accordance with the instructions of the buyer (applicant), to effect payment up to a stated amount within a prescribed time limit and against stipulated documents. 

NIB offers Shari'a compliant import services where we deal with the goods, not just the documents. We take the ownership of the goods to facilitate the import transaction with Islamic banking guidelines. 

We can also advise on and deliver a range of specialized instruments: 

• Standby DCs
• Transferable DCs
• Back-to-Back DCs
• Revolving DCs

Import Murabaha Finance 

NIB offers Shari'a compliant short-term trade finance in conjunction with Import LCs, based on Murabaha concept, which enables you to fulfill your payment obligation under a sight and usance documentary presentation and allows time for the goods to be cleared, manufactured (in the case of raw materials) and stocked. 

You sell the goods within the terms of the finance and pay NIB on or before maturity of the finance. NIB takes a charge over the goods by way of a pledge and the security arises when possession of the goods, actual or constructive, is delivered to the Bank. Constructive possession takes place when the documents of title, i.e. a full set of bills of lading consigned to the order and blank endorsed (to the order of NIB) are delivered to NIB.