Documentary collections is an alternative and cost-effective option to documentary credits for buyers and suppliers. Your supplier presents the necessary commercial documents and financial agreements related to the exported goods, with instructions, to their bank which forwards the documents to us for payment. The payment is made either immediately or at a fixed date.
Noor Islamic Bank offers two types of documentary collection service:
- Documents against payment (D/P) - Import documents are released to you on payment
- Documents against acceptance (D/A) - Import documents are released to you against your promise to pay