Trade Financing                                               

Dayax Islamic Bank offers several trade financing facilities that are based on Islamic financial contracts to suit its customers’ financing needs.

Trust Receipt: refers to a financing facility to finance domestic or international trade documents drawn against Letter of Credit or Inward Bills for Collection. This facility is based on the contracts of Murabahah and Wakalah.

Letter of Credit: refers to an undertaking by the Bank to pay a seller (exporter), thus enabling the customer (importer) to import goods. Letter of Credit can be based on the contracts of Wakalah or Murabahah.

Accepted Bills: refers to a Bill of Exchange (draft) drawn to finance domestic and foreign trade and it is payable on a specified future date.  Imports and local purchases are based on the contract of Murabahah, while exports and local sales are based on the contract of Bai Al-Dayn