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Trade Finance solutions
As one of the Islamic business finance pioneers, SIB has developed products and services that are innovative and flexible so that clients can realize optimum value from the benefits and practicality of Islamic financing. The bank is geared to handle all forms of letters of credit or guarantee. Whether importing for local consumption or for re-exports, SIB offers appropriate solutions.
Opening and managing letters of credit (transferable, revolving, standby etc.) is a core function of the bank’s trade finance division, while letters of guarantee are in operation to cover significant amounts in key business areas such as bid bonds, performance bonds, advance payment guarantees, retention monies, maintenance, labor and customs duty.
The enclosed fees & commissions are exclusive of the Value Added Tax (VAT)
Whether importing for local consumption or for re-export, SIB is geared to handle all requirement for letters of credit to best suit customer needs. Just state your requirements and SIB will customize the most appropriate Letter of Credit for you (transferable, revolving, standby, etc.)
SIB prepares and issues all kinds of financial instruments, including letters of guarantee drawn up under strict Sharia’a principles. The range requirement covered includes bid bonds, performance bonds, advance payment guarantee, and guarantees for retention monies, maintenance, Labor or Customs duty.