Trade Services
With a range of customisable products and services, handle your local and international business trade requirements with the experts.
Why Islamic finance? Islamic Finance is a moral system of finance. It emphasises the balance between for-profit activities, justice, tolerance, risk sharing and social good as well as not-for-profit activities.
1. Profit Sharing: It is one of the best principles of Islamic finance where partners will share their profit according to the part they play in the business.
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Dubai Islamic Bank, (DIB), Dubai, UAE was established in 1975 and was the first Islamic Bank in the world. The bank provides a full range of Banking Products & Services with diverse geographical presence in UAE, Pakistan and Kenya.
Trade Products:
1- Cash LC Islamic letter of credit (ILC)
A written undertaking letter by the Islamic bank to the seller (beneficiary) at the request and on the instruction of the buyer (applicant) to pay at sight or at a determinable future date.
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A. General Definitions (Quoted/Prepared In accordance to UCP latest version)
A letter of credit or LC in simple words refers to a written undertaking or commitment to pay, by a buyer’s (importer’s) bank, which is also known as the issuing bank to the exporter’s or seller’s bank, which is referred to as the negotiating or accepting bank. A letter of credit is also named as a documentary credit or a banker’s commercial credit.
LC guarantees payment on the terms that the exporter submits the required documents within a specific time frame.
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Our dedicated Trade Customer Service Centres in Dubai, Abu Dhabi and Sharjah are being designed specifically as a one-point-contact for our customers to provide proactive support in terms of advisory, consultancy and creative solutions for regular, complex and structured trade transactions.
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A. General Definitions (Quoted/Prepared In accordance to URDG latest version)
Bank Guarantee represents a significant contractual obligation for the bank towards the beneficiary. A bank guarantee, guarantees a sum of money to a beneficiary; however, the sum to be paid only if the opposing party does not fulfill the stipulated obligations under the contract.
The other party in a contract can use this to essentially ensure a buyer or seller from loss or damage due to non-performance.
A. General Definitions (Quoted/Prepared In accordance to URC latest version)
Documentary collection is a transaction where the drawer (exporter) entrusts the remitting bank to send documents to collecting bank (importer’s bank) along with the instructions to delivery documents to drawee against payment/ acceptance or other terms.
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1. Advising and handling of export Letters of Credit
Dubai Islamic Bank advises Documentary credits received from issuing banks /confirming banks /first advising banks to the customer directly with a nominal advising charges as per the bank tariff. The nature of the charges will be decided by the credit terms whether it falls on the beneficiary or the applicant. Beneficiary must ensure that, terms & conditions of the credit received by them is as per their underlying transaction.
Show MorePlease click here to get the schedule of charges.
Please click here to get the application checklist.