Letter of Credit-i (LC-i)
It is an undertaking given by MIB on behalf of the buyer to the seller that it guarantees payment to seller if the terms and conditions are complied. Hence, if the buyer defaults the payment, it is the responsibility of the MIB to make the payment.
Onshore Foreign Currency Financing-i (OFCF-i)
A short term facility to finance import and purchase of goods denominated in foreign currency, eg US Dollar, Euro, Japanese Yen, Swiss Francs, Sterling Pound, Australian Dollar, Brunei Dollar, Canadian Dollar, New Zealand Dollar, Singapore Dollar, etc
Accepted Bills-i (B-i)
A short term facility whereby a usance bill of exchange is drawn by MIB, accepted by the buyer and payable on a specific future date.
Trust Receipt-i (TR-i)
A short term facility to finance buyer’s purchase or import of goods against Inward Documentary Collection-i or Letter of Credit-i (LC-i)
Click here for Trust Receipt-i (TR-i) Product Disclosure Sheet (English)
Click here for Trust Receipt-i (TR-i) Product Disclosure Sheet (BM)
It is targeted for new and existing commercial and Small and Medium Enterprise (SME) buyers who are no longer eligible to enjoy Accepted Bills-i facility
Inward Bills For Collection (IBC-i)
Handling of inward documents received from a seller for presentation to a buyer, either for payment on sight or acceptance of usance Bills of Exchange for payment at a future date.
Shipping Guarantee-i / Endorsement Transport Document-I (SG-I / ETD-i)
An indemnity given by the buyer, countersigned by MIB, to a shipping company or its agent to allow the shipping company to release the merchandise to the consignee name in the Bill of Lading