Features:
PFX-i is structured based on the combination of two acceptable Shariah concepts of Wa`d (Promise) and Bai` al-Sarf (Currency Exchange). The PFX-I Forward is not a contractual transaction at the inception as it only imposes an undertaking that binds customers to enter into a future FX transaction with the Bank. It is a unilateral binding promise by the party who made the promise (the Customer) to enter into Foreign Exchange transaction with another party (the Bank) at a specified future contract date.
Currency: Major currency pair