Letter of Credit (L/C) iB and Surat Kredit Berdokumen Dalam Negeri (SKBDN) iB
L/C iB or SKBDN iB is a payment instrument that provide security to both the seller (exporter) and the buyer (importer). The L/C iB or SKBDN iB facility provides a guarantee that payment will be made if the terms and conditions in the L/C iB or SKBDN iB for imported goods are met.
Both L/C iB and SKBDN iB utilizes Shariah contract of Kafalah bil Ujrah.
The Difference Between LC iB and SKBDN iB
L/C iB transactions are used for international trade (refer to the International Chamber of Commerce - Uniform Customs and Practice for Documentary Credit (UCP) while SKBDN iB transactions are used for domestic trade (refer to the Central Bank of Indonesia’s Regulations).
L/C iB atau SKBDN iB - Usance Payable at Sight (UPAS)
Financing facility by the Financing Bank to the importer (applicant) of the L/C iB / SKBDN iB with a deferred tenor (usance) issued by Maybank Indonesia whereby the importer (applicant) may settle the L/C iB / SKBDN iB when the payment date is due, whereas beneficiary of L/C iB / SKBDN iB may receive payment at sight from Financing Bank.
L/C iB atau SKBDN iB - Usance Payable at Usance (UPAU)
Is a financing facility by the Financing Bank to the importer (applicant) of the L/C iB or SKBDN iB with a deferred tenor (usance) issued by Maybank Indonesia whereby the importer (applicant) may settle the L/C iB / SKBDN iB at the time when the notes are due, whereas beneficiary from L/C iB / SKBDN iB may receive payment at a later date (usance) with a shorter tenor than the L/C iB / SKBDN iB from Financing Bank.
Advantage of subscribing to L/C iB or SKBDN iB with Maybank Indonesia
- Utilizes a Shariah contract of Kafalah bil Ujrah.
- Maybank Indonesia is one of the largest banks in Indonesia with an extensive of domestic, regional and international network.
- L/C iB or SKBDN iB opening facilities can be combined with financing in the context of import / purchase tailored to your trade cycle needs. This is given by Maybank as a business solution to help develop your business.
- Through the TradeConnex system your trade transactions can be performed quickly and economically.
- The importer (applicant) may immediately claim the goods from the port to carry out the production process, while the payment obligation of the L/C iB or SKBDN iB will be made at the due date of the draft / document.
- Maybank provides a comprehensive Shariah trade finance solutions including the provision of Shariah Hedging transactions.
Trust Receipt (T/R) iB
Trust Receipt (T / R) iB is a short-term financing provided to importer for purchases of imported goods made using L/C iB or SKBDN iB issued by the Issuing Bank. Tenor of the T/R iB financing will be adjusted to your company's trade cycle to help smooth the company's cash flow.
The Shariah contracts used under T/R iB are Mudharabah, Musyarakah, Kafalah bil ujrah or any other Shariah contracts that are appropriate.
Benefits of T/R iB
- It is a solution provided by Maybank to customers (importer) to manage the company's cash flow adjusted to the trade cycle.
- With T/R iB, the customer may immediately claim the goods from the port and carry out the production process, while the settlement of the T/R iB obligation will be performed when the T/R iB tenor is due after receiving payment from the sale of goods produced by the customer.
Documentary Collection iB
A payment collection service provided by Maybank Indonesia to the Buyer/Importer (the party liable on the bill/drawee) for Non-L/C Import Documents received from the Remitting Bank (the bank sending the documents).
Inward Documentary Collection consists of two (2) types:
- Document against Payment (D/P)
A documentary collection with sight tenor, where the Buyer/Importer makes immediate payment upon taking up the documents, in accordance with the document amount. The Presenting Bank (the bank presenting the documents) will then remit the payment at sight to the Remitting Bank. - Document against Acceptance (D/A)
A documentary collection with usance tenor, where the Buyer/Importer accepts the documents and is required to sign/accept the bill of exchange (draft) provided by the Presenting Bank. The accepted draft will then be forwarded to the Remitting Bank via SWIFT/Telex. Payment is made by the Buyer/Importer to the Seller/Exporter at the maturity date of the bill.
Bill Avalization is the provision of a guarantee by the Bank on behalf of the Buyer (drawee) for payment of a usance bill arising from a Documents Against Acceptance transaction between the Buyer and the Seller. The Bank guarantees to the Seller (drawer) that payment will be made at maturity on the bill that has been accepted by the Buyer (drawee), in accordance with Sharia principles.
Pre-Shipment Financing
A short-term working capital financing facility to support export activities, including the purchase of raw materials, production processes, and other related needs. The source of repayment for this financing is derived from the proceeds of goods financed by the Bank, therefore payment from the Buyer must be routed through the Bank.
Benefits
Supports working capital needs for export transactions and helps manage the Exporter’s cash flow effectively.
Settlement of pre-shipment financing obligations is made after the Exporter receives payment from the Importer (Buyer), ensuring a smooth trade cycle for the company.Product Summary Information
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