1. Islamic Bills and Collections
  2. Introduction

1 Introduction

  • A bill, as an instrument of international trade, is the most commonly used method for a seller to be paid through banking channels. Besides credit risk considerations, bills are the customary business practice for trade and a particularly important profit earning service for any bank.
  • The Islamic Bills and Collections (IB) module supports the processing of all types of bills, both domestic and international. It handles the necessary activities during the entire lifecycle of a bill once it is booked.
The Islamic Bills and Collections module supports the processing of all types of international and domestic bills like:
  • Incoming Bills under LCs
  • Incoming Bills not under LCs
  • Outgoing Bills under LCs
  • Outgoing Bills not under LCs
  • Usance or Sight Bills
  • Documentary or Clean Bills