The product is designed for customers that are into import business. Under import finance a letter of credit is issued by Jaiz Bank in favor of a beneficiary (exporter) on behalf of the applicant (importer). The Bank commits and accepts to pay against trade documents drawn in compliance with the letter of credit terms.
Customers can utilize the facility to purchase raw materials, finished goods, equipment, machineries and other consumables from the international markets. These goods are first bought by Bank for its account on orders of the customers by paying cash or through LC as the case may be and then sold to the customers with profit margin on deferred payment basis. Payments on deferred basis can be made to the bank in installments or in one lump sum amount.
- There is no fund outlay from the importer at the time of opening the letter of credit
- Immediate notification to importer upon receipt of documentation
- Flexible Collateral
- Convenience of payment to the bank through installments, on deferred payment basis or on bullet payment basis
- No hidden charges