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» Prime Bank Shari'ah Supervisory Committee
Hasanah Foreign Trade
Islamic banking branches may finance foreign trade as per Shari'ah following import-export and foreign currency policy of the country. Foreign trade may be divided into 3 major categories:
Import business
Export business
Different services related to foreign trade
Import Business
Import business is predominantly conducted through Letter of Credit. A letter of Credit (LC) is a written undertaking given by the Bank to a seller / exporter to the effect that the Bank will pay the seller a certain amount stipulated in the LC, provided that the seller complies with the terms and conditions of the LC. The Bank issues the LC mainly under the following contractual concepts:
Wakala/ Agency contract
Murabaha / Bai-Muajjal
Musharaka
Export Business
To accomplish export process / order as per the terms and conditions of the letter of credit (L/C) and the agreement executed between the seller and buyer, an exporter needs financial and other banking facilities on urgent basis. So, it is one of the important functions of a bank to provide investment and banking facilities to the exporter at different stages of export business.

An exporter needs financial facilities at two stages of export process – before and after shipment. Hence, financial facilities to export sector complying Shari’ah principles may be classified as:
Pre-shipment Finance
Post-shipment Finance
Miscellaneous Services
Facilities for Foreign Cheque, TT, Draft, Travel Check (TC).
Facilities for foreign currency trading on cash on spot price.
Facilities for Travel Check (TC) endorsement.
Facilities for international bank guarantee.
Remittance and Fund Transfer.
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