It is a trade facility in foreign currency to finance the import of goods from foreign suppliers and export of goods to foreign buyers. It is offered under the Shariah contract of Murabahah (for import) and Bai Al Dayn (for export)

Minimum financing amount: USD30, 000 or RM equivalent
Minimum financing period: 14 days
Maximum financing period: 180 days

Features

• Available in major currencies such as USD, EURO, JPY, CHF, GBP, SGD, BND, AUD, NZD, AED, etc
• To finance import of goods drawn under Letter of Credit, Inward Documentary Collection or import and export under open account basis
• Margin of financing is up to 100% of invoice value
• Lower financing rate, as it is determined based on inter-bank rate/cost of fund, which is normally lower than BLR/BFR
• Two methods of payment on maturity date, i.e. debiting directly from FCA-i or to contract for foreign currency rate and debit from RM account
• Booking of Forward Exchange Contract-i is allowed if customer has FEC-i facility
• Requires customers to have a facility/account with the bank

Benefits

• Option of seeking OFCF-i financing when the cost for Foreign Currency transaction is lower than that of Ringgit transaction
• Need not pay the import in Ringgit Malaysia upon taking up the documents
• Ability to mitigate the FC exchange risk as the customer can choose to authorize the bank to debit his Foreign Currency Account-i (FCA-i) on maturity date of the financing
• Transaction based on ‘halal’ goods
• Financing rate is fixed throughout the tenor