A written undertaking by Standard Chartered to make payment on your behalf at a determinable date in the future. Based on the Islamic concept of Wakalah, the bank is appointed to act as an agent on your behalf.
Alternatively, LC-i is also available under the concept of Murabahah where you will be appointed as an agent to purchase on behalf of the bank. Upon receipt of the shipping documents, you will submit offer to purchase goods from the bank at cost plus profit basis.
Bank Guarantee-i (BG-i)
An undertaking by the bank to pay the beneficiary an agreed sum if our customer fails or defaults in fulfilling their obligations under the terms and conditions of a contract or agreement. Based on the Islamic concept of Kafalah, we offer a contract of guarantee or surety to discharge your liability in the case of default.
Shipping Guarantee-i (SG-i)
A Shipping Guarantee is an indemnity given by you and countersigned by the bank, to a shipping company or its agent to allow the shipping company to release the merchandise to the consignee named in the Bill of Lading without the presentation of the original. Based on the Islamic concept of Kafalah, we offer a contract of guarantee or surety to discharge your liability in the case of default.
Import Finance-i (IF-i)
This product provides you the working capital to finance the purchase/ importation of goods and raw materials, etc. for your business operations. Based on the Islamic concept of Murabahah, you will be appointed as an agent to purchase goods on behalf of the bank. Upon receipt of the shipping documents, you will submit offer to purchase goods from the bank. The bank sells them on to you on deferred terms at an agreed selling price that comprises the bank's purchase price and profit margin. The bank pays the cost price of goods direct to the supplier and you buy them from us on a lump sum basis at an agreed date in the future.
The term âtax havenâ is something of a misnomer, because tax havens offer escape routes not just from taxes but potentially from any of the rules, laws, and responsibilities of other jurisdictionsâwhether those be taxes, criminal laws, disclosure rules, or financial regulation. Tax havens are usually about parking your money âelsewhere,â in jurisdictions such as the Cayman Islands, beyond the reach of your home countryâs regulators and taxmen. Or you park it in London: which is why some investment bankers have called it the GuantÃ¡namo Bay of finance. âThe British think they do finance well,â says Lee Sheppard, a tax and banking specialist at the U