POST SHIPMENT (BILL DISCOUNTING)
Exporters often sell their goods on a credit basis. Not only this involves a certain of level of trust on the importer but it also implies an inevitable delay in receiving the payments. Considering, however, that these are the norms of Trade Finance, businesses often need a mechanism wherein they can receive the benefits of cash sales without having to worry about receiving their payments from their buyers. For this reason, exporters often resort to conventional Bill Discounting by applying for financing against the Bill of Exchange.
Considering that the conventional bill discounting process involves bai ul dayn (trade of debt) which is a form of interest, Rizq offers a unique you shariah compliant solution in the form of Currency Salam.
