Enabling Brunei's entrepreneurs to become more competitive in international trade
At BIBD, we offer a wide range of competitive, Shariah-compliant trade financing products and services on a short-term basis. These products are geared towards facilitating the business expansion of Brunei's entrepreneurs. Whether you are a local or foreign entrepreneur, we value your contribution to our economy, and we would like to help you get ahead.
Letter of Credit
It is an undertaking given by the Bank on behalf of the Customer/Applicant to the Seller, to pay a certain sum of money to the Seller as stipulated in the Letter of Credit (LC), provided that the Seller complies with the terms and conditions of LC.
It is one of BIBD trade services to facilitate Customer/Applicant in collecting payment from the third party. Bills of Collection can be Inwards Bills of Collection (IBC) and Outwards Bills of Collection (OBC).
It is a surety given by the Bank upon request of the Customer/Applicant to pay a certain amount of money to the third party in the case customer defaults in fulfilling his/her obligation.
It is an indemnity given by the Bank upon request of the Customer/Applicant which indemnifies and guarantees the shipping company for the release of goods to the Customer/Applicant in the absence or without the presentation of Bill of Lading.