Letter of credit import sharia

Letter of credit import sharia

Letter of credit import sharia is a promise from the issuing bank to make payment or authorizes another bank to make a payment to the recipient upon delivery of documents which comply with the requirements of the letter of credit import Sharia. Letter of credit import Sharia is a statement which will be paid to exporters, published by the bank for the benefit of importers with certain fulfillment in accordance with Sharia principles. That is the principle of wakalah and murabahah. The purpose of the letter of credit to import the Sharia to help smooth the importer in order to procure goods from overseas (for letter of credit import Sharia) and the Interior as well as providing appropriate trade payment delay cycle. Letter Of Credit is a banking product that not only exists on a conventional bank, but also in Banking of sharia.

The mechanism of a letter of credit imports syariah :

1.      Requirement of an object that is secured the payment by a letter of credit imports industry:

transaction is an obligation of importers themselves. So that a letter of credit imports mustn ' t published for something that is not an obligation importers, as for an activity consumptive.

2.      The determination of return for bank services o in set the return that must be accepted by a bank should not be in the form of a percentage, but it must be in the nominal amount fixed and the number must be declared in early settlement.

Settlement of a letter of credit import sharia :

a.       Settlement of wakalah bil ujrah

b.      Settlement of murabahah

c.       Settlement of salam/ istishna’ and murabahah

d.      Settlement of wakalah bil ujrah and mudharabah

e.       Settlement of Musyarakah

Example the case as an example of a farmer named Mr. Pepper Ivan Pratama wants to plant a pepper and require funds amounting to Rp 200 million, to an acre. Islamic banks approve and conduct contract Toboali where Islamic banks Toboali will buy the pepper results by as much as 10 tons at a price of Rp 200 million,-. At maturity the farmer had to give up as many as 10 tons of pepper. Later Islamic banking of sharia can sell pepper Toboali call with relatively higher prices for example Rp 25,000 per. kilos. And than the bank is earning 10 ton x Rp 25,000 to Rp 250.000.000,, =-. The results from Bank Syariah Toboali will earn a profit of Rp 50.000.000,-. after deducting capital granted by the islamic banking of sharia 250.000.000 Toboali i.e., reduced to Rp 200,-.