Keen to develop banking services that satisfy our clients, a specialized Unit has been established to offer trade services centrally or through branches in Yemen & Djibouti. As managed and operated by a highly qualified and competent professionals, the unit is authorized to execute and oversee operations of LCs, Collections, Letter of Guarantees and Remittances. Operations Unit provides a world standard services that meets markets needs and client expectations. Services offered are compliant with globally known regulations of ICC and in line with Sharia principles.
SIB, through a global correspondent network, offers LC Services that includes:
SIB reach a large base of international correspondents backed by IFC of World Bank.
Through Import LC, as one of the most secure methods of importing goods, can control shipping dates or facilitates a shipment schedule. SIB, capitalizing on its large correspondent network, can open, confirm and pay LCs value if required regardless if fully by the bank or financed by the bank.
Applicant Financed LC
An import LC for liquid clients who need not to be granted a finance for that purpose. The bank’s role is limited to arranging and managing such LC.
Murabaha LC
Murabaha LC is a letter of credit issued by SIB in favor of a beneficiary (exporter) on behalf of the applicant (importer). SIB commits and accepts to pay against trade documents drawn in compliance with the letter of credit terms. SIB's credit worthiness replaces that of the applicant.
Other Special LCs:
- Transferable LCs
- Back-to-Back LCs
- Stand-By LCs.
Export LC:
A method of payment commonly used in international trade transactions, whereby SIB facilitates payment to local or international sellers, the bank later arranges exchanging and payment collections.
It is a trade transaction in which the exporter hands over the task of collecting payment for goods supplied to SIB clients. We in SIB, depending our international correspondent network, provide the service for import and export clients in conformity with Uniform Customs and Practice for Documentary Credit.
SIB simplifies the administration of your documentary import collections by receiving and validating them. Working on your behalf throughout the world, we can affect payment upon clients request and terms. SIB offers finance of Documentary collection by Murabaha subject to agreement between the bank and its clients.
A simple and efficient way to collect payments for the goods you export. You stay in control of the process because the documents of title are sent to the buyer’s bank. Upon shipping the goods, the client can submit the trade documents and export collection application to SIB. Then, SIB sends the documents to your buyer’s bank. You will be notified if your buyer accepts the bill of exchange and pay when the funds are received from the buyer’s bank.
Services are conducted globally, thanks to SIB wide network of global Correspondent. Beneficiaries can either be individuals or entities in or outside Yemen. Clients in Yemen are entitled to all types of LGs service including ones backed by the bank’s own foreign LGs issued by international counterparties. LG services cover all technical types to meet the market and the client needs.
Funds of different currencies are wired and received anywhere in the world. The bank provides this service in conformity with requirements of AML and Antiterrorism Finance Acts. This service is available at all branches and subject to instant central monitoring to ensure speed and accuracy. Clients can also send or receive money through Western Union Money Transfer.
