Import and Export

In imports transactions, the bank settles the value of imported goods in the followingways:  
1.  Sight documentary credit.
2.  Acceptance letter of credit. 
3.  Documents against payment.
4.  Documents against acceptance.
5.  Advance payment.  

Letters of credit for imports (Sight/Acceptance):
 Al Baraka Bank Sudan is always ready to establish documentary letter of credit to import raw materials, capital commodities or locally consumed commodities. The bank gives short or long term facilities to his customers to finance their business activities. Facilities can be granted for capital goods such as; machineries, equipments, raw materials and commodities, by confirmed or unconfirmed letters of credit sight or acceptance. 

Steps to Establish a letter of credit:
1. The customer requests the bank to issue a letter of credit setting out the conditions, terms, attaching Performa invoice and valid copies of import and export registrationdocuments. 
2. The bank studies the application and decides percentage of cash margin and securities required for approval.
3. The bank issues the documentary credit after securing the cash margin, securities and marine insurance policy.
4. The bank charges commission for issuing the documentary letter of credit. 

 Al Baraka Bank Sudan is also ready to handle applications in respect of documents collection; documents against payment or acceptance to import raw materials, capital goods or local consumption commodities provided that the customer has a valid import and export registration documents. 

  In export transactions, Al Baraka Bank Sudan accepts settlements of export commodities in the following ways
 1.      Sight letter of credit.
 2.       Acceptance documentary letter of credit.
 3.      Documents against payment.
 4.       Documents against acceptance. 
 5.      Advance payment.
 6.       Sale under disposal.
  Al Baraka Bank is always ready to handle export transactions provided the customer present a valid export contract showing the way of settlement. The contract must be approved by the Ministry of Foreign Trade and accompanied by a valid copy of import and export registration.  

For more information, please visit any of our branches.