Trust Receipt

Islamic trust receipt (ITR) is a financing facility to finance domestic or international trade documents drawn against ILC or wakalah inward bills for collection. Islamic banks issue the ITR facility to the customer based on the murabahah principle for financing the purchase of goods. It is a document of trust signed by the customer (importer); the strength on which the Islamic bank allows the customer (importer) to obtain release of the merchandise but makes a lump-sum payment at a later date. For further details see: ISRA, Islamic Financial System; Principles and Operations.

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