A forward exchange contract (FEC) is a Sharia’ah-compliant contract between you and NBC. A rate of exchange is fixed immediately for the purchase or sale of one currency for another, for delivery at an agreed future date. While the rate of exchange is fixed when the contract is entered into, money only changes hands at the maturity date.
The benefits of the NBC La Riba Forward Exchange Contract
Fixed exchange rate
Rate of exchange is fixed immediately.
A binding promise
Unilateral binding promise between you and NBC.
Foreign exchange
Lessens your foreign exchange risks.
Convenient payments
Money only change hands at maturity date.
How can I get value from a Forward Exchange Contract?
Get started
Simply visit your nearest branch.
Benefits
- Fully Shari’ah-compliant product
- Helps you to mitigate foreign exchange risks
- Unilateral binding promise
Important information
- 5% charge for not fulfilling promise
- The rate of exchange is fixed when the contract is entered into
- Money only changes hands at the maturity date of contract
Need more information or assistance?
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