A forward exchange (FEC) contract 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 rate
Rate of exchange is fixed immediately.
Peace of mind
Unilateral binding promise between you and NBC.
Secure
Lessens your foreign exchange risks.
Guaranteed
Money only change hands at maturity date.
How can I value from an NBC La Riba Forward Exchange Contract?
Get started
Simply visit your nearest branch.
Bring the following when you apply
- Your identity document
- A letter from your employer
- Two passport photos
- Salary slips for last three months
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?
Call us:
+255 22 219 3000 | 0800711177 (free)
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