A contract executed with an exchange rate prevailing on the date of the transaction is known as a spot contract. The delivery of the contract will take place immediately or within 2 working days after the date of the contract. The rate applied would be known as the spot rate. We offer competitive and attractive spot rates for buying and selling foreign exchange.
A promissory forward exchange contract is a predetermined contract in which the conversion of the currency or delivery will take place at a future specified date with a predetermined exchange rate. We offer such facilities to hedge foreign exchange risks of importers and exporters through buying and selling foreign exchange in the forward market, using a Sharia compliant product known as a promissory forward contract.
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