In the ever-changing world of complex international rules, laws, regulations, and customs, even seasoned export/import professionals may find themselves in unfamiliar situations.
Export/Import Procedures and Documentation puts reliable solutions to problems like wrong documents and procedural misunderstandings right at readers' fingertips. This comprehensive answer book supplies ready-to-use forms and provides a clear view of the entire export/import process. This new edition has been thoroughly revised to include:
* New Shipper's Export Declaration forms and instructions
* U.S. Customs Service "Reasonable Care" checklists
* New Automated Export System (AES) procedures and documentation
* Updated Customs Audit Questionnaires.
Also featured are 37 updated forms as well as 12 all-new forms, a section on e-commerce in international marketing, Websites for 94 export and import agencies and information sources, and listings for export and import software.
A detailed look at the fast-growing field of Islamic banking and finance.
The Art of Islamic Banking and Finance is a modern American take on what it means to incorporate Islamic finance principles into everyday banking and investment techniques by introducing a new brand of banking for all people of all faiths: The Riba-Free (RF) banking.
The author is considered the father of RF (Islamic) banking in America. He has been a banker and an Imam/scholar for over 40 years in America since 1968. He started the tedious process with a finance company, LARIBA, in Pasadena, California in 1987. This is the first book ever in the field to trace the origins of prohibiting the renting of money at a price called interest rate and over-indulging in debt. The book reviews in great details the theological foundations of prohibiting interest in the Jewish Bible, the Christian Bible, and the Al-Qur'an. The author then discusses money and how fiat money is created, the role of the Federal Reserve, and the banking system in America. The book also discusses for the first time ever how to include an important aspect of RF (Islamic) finance using commodity indexation and marking the items to be financed to market in order to avoid participating in economic "bubbles." The author discusses how these rules work, how they affect consumer behavior, and how they change the role of the banker/financier.
Covers a new pioneering model that is based on the Law (Shari'aa) and how it is applied in every transaction from joint ventures and portfolio management to home mortgages and personal financing
Shows how to incorporate the Law (Shari'aa) into American financing and banking systems
Points to RF (Islamic) finance and banking as a way to emphasize socially responsible investing
The Art of Islamic Banking and Finance also includes a discussion on the emergence of a culture of RF (Islamic) banking and finance today, which is based on the real Judeo-Christian-Islamic spirit and very effective when compared to twentieth-century models that use financial engineering and structuring techniques to circumvent the Law (Shari'aa). The book also includes case studies based on the actual experience of the author and detailed analysis of the superior results realized by applying this new brand of banking to financing.
A good political economy account of Islamic finance. Its general viewpoint is well-informed but sensibly critical; this is rare in writings on this topic. It contains a wide range of material in one place in a way that is probably unique. In spite of the ever growing importance of Islamic finance products, quantity, rather than quality, has been the main feature of literature on the topic.
Ibrahim Wardes book is in this respect a welcome exception, indeed he begins his book with the observation that the majority of texts on Islamic finance tend to be abstract, and avoid rigorous scientific and sociological methodology ! Warde unquestionably succeeds in his book in providing an excellent overview of modern Islamic finance. It will be particularly useful to readers who are interested in the complexity and variety of Islamic finance as it is now, as well as in possible future developments. The book's greatest drawback: in view of the breathtaking pace of change in Islamic finance at the moment, it could become quickly obsolete.
One should therefore read it quickly. The author provides a profound analysis of the connection between Islamic finance and politics ~ Seif I. Tag El-Din a well-researched and concise book on a fluid, complex, and sometimes misjudged concept. A forthright and scholarly survey of a subject that deserves the attention of both international bankers and area specialists who are interested in Islamic culture of political economy ... It offers a much-needed introduction to a highly complex set of economic, cultural, and political phenomena.
This book is a comprehensive study of the legal and practical aspects and implications of independent (first demand) guarantees and standby letters of credit. It serves to broaden the understanding of the law on the subject of bank guarantees, while placing marked emphasis upon the practical issues which can arise in the daily functioning of these legal instruments.
The American standby letter of credit and the European independent guarantee developed simultaneously and represent, conceptually and legally, the same device. However, developments throughout the 1980s and 1990s and into the new century particularly certain initiatives of the International Chamber of Commerce ((URDG) and the American Institute of International Banking Law and Practice (ISP98), along with a steady flow of case law and a proliferation of legal writing continue to affect practice in the field.
The writer examines all this material in detail in this incomparable book, now in an updated revised third edition. He uses case law and legal writing from five European countries; The Netherlands, Germany, France, Belgium, and England to build an analysis of how the practical applications of bank guarantees has established a pattern of law. He also takes into account U.S. writing and case law on the subject, as well as relevant cases from Switzerland, Italy, and Austria.
Written from a transnational perspective, Bank Guarantees in International Trade can be used in both Civil Law and Common Law jurisdictions. His analysis covers the following factors:
1. Ttypes of guarantee (tender, performance, maintenance, repayment, retention, judicial)
2. Ppayment mechanisms (first demand, third-party documents, arbitral or court decision)
3. Risks and negotiations, drafting and clauses
4. Bank guarantees as a financial service; direct and indirect guarantees
5. Relationship between account party and bank
6. Relationship between instructing bank and issuing bank, counter-guarantee
7. The call on the guarantee, demand for payment
8. Fraud and restraining orders
9. Furisdiction and applicable law
Bank Guarantees in International Trade offers practitioners in international trade and banking law the most complete analysis in the field. In its wealth of practical detail, it is unlikely to be surpassed.
This authoritative reference book gives thorough, practical guidance for anyone who needs to deal with standby letters of credit either professionally or academically. Augmented with examples of numerous real-life cases, the book addresses the exact procedures undertaken by global banks in handling letters of credit transactions whilst incisively providing an article by article interpretation of the ISP98. Furthermore, the book explains the credit operation cycle, the various parties to the credit transaction, types, uses -with special emphasis on tender and performance standby letters of credit– roles, responsibilities of the parties to the transaction, risk management and fraud prevention. The book literally provides all the tools needed to deal not only with routine problems but also with unforeseen difficulties whether at clerical, middle management or senior management level. Commercial/Financial fraud detection and prevention is an issue that is decisively addressed in Chapter 15 which tackles the types of fraud the bank frequently encounters whilst conducting its trade finance operations. The Author quotes several examples of fraudulent transactions and pinpoints the operational gaps the fraudsters often use to penetrate the bank’s safeguards and execute their crimes. The Author also tackles “organized crime” in banking operations whilst precisely explaining the techniques the banks must follow and safeguards they must place in order to detect and prevent these destructive fraud crimes. Risk Management in trade finance operations is another major concern of the international banking community. This concern is comprehensively addressed in Chapter 14 which warns that the methods commonly used by banks to effectively manage risks vary from one country to another according to the specificities of the socio-political environment; methods of trade finance risk mitigation described in general texts could turn to be invariably useless and any attempt to apply abstract theories and academic discussion can be not only a value destroyer but also a dangerous process. The chapter then proceeds to emphasize the importance of understanding the bank’s specific operational environment and base its risk management approach on the operational history of the bank and its working environment. It continues by identifying the exact risks the bank faces in a standby letter of credit transaction and finally, the Chapter tackles the three approaches banks follow in managing their operational trade finance risks, namely “Operational Risks Correlated to Volume”, “Value at Risk Analysis (VAR)” and “The Distribution of Loss Measure".
A few days ago, Mr. Bruce Morrison from Alabama, USA informed me about a trade fraud involving his company, KYM Industries Inc and the seller in Pakistan, Reef International.
According to Morrison, he came across Reef International on the internet and interested to purchase some quantity of leather glove. He was assured by the Reef International that the goods will be shipped to him upon receipt of 30% upfront payment. Without suspecting any dishonesty, Morrison remitted the payment in USD via Telegraphic transfer to the seller in Pakistan.
He was shocked to find out that the 125 cartons of leather glove which he paid for were not in the container. The container is empty. Morrison tried to contact Reef International to get further clarification, but failed to speak with anyone from the Reef International.
The transport document used in this trade is a multimodal transport document. However, I believe that the document is also forged as there are few important data not indicated such as the place of taking charge and freight charges.
Please avoid from dealing with this company. For your information, here are details of the company: Name: Reef International
Address:
P.O. Box 2094 Sialkot Mailing Address
Along With Muslim League Office
Amin Abad Road, Sialkot, Pakistan
Production Unit – B.2 Sector Korongi Ind Area, Karachi.
The expression ‘…to ascertain whether or not they appear, on their face, to be in compliance with the terms and conditions of the credit’ as stated in article 13 of the UCP 500 has been clearly explained in article 14 of UCP 600.
What is written in an invoice for example, need not be identical to what is written in other documents. This is because each document serves a different function and therefore the content or data contained in each of the document differs with each other.
The invoice serves as the accounting document. Packing list on the other hand provides information of the number of packages, weight, mark and numbers. Bill of lading is an evidence of contract of carriage as well as a title to the goods. As such, the content or data in each and every document called for under the letter of credit bound to differ. However, these differences must not conflict with each other and most importantly must not conflict with the data contained in the letter of credit within the context of international standard banking practice (ISBP).
This non-identical allowance suggested by article 14 of UCP 600 is clearly practical in the case where the term Ex-Work is used by the trading parties. Under the term Ex-Work, point of delivery of the goods can either be at the seller’s premise, workplace or factory. To accommodate to the possibility of making a delivery different from the original point as stated in the letter of credit, article 14 (j) allows the invoice issued by the seller to state a different address. For example, if the letter of credit expressly stated the address of the seller as follow:
59: Beneficiary
+Commercial Direct TV 340 Commerce Avenue,
Suite 20 Southern Pines N.C. 28387
United States of America
The invoice may bear a different address which can be the factory or workplace of Commercial Direct TV within the United States of America.
The same is also applicable to the applicant or the buyer. For example, if the letter of credit expressly stated the address of the applicant as follow:
50: Applicant
+Direct TV Business
132 Bangsar Park, Kuala Lumpur
59200 Malaysia
The seller that is Commercial Direct TV may issue an invoice to a different address within Malaysia which may be a branch or workplace of the applicant or buyer that is Direct TV Business.
However, when the applicant or buyer appears as a notifying party or part of the consignee on a transport document, the details of the applicant or buyer must be as stated in the letter of credit. Referring to the above example, the detail of the applicant should read as ‘Direct T V Business, 132 Bangsar Park, Kuala Lumpur, 59200 Malaysia’.
In the ever-changing world of complex international rules, laws, regulations, and customs, even seasoned export/import professionals may find themselves in unfamiliar situations. 
