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?

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Get started

Simply visit your nearest branch.

Information - icon
Benefits
  • Fully Shari’ah-compliant product
  • Helps you to mitigate foreign exchange risks
  • Unilateral binding promise
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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 | +255 76 898 4011

Email us:

contact.centre@nbc.co.tz

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