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Home > QFINANCE Dictionary > Definition of beneficiary bank

Definition of

beneficiary bank


bank dealing with gift a bank that handles a gift such as a bequest

beneficiary bank - Related Articles
  • Understanding the UCP600

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    : the applicant for the letter of credit (the bank’s customer—typically the buyer of goods described in the letter of credit); the beneficiary of the letter of credit (the party to be paid—typically the seller of the goods); and the issuing bank. The independence principle is found in article 4 of the UCP600, which states, “A credit by its nature is a separate transaction from the sale or any other contract on which it may be based
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  • Exporting Against Letters of Credit

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    A letter of credit is a bank’s own engagement to pay a specified amount of money to the named beneficiary upon presentation to the bank of specified documents. In a transaction involving a sale of goods, the contract of sale will specify that payment is to be made by means of a letter of credit
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  • Introduction to Islamic Financial Risk Management Products

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    To ensure adherence to these underlying principles, most banks that sell Islamic products have a board of shariah scholars (or will appoint a shariah scholar on a product-by-product basis) to ensure the bank’s (or product’s) compliance with the Islamic precepts.
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Definitions of ’beneficiary bank’ and meaning of ’beneficiary bank’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’beneficiary bank’ and other financial terms with our online QFINANCE Financial Dictionary.

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