PIBCI as a buying agent represents the buyer's interests, and normally undertakes negotiations on the buyer’s behalf to acquire a product or a service for the best possible price and terms.
Around the world buying agents are used for variable reasons, but the one common objective is to get better deals in the purchases. When PIBCI gets appointed as a buying agent, we work with our client to define the specifications and the other requirements, then we start communicating with a number of reliable suppliers, negotiate with them on behalf of our client, and finally close with the best offer. At the end, our client receives a report about the activities that took place during that transaction, including names of all the suppliers that participated in the bidding and details of the offers received.
A good example of situations where buying agents can be very helpful is Islamic Banks. They appoint buying agents during the "Murabaha" process, to make the purchases on their behalf. It is not practical nor is it feasible for the Islamic Financing Institutes to perform on their own all of the needed procurement activities for every consignment. Therefore they appoint buying agents to find good reliable suppliers, communicate with the suppliers, receive and evaluate offers, and negotiate a final deal, on their behalf.
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