Fully Secured Letter of Credit-i (LC-i 1:1)

Letter of Credit-i (LC-i) is a written undertaking by the Bank at your request as a Buyer / Applicant to pay the Seller / Beneficiary a certain sum of money as stipulated in the LC-i, provided that the Seller / Beneficiary complies with the terms and conditions of the LC-i.

This program was introduced with the purpose to simplify and expedite process of approval and issuance of fully secured LC-i


Margin of LC-i Issuance

  • As per requirement (maximum at 100% of invoice value)

Limit

  • LC-i in Ringgit Malaysia (RM) – up to RM5.0 million
  • LC-i in Foreign Currencies – up to RM1.0 million equivalent

LC-i Period

  • Maximum of 180 days (usance)

Purpose of Facility

    Domestic / Foreign LC-i
  • For issuance of irrevocable sight or usance Domestic and Foreign LC-i

Commission

  • 0.1% of LC-i amount per month or minimum of RM 50.00

Benefits

  • Fast approval and fast issuance of LC-i
  • To facilitate and expedite customers’ demand for LC-i especially those with no banking facilities

Eligibility

  • All business entities

How to apply

  • Fill up the form completely
  • Submit the completed form with the supporting documents to the nearest Bank Islam’s branches