Inward Letter of Credit-i (ILC-i)
When you as an exporter (beneficiary) require payment for your export through Letter of Credit, you will request the buyer/applicant/importer to issue a Letter of Credit in your favour. These ILCs can be advised through us as an Advising Bank.
ILC-i Advising refers to the service extended by us to notify you of the arrival and the authenticity of the Letter of Credit received in your favour. This service is provided under the concept of Ujrah which refers to the fees charged for the services.
Benefits & Features
Benefits of using our products:
- By having a network of correspondents worldwide, it enables you to have more efficient communications with the Issuing Bank
- Original Inward Letter of Credit maybe faxed or emailed* to you for your immediate preparation of shipment and documents**
- Original Letter of Credit Advising may be kept by Bank Islam pending your presentation of documents, eliminating the transit risk associated with the physical movement of the original Letter of Credit Advising to and from your office
* Terms and conditions apply
** You are advised to review the Letter of Credit-i carefully and seek amendment from the buyer if there are any terms and conditions that do not conform to your agreement and/or you may not be able to comply.
Cut-off time
Application received by 1:00pm* will be processed on the same day.
* Subject to all terms and conditions complied with
Fees & Charges
Subject |
Charges |
Rate / Amount |
|---|---|---|
| 1. Advising commission for pre advise, advise and amendment | Commission |
Customer : Malaysia (Local): RM50.00 Outside (Foreign): RM50.00 Non-Customer : Malaysia (Local): RM100.00 Outside (Foreign): RM100.00 |
| 2. Confirmation | Commission | 0.125% of the Inward Letter of Credit (ILC) amount per month (Ringgit Malaysia equivalent) or part thereof up to the expiry date or rate as advised by Correspondent Banking whichever is higher with minimum of RM250.00 |
| Handling Charges (for ILC Confirmed) | USD50.00 or equivalent to USD50.00 for other foreign currency | |
| SWIFT |
Malaysia (Local): RM25.00 Outside (Foreign): RM50.00 |
|
| Local | Postage | Actual direct cost incurred |
| Courier | Actual direct cost incurred | |
| Foreign | Courier | Actual direct cost incurred |
| 3. Signature Verification | Handling Charges |
Malaysia (Local): RM50.00 Outside (Foreign): RM50.00 |
| 4. Others | ||
| SWIFT | Local : RM25.00 | |
| Foreign : RM50.00 | ||
| Fax | Out of pocket expenses | Actual direct cost Incurred |
| Photocopy | Out of pocket expenses | Actual direct cost Incurred |
| Other direct cost | Out of pocket expenses | Actual direct cost Incurred |
