Letter of Credit-i (LC-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. Our experience shows that our undertaking to pay Seller/Beneficiary is accepted widely throughout the world.

LC-i is issued under Murabahah contract and thereafter the goods purchased will be sold to you at a marked up price for a deferred payment. Alternatively on negotiation of the LC you may pay the negotiated amount at cost.

Benefits & Features

Benefits of using our products:

No ‘transit interest’ charges as payment to Seller/Beneficiary only upon acceptance of documents
No hidden costs
Provides platform for both parties to agree trade terms and efficient payment arrangement
Fax application is also accepted if prearranged
Upon issuance, we will fax you the copy of the LC-i for your reference
You may also request us to purchase the necessary marine cargo takaful on your behalf