Thursday, 21 November 2019, 24 Rabiulawal 1441H Solat Time:

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 of using our services:

  • 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.

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