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 may be 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 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