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To facilitate payment of raw material/trading goods
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Islamic Letter of Credit
Facilitate Payment
To facilitate the import and/or local purchase of Shariah compliant raw materials/trading goods (related to business) with bills drawn at sight or with usance period approved by the Bank.
Upfront Commission
Subject to an upfront commission of 0.1% per mensem (by the month) or a minimum of RM50/-, or at another rate as determined by the Bank.
Islamic Letter of Credit
The Islamic Letter of Credit is based on the Shariah contract of Wakalah which means the Bank will act as an agent for your company by issuing a letter of credit-i to a third party to pay the amount stipulated therein upon the third party’s fulfillment of conditions stated in the letter of credit at a determinable future date.
