Sharia Compliant service for the issuance of a letter of credit and a letter of guarantee
A letter of credit is a form of payment wherein the Bank, in accordance with the instructions of the Customer or on behalf of the Customer, or on its own behalf, is obligated to make a payment to another party.
The Bank transfers the payment at the request of the Customer at a predetermined time.
The letter of credit endows the conclusion of trade transactions with confidence and reduces possible risks to zero. All payments are made under the Bank’s control.
Letter of guarantee is a written obligation stating that the Bank will pay a third person in the event that the Customer cannot fulfill his obligations to counterparties.