Letter of Credit-i (LC-i)

LC-i is a written undertaking by a bank, given to a seller (the beneficiary) at the request and on the instructions of the buyer (the applicant), to pay at sight or at a determinable future date up to a stated sum of money within a prescribed time limit and against stipulated documents which are in compliance with the terms and conditions of the LC-i. LC-i issuance and amendments are governed by the Uniform Customs and Practice (UCP) for Letter of Credit published by International Chamber of Commerce and Rules for Bank to Bank Reimbursement (URR) as per current publication.

Features

Type of facility

  • Trade Bills-i Facility

Facility Limit

  • Subject to the Bank’s prevailing credit policy and credit approval

Benefits

  • Peace of mind since the facility is governed by globally-recognized rules issued by the International Chamber of Commerce
  • Commission as low as 0.1% per month
  • Improve cash flow since customer can received immediate fund
  • Customer can choose to convert the LC-i to TR-i / AB-i
  • Globally accepted Shariah concept used
  • Low late payment charges
  • No processing fee

Eligibility

  • Sole Proprietor
  • Partnership/ Limited Liability Partnership (LLP)
  • Private Limited Company

Requirements

  • Malaysian-controlled or Malaysian-owned business
  • Business enterprise based on the definition of SMEs
  • Confined to the Halal business/requirement
  • Customer must have good credit record and subject to bank’s credit criteria
 

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How to Apply

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  Contact our Call Centre at +603-8230 2222 or visit the nearest Business Centre nationwide today.

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