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 fees
Eligibility
  • Sole Proprietor
  • Partnership/ Limited Liability Partnership (LLP)
  • Private and Public Limited Company
  • Government / Statutory Bodies
Requirements
  • Malaysian-controlled or Malaysian-owned business
  • Confined to the Halal business/requirement
  • Customer must have good credit record and subject to bank’s credit criteria
 

How to Apply

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