Retailers

BML Islamic Letter of Credit

BML Islamic Letter of Credit, or LC, is Shari’ah compliant facility offered by BML Islamic to make a payment to a named beneficiary (seller) within a specified time. The payment will be made once documents which comply strictly with the terms of the LC are presented.

BML Islamic Letter of credit facilities will be issued based on the Islamic Banking concepts of Wakala and Murabaha.

Key Features

  • Fully Shari’ah compliant and service is available throughout the nation
  • Minimizes risk, maximizes control, and optimizes profits associated with international trade
  • Expands your company’s business opportunities
  • Eliminates the need to send cash to the supplier in advance
  • Low commission for issuance of LCs
  • Provides timely approval and issuance
  • Creates efficiency and protection from loss

Commissions/Fees

LC issuance commission per quarter 0.35%

SWIFT charge USD 50

Minimum commission USD 25

You can view the complete BML Islamic Schedule of Charges & Fees here


How to Apply

Please submit the completed application form along with the required documents to BML Islamic Male’ Branch or any other Branch outside Male’.