Letter of Credit

Letter of Credit

Letter of Credit, or LC, is a secure method of payment where the bank guarantees that payment will be made to the seller if the conditions detailed in the Letter of Credit are met. 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 Wakalah and Murabahah.

Key features

• Fully Shariah 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

How do I apply?

If you're ready to apply, visit BML Islamic Male’ Branch if you are in Male' or any of our branches outside Male’ where our team will be happy to help you with your financing application.