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Department of Letter of credits
Because of the development in the field of domestic and international trade, the Letter of credits are a way has been devised by the international community to reduce the risk of non-implementation of international sales contracts or poorly implemented. Letter of credits is also used as a tool of credit used by both the exporter and importer to finance their business operations.
What is the Letter of credits??
It is a linear issued by the bank based on the request of the importer for the benefit of the beneficiary pledged (source), through the correspondent bank pledging to pay a fixed amount, or accept draws specific time worth, during a specific period of time, in exchange for receiving bank for specific documents provided matching these documents to the terms of accreditation.
Advantages of opening letters of credit with the Iraqi Islamic Bank
A dedicated and qualified team to ensure the rights of customers and to provide immediate and technical advice on the formulation of the letter of credit.
The ease and speed of implementation and follow-up, supervision and control over the course of the letter of credit process procedures
Rapid payment without delay through a huge network of correspondent banks of the bank abroad.
Types of Letter of Credits:
Import Letter of Credit
Export Letter of Credit
Letter of Credit
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