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Express Letter of Credit-i (Express LC-i)
An irrevocable undertaking by the Bank given to a Seller (Beneficiary) at the request and on the instructions of the Buyer (Applicant) against presentation of documents that comply with Express LC-i terms and conditions. Express LC-i is based on Wakalah concept.
This service is designed to expedite the issuance of Letter of Credit-i with no facility required. Each issuance of Express LC-i is in exchange of Cash or Term Deposit-i / Fixed Deposit (TD-i/FD).
Features
Types of Letter of
Credit-i (LC-i)
Irrevocable Non-transferable LC-i
Eligibility
Account Holder to the Bank either:
1. Sole Proprietor
2. Partnership
3. Corporation
Commission
(for new Express LC-i issuance)
0.1% per month or part of month thereof (Minimum RM100)
Benefits
Easily Accessible
No pre-approved LC-i facility is required
Hassle-Free
Fast and simplified application process
Flexible
Various option of deposit in exchange for Express LC-i
Important Information
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A guarantee issued by the Bank to shipping company or agent on behalf of importers for clearance of purchased goods in the absence of the original Bill of Lading.
Collection handling of foreign and domestic inward documents for buyer/importer and trade settlement on terms agreed with supplier/exporter.
Endorsement on your original transport document to allow faster clearance of goods before the complete set of import documents is received.
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