Search Open Account Branches Zakat Calculator FAQs Facebook Instagram Linkedin Twitter
Banking Services
Letters of Credits

LC is any arrangement, however named or described, that is irrevocable and thereby constitutes a definite undertaking of the issuing bank to honor a complying presentation.

In other words is a written undertaking by a bank (the issuing bank), at the request of the importer/buyer (the applicant), in favor of an exporter/seller (the beneficiary), whereby the bank agrees to pay against bills of exchange and/or commercial documents that comply with the terms and conditions of the LC.

 
Types of LC offered by Amana Bank
  • Irrevocable letters of credit
  • Confirmed letters of credit
  • Transferable letters of credit
  • Irrevocable, confirmed and transferable letters of credit
Payment modes are
  • At Sight
  • Tenor
x