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Sirat Islamic Letter of Credit (Sight)

Conduct Secure International Trade

 

Our Islamic Letter of Credit (ILC) is a secure payment method widely used in international trade. It reassures exporters that they will receive payment as long as they meet the terms of the LC. Sirat ILC (Sight) ensures that this process remains Shariah-compliant, using Wakala and Murabaha principles to provide businesses with a transparent and ethical way to conduct trade.

How Sirat ILC Works?

 

  • The customer negotiates the sale terms with the exporter and submits a Trade Finance Application Form to the Bank requesting the Bank to issue an Islamic Letter of Credit to purchase specified goods/assets
  • Through a Master Agency Agreement, the Bank appoints the customer as its agent to procure the specified assets for the Bank’s ownership
  • Upon receipt of shipment documents and the Bank becoming the owner of the goods, the Bank sells them to the customer under a Murabaha transaction, allowing settlement on a Spot or Deferred Payment basis
  • The customer takes delivery of the goods and pays the due amount to the Bank as per the agreed terms

When To Choose Sirat ILC?

 

  • When you are seeking a Shariah-compliant alternative to conventional LC-based financing
  • When you need to import goods and require the Bank’s support in financing the transaction
  • When the arrangement with the supplier is on Sight (not Usance) basis

Additional Information

Transparency

Profit rates are linked to the Bank of England base rate, and pricing follows a standard process with prior notification to the customer.

Tenure Based Profits

Each Murabaha transaction has a fixed profit rate for its tenure, meaning multiple facilities can exist under one limit at different profit rates.

Contact Us

Head Office & Moorgate Branch

Habib Bank Zurich plc
Habib House, 42 Moorgate
London, EC2R 6JJ, United Kingdom

Phone:
0808 1642242

Email us:
customerservice.uk@staging.habibbank.com

 

  • Customer support is available Monday to Friday, 9:00 am – 5:00 pm, excluding UK bank holidays
  • Calls are charged at service providers’ rates and all calls may be monitored and recorded

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