UPAS Letter of Credit Issuance


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Guarantee of payment upon the presentation of conforming documents under the prevailing L/C terms and conditions and sharia contracts, i.e. promise (wa’ad), an agency contract (wakalah) involving a fee (wakalah bil ujrah) and loan (qardh)


  • Giro or financing customers
  • Complete an application for L/C and L/C contracts
  • Appropriate guarantee
  • Documents must conform to the terms and conditions of L/C
  • UPAS L/C is subject to UCP 600


  • Payment is made only upon delivery of goods after the presentation of conforming documents as proof of delivery
  • More-guaranteed delivery of goods
  • In multi-currencies around the world
  • Means to manage cash flow with more flexibility
  • Double guarantee of payment (Guarantee of payment from the issuing bank and the financing bank)
  • Flexible guarantee (cash collateral, financing facility, or counter standby or counter guarantee)
  • Extremely competitive fee-charging (ujroh)
  • A customer pays usance (deferred) to the bank while the bank pays sight (immediately) to the supplier
  • Payment for goods and services