Riyad Bank issues Islamic Letters of Credit on behalf of the importer as per the conditions and all information provided such as currency, amount, description of goods, payment type, required document and other terms.
Payment is then made against presentation of satisfactory documents which follows by Riyad Bank selling the imported goods to the client.
Issued on the basis of Murabaha
Offers all the functionalities of traditional Letter of Credit
Secures and binds the “sale” strictly to the agreement