Documentary Credits

With our documentary credits you can rest easy in your export business.

Dara Salaam Bank > services > Documentary Credits

Export goods securely worldwide.

Documentary Credits – Letter of Credit

A Letter of Credit (LC) is a financial instrument prepared and issued by Dara Salaam Bank on behalf and at the request of a customer (importer/ buyer), assuring payment to a seller of goods or services. The customer must verify the details of the transaction by providing specified complying documents to the bank.

Features and benefits

It is the most secure methods of payment for exporters as long as they meet all the terms and conditions.
The risk of non-payment is transferred from the seller to the bank.
It’s governed by the International Chamber of Commerce unified rules and practices
Payment is done after the complying presentation of required documents.
LC eliminates risks involved in foreign country transactions.
This product is available in local and foreign currencies too.
This product mitigates the risk of not receiving goods ordered by the importer.

Requirements?

To access the service you need to be a Salaam African Bank Accountholder
Duly-filled and signed application form
Provide the related contract and the pro forma invoice
Provide collateral/deposit against issuing LC
Provide details of the supplier/seller and the beneficiary bank /advice-through bank

Since we are a customer focused bank, we have a team to see you through the processes of not just ensuring your goods are delivered, but one that will walk you through each and every step with minimal fuss.