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Export Letter of Credit

The importer’s bank irrevocably commits to payment provided that the exporter complies with the terms and specifications of the letter of credit.

Features and Benefits

  • The exporter has a bank commitment to pay against compliant documents, instead of running the importer’s commercial risk.
  • Product is used when the exporter is not very familiar with the importer or does not want to assume the political risk of the importer’s country. This product perfectly suits those exporters who need to manage their commercial and cross-border risks.

Transaction Mechanism

  • Al Rajhi submits export letters of credit authenticating and advising the establishment of the letter of credit to the beneficiary (exporter, Al Rajhi’s client).
  • The bank manages the collection cycle for the beneficiary through its extensive network.
  • Al Rajhi Bank confirms irrevocable letters of credit where the bank undertakes to pay the letter of credit amount, assuming all terms and conditions have been complied with.