It is one of the banking services provided by Al Qurtas Islamic Bank, as it is the basis of the international commercial movement (import – export) throughout the world and the credit is implemented through a network of the best correspondents for banks around the world.
There are two types of documentary credits that our bank provides:
1- Approved credits (enhanced).
2- Unverified credits (not enhanced).
Documentary credits are used to finance foreign trade, and they currently represent a framework that enjoys general acceptance because it preserves the interests of all parties from exporters and importers, as they are:
– Concerning the source: a guarantee that he will seize the value of the goods that he contracted to export, as soon as the documents for the shipment of the goods are presented to the bank that he had notified of the arrival of the credit.
Concerning the importer: A guarantee that the opening bank of the credit will not pay the value of the goods contracted to be imported until after submitting the documents for shipping the goods according to the conditions stated in the documentary credit opened with it.
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No. 457, H ay Babil Bldg.,
10 – Region 925, Nadhumya Rd.,
P.O. Box 2526
Baghdad – Iraq
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