Provided to customers for importing Documentary LCs Iraq : Rasheed Bank
Name of the Organization : Rasheed Bank
Type of Facility : Provided to customers for importing Documentary LCs
Country : Iraq
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Official Website : http://rasheedbank.gov.iq/
Provided to customers for importing Documentary LCs :
Description of Service
** LC applicant submits a form for opening a LC, filled with all information .A pro forma invoice or the contract signed with the provider is enclosed.
Related : Rasheed Bank Iraq Issue Letters of Guarantee : www.statusin.org/5646.html
** LC opening request form contains name of provider, credit amount, good receipt condition and good description.
** Customer branch is approached to charge the amount of the credit + 10%. It is posted in the account of collaterals for credits.
** The LC is issued in SWIFT (MT-700) to the reimbursing bank as it, in turn, informs the provider with the LC.
** Afterwards, upon arrival of bill of lading it is examined and it should match the LC conditions. The bill of lading value is calculated, collaterals are reversed and all commissions are charged.
** Upon acceptance of bill of lading by the LC opener, the bill is delivered to release the goods.
** Tracking the LC regarding making amendments in case of such request and watch the validity date.
Procedures :
** Import license – LC opening contract – LC opening request form – insurance policy. Customer branch is approached to charge the amount of the credit + 10%. It is posted in the account of collaterals for credits.
** The LC is issued in SWIFT (MT-700) to the reimbursing bank as it, in turn, informs the provider with the LC.
** Afterwards, upon arrival of bill of lading it is examined and it should match the LC conditions. The bill of lading value is calculated, collaterals are reversed and all commissions are charged.
** Upon acceptance of bill of lading by the LC opener, the bill is delivered to release the goods.
** Tracking the LC regarding making amendments in case of such request and watch the validity date.
Required Documents :
Article (9) of Governmental Contracts’ Regulations (#1,2008) for the public sector are complied.
Legal Framework And Conditions :
Commissions are charged according to the Banking Operations’ List.
About Us :
Al Rasheed Bank was established under Law No. (52) for the year 1988. It is subject to the Public Companies Law No. (22) for the year 1997 and on 4/12/2001 the capital of the Bank became two billion Iraqi Dinars.
The Rashid Bank aims to support the national economy through its functions, With the following :
1- Comprehensive commercial banking
2 – Investment of money at home and abroad
3. Financing all economic sectors according to development plans
4 – Providing banking services in the field of internal transactions of current accounts and savings and fixed deposits and grants advances and miscellaneous loans (in dinars and foreign currency) and credit facilities for individuals and companies.
Contact Us :
Al Rasheed Bank
General Administration
Al Rasheed District, Mahalat 110, Street 25
Pour. Postal Bab Al – Mu’amaz – Baghdad – Iraq
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