Qatar International Islamic Bank (QIIB) has announced the launch of its digital letter of credit (L/C) platform that eliminates the need for customers to visit the bank.

The introduction of this service by the bank that is majority owned by the country's sovereign wealth fund, Qatar Investment Authority (QIA), makes QIIB the first bank in Qatar to introduce such a service, which is expected to significantly improve operational efficiency.

Boosting competitiveness

The digital L/C platform is distinguished by its adherence to high global standards that claim to seamlessly integrate efficiency, accuracy, and security.

The platform also aims to equip businesses with the essential tools to manage trade finance transactions effortlessly, thereby enhancing productivity and boosting competitiveness.

Accelerating transaction processing

Moreover, the platform aims to offer round-the-clock availability, allowing customers to submit requests for the issuance of L/Cs at any time and from any location. This capability is fully expected to contribute to the acceleration of transaction processing.

QIIB says it has made sure that through the launch of the L/C digital platform it is raising the standards in respect of verification and compliance with global standards, especially regulatory compliance, where the platform includes automated checks to ensure that submissions meet international trade and banking regulations.

Streamlined and centralised

"We have ensured that the steps for submitting L/Cs are streamlined and centralised, with all activities - including submission, tracking, amendments, and approvals - being processed within a single platform," according to QIIB's COO, Mohammed Khair Barhoumeh.

"The platform helps reduce administrative costs for customers while providing real-time updates on their submissions. It ensures full transparency by allowing users to track the status of L/C submissions, amendments, and approvals. Additionally, it offers a feature for alerts and notifications," he concludes.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.