Abu Dhabi Islamic Bank (ADIB) has launched a new Shari'ah-compliant letter of credit (L/C) financing offering.

The without recourse facility is aimed at supporting UAE exporters and aims to enable them to manage their working capital in an effective manner and receive payments earlier, while meeting their importers terms.

Export support

"The launch of L/C financing without recourse is in line with our commitment to support ambitious UAE businesses, in particular exporters and small- and medium-sized enterprises," according to ADIB's global head of transaction banking, Haytham El Maayergi.

"Our product delivers immediate benefits to companies, providing a straightforward, secure framework in which to manage cash flow and finance," he added.

Growth business

ADIB says it sees global transaction banking as a growth business and hopes the launch of this export L/C financing facility will open and grow new revenue streams across the bank's international markets.

The new L/C offering is part of the bank's strategy of investing in building its portfolio of cash and trade management solutions to meet the working capital needs of companies across all industry segments.

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