Payment services

Point of Sale Service

Transform your business into a modern payment experience

Join the network of successful merchants who trust the Libyan Islamic Bank’s POS service. Get your device, start accepting electronic payments, and drive your business growth.

Looking for an efficient and convenient payment solution for your store? The Libyan Islamic Bank’s POS service offers a comprehensive and secure solution, enabling you to transform traditional sales processes into a seamless and flexible payment experience.

Whether you’re a merchant or business owner, POS allows you to easily accept a variety of payment methods, contributing to increased operational efficiency and an enhanced customer experience.

Key advantages of the service

For Businesses and Merchants:

Payment Flexibility: We accept various card types, facilitating sales and satisfying all customers.
Efficient Management: Track sales transactions, manage inventory intelligently, and receive analytical reports to help you make strategic decisions for business growth.
Improved Liquidity: We provide tangible support to our merchant clients by offering up to 50% of their sales value in cash monthly, supporting your cash flow and business operations.

For Customers and Shoppers:

Speed and Security: Enjoy a fast and easy payment experience without the need to carry cash, making shopping smoother and more convenient.
Freedom of Choice: Use your debit or credit cards to complete your purchases at any store equipped with our devices.

How to Get the Service

We are committed to providing you with the fastest possible service and convenient procedures:

A smooth service contract signing process.
Completion of all required documents and fulfillment of conditions.
Immediate device delivery upon completion of the order.

Important Note: The POS service is operated in partnership with Moamalat Financial Services, using their latest FIS system. This means you will benefit from continuous technological updates, such as the ability to accept mobile payments (Numo pay).

Documentary Credit Service

Letter of Credit (LC) | Secure and Facilitate Your International Trade Transactions

To enable you to conduct import and export transactions with complete confidence, the Libyan Islamic Bank offers the Letter of Credit as a secure and reliable solution for transferring your financial dues. This secure system ensures smooth trade transactions between the buyer (importer) and the seller (exporter), while protecting the rights of both parties in accordance with international banking standards.

What is a Letter of Credit?

It is a written undertaking issued by the Libyan Islamic Bank (the issuer) in your name (the buyer), confirming to the seller (the beneficiary) our commitment to pay for the delivery of goods or services, provided that the shipping documents and specifications are accurately presented. It represents a reliable link that guarantees:

For the buyer: that payment will only be made after verifying that the contract terms have been met and receiving the supporting documents.

For the seller: that they will receive their financial dues immediately upon fulfilling their obligations and meeting all the documented conditions.

Advantages of a Letter of Credit with the Libyan Islamic Bank:

Stronger financial guarantee: Instead of relying on direct trust, the bank’s commitment becomes the primary guarantee of payment.
Clarity and absence of ambiguity: All conditions (type of goods, specifications, delivery dates, list of required documents) are specified in writing and in detail in advance.
Facilitated financing: In many cases, the bank can finance part of the value of the letter of credit to help the client complete their transaction. Compliance with International Standards: We operate in accordance with the Uniform Rules for Documentary Credit Practice (UCP 600) issued by the International Chamber of Commerce, ensuring smooth and globally applicable transactions.

How to Issue a Letter of Credit: Clear Steps

Signing the Basic Contract: First, the buyer and seller agree on the Incoterms (sales terms) and specify the details of the letter of credit as a means of payment.
Submitting the Application to the Bank: You (as the buyer) complete and submit an application to open a letter of credit to the Libyan Islamic Bank, attaching a copy of the commercial contract and all required information.
Issuance and Notification: The Libyan Islamic Bank issues the letter of credit and sends it to the advising bank in the seller’s country, which then notifies the seller of the opening of the letter of credit.
Shipment and Documentation: The seller ships the goods according to the terms and conditions, collects the required documents (such as the bill of lading, commercial invoice, certificates of origin and quality, etc.), and sends them to the advising bank.
Document Verification and Payment: The advising bank thoroughly verifies the documents. If the goods fully comply with the terms of the letter of credit, payment will be made to the seller immediately or according to the agreed payment method (deferred payment, etc.).
Document Delivery: You (the buyers) will be notified of the completion of the process and the delivery of the documents to you for collection of the goods at the port of arrival.

Letters of guarantee

Bank Guarantee Letter | The Ultimate Guarantee for Your Projects and Tenders

When it comes to large projects, government tenders, or international commercial contracts, financial confidence alongside operational efficiency is paramount. This is where the Libyan Islamic Bank’s Bank Guarantee Letter comes in, serving as a powerful financial tool to build this confidence and protect all parties.

A Bank Guarantee Letter is an absolute written undertaking issued by the bank at the request of its client (the guaranteed party), committing to pay a specific sum (the guarantee amount) to a third party (the beneficiary) in the event of the client’s failure to fulfill its contractual obligations.

How Does a Letter of Guarantee Work?

The process involves three main parties:

The Guarantee Applicant (Guarantee): This is the client (contractor, supplier, bidder) who requests the issuance of the letter to guarantee their obligations to the project or contract.
The Guaranteeing Bank: This is the Libyan Islamic Bank that issues the letter and assumes financial responsibility.
The Beneficiary (Guarantee): This is the party that receives the guarantee (project owner, government entity, buyer) and has the right to claim the amount in case of non-performance.

Advantages of a Letter of Guarantee with the Libyan Islamic Bank

Stronger Financial Security: Instead of relying on direct trust, the bank’s commitment becomes the primary guarantee for payment.
Clarity and No Ambiguity: All terms (type of goods, specifications, delivery dates, list of required documents) are specified in writing and in detail upfront.
Facilitated Financing: In many cases, the bank can finance part of the value of the letter of guarantee to help the client complete their transaction.
Compliance with International Standards: We operate in accordance with the Uniform Rules for Documentary Credit Practices (UCP 600) issued by the International Chamber of Commerce, ensuring smooth transactions that are applicable globally. How to Issue a Letter of Credit: Clear Steps
Signing the Basic Contract: First, the buyer and seller agree on the Incoterms (Sale Terms) and specify the details of the Letter of Credit as a payment method.
Submitting the Application to the Bank: You (as the buyer) complete and submit an application to open a Letter of Credit to the Libyan Islamic Bank, attaching a copy of the commercial contract and all required information.
Issuance and Notification: The Libyan Islamic Bank issues the Letter of Credit and sends it to the advising bank in the seller’s country, which then notifies the seller of the opening of the Letter of Credit.
Shipment and Documentation: The seller ships the goods according to the terms and conditions, collects the required documents (such as the bill of lading, commercial invoice, certificates of origin and quality, etc.), and sends them to the advising bank.
Document Verification and Payment: The advising bank carefully examines the documents. If they fully comply with the terms of the Letter of Credit, payment is made to the seller immediately or according to the agreed payment mechanism (deferred payment, etc.). Document delivery: You (buyers) will be notified of the completion of the process and the documents will be delivered to you to receive the goods from the port of arrival.

When is it used?	Main purpose	Type of letter of guarantee
To participate in government or private tenders and projects.	Ensuring the seriousness of the bidder and his commitment to implementing the contract if he wins the tender.	Bid Bond/Tender Guarantee
After winning the bid, as a condition for starting the project or signing the final contract	Ensuring that the contractor or supplier executes all contract items with the agreed quality and on schedule.	Performance Guarantee
When the contract requires an advance payment to begin work or manufacturing.	Guaranteeing the refund of the advance payment received by the contractor or supplier in the event that: work does not commence as agreed.	Advance Payment Guarantee
In commercial transactions, especially international ones, to reassure the supplier.	Guaranteeing payment of the value of the goods or services to the supplier under the agreed terms.	Payment Guarantee

Advantages of a Letter of Guarantee from the Libyan Islamic Bank

Enhances Credibility and Builds Trust: It provides the beneficiary with tangible proof of seriousness and financial capability, increasing the chances of winning contracts and tenders.
Reduces Financial Risk: It provides a safety net for the beneficiary against the risk of non-performance and protects the applicant from having to freeze cash as collateral.
Supports Your Business Locally and Internationally: It facilitates participation in large projects and cross-border trade transactions, as it is a standard requirement in many sectors.
Independent Commitment: The bank’s commitment to payment is independent of any dispute that may arise between the applicant and the beneficiary regarding the original contract, ensuring swift execution.

How to Apply for a Letter of Guarantee

Application: Submit your application at a Libyan Islamic Bank branch, along with the required documents (such as company legal documents, the contract or tender invitation, and financial studies).
Review and Evaluation: The bank will review the application and assess the applicant’s creditworthiness and the risks associated with the guarantee. Issuance: Upon approval, the bank will officially issue the letter of guarantee and deliver it to the beneficiary or the relevant bank as instructed.

Prepare for stronger competition and bigger contracts with confidence.