Payment services

Point of Sale Service

Transform Your Business With 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 accelerate 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 wide range of payment methods, helping you increase operational efficiency and an enhanced customer experience.

Key Advantages of the Service

For Businesses and Merchants:

Payment Flexibility: We accept a wide range of card types, making sales easier and s ensuring customer satisfaction.
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 monthly sales value in cash; in helping strengthen cash flow and (support) sustain 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).

Letter of Credit Services

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 | the Ultimate Protection for Your Projects and Tenders

When it comes to large projects, government tenders, or international \commercial contracts, financial security and operational efficiency are essential. This is where Libyan Islamic Bank’s Bank Guarantee plays a vital role serving as a powerful financial instrument that builds trust and protects all parties involved.

A Bank Guarantee is a formal written undertaking issued by the bank at the request of its client (the applicant), committing to pay a specified amount (the guarantee value) to a third party (the beneficiary) in the event that the client fails to fulfill their contractual obligations.

The Applicant Principal: The client (contractor, supplier, or bidder) who requests the issuance of the bank guarantee to secure their contractual obligations under a project or agreement.

The Issuing Bank (Guarantor): Libyan Islamic Bank, which issues the bank guarantee and undertakes to pay the guaranteed amount to the beneficiary upon receipt of a compliant demand, in accordance with the terms and conditions of the guarantee.

The Beneficiary: The party in whose favor the bank guarantee is issued (such as a project owner, government entity, or buyer), and who is entitled to make a demand for payment in the event of the applicant’s non-performance or breach of contractual obligations.

Enhanced Financial Security: Rather than relying solely on mutual trust between the contracting parties, the bank’s irrevocable undertaking serves as the primary assurance of payment, subject to the terms and conditions of the instrument.

Clarity and Transparency: All terms and conditions including the description of goods, specifications, shipment dates, and required documents clearly defined in writing in advance.

Facilitated Financing: In many cases, the bank can provide financing for a portion of the value of a Letter of Guarantee to assist the client in completing their transaction.

Compliance with International Standards: We operate in accordance with the Uniform Customs and Practice for Documentary Credits (UCP 600) issued by the International Chamber of Commerce (ICC), ensuring smooth and globally recognized transactions. How to Issue a Letter of Credit: Step-by-Step Guide

Signing the Basic Contract: The buyer and seller first agree on the Incoterms (international trade terms) and specify the details of the Letter of Credit as the chosen method of payment.

Submitting the Application to the Bank: The buyer completes and submits an application to open a Letter of Credit with Libyan Islamic Bank, attaching a copy of the commercial contract and all required supporting information.

Issuance and Notification: The bank issues the Letter of Credit and forwards it to the advising bank in the seller’s country. The advising bank then notifies the seller of the Letter of Credit’s issuance.

Shipment and Documentation: The seller ships the goods in accordance with the Letter of Credit terms. They prepare the required documents including the bill of lading, commercial invoice, certificates of origin, quality certificates, etc. and submit them to the advising bank.

Document Verification and Payment: The advising bank examines all documents. If they fully comply with the Letter of Credit terms, payment is made to the seller either immediately (sight payment) or according to the agreed payment terms (deferred or usance payment).

Document Delivery to Buyer: The buyer is notified of the completion of the process, and the documents are delivered to them to take possession of the goods at the port of arrival.

Uses of Bank (Guarantees/Bid/bonds)	Main Purpose	Types of Letters of Guarantees
Participation in Tenders and Projects to enable companies or individuals to participate in government or private tenders and projects.	To ensure the seriousness of the bidder and their commitment to execute the contract if awarded the tender	Bid Bond/Tender Guarantee
Required after winning the bid, as a condition for starting the project or signing the final contract	Ensures that the bidder will honor the contract terms if selected	Performance Guarantee
		Performance Guarantee
Where the underlying contract stipulates an advance payment to enable the contractor or supplier to commence performance or production.	Guarantees the refund of any advance payment made to the contractor or supplier in the event that work does not commence as agreed.	Advance Payment Guarantee
Used in commercial transactions, particularly international ones, to reassure the supplier.	Guarantees the payment of the value of goods or services to the supplier according to the agreed terms.	Payment Guarantee

Advantages of a Bank Guarantee from Libyan Islamic Bank

Enhances Credibility and Strengthens Confidence:
Provides the beneficiary with reliable assurance of the applicant’s financial standing and contractual commitment, thereby increasing the applicant’s competitiveness in contracts and tenders.

Mitigates Financial Risk:
Offers the beneficiary protection against the risk of non-performance, while enabling the applicant to preserve liquidity instead of fully cash-collateralizing contractual obligations.

Supports Domestic and International Business:
Facilitates participation in major projects and cross-border transactions, where bank
guarantees are commonly required as a condition of contract award.

Independent Undertaking:
The bank’s obligation to honor a compliant demand is independent of the underlying contract and any disputes between the applicant and the beneficiary, ensuring prompt and reliable execution in accordance with the terms of the guarantee.