Qatar International Islamic Bank (QIIB) has unveiled its new LC digital platform, making it the first bank in Qatar to offer this service. The platform eliminates the need for customers to visit the bank, streamlining trade finance transactions and boosting operational efficiency for businesses.
The LC digital platform adheres to high global standards, offering a seamless blend of efficiency, accuracy, and security. Designed to support businesses in managing trade finance transactions, the platform provides a significant productivity boost, enhancing competitiveness. It is available 24/7, enabling customers to submit requests for the issuance of Letters of Credit (LCs) anytime, from anywhere, thus accelerating transaction processing.
The platform includes automated checks to ensure compliance with international trade and banking regulations, elevating the standards for verification and regulatory adherence. This feature enhances security and ensures that submissions meet Letter of Credit requirements globally.
Mohammed Khair Barhoumeh, Chief Operations Officer at QIIB, expressed pride in the launch of the platform, stating, “We are honoured to be the first bank in Qatar to introduce the digital platform for Letter of Credit requests. This platform represents a significant enhancement to our services, improving operational flexibility and efficiency.”
He added, “The steps for submitting LCs are now streamlined and centralized. All activities—submission, tracking, amendments, and approvals—are processed within a single platform, making it accessible to users without specialized expertise.”
Barhoumeh further emphasized the benefits, noting that the platform reduces administrative costs for customers and provides real-time updates on LC submissions, amendments, and approvals. Additionally, it includes alerts and notifications, ensuring transparency at every stage.
Regarding data security, Barhoumeh confirmed that the platform applies the highest security standards, consistent with QIIB’s robust data protection policies. He encouraged all QIIB customers to leverage this platform, designed to meet their needs and accessible to all business customers via online corporate banking.
