Letter of CreditVersion en ligne To test your understanding about our product. par Islamic Commerce Berhad 1 What is Letter of Credit? Choose one or more answers a Letter from a bank guaranteeing that a buyer's payment to a seller b Letter from a bank guaranteeing that a seller's payment to a buyer c Letter to prove your loan to the bank d Letter to show the buyer about your debt 2 How many types of letter of credit? Choose one or more answers a 4 b 3 c 5 d 6 3 . Answer below are all correct about types of letter of credit EXCEPT... Choose one or more answers a Uncofirmed b Commercial c Traveller's d Revolving 4 Which Islamic contract used in Letter of Credit? Choose one or more answers a Al-Wakalah b Al-Ijarah c Al-Bay' d Al-Musyarakah 5 . What is the Islamic terms of fee/commision? Choose one or more answers a Ujrah b Hibah c Ijarah d Mudharabah 6 Banks charge fee/commision as... Choose one or more answers a Service Charge b Profit c Tax d Hibah 7 Bank pays the payment to the exporter using... Choose one or more answers a Importer's deposit b Issuing bank's deposit c Advising bank's deposit d Exporter's deposit 8 Can the client purchase the bank's share of imported goods? Choose one or more answers a Yes b No c Yes but only half the share d I don't know 9 At which step the exporter will ship their goods? Choose one or more answers a Step 2 b Step 3 c Step 1 d Step 4 10 What is the meaning of Advising Bank? Choose one or more answers a The bank picked by the exporter b The bank picked by the importer c The bank who pays the payment d The bank that sign the Letter of Credit along the importer
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