Rasheed Bank : Issue Letters of Guarantee Iraq
Name of the Organization : Rasheed Bank
Type of Facility : Issue Letters of Guarantee
Country : Iraq
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Official Website : http://rasheedbank.gov.iq/
Issue Letters of guarantee :
** Guarantor/ the Bank that issued the LG.
** Ordering party/ the natural or artificial person, Bank’s customer or correspondent (the foreign bank or the foreign entity), whose according to their order or instruction the LG is issued.
Related : Rasheed Bank Iraq Providing Micro Loans : www.statusin.org/5639.html
LGs may be issued in the following cases :
** according to a domestic request for the benefit of an entity in Iraq.
** according to a domestic request for the benefit of an entity abroad.
** according to a request from abroad for the benefit of an entity in Iraq.
** according to a request from abroad for the benefit of an entity abroad.
Description of Services :
** if the ordering party has no allocations determined to issue LG.
** if the ordering party has used all his/ her determined allocations.
** if the LG issuance request could not be accepted under a special approval for any reason related to his/ her financial and administrative position.
** the ordering party signature is obtained on the form as confirmation from him/ her of authentication of information stated in the blanks.
** branch manager approves issuing the LG according to the conditions mentioned in the Facilities Statement Form or depending
** a file is dedicated for each LG upon issuance and a serial number is given. Collateral forms also have serial numbers. LG number is mentioned in all papers related to LG,
Procedures :
They are the official documents of the LG applicant (the ordering party) and official letters, if any, which confirm his/ her need to a LG and are issued from the beneficiary party; clarifying required LG details regarding the LG amount, type, purpose and duration.
Document Required :
They are the same conditions stated in the form signed by the LG applicant, what is stated in the applied Law of Commerce (# 30,1984) and what is agreed upon among the ordering party, the beneficiary and the Bank regarding LG duration, due date and non-guaranteeing of conditions.
Legal Framework And Conditions :
It is the time spent since submission of request, LG nature, type of collaterals and whether it is within powers of the branch manager’s or the Head Quarters. All define the time needed to process the letter.
Standard Time of Service :
Fees and commissions are charged as defined at the Fee List issued by the Bank, which are differ depending on LG duration and amount.
About Us :
Al Rasheed Bank was established under Law No. (52) for the year 1988. It is subject to the Public Companies Law No. (22) for the year 1997 and on 4/12/2001 the capital of the Bank became two billion Iraqi Dinars.
The Rashid Bank aims to support the national economy through its functions, With the following :
1- Comprehensive commercial banking
2 – Investment of money at home and abroad
3. Financing all economic sectors according to development plans
4 – Providing banking services in the field of internal transactions of current accounts and savings and fixed deposits and grants advances and miscellaneous loans (in dinars and foreign currency) and credit facilities for individuals and companies.
Contact Us :
Al Rasheed Bank
General Administration
Al Rasheed District, Mahalat 110, Street 25
Pour. Postal Bab Al – Mu’amaz – Baghdad – Iraq
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