...Norman Mugarura Purpose – This paper aims to address issues of law and policy, the potential pitfalls such as fraud, conflict of law and documents discrepancies that are often encountered by the parties in usage and practice of the Letter of Credit (LC). The article has gleaned other forms...

... Standby Practices (ISP98) and letters of credit issued under Article 5 of the New York Uniform Commercial Code. Practical implications Islamic financial institutions should implement the provisions of the AAOIFI Sharī'ah standard on documentary credits but may require a different framework...