islamic-lc

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Islamic Letters of Credit Oracle FLEXCUBE Universal Banking

Release 11.3.0 [May] [2011]

Oracle Part Number E51536-01

Islamic Letters of Credit

Table of Contents

1. ABOUT THIS MANUAL................................................................................................................................ 1-1 1.1 INTRODUCTION........................................................................................................................................... 1-1

1.1.1 Audience ............................................................................................................................................ 1-1 1.1.2 Organization ...................................................................................................................................... 1-1 1.1.3 Conventions Used in this Manual ...................................................................................................... 1-2 1.1.4 Related Documents ............................................................................................................................ 1-2 1.1.5 Glossary of Icons ............................................................................................................................... 1-2

2. ISLAMIC LETTERS OF CREDIT - AN OVERVIEW............................................................................... 2-1 2.1 INTRODUCTION........................................................................................................................................... 2-1

2.1.1 Features ............................................................................................................................................. 2-1 2.1.2 Operations supported on an Islamic LC............................................................................................ 2-2 2.1.3 SWIFT Messages for an Import Islamic LC....................................................................................... 2-3 2.1.4 SWIFT Messages for an Export Islamic LC....................................................................................... 2-3 2.1.5 SWIFT Messages for a Standby Islamic LC....................................................................................... 2-3 2.1.6 SWIFT Messages for a Clean Islamic LC.......................................................................................... 2-4 2.1.7 SWIFT Messages for a Guarantee..................................................................................................... 2-4 2.1.8 SWIFT Messages for a Shipping Guarantee...................................................................................... 2-4 2.1.9 Processing Commissions and Charges .............................................................................................. 2-4 2.1.10 Variations Supported for an Islamic LC............................................................................................ 2-5 2.1.11 Red Clause Letter of Credit ............................................................................................................... 2-5 2.1.12 Revocable and Irrevocable Islamic LCs ............................................................................................ 2-5 2.1.13 Transferable and Non Transferable Islamic LCs............................................................................... 2-5 2.1.14 Revolving and Non Revolving Islamic LCs........................................................................................ 2-5 2.1.15 Sight and Usance Islamic LC............................................................................................................. 2-6 2.1.16 Open Ended Islamic LCs ................................................................................................................... 2-6 2.1.17 Cash Collateral against an Islamic LC.............................................................................................. 2-6 2.1.18 Availment against an Islamic LC....................................................................................................... 2-6 2.1.19 Reports............................................................................................................................................... 2-6

3. MAINTENANCE FOR ISLAMIC LETTERS OF CREDIT....................................................................... 3-1 3.1 INTRODUCTION........................................................................................................................................... 3-1 3.2 MAINTAINING DOCUMENTS AND CLAUSES ................................................................................................ 3-1

3.2.2 Specifying Values for the User Defined Fields .................................................................................. 3-4 3.2.3 Operations on the Document Maintenance Record ........................................................................... 3-4

3.3 MAINTAINING GOODS ................................................................................................................................ 3-5 3.3.2 Specifying Values for the UDF .......................................................................................................... 3-7 3.3.3 Operations on a Goods/Commodity Maintenance Record ................................................................ 3-8

3.4 MAINTAINING FREE FORMAT TEXT (FFT) CODES...................................................................................... 3-8 3.4.2 Specifying Values for the User Defined Fields ................................................................................ 3-10 3.4.3 Operations on the FFT Maintenance Record .................................................................................. 3-10 3.4.4 Maintaining...