Oracle Banking Trade Finance Cloud Service allows the processing of a sight or Usance payment against an Islamic LC.

• In case of a sight Islamic LC, the negotiating bank pays the seller immediately and is later reimbursed by the issuing bank
• In the case of a Usance Islamic LC, the drawee bank accepts the obligation to pay the seller at maturity. An Islamic LC with a time draft drawn on the opening party, calling for payment at a future date is called a time or Usance Islamic LC.