2 Export LC Transfer Amendment - Islamic

This chapter is documented to get familiar with the Export LC Transfer Amendment - Islamic process of Oracle Banking Trade Finance Process Management Cloud Service.

Transfer LC Amendment takes place usually when there is an amendment in the Export LC.

Following are some of the scenarios where transfer LC amendmentmay be required:
  • Amendment of the Expiry Date
  • Amendment of the Amount
  • Amendment of the Latest Shipment date
  • Amendment of the Goods Description
  • Amendment of the Shipment Details
  • Amendment of the Documents Required
  • Amendment of the Additional Conditions
The various stages involved for Transfer Amendment of an Export Letter of Credit are:
  • Receive and verify documents and Input application details (Non Online Channel)- Registration stage
  • Verify/capture details (Online/Non Online Channels)- Scrutiny stage
  • Input/Modify details of Transfer LC amendment - Data Enrichment stage
  • Check balance availability for amount block
  • Check for sanctions & KYC status
  • Create amount block for cash margin/charges if applicable
  • Capture remarks for other users to check and act
  • Hand off request to back office

Transfer LC Amendment by Increase in Transfer LC Value

Following points are applicable for both Amendment with Beneficiary consent and Without Beneficiary Consent.
  • System checks, that the increase in Transfer LC amount including tolerance if any, is not greater than the Outstanding amount in Parent LC. System displays an error if it is greater.
  • System reduces the Outstanding Amount and liability in Parent LC, to the tune of the increased amount in Transfer LC including tolerance.

Transfer LC Amendment by Decrease in Transfer LC value

During Transfer LC Amendment by decrease in Transfer LC value, system validates the decrease value with the outstanding amount of Transfer LC If the decrease value is greater than outstanding amount, system will display an error.

The design, development and functionality of the Islamic Export LC Transfer Amendment process flow is similar to that of conventional Export LC Transfer Amendment process flow.

This topic contains following subtopics:

  • Common Initiation Stage
    This topic provides the systematic instructions to initiate the Export LC Transfer Amendment - Islamic request.
  • Registration
    This topic provides the systematic instructions to initiate the Registration stage of Export LC Transfer Amendment - Islamic request.
  • Scrutiny
    This topic provides the systematic instructions to initiate the Scrutiny stage of Export LC Transfer Amendment - Islamic request.
  • Data Enrichment
    This topic provides the systematic instructions to initiate the Data Enrichment stage of Export LC transfer Amendment - Islamic request.
  • Exceptions
    This topic helps you quickly get acquainted with the Exceptions process.
  • Customer Response - Draft Confirmation
    This topic helps you quickly get acquainted with the Customer Response - Draft Confirmation process.
  • Multi Level Approval
    This topic helps you quickly get acquainted with the Multi Level Approval process.
  • Customer - Acknowledgement Format
    This topic helps you quickly get acquainted with the Customer Acknowledgement process.