On selecting the ‘Contract reversal’, system will reverse the Islamic LC contract. A Reversed Islamic LC will not be available for any further operations. ‘REVR’ event is triggered which updates the contract status as ‘Reversed’. This will reverse the liability entries passed for the Islamic LC to ensure that the credit limit that was taken by the Islamic LC is released and is available for future utilization. In addition to this, Charges, Commission, Limits Utilization and Accounting entries will also be reversed on contract reversal.