1. Islamic Bills and Collections User Guide
  2. Overview of Islamic Bills and Collections
  3. Features of Islamic Bills and Collections

1.1 Features of Islamic Bills and Collections

To empower your bank in handling a high volume of credit and to enable you to provide superior services to the customers of your bank, Oracle Banking Trade Finance provides you with the following features:
  • The Islamic Bills and Collections module supports the processing of all types of international and domestic bills like:
    • Incoming Bills under LCs
    • Incoming Bills not under LCs
    • Outgoing Bills under LCs
    • Outgoing Bills not under LCs
    • Incoming Collections
    • Outgoing Collections
    • Usance or Sight Bills
    • Documentary or Clean Bills
  • You can create a new product or copy the details of an existing Islamic bill on to a new one and modify it to suit your requirements. This renders the input of the details of a bill faster and easier. You have the flexibility to create and customize a product to suit almost any requirement under a bill. The bills associated with the product will bear characteristics that you define for it.
  • The IB module is designed to handle the profit and charges related to a bill and record amendments to the original terms of the bill.
  • The IB module actively interacts with the Islamic LC module of Oracle Banking Trade Finance. This enables easy retrieval of information for bills drawn under an Islamic LC that was issued at your bank. Most of the details maintained for the Islamic LC will default to the bill when you indicate the reference number of the Islamic LC involved in the bill. This eliminates the need to re-enter the details of the Islamic LC all over again.
  • The Central Liability sub-system automatically controls the booking of a bill against the credit lines assigned to the customer before the bookings are made. Oracle Banking Trade Finance also supports tracking your bank’s exposure for a bill to several parties.
  • You have the option to automate periodic processes such as:
    • The application of floating profit rates to the components of a bill as and when they change
    • The movement of a bill from a given status to another
    • Accrual of profit due to a bill
    • Liquidation of bills on the liquidation date that you indicate
    • Generation of tracers on the due date
These are processed as part of the batch processes run at BOD or EOD. The system automatically calculates the date on which the events should take place, based on the frequency and the date specified for the bill.
  • The module also supports automated follow-up and tracer facility for payments and acceptance. Tracers can be automatically generated at an indicated frequency until a discrepancy is resolved.
  • When a repayment against the bill, which is not made on the due date, then you can do an aging analysis for the bill. You can define the number of days that the bill should remain in a given status, the sequence, in which a bill should move from one status to another and also indicate the direction of movement (forward or reverse).

    You can follow-up on the repayment of a bill by generating reports which detail the status of aging bills.

  • Depending on the processing requirements of your bank, you can define and store the standard documents, clauses, instructions, and free format texts. These details are incorporated and printed onto the output document of the bill by entering the relevant code. This eliminates entering the details of standard components of a bill every time you need to use them.
  • Islamic Bills can be carried over several stages during the day. After a bill has been entered, it can be verified and authorized on-line before further processing.
  • Information services for managerial and statistical reporting such as on-line transactions, status reports, and the immediate retrieval of information of the bills processed at your bank can be generated.
  • Oracle Banking Trade Finance's Graphic User Interface (GUI) facilitates ease of input. Option lists are provided wherever possible. This makes the module both efficient and easy to use.
  • The media supported include Mail, Telex and SWIFT.
  • The Islamic BC module supports and handles the following functions:
    • Open/Amend a bill
    • The authorization of bill contracts
    • The reversal and liquidation of profit and charges
    • Customer inquiries
    • The generation of tracers and advices
    • The generation and printing of reports

Online help indicates that you can invoke global help by making use of the Help option in the Menu bar. Also, invoke context-sensitive online help if you strike the hot-key <F1>. A window pops up displaying information associated with the field from which you invoked it.

Parent topic: Overview of Islamic Bills and Collections