1. Islamic Letters of Credit
  2. Process an Islamic LC Contract
  3. Islamic LC Contract Details Screen Description
  4. Specify Advices for an Islamic LC

4.3.8 Specify Advices for an Islamic LC

This topic provides the systematic instruction to Specify Advices for an Islamic LC.

An important part of processing an Islamic LC is the generation of various advices applicable for a contract.
The advices that is generated for the events that occur during the lifecycle of an Islamic LC are defined for the product, to which the Islamic LC is linked. For example, you may have specified the following advices for a product:
  • Issue of an import Islamic LC: pre-advice by SWIFT and Islamic LC instrument by mail to the advising bank, the authorization to reimburse to the reimbursing bank
  • Advice of an export Islamic LC: the acknowledgment advice to the advising bank
  • Issue of a guarantee: the guarantee instrument to the beneficiary

The details of the advices for an event are displayed in the Advices screen. The party type to whom a specific advice should be sent is picked up automatically based on the type of Islamic LC being processed and the parties involved.

The advices screen is displayed. The advices defined for the event you are processing is displayed. You can choose to suppress any of them. The address of the party to whom the advice is addressed to is picked up by default, based on the media and address maintenance for the party.

These is changed if required. For a payment message by SWIFT, you also have the option to change the priority of the message

Specify the User ID and Password, and login to Homepage.

From the Homepage, navigate to Islamic LC Contract Details.

  1. On Islamic LC Contract Details screen click Advices.
    Islamic LC Contract Details with Advices screen is displayed.

    Figure 4-12 Islamic LC Contract Input with Advices


    Description of Figure 4-12 follows
    Description of "Figure 4-12 Islamic LC Contract Input with Advices"
  2. On the Advices tab, specify the details as required.
    For information on fields, refer to the field description table below:

    Table 4-19 Advices - Field Description

    Field Description
    Suppress By default, all the advices that have been defined for a product is generated for the Islamic LCs involving it. If any of the advices are not applicable to the Islamic LC you are processing, you can suppress its generation by Checking against the suppress field.
    Priority For a payment message by SWIFT, you also have the option to change the priority of the message. By default, the priority of all advices is marked as Normal.
    The priority of a payment message is changed to one of the following
    • Normal
    • Medium
    • High
    Medium The medium by which an advice is transmitted and the corresponding address is picked up based on the media and address maintenance for a customer.

    You can, however, change either of these while processing the Islamic LC. Typically, if changed, both of them is changed.

    After selecting the advices to be generated for the Islamic LC, click on ‘Ok’ to save it.

    Click on ‘Delete’ to reject the inputs you have made. In either case, you is taken to the Contract Main screen.
(Optional) Enter the result of the procedure here.

Parent topic: Islamic LC Contract Details Screen Description