1. Islamic Letters of Credit
  2. Process an Islamic LC Contract
  3. Close, Reopen, and Black list an Islamic LC
  4. Closing an Islamic LC
  5. Close an Islamic LC automatically

4.5.1.1 Close an Islamic LC automatically

In the Islamic LC Contract Main screen, you can specify the following dates related to the closure of an Islamic LC:
  • Whether auto closure is allowed
  • The date on which the Islamic LC should be automatically closed

To recall, the date of automatic closure is based on the ‘Closure Days’ maintained for the product involved in the Islamic LC. However, you can change the closure date, to any date, after the expiry date of the Islamic LC.

An Islamic LC that is defined for automatic closure is closed during the End of Day processes on the closure date.

Parent topic: Closing an Islamic LC