1. Islamic Letters of Credit
  2. Automatic Processes
  3. Introduction

13.1 Introduction

The following processes relating to Islamic Letters of Credit (Islamic LC) is made automatic:
  • Automatic closure
  • Automatic calculation of periodic commission
  • Automatic liquidation of periodic commission
  • Automatic reinstatement of the Islamic LC amount
  • Automatic accrual of commissions
  • Generation of tracers
  • Auto renewal of Open ended guarantees
The events that are to take place automatically are triggered off during the Batch Process. The batch process is an automatic function, run as a mandatory Beginning of Day (BOD) and End of Day (EOD) process. During EOD, the batch process should be run after End of Transaction Input (EOTI) has been marked for the day, but before End of Financial Input (EOFI) has been marked for the day. The tracer generation function should be run after end-of -financial- input (EOFI) has been marked for the day.

Note:

You should maintain the Islamic LC EOD function as a mandatory batch process, once as a BOD and the next as a Pre-EOC program. It is maintained in the EOC mandatory program stable of the Core Services module. The tracer generation function should also be defined as a mandatory EOD function.

Revenue that has to be shared with the Co Banks for Islamic Counter /Counter Counter Guarantee contracts, will be processed as part of LCEOD batch.

Parent topic: Automatic Processes