This annexure contains details of the suggested messages that can be generated for the Islamic Letters of Credit (Islamic LC) module. The annexure lists details of the following suggested messages event-wise:
The following is an exhaustive list of events that can take place during the lifecycle of an Islamic LC. In the subsequent paragraphs we shall examine the messages for each of the events listed below.
Event Code | Event Description | Remarks | ||||
---|---|---|---|---|---|---|
ACCR | Accrual (Of Commission) | All Types | ||||
AMND | Amendment | All Types | ||||
AOCF | Amendment from open to open and confirm | Import only | ||||
APAC | Amend - Pre-advice to Adv & confirm | Export Only | ||||
APAD | Amendment from Pre-advice to advice | Export Only | ||||
AVAL | Availment | Only For Islamic LC’s | ||||
BADV | Booking Of An Islamic LC With Operation Advise | Export Islamic LC Only | ||||
BANC | Booking Of An Islamic LC With Operation Advise And Confirm | Export Islamic LC Only | ||||
BCFM | Booking Of An Islamic LC With Operation Confirm | Export Islamic LC Only | ||||
BISS | Booking Of An Islamic LC Or Guarantee Issue | (Open or Open & Confirm) | Only For Import Islamic LC, Standby Islamic LC, Clean Islamic LC, Shipping Guarantee And Guarantee | |||
BPRE | Booking Of An Islamic LC With Operation Pre-Advise | Export Islamic LC Only | ||||
CALC | Periodic commission calculation | All types | ||||
CANC | Cancellation of an Islamic LC | All Types | ||||
CLIQ | Commission Liquidation | All Types | ||||
CLOS | Closure Of An Islamic LC Or Guarantee | All Types | ||||
RASN | Re-assign an Islamic LC contract | All types | ||||
RAVL | Reversal of Availment | All types | ||||
REIN | Reinstating An Islamic LC | Revolving Islamic LC’s | ||||
ROPN | Reopening Of An Islamic LC | All Types | ||||
REVR | Reversal of contract | All types | ||||
ROPN | Reopening of an Islamic LC | All types | ||||
TRGN | Generation of tracers | All types | ||||
REIS | Reissue of Guarantee | Guarantee Only |
The exhaustive list of messages that can be generated during the lifecycle of an Islamic LC is listed below:
Message | Telex | SWIFT | From | To | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
L/C Instrument | Y | Y | Y | ISB | ABK/BEN | ||||||||||||
Amendment Instrument | Y | Y | Y | ISB | ABK/BEN | ||||||||||||
Guarantee Instrument | Y | Y | Y | ISB | ABK | ||||||||||||
Guarantee Amendment | Y | Y | Y | ISB | ABK | ||||||||||||
Debit Advice | Y | Y | Y | ISB /ABK | APP/BEN | ||||||||||||
Credit Advice (Generated automatically on Reversal) | Y | Y | Y | ISB /ABK | APP/BEN | ||||||||||||
Charge Claim Advice | Y | Y | Y | ISB /ABK | APP/BEN | ||||||||||||
Cash Collateral Advices | Y | Y | Y | ISB /ABK | APP/ISB | ||||||||||||
Reimbursement Advice | Y | Y | Y | ISB | RIB | ||||||||||||
Cancellation Advice | Y | N | N | ISB/ABK | ABK/APP/BEN/RIB/ATB | ||||||||||||
Pre Advice Telex: MT-705 | Y | Y | Y | ISB | ABK/BEN | ||||||||||||
Reimbursement Advice Telex: MT-756 | Y | Y | Y | ISB | ABK/BEN | ||||||||||||
ACK of an Import LC: MT-730 | Y | Y | Y | ABK | ISB | ||||||||||||
ACK of Receipt Of Amendment To LC | Y | N | N | ABK | ISB | ||||||||||||
Authorization to Reimburse: MT-740 | Y | Y | Y | ISB | REB | ||||||||||||
Amendment to Authorization to Reimburse: MT-740 | Y | Y | Y | ISB | REB | ||||||||||||
When No ABK | Y | N | N | ISB | BEN | ||||||||||||
Pre-Advise To BEN | Y | N | N | ABK | BEN | ||||||||||||
Change From Pre-Advice To Advice | Y | N | N | ABK | ATB/ BEN | ||||||||||||
Change From Pre-Advice To Advice And Confirm | Y | N | N | ABK | ATB/BEN | ||||||||||||
Change From Advice To Advice And Confirm | Y | N | N | ABK | ATB/ BEN | ||||||||||||
Amending An Import Credit, No ABK | Y | N | N | ISB/ABK | BEN | ||||||||||||
Amending An Export Credit Previously Advised Or Confirmed, Via ATB | Y | N | N | ABK | ATB | ||||||||||||
Acknowledgment Tracer | Y | N | N | ISB | ABK | ||||||||||||
Confirmation Tracer | Y | N | N | ISB | ABK | ||||||||||||
Charges And Commission Tracer | Y | N | N | Issuing/ABK | APP/BEN/ABK/ATB/ISB | ||||||||||||
Insurance Advice | Y | N | N | ISB | Insurance Company | ||||||||||||
Fax 700/707/LC confirmation Mail Message to counterparty | Y | N | N | ISB | Counterparty | ||||||||||||
MT799 | Y | N | Y | ABK - Advising Bank (SWIFT) | ISB - Issuing Bank(SWIFT) | APB - Applicant Bank(MAIL) | ISB - Issuing Bank | APB - Applicant Bank | APP - Applicant |
You can generate multiple copies of the Islamic LC instrument with the same data and specify different headers for each of the copy that you generate. To generate multiple copies, you need to maintain specific details in the following screens:
1) Format File Maintenance Screen
To generate multiple copies, you need to maintain a file format that will be used for the message and advices. For the LC_Instrument advice, you must associate the ‘NUMCOPIESX’ advice tag, where X denotes the number of the copy that is generated. Here you can specify different headers for each copy.
Refer to the Maintaining Advice Formats chapter of Messaging System user manual for the procedure to define file formats.
2) Customer Address Maintenance Screen
In this screen, you need to specify the number of copies allowed for the message type LC_Instrument. The system generates the number of copies specified for the instrument at the time of authorization for the customer address maintained in the screen.
Refer to the Maintaining Addresses for a Customer chapter of Messaging System user manual for maintaining addresses for the customer.
3) Outgoing Message Browser
When you are generating multiple copies of the original message, the system classifies the outgoing message as original or a copy in the Outgoing Message Browser.
The ‘Copy’ box indicates whether the outgoing message is a copy and in the ‘No of Copy’ field the number of that message is also displayed. This will help you keep count of the number of copies that is generated for the same message.
Refer to the Processing Outgoing Messages chapter in Messaging System user manual for further details on the Outgoing Message Browser.
You can generate Fax 700/707 LC confirmation Mail Message copy to counterparty.
To do this, you need to maintain specific details in the following screens:
1) Format File Maintenance Screen
To generate Fax 700/707 LC confirmation Mail Message copy, you need to maintain a file format that will be used for the message and advices. For the LC_Instrument advice, you must associate the ‘FAX_DUPIslamic LCATE’ advice tag, which carries the address of the receiver and a copy of the original message.
The advice format vs. message type mapping for the new message types should be as follows.
Module | Message type | Media | |||
---|---|---|---|---|---|
Islamic LC | LC_INSTRUMENT_FAX | FAX | |||
Islamic LC | LC_AMND_INSTR_FAX | FAX |
Refer to the Maintaining Advice Formats chapter of Messaging System user manual for the procedure to define file formats.
2) Customer Address Maintenance Screen
In this screen, you need to specify the format for the message type LC_INSTR_COPY and LC_AM_INST_COPY. The system generates the fax message for Islamic LC confirmation for the customer address maintained in the screen.
The customer address maintenance for media FAX should be as follows:
Module | Message Type | Format | |||
---|---|---|---|---|---|
Islamic LC | LC_INSTR_COPY | FAX_DUPIslamic LCATE | |||
Islamic LC | LC_AM_INST_COPY | FAX_DUPIslamic LCATE |
Refer to the Maintaining Addresses for a Customer chapter of Messaging System user manual for maintaining addresses for the customer.
Party Type Abbreviations:
The list of the parties that can be involved in an Islamic LC is as under:
Code | Party Type | ||
---|---|---|---|
APP | Applicant | ||
ACC | Accountee | ||
ISB | Issuing Bank | ||
ABK | Advising Bank | ||
BEN | Beneficiary | ||
ATB | Advise through bank | ||
RIB | Reimbursing Bank | ||
REIS | Reissue of Guarantee |
This section contains the following topics:
Event | Message/Advice | From | To | ||||
---|---|---|---|---|---|---|---|
BISS | LC_REIMB_ADV | ISB | RIB | ||||
BISS | ISB_BEN_CL | ISB | BEN | ||||
BISS | LC_AMND_INSTR | ISB | ABK/BEN | ||||
BISS | LC_CHC_MSG | ISB | ABK | ||||
BISS | LC_CASH_COL_ADV | ISB/ABK | APP/ISB | ||||
BISS | LC_DR_MSG | ISB | APP/ABK | ||||
BISS | LC_INSTRUMENT | ISB | ABK/BEN | ||||
BISS | GUARANTEE | ISB | ABK/BEN | ||||
BISS | LC_REIMB_ADV | ISB | ABK | ||||
BISS | LC_RIM_MSG | ISB | RIB | ||||
BISS | LC_INSTR_COPY | ISB | BEN |
Event | Message/Advice | From | To | ||||
---|---|---|---|---|---|---|---|
AVAL | LC_CHC_MSG | ABK | ISB | ||||
AVAL | LC_DR_MSG | ABK | BEN |
None
Event | Message/Advice | From | To | ||||
---|---|---|---|---|---|---|---|
REIN | LC_AMND_INSTR | ISB | ABK/BEN | ||||
REIN | LC_CHC_MSG | ISB/ABK | APP/BEN | ||||
REIN | LC_DR_MSG | ISB/ABK | APP/BEN | ||||
REIN | LC_INSTRUMENT | ISB | ABK/BEN |
Event | Message/Advice | From | To | ||||
---|---|---|---|---|---|---|---|
BADV | LC_ACK_ADVICE | ABK | ISB | ||||
BADV | LC_CHC_MSG | ABK | ISB | ||||
BADV | LC_DR_MSG | ABK | BEN | ||||
BADV | LC_ACK_ADVICE | ABK | ISB |
Event | Message/Advice | From | To | ||||
---|---|---|---|---|---|---|---|
BCFM | LC_ACK_ADVICE | ABK | ISB | ||||
BCFM | LC_CHC_MSG | ABK | ISB | ||||
BCFM | LC_CASH_COL_ADV | ABK | ISB | ||||
BCFM | LC_DR_MSG | ABK | BEN | ||||
BCFM | LC_ACK_ADVICE | ABK | ISB |
Event | Message/Advice | From | To | ||||
---|---|---|---|---|---|---|---|
BPRE | LC_ACK_ADVICE | ABK | ISB | ||||
BPRE | LC_ATB_MSG | ABK | ATB | ||||
BPRE | LC_CHC_MSG | ISB/ABK | ABK/ISB | ||||
BPRE | LC_ACK_ADVICE | ABK | ISB | ||||
BPRE | LC_PA_MSG | ISB | ABK | ||||
BPRE | PADV_CL | ABK | ATB | ||||
BPRE | PADV_CL | ABK | BEN |
Event | Message/Advice | From | To | ||||
---|---|---|---|---|---|---|---|
BANC | LC_ACK_ADVICE | ABK | ISB | ||||
BANC | LC_CHC_MSG | ABK | ISB | ||||
BANC | LC_CASH_COL_ADV | ABK | ISB | ||||
BANC | LC_DR_MSG | ABK | BEN | ||||
BANC | LC_ACK_ADVICE | ABK | ISB |
Event | Message/Advice | From | To | ||||
---|---|---|---|---|---|---|---|
REIS | LC_INSTRUMENT | ISB | ABK/BEN | ||||
REIS | GUARANTEE | ISB | ABK/BEN | ||||
REIS | LC_PRE_ADVICE | ABK | ISB |
Event | Message/Advice | From | To | ||||
---|---|---|---|---|---|---|---|
AMND | LC_AMD_MSG | ISB | ABK | ||||
AMND | AMD_EXP_CR | ABK | ATB | ||||
AMND | AMD_EXP_CR | ABK | BEN | ||||
AMND | LC_ACK_AMND | ABK | ISB | ||||
AMND | LC_CASH_COL_ADV | ABK | ISB | ||||
AMND | LC_DR_MSG | ABK | BEN | ||||
AMND | LC_AMD_AUTH_REB | ISB | RIB | ||||
AMND | AMD_IMP_CR | ISB | BEN | ||||
AMND | GUA_AMD_INSTR | ISB | ABK | ||||
AMND | LC_AMND_INSTR | ISB | ABK/BEN | ||||
AMND | LC_CHC_MSG | ISB/ABK | ISB/ABK | ||||
AMND | LC_DR_MSG | ISB/ABK | APP/BEN | ||||
AMND | LC_INSTRUMENT | ISB | ABK/BEN | ||||
AMND | GUA_AMD_INSTR | ISB | ABK/BEN | ||||
AMND | LC_REIMB_ADV | ISB | ABK | ||||
AMND | LC_REIMB_ADV | ISB | RIB | ||||
AMND | LC_AM_INST_COPY | ISB | BEN |
Event | Message/Advice | From | To | ||||
---|---|---|---|---|---|---|---|
REVR | LC_CNC_MADV | ISB | APP/ABK | ||||
REVR | LC_CR_MSG | ISB/ABK | APP/BEN |
None
None
Event | Message/Advice | From | To | ||||
---|---|---|---|---|---|---|---|
CLIQ | LC_DR_MSG | ISB/ABK | APP/BEN |
Event | Message/Advice | From | To | ||||
---|---|---|---|---|---|---|---|
ROPN | LC_CHC_MSG | ISB/ABK | ISB/ABK | ||||
ROPN | LC_DR_MSG | ISB/ABK | APP/BEN | ||||
ROPN | LC_INSTRUMENT | ISB | ABK/BEN | ||||
ROPN | GUARANTEE | ISB | ABK/BEN |
Event | Message/Advice | From | To | ||||
---|---|---|---|---|---|---|---|
CHTR | ACK_TRACER | ISB | ABK | ||||
CHTR | CHG_COM_TRACER | ISB/ABK | APP/BEN/ABK/ATB/ISB | ||||
CHTR | CON_TRACER | ISB | ABK |
Event | Message/Advice | From | To | ||||
---|---|---|---|---|---|---|---|
CANC | LC_CANCEL_ADV | ISB | ABK/APP/BEN/RIB | ||||
CANC | LC_CANCEL_ADV | ABK | BEN/ABK/ATB/RIB |
Event | Message/Advice | From | To | ||||
---|---|---|---|---|---|---|---|
APAC | PADV_TO_ADVCON | ABK | ATB | ||||
APAC | PADV_TO_ADVCON | ABK | BEN | ||||
APAC | PADV_TO_ADVCON | ABK | ATB | ||||
APAC | PADV_TO_ADVCON | ABK | BEN | ||||
APAC | AMD_EXP_CR | ABK | ATB | ||||
APAC | AMD_EXP_CR | ABK | BEN | ||||
APAC | LC_ACK_AMND | ABK | ISB | ||||
APAC | LC_CASH_COL_ADV | ABK | ISB | ||||
APAC | LC_DR_MSG | ABK | BEN |
Event | Message/Advice | From | To | ||||
---|---|---|---|---|---|---|---|
APAD | LC_AMD_MSG | ISB | ABK | ||||
APAD | AMD_EXP_CR | ABK | ATB | ||||
APAD | AMD_EXP_CR | ABK | BEN | ||||
APAD | LC_ACK_AMND | ABK | ISB | ||||
APAD | LC_DR_MSG | ABK | BEN | ||||
AATC | LC_AMD_MSG | ISB | ABK | ||||
AATC | ADV_TO_ADVCON | ABK | ATB | ||||
AATC | AMD_EXP_CR | ABK | ATB | ||||
AATC | AMD_EXP_CR | ABK | BEN | ||||
AATC | LC_ACK_AMND | ABK | ISB | ||||
AATC | LC_DR_MSG | ABK | BEN |
None
None
None
The LC_INSURANCEADV message is generated by the bank and sent to the Insurance Company at the time of Opening (BISS) and Amendment (AMND) of Islamic LC contract.
An insurance company advice gives details of the deal.
INSURANCE ADVICE
To,
_INSURANCECO_
_INSURANCECO_ADDR1_
_INSURANCECO_ADDR2_
_INSURANCECO_ADDR3_
_INSURANCECO_ADDR4_
Dear Sirs,
SUB: Open Policy/Cover No : _INSURANCECO_POIslamic LCYNO_
Our Letter Of Credit No. : _USERREFNO_ DATED : _ISSUE_DATE_
This is to advise you that we have today established the subject
Letter of Credit the details of which are as under. Kindly provide
us with Insurance Policy/Certificate/Declaration/Cover Note, which
ever is applicable, at your earliest
L/C No. : _CONTREFNO_
_IRREVOCABLE_
Amount : ABOUT _LC_CCY_ _LC_AMOUNT_ CFR
Expiring On : _EXPIRY_DATE_
Opener of L/C: _APP_NAME_
_APP_ADDR1_
_APP_ADDR2_
_APP_ADDR3_
_APP_ADDR4_
Merchandise : _GOODS_DESCR_
Shipment From : _FROM_PLACE_
To : _TO_PLACE_
By : _SHIPMENT_DET_
Not Later Than: _LATEST_SHP_DATE_
Partial Shipment : _PARTIAL_SHP_
Transshipment : _TRANS_SHP_
Yours faithfully For Investbank PSC
[FILE COPY]
The LC_INSTR_COPY and LC_AM_INST_COPY message types will be processed and an advice will be generated by the bank and sent to the counterparty at the time of Islamic LC confirmation.
The advice format maintenance will be as follows:
FAX_DUPIslamic LCATE
_ADDRESS_
_ORIGINALMESSAGE_
Islamic LC Contract processing will specify the receiver of the new message types as the applicant. The message processing function will process confirmation/duplicate messages based on the following: