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  Letters of Credit issuance
  LC issuance is available in the system with authorization cycle. Company users will be able to initiate more than one LC at the same time.  

This screen shows a table with all LC in validation process indicating the status of each. If the Company has more than one Globus number he will be requested to select the Globus number previously.

The table contains the following fields:
  • Description
  • Initiation Date
  • Initiation Time
  • Modified By
  • Status
An "Initiate a new Letter of Credit" link is also available if the user has "Initiate" privilege. The table shows you the fields' description of initiate a new LC:
Information Meaning
Account your current account number.
LC Short Description Brief description of the LC without excessive details.
LC Type Type of LC (Sight, acceptance,…)
Branch No. Alrajhi branch through which LC to be issued
Beneficiary Name Name of the beneficiary
Address Address of the beneficiary
Applicant's Name and Address Your company name and address
Advising Bank's Name and Address The bank to which the LC document to be presented
Transshipment Allow Change of transportation means (vessel/ships...)
Part Shipment Allow shipment of goods in more than one lot
Shipment from Port of shipment
Shipment to Port of destination
Last shipment date Last date for shipment
LC currency The type of currency (SAR, USD,…) of the LC
LC amount The amount of the LC
Presentation period Period from shipment to presenting of documents to the bank
Confirmation required Whether the LC need to be confirmed from other bank
Expiry place Place to present the document
Expiry date Last date of presenting the documents
Available by Tenure of the LC (by sight, acceptance,..)
Beneficiaries draft at Means of payment
Drawn on Bearer of the beneficiary draft( applicant, bank,..)
Revocable Allow cancellation of LC before shipment
Transferable Allow transferring the LC to other beneficiary.
Transport Document Shipment documents
Documents required All LC documents required by the applicants from the beneficiary.
Description of Goods Brief description of goods without excessive details.
Who will pay charges in Saudi? Bearer of other expenses of the LC inside Saudi Arabia
Who will pay charges outside Saudi? Bearer of other expenses of the LC outside Saudi Arabia

An LC with "Waiting to be initiated" or "Rejected" status can be edited again by the company user with "Initiate" privilege. LC edition form is done in four steps:
  • Parties to an LC
  • Details
  • Documents Required
  • Description of Goods
An LC with "Waiting for validation" status will be accessible by the company user with "Validate" privilege. He will be able to view the document and either Accept or Reject it.

An LC with "Waiting for approval" status will be accessible by the company user with "Authorize" privilege. He will be able to view the document and either Accept or Reject it.

After completing all validation processes, it will be processed by the bank systems, which through a batch process will register the LC assigning a "Reference Number". The LC 'In processes will be available for enquiring and printing.

Once the LC is processed it will disappear from the LC list and will be available in the enquiry outstanding LCs option.
 
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