Note: User permissions should be in place to initiate an Islamic Undertaking. If not, contact your Corporate Administrator.
Step 1: Click on Trade Services > Undertaking Issued
- From iTrade Dashboard, select Trade Services from the main Menu, and click on Undertaking Issued
Step 2: Click on Request Islamic Undertaking
Step 3: Input transaction details in each section of the Undertaking Issued online application form. Fill out all the mandatory fields marked with a red asterisk.
Step 4: Fill in the General Details
Tips: Click on Next or Previous to navigate to the next or previous section or you can navigate to any section from the left pane.
| Request for Draft | Enable the toggle to request for a draft Undertaking. The transaction remains in status ‘Wording Under Review’ before an agreement is reached then it is moved to status ‘Final Wording.’ Once the Undertaking is issued, the status changes to New. |
| Mode of Transmission | Select from the available options – SWIFT, Courier/Mail, Other. If Other is selected, enter more details in the Other field. |
| Create From | You can initiate an Undertaking from an existing Undertaking. Choose from the options – Template, Bank Template, Existing Undertaking. |
| Template | Click on this option to create a new Undertaking request using an existing template. |
| Bank Template | Click on this option to open a list of Bank Templates. |
| Existing Undertaking | Click on this option to open a list of Existing Undertaking Issued. |
| Form of Undertaking | Select the type of trade product that the Undertaking is being issued for. |
| Demand Guarantee | Selection of this option enables Extension Details section in Undertaking Details. |
| Standby Letter of Credit | Selection of this option enables Confirmation Instructions in the General Details section and Shipment Details and Payment Details sections get enabled in Undertaking Details. |
| Purpose | Select the Purpose/Function of the message. |
| Issuance of Undertaking | Instruct the bank to Issue an undertaking that would then be advised to the Beneficiary. |
Counter and Local Undertaking | Instruct the bank to Issue a Counter Undertaking that would then be used by another bank to Issue a local Undertaking. |
Counter-Counter and Counter Undertaking | Instruct the bank to Issue a Counter Undertaking, which will then be used for the issuance of another counter Undertaking by that bank, before a third bank issues the local Undertaking. |
| Confirmation Instructions | Select this option when beneficiary wishes to add an additional confirmation party for the LC. Only applicable for Standby Form of Undertaking. |
| Confirm | The Beneficiary Bank will be asked to confirm. |
| May Add | The Beneficiary Bank and the beneficiary can choose whether to confirm. |
| Without | No confirmation is required. |
| Transfer Indicator | Check this field if the UI is transferable. Only applicable for Standby Form of Undertaking. |
| Transfer Conditions | Input details regarding the transfer conditions. |
| Beneficiary Reference | Enter reference information for the beneficiary, if required. |
| Customer Reference | Enter the name for use within your company, for the Undertaking you are creating. |
Step 5: Fill in the Applicant and Beneficiary Details
| Applicant | Name and address of the applicant raising the application. This is a non-editable field. |
| Name | Name of the applicant. Defaults to the name of your company. |
| Address | Address of the applicant. Defaults to the address of your company. |
| Alternate Applicant | Name and address of the alternate applicant. The details in this section enables to enter an alternative applicant for the Letter of Credit if you desire to apply on behalf of another person or entity. |
| Name | Name of the alternative applicant. |
| Address | Address of the alternative applicant. |
| Country | Name of the alternative applicant's country |
| Beneficiary | Enter the Name and address of the beneficiary. Click on the 'Name' field drop down to select the associated beneficiary. You may also add an adhoc and save it for future use. Enter the new Name and Address details of the beneficiary and slide "Save the Beneficiary" button and enter the abbreviated name for the new beneficiary to be saved for the applicant. |
| Name | Name of the beneficiary. Click on the drop down for the list of beneficiaries or enter a new beneficiary name. |
| Address | Address of the beneficiary. If the beneficiary name is selected from the dropdown this field gets auto-filled, else you must enter the address for the new beneficiary. |
| Beneficiary Country | Name of the beneficiary's country. Click on the drop down for the list of countries to select from. |
| BEI Code | BEI (Business Entity Identifier) of the buyer, if the company has been provided with such an ID. |
Beneficiary Contact Details | Slide to enable Beneficiary Contact Details, if the beneficiary organization has a designated person or a separate office to handle the Undertaking. |
| Name | Name of contact from ordering party. |
| Address | Address of the contact from ordering party. |
| Country | Country of the designated person or office from the ordering party. |
Step 6: Fill in the Bank Details
| Bank Name | This is a non-editable field and the default value is Commercial Bank of Dubai. |
| Issuer’s Reference | The reference under which the transaction should be recorded, relevant to CBD. |
| Issuing Bank | Bank to which you want to request your Undertaking Issued. |
| Direct (Issued by selected Issuing Bank) | This is a non-editable field and the default value is Commercial Bank of Dubai. |
| Indirect | The Bank entered by the user will be requested to issue the undertaking. |
| SWIFT Code | Select the applicable Swift Code that identifies the Issuing bank. |
| Bank Name and Address | Name of the bank. Upon selection of Swift Code this field is auto filled with the address of the bank. |
| Beneficiary Bank | Bank to which the Undertaking Issue will be sent to by the Issuing Bank and which will be responsible for notifying the Undertaking Issued terms to the beneficiary. |
| SWIFT Code | Select the applicable Swift Code that identifies the Advising bank. |
| Bank Name and Address | Name of the bank. Upon selection of Swift Code this field is auto filled with the bank counterparties that your company maintains |
| Confirmation Required | Enable the toggle button if confirmation is required from the Beneficiary Bank. The Confirming Bank will be prefilled with Beneficiary Bank details. |
| Confirming Bank | The user may choose a bank to confirm the transaction. |
| SWIFT Code | Select the applicable Swift Code that identifies the Confirming bank. |
| Bank Name and Address | Name of the bank. Upon selection of Swift Code this field is auto filled with the bank |
Step 7: Fill in the Undertaking Details >Type and Expire
Step 8: Fill in the Undertaking Details >Amount and Charge
| Undertaking Amount | Currency and amount of the Undertaking |
| Undertaking Currency | Click the drop down to set the currency code |
| Undertaking Amount | Enter the amount of the Undertaking |
| Variation in Drawing | Amount by which the amount drawn can exceed or fall short of the amount stated in the Undertaking. |
| Percentage (+) | Percentage of the Undertaking amount for which an excess in drawing is permitted. Maximum of two digits. |
| Percentage (-) | Percentage of the Undertaking amount for which a shortfall in drawing is permitted. Maximum of two digits. |
| Issuing Charges | Click the checkbox if Issuance Charges will be borne by Beneficiary. |
Correspondent Charges | Click the checkbox if Correspondent Charges will be borne by Beneficiary. |
Additional Amount Information | This field contains information about additional amounts related to the undertaking, like, interests, tolerances and more. |
Step 9: Fill in the Undertaking Details > Contract
Step 10: Fill in the Undertaking Details > Terms
Step 11: Fill in the Undertaking Details > Shipment
Only available if your Form of Undertaking is a Standby Letter of Credit
Step 12: Fill in the Undertaking Details > Payment
Step 13: Fill in the Instruction to Bank Details
Step 14: Attachments
| File Upload | Upload supporting files either by 'Drag and Drop' method or by 'Browsing' to the file location. You can attach up to 5 the supporting documents of size 5 Mega Byte each. The file types supported are PNG, JPEG, JPG, RTF, CSV, XLS, XLSX, DOCX, TXT, DOC, PDF, GIF, ZIP. Samples of files you can upload are Proforma Invoice, Specimen Signature, etc. |
| Browse | Browse button and Drag and Drop field, which you can optionally use to attach a file from your local hard disk to give additional details pertaining to this Undertaking. |
Step 15: Confirm transaction details in the Preview section. For adjustments, navigate to the appropriate section and update the details.
Step 16: Once completed, click on Submit and you will receive an acknowledgment if the request has been successful.