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Bank Guarantee-i (BG-i)
An undertaking by the Bank to pay the beneficiary the amount specified in the guarantee if the events (usually a default) have occurred. BG-i is applicable under the Shariah concept of Kafalah.
Features
BG-i must have a specific amount, expiry date and claim period.
BG-i format must be acceptable to the Bank.
Guarantees are subject to the laws of the country.
Benefits
Assurance to Counterparty
Provide comfort and assurance to your counterparty thus facilitating your business expansion into new markets.
Enhance Trading Reputation
Enhance your trading reputation based on the Bank's strong credit standing.
Ease Cash Flow
Ease your cash flow in replacement for deposit required by a third party.
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A written undertaking by the Bank issued on behalf of a buyer guaranteeing payments to a seller against presentation of necessary trading documents.
Collection handling of foreign and domestic inward documents for buyer/importer and trade settlement on terms agreed with supplier/exporter.
A flexible solution which allows you to cover financing for both tangible goods and related services under your imports or purchases trade transactions.
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