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An indemnity by the customer to a shipping company to allow the shipping company to release goods to the customer in the absence of an original Bill of Lading.
Features
  • The Product is issued under the Shariah contract of Kafalah.
  • Applicable for purchase of goods under the bank's Letter of Credit-i or under Inward Bills for Collection-i where the goods are consigned to the bank
  • Once the Shipping Guarantee-i is issued, the buyer is obligated to accept the documents presented to him by the seller even if there is a discrepancy in the documents
  • For the purpose of issuance, only a copy of Bill of Lading and invoice are required
Benefits
  • Able to obtain clearance goods without having to wait for a complete set of import documents
  • Helps to avoid any demurrage or other port charges
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