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It is a guarantee by the bank on your behalf, ensuring that your liabilities will be met. It is issued under the Shariah contract of Kafalah.
Features
  • Usually used to bid for tenders, as a contract requirement, or to guarantee payment obligation
  • Takes the form of a Financial Guarantee which ensures the fulfillment of financial obligation by you, and a Performance and Tender Bond, which ensures the performance of an act agreed between you and the beneficiary
  • Can be issued to a local party as well as a foreign party
  • Contains a specific validity period of coverage and claim period
  • Available to customers with a trade facility or on an ad hoc basis (with certain limits prescribed)
Benefits
  • Reflects on your capability to carry out payment obligations
  • Allows you to obtain favorable trade terms from the beneficiary if a BG-i is produced
  • No necessity to raise cash to meet the deposit requirements, and funds could be used to support working capital requirements
  • Allows you to have access to funds especially where a BG-i is issued for advance payment or for the release of retention funds under contracts
Types of Bank Guarantees
  • Tender Guarantee / Bid Bond
  • Performance Guarantee
  • Advance Payment Guarantee
  • Warranty Maintenance Guarantee
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