Letter of Guarantee with 0 issuing fees

Letter of Guarantee with 0 issuing fees

 Letter of Guarantee one-off 100% cash margin with 0 issuing fees


Letter of Guarantees 

A Letter of Guarantee or L/G is an undertaking by Bank Albilad to pay the beneficiary of the Bank Guarantee of an agreed sum if the bank's customer fails or defaults in fulfilling their obligations under the terms and conditions of the contract or agreement entered with the beneficiary. Based on the Islamic concept of Kafalah where it is a contract of guarantee or surety given by one party to discharge the liability of a third party in the case of default.

Guarantees are payable against presentation of a written demand for payment and other documents specified in the guarantee

Benefits

  • Bank Albilad provides you with prompt issuance of all bank guarantees to help you meet your deadlines
  • Bank Albilad assists you with the issuance of all bank guarantees to or from your local and international business partners through our network
  • We issue all forms of guarantees in full compliance with Shariah requirements 
  • Letter of Guarantees one-off 100% cash margin with 0 issuing fees
  • The offer is valid until March 31, 2024.

Required documents

Requirements for issuing bank guarantees one-off 100% cash margin:
  • Commercial Register 
  • Fill out the application for issuing a guarantee 
  • National Identity Card / Iqama 
  • The applicant must have an account in Bank Albilad
  • Deposit the amount (the guarantee value) in the account

Terms and conditions


Does the offer include all kinds of guarantees?

Yes

Are there any administrative fees or other fees?

No

What are the requirements for issuing the guarantee?

Commercial Register, fill out the application for issuing a guarantee, National Identity Card / Iqama, the applicant must have an account in Bank Albilad, Deposit the amount (the guarantee value) in the account

Do I need to open an account in Bank Albilad?

Yes

The terms and conditions applicable to the bank in relation to Letter of Guarantee

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