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Letter of Guarantee for Labor Recruitment

Letter of Guarantee for Labor Recruitment

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Bank Albilad is keen to serve its customers at all levels by providing what meets their business needs. The recruitment financing Program is intended to issue letter of guarantee addressed to the Ministry of Human Resources and Social Development.



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Program Features


  • Cash margin up to 15% - 20% 
  • Simple and fast credit process
  • The possibility of replacing the existing letter of guarantee with 100% cash margin to another one from our bank with less cash margin to cover the remaining period of the license
  • Salary transfer service for your employees at competitive prices.

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General Conditions


  • The letter of guarantee is intended for the issuance of licenses for the activity of recruitment offices and companies
  • The letter of guarantee should be issued in the form of the final guarantee
  • Minimum 2 years in business, as per the license

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Required Documents


  • Saudi national
  • The letter of guarantee is proposed to issue the licenses for recruitment activities.
  • The client’s experience should be at least two years as per the license
  • The client should not be not defaulted according to the report of (SIMAH)

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FAQ


What is the Guarantee Period?

The guarantee period is up to 7 years

What is the Guarantee issuance commission?

The commission ranges for issuing guarantees, based on credit criteria, in addition to the cash margin provided by the customer and the guarantee period

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All Rights Reserved © 2024 Bank Albilad is a Saudi joint stock company, with National Unified No. 7001473102, Head Office: Al Mutamarat 8229, Building No 2, RIYADH 3952 - 12711, KSA. Under monitoring and supervision of Saudi Central Bank and licensed by Royal decree 48/M on 1425/9/21H (4/11/2004 G).


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