رأيك يهمنا.. كيف تقيم الواجهه الجديدة لموقع بنك البلاد
رأيك يهمنا.. كيف تقيم الواجهه الجديدة لموقع بنك البلاد
رأيك يهمنا.. كيف تقيم الواجهه الجديدة لموقع بنك البلاد
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Letter of Guarantee

 

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.​


 

Types of Bank Guarantee/Bond

Tender Bonds (Bid Bonds) : Tender Bonds are designed to deter companies from making a tender and then rejecting the contract when it is awarded to them. Tender/Bid Bonds are usually called for, to protect the beneficiary against frivolous bidding.

Performance Bonds:  Performance bonds are guarantees issued to cover the 'non-performance' of one party under a contract. The terms are simple and usually stipulate that a sum "will be paid to the beneficiary upon demand in the event that the beneficiary submits a signed statement stating default or non-performance by the applicant". Performance bonds are designed to ensure that goods are delivered or services rendered in accordance with the terms of the contract and at the agreed time.

Advance Payment Guarantees: The basic purpose of an advance payment guarantee is to ensure that an advance payment is used in accordance with the intentions of the contract concluded between the buyer and seller. Under an advance payment guarantee, the advance payment has to be refunded if the seller fails to meet his commitments. Thus the guarantee helps to deter default.

Shipping Guarantee: Shipping Guarantee is an indemnity given by the customer, countersigned by the bank, to a shipping company or its agent to allow the shipping company to release the merchandise to the consignee named in the Bill of Lading without the presentation of the original Bill of Lading.                                                                 ​


 

Features & Benefits

  • Bank Albilad provides you with prompt issuance of all guarantees to help you meet your deadlines.
  • Bank Albilad assists you with the issuance of guarantees to or from your local and international business partners through our extensive network.
  • We issue all forms of guarantees in full compliance with Shariah requirements 


 


 

Contact us

For more information or assistant ,we are happy to serve you from 9:00 AM to 9 :00 PM Sunday to Thursday through our Albilad phone for businesses at 800 123 7777 , or at +96 61 14 798766 if you are ca​lling from mobile phones or from outside of Kingdom.​