This is a surety given by the Bank (made under the concept of Al-Kafalah of Al-Dhamanah) whereby agrees to guarantee a liability of a customer/applicant in case of the latter defaults in fulfilling his obligation.
SG-i is a facility granted by the Bank to importers for clearance of goods at the port without producing original Bill of Lading. It should only be issued for documents drawn under the Bank’s LC or customers with approved SG-i facilities for collections documents.
There are several types of guarantees issued by the bank depending on the needs of the customers.
The common ones are listed below: