Al Kafalah Shipping Guarantee (KSG)

This is a guarantee provided by a person (the Bank) to the owner of a goods, who had placed or deposited his goods with a third party, made under the concept of Al-Kafalah or Al-Dhamanah whereby any subsequent claim by the owner for his goods must be met by the guarantor and the third party.

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.

Benefits

• Importer can take delivery of goods immediately;
• Importer will not have to incur excessive storage charges;
• Enables the importer to sell the goods without delay.