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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.

Features

It is a Letter of Indemnity to the shipping company signed by the customer and countersigned by the bank authorizing the release of goods to the importer;
Release of goods without producing the original Bill of Lading.

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Al Kafalah Bank Guarantee (KBG)
Accepted Bills-i (AB-i) – Export/Sales
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2024-02-27 08:21:06