Bonds & Guarantees (Kafalah)
Bonds & Guarantees (Kafalah) is for customers who require a Guarantee to their clients. These clients can be the government, blue-chip companies, travel agents and international businesses etc. The guarantee can be in the form of Advance Payment Guarantee, Performance Bond, Bid Bond, Custom Bond, Bank Guarantee etc.
Here, the Bank serves as surety and this is provided under the concept of Kafalah, whereby the bank agrees to guarantee the liability of the customer.