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Kafalah Bank Guarantee-i (KBG-i)

It is a guarantee issued by the Bank to the Beneficiary (contract awarder/third party) where the Bank undertakes to pay the Beneficiary an agreed sum if the Customer defaults in fulfilling the obligations with the Beneficiary.

Shariah Concept

  • The Shariah concept applicable for this product is Kafalah. Kafalah refers to a contract where the guarantor (Bank) conjoins the guaranteed party (Customer) in assumning the latter’s specified liability. The guarantor shall impose ujrah (fee) for providing the Kafalah service.

Product Disclosure Sheet