Bank guarantee is an instrument which business partners can use to strengthen and/or secure an obligation in their contract.
We offer bank guarantee under Kafalah contract. Kafalah is a contract in which a third party becomes a surety i.e. provides guarantee for the payment of debt on behalf of the debtor.
It is a pledge given by a third party to a creditor to the effect that if the debtor defaults in payment of the debt, it will be paid by such third party as kafeel i.e. Surety.
The bank collects fees for the services.