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BG-i is based on Shariah contract of Kafalah (guarantee) Issued in Ringgit Malaysia and major Foreign currency; Fixed expiry date and Fixed claim period; Fee collected upfront; Favouring beneficiaries acceptable to the Bank; Non-Bank standard format requires approval; Bank to honour claims within 24 hours upon receipt of valid claim
Bank Guarantee (BG) & Standby Letter of Credit (SBLC) A guarantee by the bank on your behalf, where the bank agrees to indemnify a third party should you fail to perform in accordance with the terms of a contract.
The Bank acts as guarantor and will pay an agreed sum if the customer fails or defaults in fulfilling his obligations under the BG. There are two types of bank guarantees i.e. Financial and Non-Financial Bank Guarantees (BG):-.
bank guarantee (bg) Give assurance to your trading partner with a BG issued by CIMB Bank. The Bank will pay your trading partner an agreed sum in the event that you default in the obligations that you and your trading partner agreed on.
The Bank provides a guarantee facility to its customer under the principle of Kafalah bil Ujrah (guarantee with fee). Under this principle, the Bank guarantees to pay an agreed sum to one party in case customer fails or default in fulfilling his obligation as per conditions set out in the guarantee. 3. What do I get from this product?
Give the assurance of guaranteed payment and enjoy enhanced credit terms with our globally recognised presence. Inspire confidence in your trading partners with our Bank Guarantee to negotiate advantageous terms for your business.
A Bank Guarantee (BG-i) is a payment undertaking given by the Bank (guarantor) in writing at the request of customer (principal/ applicant) to pay stated sum of money to the beneficiary upon presentation of written demand.
