Bank Guarantee-i (BG-i)

BG-i is an undertaking by the bank to pay the beneficiary the amount specified in the guarantee if the events stated therein (usually a default) have occurred.

Features

Type of facility

  • Trade Bills-i Facility

Tenure

The period of Bank Guarantee-i must not exceed one year except in the following cases:

  • Guarantees to cover government contracts – expiry of the guarantees must not exceed 12 months after the expiry of the original contract
  • Guarantees in respect of import and export of capital goods
  • Guarantees in respect of contracts for a specific period
  • Guarantees in lieu of earnest money/security deposit for licenses issued by the government for a specified period
Benefits
  • Guaranteeing payment in case of default or non-performance of a certain requirement
  • Globally accepted Shariah concept used
  • Low late payment charges
  • No processing fee
Eligibility
  • Sole Proprietor
  • Partnership/ Limited Liability Partnership (LLP)
  • Private and Public Limited Company
  • Government / Statutory Bodies
Requirements
  • Malaysian-controlled or Malaysian-owned business
  • Confined to the Halal business/requirement
  • Customer must have good credit record and subject to bank’s credit criteria
 

How to Apply

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