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Bank Guarantee-i

Bank Guarantee-<i>i</i>
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. BG-i serves as a surety by Al Rajhi Bank who agrees to be responsible for the financial obligation of the applicant. It is issued on behalf of customer to facilitate the usage of products or services, or to secure contracts and issued guarantee instrument. The BG-i product can be offered to customer with/out financing facility. BG Backed by Cash Margin is a guarantee instrument against cash mode solution.
Product Features
• Applicable via financing line or cash mode solution
• Available in MYR & selected foreign currencies
• Honour payment to your beneficiary upon receipt of a claim
• No necessity to raise cash to meet the deposit requirements, and funds could be used to support working capital requirements (with financing line)
• Wakalah, Ujrah
The Bank acts as an agent (wakeel) to issue a written guarantee backed by upfront payment from the Customer

 

• Kafalah
The Bank acts as a guarantor where the Bank will guarantee the Customer’s project or performance
• On merit or case to case basis
• Customer who enjoys financing facility with the Bank

Fees & Charges

Service Types Charges (RM)

BG-i - with (Trade Limit)

Handling Fees – for Issuance/Amendment/Renewal/Extension

Retail/ SME/ Non SME Customers: RM400.00 flat plus cost of postage/ SWIFT

BG-i  – Backed by Cash Margin

Handling Fee – for Issuance

Amendment Fee

·Increase Amount
·Extension of validity

Retail/ SME Customers: RM400.00 flat plus cost of postage/ SWIFT

Non-SME Customers: 0.1% per month or 1.2% per annum or minimum RM400.00

Other Amendments

RM400.00

SWIFT charges for BG-i Issuance & Amendment

RM100.00 (maximum)

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