Bonds & Guarantees (Kafalah) is for customers who require a Guarantee to their clients. These clients can be the government, blue-chip companies, travel agents and international businesses etc. The guarantee can be in the form of Advance Payment Guarantee, Performance Bond, Bid Bond, Custom Bond, Bank Guarantee etc.
Here, the Bank serves as surety and this is provided under the concept of Kafalah, whereby the bank agrees to guarantee the liability of the customer.
Features
- Zero account opening balance
- Zero Account Maintenance fees
- Verve debit card
- Internet banking
- mobile banking app
- Email and/or SMS alert
Benefits
- A guarantee on specified liability required by beneficiary in fulfilling the contract requirement.
- Strong Financial Standing – Reflects your capability to carry out your payment obligations
- Negotiation Power – Allows you to negotiate favorable trade terms with your counterpart
- Enhanced Liquidity – Access to funds for advance payment BG/SBLC or for the release of retention funds under contracts
Requirements
- Duly filled and signed Account Opening Form
- Two (2) Specimen Signature Cards
- Two (2) Independent and satisfactory references (completed by another Limited Liability Company or higher.
- Two (2) recent and clear passport-size photographs for each signatory to the account
- Certificate of Incorporation (Originals to be sighted)
- Particulars of Directors – Form CO7 (Certified True Copy by the Registrar of Companies and originals to be sighted)
- Memorandum and Articles of Association (Certified True Copy by the Registrar of Companies/Director of Company)
- Board Resolution (Signed and Sealed)
- Identification of Signatories (International Passport, Drivers License, Voters Card or National ID Card)
- Resident Permit (Where the signatory is an expatriate)
- Public Utility Receipt
- Form CO2 and CAC 2.1 (originals to be sighted)
- Features
-
Features
- Zero account opening balance
- Zero Account Maintenance fees
- Verve debit card
- Internet banking
- mobile banking app
- Email and/or SMS alert
- Benefits
-
Benefits
- A guarantee on specified liability required by beneficiary in fulfilling the contract requirement.
- Strong Financial Standing – Reflects your capability to carry out your payment obligations
- Negotiation Power – Allows you to negotiate favorable trade terms with your counterpart
- Enhanced Liquidity – Access to funds for advance payment BG/SBLC or for the release of retention funds under contracts
- Requirements
-
Requirements
- Duly filled and signed Account Opening Form
- Two (2) Specimen Signature Cards
- Two (2) Independent and satisfactory references (completed by another Limited Liability Company or higher.
- Two (2) recent and clear passport-size photographs for each signatory to the account
- Certificate of Incorporation (Originals to be sighted)
- Particulars of Directors – Form CO7 (Certified True Copy by the Registrar of Companies and originals to be sighted)
- Memorandum and Articles of Association (Certified True Copy by the Registrar of Companies/Director of Company)
- Board Resolution (Signed and Sealed)
- Identification of Signatories (International Passport, Drivers License, Voters Card or National ID Card)
- Resident Permit (Where the signatory is an expatriate)
- Public Utility Receipt
- Form CO2 and CAC 2.1 (originals to be sighted)
