A payment guarantee from your bank to a beneficiary (third party) when you failed to deliver pre-agreed obligations
- Imagine you’re a local brake pad manufacturer and you are trying to supply to Nissan Malaysia. However, Nissan Malaysia is sceptical of your ability to fulfil such a large order in desired quality
- You can request our bank to issue a BG-i in favour of Nissan Malaysia. The bank will guarantee the payment to Nissan Malaysia in the event that you fail to deliver the pre-agreed order
- With this solution, you have the opportunity to work with bigger corporations and expand your business faster
- 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