Misk Islamic Bank offers a variety of banking services that comply with the provisions of Islamic Sharia to meet the needs of companies. These services aim to provide innovative and safe financial solutions that help customers manage their money and achieve their financial goals.
Misk Islamic Bank
Letters of Guarantee
Essential Financial Instruments Facilitating Trade and Ensuring Sharia-compliant Commitments. Here, we review the basic details related to these letters:
1- Customer Request: The company submits a request to our bank for obtaining a letter of guarantee, including the type of letter, the amount, and its purpose.
2- Request Evaluation: Our bank evaluates the request, focusing on both the Sharia and financial aspects, such as the company's ability to fulfill its obligations according to Islamic law.
3- Issuance of the Letter: Misk Islamic Bank issues the letter of guarantee using an acceptable Sharia-compliant format, such as Islamic surety or guarantee, and provides a copy to the beneficiary (the other party in the agreement).
Types of letters of guarantee at Misk Islamic Bank
Primary Guarantee Letter (Primary Surety):
Ensures the seriousness of the company in submitting bids in tenders and auctions.
Final Guarantee Letter (Performance Guarantee):
Ensures the company's execution of the agreed work or project.
Advance Payment Guarantee Letter:
Ensures the refund of the advance payment if the company fails to execute the work as agreed upon.
Labor Guarantee Letter:
Ensures payment of workers' dues in large projects.
Misk Islamic Bank
Features of Guarantee Letters in Misk Banks:
Compliance with Islamic Sharia: Ensures transactions' compliance with Sharia principles, enhancing trust between clients and the bank.
Risk Protection Provides protection to the beneficiary in case the client fails to meet its obligations.
Support for Projects and Businesses: Helps facilitate the implementation of large projects and ensures smooth business operations.
Project and business support It helps facilitate the implementation of major projects and ensures the smooth running of business.
Misk Islamic Bank
Issuance Mechanism:
o Request for Guarantee Letter: The company submits an official request to the bank.
o Bank Evaluation: The bank evaluates the request from financial and Sharia aspects.
o Contract Signing: A contract is signed outlining the details of the guarantee and its conditions.
o Letter Issuance: The guarantee letter is issued and delivered to the beneficiary.
Misk Islamic Bank
General Conditions of Guarantee Letters:
o Guarantee Amount: Specifies the amount that the bank commits to pay.
o Guarantee Period: Specifies the time period of the guarantee.
o Withdrawal Terms: Clarifies the conditions under which the beneficiary can withdraw the guaranteed amount.
Seamless Banking
Misk Islamic Bank offers a variety of banking services that comply with the provisions of Islamic Sharia
