Letters of guarantee are issued on behalf of Ithmaar Bank customers. Types of guarantees issued by the Bank include and are not limited to bid, performance, advance payment, and retention guarantees. The guarantees help you meet project, contract, ministry, and other counterparty requirements. The customer can apply for a credit line or can issue letters of guarantee against cash margin.
How to Apply?
- For letters of guarantee against cash margin, visit our Main Branch on the Ground Floor, Seef Tower, Seef District
- For letters of guarantee against credit line, call us on 13303030 to schedule an appointment with our Business Banking team.
Steps for applying for Letter of Guarantee against Cash
1. The customer will need to request the bank to issue a letter of guarantee by filling the below mentioned list of documents..
2. The bank requests the customer to deposit a sum of money equivalent to the value of the guarantee, to cover the amount of the letter of guarantee..
3. The bank will thereafter issue the letter of guarantee and collect the guarantee fees and charges. Any claim of the letter of guarantee is effected by utilising the amount of the margin deposited by the customer. .