It is an indemnity by the customer to a shipping company to allow the shipping company to release goods to the customer in the absence of an original Bill of Lading. It is issued under the Shariah contract of Kafalah.
- Applicable for purchase of goods under the bank's Letter of Credit-i or under Inward Bills for Collection-i where the goods are consigned to the bank
- Once the Shipping Guarantee-i is issued, the buyer is obligated to accept the documents presented to him by the seller even if there is a discrepancy in the documents
- For the purpose of issuance, only a copy of Bill of Lading and invoice are required
- Able to obtain clearance goods without having to wait for a complete set of import documents
- Helps to avoid any demurrage or other port charges
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