Kafala
Kafala (Letter of Guarantee Facility): – is a written promise by the bank to compensate (pay sum of money) to the beneficiary (local or foreign) in the event that the obligor fails to honour his/her/its obligations in accordance with the terms and conditions of the guarantee/agreement/ contract. Types of Kafala/Letters of Guarantee offered by Coopbank:
- Bid Bond
- Performance Bond
- Advance Payment Guarantee
- Retention Payment Guarantee
- Letters of Indemnity for Missing Documents
- Customs Duty Guarantee