Shipping Guarantee-i (SG-i)

Shipping Guarantee-i is a facility where the Bank indemnifies and guarantees the shipping company for the release of goods to the buyer/importer without the presentation of the original Bill of Lading. Issued under the Kafalah contract, it can be defined as a surety provided by a party to the owner of the goods, who had placed or deposited his goods with the shipping company, whereby any subsequent claim by the owner for his goods must be met by the guarantor (the Bank).


Benefits & Features

Benefits of using our products:

  • You can take delivery of goods immediately
  • You will not have to incur demurrage and warehousing charges
  • Enables you to sell the goods without delay

Cut-off time

Application received by 1:00pm* will be processed on the same day.


* Subject to all terms and conditions complied with


Fees & Charges

Subject

Charges

Rate / Amount

1.   Upon issuance Commission

0.1% flat on the amount of the invoice; or

Min RM100.00 (for LC)

Min RM200.00 (for non-LC)

2.   If Shipping Guarantee (SG) is not returned Commission

0.5% per annum on the amount of the invoice:

If the guarantee is not returned within 3 months from the date of issue

Minimum RM50.00

3.   Application to countersign SG (BB14) Stamp duty RM10.00 on the original
4.   Letter of Indemnity – deliver without Bill of Lading (BB15) Stamp duty RM10.00 on the original
5.   Others
Fax Out of pocket expenses Actual direct cost Incurred
Photocopy Out of pocket expenses Actual direct cost Incurred
Other direct cost Out of pocket expenses Actual direct cost Incurred

Product Disclosure Sheet

Click here to download the PDS for SG-i


Forms

Click here to download Form for SG-i (BB 14)

Click here to download the Form for SG-i (BB 15)