Submitting Financial Guarantee

Requirements for Submitting Financial Guarantee

The financial guarantee must be submitted according to the following types:

• A bank guarantee issued by any bank operating in the Kingdom.
• A financial guarantee account through one of the banks operating in the Kingdom.
• An executive bond from the company or its owning company, if the company is:
• With high financial capacity
• Listed on the main Saudi Stock Exchange, supported by an annual report from a certified public accountant.
• Saudi government bonds that are eligible for pledge.
• Insurance and guarantee products and instruments.

Procedures for Submitting the Financial Guarantee

If the financial guarantee is issued by one of the following banks, the submission is done electronically through them. These banks include:

• First Saudi Bank
• Riyad Bank
• Al Rajhi Bank
• Alinma Bank
• National Commercial Bank (NCB)
• Bank Albilad: 'It is possible to issue a bank guarantee with a reduced cash coverage of 30% of the guarantee value, one time, without the need to increase the cash coverage until the end of the license.

If other banks are involved, the submission is made through the ministry

Duration for Submitting the Financial Guarantee :

The duration for submitting the financial guarantee is equal to the license period plus an additional 18 months.