Noor Islamic Bank is an established local bank in UAE and guarantees issued by Noor Islamic Bank will help your business establish credibility with new suppliers and potential clients. Our expertise is at your disposal to issue all types of guarantees including bid bonds, performance bonds, advance payment bonds, retention bonds, labour, or customs duty.
Bid / Tender Bonds
Bid / Tender bonds are written guarantees from Noor Islamic Bank issued in favour of clients or importers to support tenders for contract made by contractors/bidders/exporters. Bid bond ensures that on acceptance of bid, the client or importer will proceed with the contract and will replace the bid bond with a performance-bond.
Performance bonds are surety bonds issued by Noor Islamic Bank to replace bid / tender bonds and guarantee that the supplier / contractor will abide by the terms of the contract and ensure satisfactory completion of a project.
Performance bonds are commonly used in the construction and development of real property.
Advance Payment Bonds / Guarantees
Advance Payment bonds are issued when the customers / suppliers / contractors ask for a sum of money to be paid in advance of the works/services being carried out. The bonds are used in a wide range of supply contracts.
Retention bonds are issued to protect the customer after a contract is finished and guarantees that the contractor will carry out any necessary work to correct any defects discovered immediately after completion, even if the full payment has been made. The bond is issued to cover the amount of retention money released by the beneficiary or in lieu of the amount to be retained by the beneficiary as per the contract.
As per UAE employment laws, labour guarantees are issued to ensure compliance and are issued through the e-registration process favouring the Ministry of Labour.
Shipping Guarantees / Delivery Orders
A shipping guarantee or a delivery order is issued to you for taking delivery of the goods where the original documents has not been received or processed and indemnifies the shipping company against any liability.
Shipping guarantees improves your working cycle considerably by facilitating immediate possession of goods, eliminating storage charges and defer payment until your supplier’s documents have been received and processed.