Corporate Banking

Bonded

This service is another example of the Arab Bank's standing policy of developing its banking services and expanding its asset based lending. It is basically targeted towards the industrial and commercial sectors that can store their goods in the Bonded Warehouses for a maximum period of two years, while the customs duties remain suspended during that period and up to their clearance.

The Bonded Warehouses shall be provided with maximum security and protection, inter alia:-

  1. A state-of-the-art fire protection system.
  2. High parameter walls.
  3. A full coverage insurance of goods against all risks.
  4. Around-the-clock guards.

What Bonded services offer to Arab Bank customers?

  1. Delaying payment of customs duties on goods until they are exited.
  2. Storing wholly manufactured goods.
  3. Securing finance to customers, since the stored goods can be used as collateral to obtain banking facilities.
  4. Providing additional safe and secure storage space at reduced costs.

The industrial and commercial sectors and importers of cars and equipment can benefit from the Bonded services; they can exit their goods to the local market, re export them or enter them to the Free zone.

The Bonded Administration collects rental fees from the customers, as per a price list set by the Customs Department. This list may be amended from time to time.

For further information, contact your branch.