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Sharia-Compliant Surety Company

This group encompasses Sharia-compliant surety companies that operate entirely based on Sharia principles, with business activities including providing surety by Sharia-compliant guarantors for the fulfillment of financial obligations to the secured party. This group engages in the following business activities: guarantees for financing based on Sharia principles provided by financial institutions; guarantees for loans or financing disbursed by savings and loan cooperatives or cooperatives with savings and loan units to their members; and guarantees for loans or financing in partnership programs disbursed by state-owned enterprises as part of partnership and community development programs, all of which are conducted entirely based on Sharia principles. In addition to these business scopes, Sharia-compliant surety companies may also engage in Sharia-compliant activities such as bond guarantees, installment purchase guarantees, trade transaction guarantees, procurement guarantees (surety bonds), bank guarantees (counter-guarantees), domestic documentary letter of credit guarantees, letter of credit guarantees, customs bonds, excise guarantees, and management consultancy services related to surety business activities, and other business activities with approval from the Financial Services Authority.