Regulatory Alerts2014-01-13
Added · Updated
Issuance of Umrah Hajj Guarantees in foreign currency
Authorized Dealers may furnish bank guarantees or performance bonds not exceeding 100,000 Saudi Riyal on behalf of approved Umrah agents in favor of Official Umrah service agents in the Kingdom of Saudi Arabia without prior approval from Bangladesh Bank. This authorization is subject to conditions including the agents holding up-to-date licenses from the Ministry of Religious Affairs and the Ministry of Civil Aviation and Tourism, possessing a valid International Air Transport Association Accreditation Certificate, and having satisfactory past performance. Additionally, Authorized Dealers must obtain agreements signed between Bangladeshi Umrah agents and official Umrah service agents of the Kingdom of Saudi Arabia. Any remittance resulting from the invocation of these guarantees requires reporting to Bangladesh Bank with detailed reasons for the invocation.
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