Al Baraka Bank-Egypt unveils $100mln deals with ICIEC
With each valued at $50 million, The Documentary Credit Insurance Policy (DCIP) and The Bank Master Policy (BMP) agreements are both designed to strengthen Al Baraka Bank-Egypt's Islamic trade finance capabilities, according to a press release.
The DCIP aims to support the export transactions backed by Letters of Credit for Al Baraka Bank's Corporate & SMEs exporters. The policy provides tailored risk-mitigation instruments in de-risking the non-payment risk of overseas banks, thereby enhancing exporters' ability to expand into new markets and increase their cross-border trade volumes.
Meanwhile, the BMP is expected to support Islamic trade finance transactions worth the $50 million deal value. It represents a key step toward the development of Islamic finance and enhancing its role in supporting Corporate & SMEs.
Chief Financial Markets at Al Baraka Bank-Egypt, Kareem Namek, stated: "These agreements reflect Al Baraka Bank-Egypt's unwavering commitment to offering integrated, Sharia-compliant banking solutions that empower our clients to conduct international trade with greater confidence and security.'
Namek noted: 'The provision of such advanced insurance coverage is a cornerstone of our strategy to mitigate credit risk, expand our trade finance operations, and contribute to long-term sustainable economic growth.'
The official concluded: 'We firmly believe that innovation and transparency in our financial services are essential to strengthening our position as a leading Islamic Financial institution supporting both the national economy and the Islamic banking sector."
These agreements are set to enhance the ability of Al Baraka Bank-Egypt's corporate and SMEs clients to expand their export activities across global markets, through innovative financial solutions that promote financial stability, attract investment, and support sustainable development.
Through Sharia-compliant insurance solutions, ICIEC facilitates development projects in key sectors such as food security, energy, transportation, and infrastructure.
It is worth noting that Al Baraka Bank-Egypt generated net profits after tax worth EGP 959 million in the first quarter (Q1) of 2025.
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