ICIEC and Al Baraka Bank Egypt sign a documentary credit insurance policy

Zawya

25-05-2025

The insurance policy provides a comprehensive coverage for Al Baraka Bank's documentary credit transactions by protecting the bank againt non-payment risk of overseas banks issing letters of credit (LCs)
ALGIERS, Algeria -- The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (http://ICIEC.IsDB.org), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, today signed a Documentary Credit Insurance Policy (DCIP) with Albaraka Bank Egypt, on the sidelines of the IsDB Group Annual Meetings 2025 in Algiers to support export transactions backed by Letters of Credit worth USD 50 Million.
The DCIP was signed by Dr. Khalid Khalafalla, CEO of ICIEC, and Mr Ahmed Atteya, Head of Financial Institutions at Al Baraka Bank Egypt. This underscores the critical role of tailored risk-mitigation instruments in de-risking and enabling cross border trade.
The insurance policy provides a comprehensive coverage for Al Baraka Bank's documentary credit transactions by protecting the bank againt non-payment risk of overseas banks issing letters of credit (LCs). This enables to enlarge its LC confirmation business to support Egyptian exports.
Dr. Khalid Khalafalla, CEO of ICIEC, stated, 'We are honored to partner with Al Baraka Bank – Egypt on this Documentary Credit Insurance Policy to de-risk Egyptian exports. This collaboration strengthens economic resilience and supports growth across our member states.'
Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
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About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):
ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 50 Member States. ICIEC, for the 17th consecutive year, maintained an "Aa3" insurance financial strength credit rating from Moody's, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. Additionally, ICIEC has been assigned a First-Time 'AA-' long-term Issuer Credit Rating by S&P with Stable Outlook. ICIEC's resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than USD 121 billion in trade and investment. ICIEC activities are directed to several sectors - energy, manufacturing, infrastructure, healthcare, and agriculture.
For more information; visit: http://ICIEC.IsDB.org
SOURCE
Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)