ICIEC and Al-Baraka Islamic Bank Bahrain sign credit insurance policy
Under this partnership, ICIEC will provide insurance coverage for the confirmation of letters of credit issued by Al-Baraka Islamic Bank in connection with the import and export of eligible Shariah-compliant goods and services. This solution will help mitigate payment risks associated with cross-border trade while promoting sustainable growth in ICIEC's member states.
CEO of ICIEC Dr. Khalid Khalafalla said: 'This strategic collaboration with Al-Baraka Islamic Bank reflects ICIEC's commitment to advancing intra-OIC trade and investment. By supporting Shariah-compliant trade finance through our documentary credit insurance policy, we are facilitating secure trade flows while empowering Islamic banks to broaden their offerings to clients.'
CEO of Al-Baraka Islamic Bank Bahrain Dr. Adel Salem said: 'We are delighted to partner with ICIEC on this pioneering credit insurance policy, which empowers us to extend Shariah‑compliant trade finance to our clients, bolster Bahrain's role as a regional hub for Islamic banking, and stimulate sustainable economic growth across member states worldwide. This collaboration underscores our commitment to innovation and robust risk management, giving the businesses we serve greater confidence to expand in global markets.'
The documentary credit insurance policy serves as a vital tool for Islamic banks, enhancing their ability to expand trade finance operations with reduced exposure to commercial and political risks.
The policy also complements ICIEC's broader mandate to promote economic resilience, financial inclusion, and private sector development in member countries.
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