Latest news with #AlBarakaBank
Zawya
3 days ago
- Business
- Zawya
Al Baraka Bank Egypt wins 'Most Impactful Islamic Financial Institution of 2025' award from the IsDB Group
Cairo – Al Baraka Bank Egypt has been awarded the prestigious title of 'Most Impactful Islamic Financial Institution of 2025' by the Islamic Development Bank (IsDB) Group. This notable recognition highlights the bank's pivotal role in supporting economic and social development. The award was received by Mr. Ahmed Atteya, Head of Financial Institutions at Al Baraka Bank Egypt, from Dr. Khaled Khalafallah, Acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD), during the Private Sector Forum Awards Ceremony (PSF 2025), held as part of the annual meetings of the Islamic Development Bank Group in the Algerian capital. This accolade reflects Al Baraka Bank Egypt's distinguished position as a leading institution in providing Sharia-compliant banking products and services that cater to the needs of a wide range of clients, from individuals to corporations. Notably, the bank has successfully expanded its correspondent banking network to cover over 130 countries worldwide, significantly enhancing its capabilities in sustainably supporting foreign trade finance. The award also underscores the bank's remarkable growth in both direct and indirect financing portfolios targeted at small and medium-sized enterprises (SMEs), driven by its dedication to delivering fast, innovative financial solutions. Among its flagship programs are 'Ezdehar' and Medical Financing, with the total value of the SME financing portfolio surpassing USD 220 million in just three years. This achievement marks a significant milestone in the bank's journey toward empowering SMEs, reflecting its firm commitment to offering specialized financial solutions built on a deep understanding of this vital sector. Through these efforts, the bank has provided optimal support to over 930 small and medium-sized projects across key sectors that contribute to national economic development. Al Baraka Bank Egypt believes that empowering entrepreneurs is a cornerstone of economic progress and an investment in a more prosperous and sustainable future. The bank continues to develop innovative financing programs that unleash the potential of the SME sector and open new avenues for growth and expansion. Beyond new programs, the bank's support for SMEs is rooted in a comprehensive, long-standing strategy that focuses on providing flexible financing solutions tailored to meet the diverse needs of this dynamic segment.
Zawya
6 days ago
- Business
- Zawya
Al Baraka Bank Egypt launches joint trade program with South Africa branch
Arab Finance: Al Baraka Bank Egypt has launched a foreign trade cooperation program with Al Baraka Bank South Africa to support trade activities through the group's digital trade platform, as per an emailed press release. The initiative is part of Al Baraka Banking Group's strategy to facilitate investment and trade exchange across regional markets. It aims to provide practical support for exporters and importers by improving trade finance mechanisms to meet client needs and encourage economic ties among African countries. The program follows previous efforts involving other Al Baraka branches in Türkiye, Pakistan, Jordan, and Algeria. It reflects the group's continued focus on developing its digital platforms and strengthening cooperation across its regional network. During a webinar announcing the program, the bank noted that this step contributes to broader efforts to support trade integration and serve clients and communities across different markets. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
25-05-2025
- Business
- Zawya
Al Baraka Bank Egypt and Al Baraka Bank South Africa strengthen economic partnership through joint foreign trade cooperation program
Cairo – Al Baraka Bank Egypt has announced the launch of a joint cooperation program in the field of foreign trade with Al Baraka Bank South Africa. The initiative aims to enhance economic and financial collaboration between the two branches through Al Baraka's digital trade platform, as part of the broader Al Baraka Banking Group's strategy to create a supportive environment for investment and trade exchange across regional markets. This initiative comes as part of the bank's ongoing efforts to offer real opportunities for exporters and importers, while enhancing trade finance mechanisms to better serve clients and support stronger economic ties among African nations. The webinar witnessed the participation of His Excellency Ahmed Ali Sherif, Egyptian Ambassador to South Africa, in addition to senior representatives from both Al Baraka Bank Egypt and Al Baraka Bank South Africa, including Mr. Mostafa Alaroussi, Deputy CEO of Corporate and Investment Banking from Al Baraka Bank Egypt; Mr. Amr Kandil, General Manager of International Banking from Al Baraka Bank Egypt; and Mr. Shabbir Chohan, CEO of Al Baraka Bank South Africa. The event also welcomed delegates from both sides, as well as prominent attendees, including ministers plenipotentiary, commercial attachés, and professionals from the economic and financial sectors. In his remarks, Mr. Mostafa Alaroussi, Deputy CEO of Corporate and Investment Banking at Al Baraka Bank Egypt, stated: "This collaboration comes at a time when African markets are witnessing accelerating growth, highlighting the importance of building strong banking partnerships that support Al Baraka Bank clients and enable them to seize opportunities across our network on the continent. Our partnership with Al Baraka Bank South Africa reflects our commitment to expanding our clients' horizons and opening new avenues for investment and trade within Africa's promising markets." He further added: "We are working to empower our clients to take full advantage of the digital trade opportunities provided by our shared platform, which accelerates transactions and offers greater flexibility in financial operations. We also believe that productive collaboration between Egypt and South Africa in this regard will enhance economic integration and contribute to the achievement of sustainable development goals across the region." The webinar concluded by affirming that this event marks a continuation of Al Baraka's successful collaboration journey among its regional units. It follows previous fruitful initiatives with branches in Turkey, Pakistan, Jordan, and Algeria. This latest step reflects the bank's ongoing commitment to expanding regional cooperation and advancing its digital platforms, thereby promoting trade integration and supporting shared economic growth. It also reaffirms Al Baraka's ambitious strategy to connect diverse markets and deliver added value to its clients and the communities it serves.
bnok24
25-05-2025
- Business
- bnok24
Al Baraka Bank Egypt and Al Baraka Bank South Africa Strengthen Economic Partnership Through Joint Foreign Trade Cooperation Program
Al Baraka Bank Egypt has announced the launch of a joint cooperation program in the field of foreign trade with Al Baraka Bank South Africa. The initiative aims to enhance economic and financial collaboration between the two branches through Al Baraka's digital trade platform, as part of the broader Al Baraka Banking Group's strategy to create a supportive environment for investment and trade exchange across regional markets This initiative comes as part of the bank's ongoing efforts to offer real opportunities for exporters and importers, while enhancing trade finance mechanisms to better serve clients and support stronger economic ties among African nations. The webinar witnessed the participation of His Excellency Ahmed Ali Sherif, Egyptian Ambassador to South Africa, in addition to senior representatives from both Al Baraka Bank Egypt and Al Baraka Bank South Africa, including Mr. Mostafa Alaroussi, Deputy CEO of Corporate and Investment Banking from Al Baraka Bank Egypt; Mr. Amr Kandil, General Manager of International Banking from Al Baraka Bank Egypt; and Mr. Shabbir Chohan, CEO of Al Baraka Bank South Africa. The event also welcomed delegates from both sides, as well as prominent attendees, including ministers plenipotentiary, commercial attachés, and professionals from the economic and financial sectors In his remarks, Mr. Mostafa Alaroussi, Deputy CEO of Corporate and Investment Banking at Al Baraka Bank Egypt, stated: This collaboration comes at a time when African markets are witnessing accelerating growth, highlighting the importance of building strong banking partnerships that support Al Baraka Bank clients and enable them to seize opportunities across our network on the continent. Our partnership with Al Baraka Bank South Africa reflects our commitment to expanding our clients' horizons and opening new avenues for investment and trade within Africa's promising markets He further added: 'We are working to empower our clients to take full advantage of the digital trade opportunities provided by our shared platform, which accelerates transactions and offers greater flexibility in financial operations. We also believe that productive collaboration between Egypt and South Africa in this regard will enhance economic integration and contribute to the achievement of sustainable development goals across the region The webinar concluded by affirming that this event marks a continuation of Al Baraka's successful collaboration journey among its regional units. It follows previous fruitful initiatives with branches in Turkey, Pakistan, Jordan, and Algeria. This latest step reflects the bank's ongoing commitment to expanding regional cooperation and advancing its digital platforms, thereby promoting trade integration and supporting shared economic growth. It also reaffirms Al Baraka's ambitious strategy to connect diverse markets and deliver added value to its clients and the communities it serves Google News تابعونا على تابعونا على تطبيق نبض جاري التحميل ...
Zawya
25-05-2025
- Business
- Zawya
ICIEC and Al Baraka Bank Egypt sign a documentary credit insurance policy
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) ( 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). Contact: Email: ICIEC-Communication@ Follow us on: X : Facebook : LinkedIn : YouTube : Instagram : 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: SOURCE Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)
