Latest news with #AlBarakaBank
Zawya
22-07-2025
- Business
- Zawya
Al Baraka Bank Egypt seals $100mln deals with ICIEC
Arab Finance: Al Baraka Bank Egypt has signed two agreements worth a combined $100 million with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), according to an emailed press release. The agreements include The Documentary Credit Insurance Policy (DCIP) and The Bank Master Policy (BMP), both aimed at bolstering the bank's Islamic trade finance capabilities. The DCIP, valued at $50 million, is set to support the export transactions backed by Letters of Credit for Al Baraka Bank's Corporate and SMEs exporters. The policy provides tailored risk-mitigation instruments in de-risking the non-payment risk of overseas banks. This enhances exporters' ability to expand into new markets and increase their cross-border trade volumes. Meanwhile, the BMP will support Islamic trade finance transactions worth $50 million, marking a key step toward the development of Islamic finance and enhancing its role in supporting Corporate and SMEs. The signing ceremony was held between Khaled Khalfallah, CEO of ICIEC, and Ahmed Atteya, Head of Financial Institutions at Al Baraka Bank Egypt, in the presence of a group of senior international officials. Kareem Namek, Chief Financial Markets at Al Baraka Bank Egypt, 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.' '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," he added. These agreements are expected 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. This strategic partnership is aligned with Al Baraka Bank Egypt's vision and build on ICIEC's key role in supporting trade and investment across the 57 member countries of the Islamic Development Bank Group. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
21-07-2025
- Business
- Zawya
Al Baraka Bank-Egypt unveils $100mln deals with ICIEC
Cairo – Al Baraka Bank-Egypt has signed two key agreements totaling $100 million with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group. 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. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Zawya
20-07-2025
- Business
- Zawya
Al Baraka Bank Egypt signs two landmark agreements with ICIEC worth $100mln
Cairo – Al Baraka Bank Egypt has announced the signing of two key agreements with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), with a total value of USD 100 million. The agreements include The Documentary Credit Insurance Policy (DCIP) and The Bank Master Policy (BMP), both designed to strengthen the bank's Islamic trade finance capabilities. The DCIP valued at USD 50 million, is designed 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. The BMP is expected to support Islamic trade finance transactions worth USD 50 million. It represents a key step toward the development of Islamic finance and enhancing its role in supporting Corporate & SMEs. The signing ceremony was held between Dr. Khaled Khalfallah, CEO of ICIEC, and Mr. Ahmed Atteya, Head of Financial Institutions at Al Baraka Bank Egypt, in the presence of a group of senior international officials. In this context, Mr. Kareem Namek, Chief Financial Markets at Al Baraka Bank Egypt, 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. 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. 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. This strategic partnership is aligned with Al Baraka Bank Egypt's vision and complements the pivotal role played by ICIEC in supporting trade and investment across the 57 member countries of the Islamic Development Bank Group. Through Sharia-compliant insurance solutions, ICIEC facilitates development projects in key sectors such as food security, energy, transportation, and infrastructure.
Business Recorder
10-07-2025
- Business
- Business Recorder
Sports good product: Al Baraka Bank (Pakistan) holds webinar in Silakot
SIALKOT: Al Baraka Bank (Pakistan) Limited held first of its kind webinar in Sialkot, bringing together over 70 sports goods and sportswear exporters from Sialkot and importers from 12 countries across the globe through online video link. This was the first Product based webinar, showcasing Sialkot Sports goods and sportswear segment. The webinar was presided over by Muhammad Atif Hanif, CEO – Al Baraka Bank (Pakistan) Limited. Chairman Sports Association & CEO of M/s Forward Sports (Pvt.) Ltd Khawaja Masood Akhtar joined as Chief Guest. Office-bearers of the Sialkot Chamber of Commerce and Industry including Waseem Shahbaz Lodhi (SVP) along with prominent business figures. Online importers who attended the webinar included businesses from Türkiye, Egypt, Bahrain, Jordon, South Africa, Tunisia and Algeria; to name a few. On this occasion, Muhammad Atif Hanif, CEO – Al Baraka Bank (Pakistan) Limited, stated that webinars had previously been conducted between exporters of Pakistan and importers from South Africa, Egypt, Bahrain and Türkiye under Al Baraka Group Trade Finance Collaboration initiative, which provided country wise B2B connectivity opportunities. However, this webinar is a new landmark where exporters of Sports goods and Sportswear from Sialkot are connected with 12 other countries simultaneously. He further shared that a comprehensive Trade Finance Portal has also been developed, which contains complete details of selected exporters and importers of all Al Baraka Group subsidiaries to strengthen B2B connectivity. Copyright Business Recorder, 2025
Zawya
02-07-2025
- Business
- Zawya
USD continues to slip against EGP at Egyptian banks on Tuesday
Arab Finance: The US dollar traded at EGP 49.41 for buying and EGP 49.51 for selling at Banque Misr, the National Bank of Egypt (NBE), and the Commercial International Bank Egypt (CIB) on Tuesday. The exchange rate stood at EGP 49.45 for buying and EGP 49.55 for selling at the Suez Canal Bank. At both the United Bank and Al Baraka Bank Egypt, the USD recorded EGP 49.40 for purchasing and EGP 49.50 for selling. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
