Latest news with #AlBarakaIslamicBank
Zawya
24-07-2025
- Business
- Zawya
ICIEC inks credit insurance policy with Al Baraka Islamic Bank
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a shariah-based multilateral insurer and member of Islamic Development Bank Group, has signed a documentary credit insurance policy with Bahrain-based Al Baraka Islamic Bank. As per the deal, ICIEC will provide insurance coverage for the confirmation of Letters of Credit (LCs) issued by Al Baraka Islamic Bank in connection with the import and export of eligible shariah-compliant goods and services, said the Corporation in a statement. This solution will help mitigate payment risks associated with cross-border trade while promoting sustainable growth in ICIEC's member states, it stated. The DCIP 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. It aims to strengthen support for shariah-compliant trade finance, enabling greater security and confidence in the international trade ecosystem, remarked Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, after signing the deal with Dr. Adel Salem, Chief Executive Officer of Al Baraka Islamic Bank BSC Bahrain, "This strategic collaboration with Al Baraka Islamic Bank reflects ICIEC's unwavering commitment to advancing intra-OIC trade and investment," he noted. "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. This partnership demonstrates the power of multilateral cooperation in achieving shared development goals," he added. Both institutions reaffirmed their shared dedication to expanding the reach of Islamic finance, strengthening risk mitigation tools, and contributing to inclusive and sustainable economic development, said the statement. The duo is putting in a joint effort to enhance the capacity of Islamic financial institutions to manage trade-related risks more effectively, it added. Dr 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 unwavering commitment to innovation and robust risk management, giving the businesses we serve greater confidence to expand in global markets," he added.- TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Arab News
21-07-2025
- Business
- Arab News
ICIEC and Al-Baraka Islamic Bank Bahrain sign credit insurance policy
The Islamic Corporation for the Insurance of Investment and Export Credit, a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, and Al-Baraka Islamic Bank Bahrain signed a documentary credit insurance policy. The policy will strengthen support for Shariah-compliant trade finance, enabling greater security and confidence in the international trade ecosystem. 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.
Leaders
17-07-2025
- Business
- Leaders
ICIEC, Al Baraka Bank Sign Shariah-Compliant Trade Insurance Deal
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-compliant multilateral insurer and member of the Islamic Development Bank Group, has signed a Documentary Credit Insurance Policy (DCIP) with Al Baraka Islamic Bank BSC Bahrain. This partnership is aimed at enhancing support for Shariah-compliant trade finance by increasing security and confidence within international trade transactions. Mitigating Risk in Cross-Border Trade Through the agreement, ICIEC will provide insurance coverage for the confirmation of Letters of Credit (LCs) issued by Al Baraka Islamic Bank. Moreover, these LCs are connected to the import and export of Shariah-compliant goods and services. The DCIP is designed to help reduce payment risks in cross-border trade while encouraging sustainable economic development across ICIEC member states. Dr. Khalid Khalafalla, CEO of ICIEC, emphasized the strategic value of the collaboration: '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.' Dr. Adel Salem, CEO of Al Baraka Islamic Bank BSC Bahrain, highlighted the significance for the bank and the broader economy: '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.' Advancing Islamic Finance, Economic Inclusion The DCIP is an essential tool for Islamic banks, enabling them to expand trade finance activities while minimizing commercial and political risk exposure. Additionally, this policy aligns with ICIEC's broader mission to promote economic resilience, financial inclusion, and private sector growth in its member countries. Both ICIEC and Al Baraka reaffirmed their shared commitment to advancing Islamic finance, enhancing risk mitigation solutions, and contributing to inclusive and sustainable development across the OIC member states. Finally, this partnership marks a forward step in leveraging Shariah-compliant financial tools for global trade and economic growth. Related Topics : ICIEC, SAPICO Announce Strategic Partnership to Boost Trade, Investment Opportunities Saudi Arabia Announces Plan to Invest in Meat Self-Sufficiency Saudi Family Forum Launches National Framework for Children's Online Safety Board of Grievances Attains ISO 20000 Certification for IT Service Management Short link : Post Views: 8
Daily Tribune
04-07-2025
- Business
- Daily Tribune
Al Baraka Islamic Bank announces winner of July's AlBarakat grand prize totalling $120,000
Al Baraka Islamic Bank Bahrain, one of the leading Islamic banks in the Kingdom of Bahrain, has recently announced the winner of the Al Barakat Grand Prize for July 2025. Fadhel Mohamed Al Attar has won a monthly salary of USD 10,000 for an entire year, totalling USD 120,000, through the bank's monthly draws held for customers of the Al Barakat Investment Account. The draw for the July 2025 Grand Prize took place on Wednesday at the Bank's headquarters in Bahrain Bay, in the presence of the Bank's marketing team, internal and external auditors, and under the supervision of the Ministry of Industry and Commerce. This July Grand Prize comes as part of the leading 'Al Barakat' Prize Scheme, through which Al Baraka Islamic Bank continues to offer valuable cash prizes to its customers throughout the year. The Al Barakat Grand Prizes for this year comprise various awards, making it one of the most attractive scheme with a total of USD 4 million in prizes. Additionally, the Bank organised a surprise special draw under the 'Al Barakat' programme, where 40 lucky customers each won cash prizes of USD 400, amounting to a total of USD 16,000. Mazin Dhaif, Chief Retail Officer at Al Baraka Islamic Bank, said, 'We are proud to continue offering the Al Barakat Prizes, which have become a distinctive feature in Bahrain's banking market. Through this unique scheme, we have succeeded in bringing joy to thousands of customers over the past years and enabling them to realise their financial aspirations. Today, we are pleased to announce the winner of the July Grand Prize and extend our warmest congratulations and best wishes to him and all the winners.' Al Barakat Investment Account from Al Baraka Islamic Bank, compliant with Sharia principles, offers numerous chances to win outstanding cash prizes throughout the investment period, with a minimum deposit requirement of BD 50 or approximately USD 135. Individuals of all nationalities over the age of 18 can open an Al Barakat Investment Account through Al Baraka Islamic Bank's mobile application without needing to visit a branch. Accounts can also be opened for those under 18 by their parents or legal representatives.
Daily Tribune
26-06-2025
- Business
- Daily Tribune
Cash prizes for 50 winners totalling BD 14,000 Al Baraka Islamic Bank launches
Al Baraka Islamic Bank Bahrain, one of the leading Islamic banks in the Kingdom of Bahrain, has announced the launch of its new summer promotional campaign for credit cardholders. Running until 20 October, 2025, the campaign features three grand draws offering generous prizes to 50 winners with cash prizes totalling BD 14,000, in addition to 200,000 loyalty points. Customers participating in this exciting campaign will have the chance to win cash prizes and reward points when using their credit cards locally, internationally, or online for a minimum sum of BD300 for local transactions, and BD700 for international or online transactions in foreign currencies excluding Euro. The summer promotional campaign includes cash prizes totalling BD 14,000 for 50 winners, in addition to 200,000 reward points distributed to eligible customers based on their local and international credit card spending. Customers are automatically entered into the draw upon achieving the minimum qualifying spending amount, with one entry for every BD50 spent during the campaign period. Customers who meet all eligibility criteria will also qualify to enter the three draws and win each, giving them a chance to triple their wins during the campaign period. Mr. Mazin Dhaif, Chief Retail Officer at Al Baraka Islamic Bank, stated, 'At Al Baraka Islamic Bank, we provide real value to our customers through innovative programs and initiatives that meet their daily needs and offer greater rewards. Our summer credit card campaign is part of this commitment, offering a distinct mix of cash prizes and loyalty points to enhance the customer experience and support their financial goals.' It is important to note that Al Baraka Islamic Bank's credit cards are fully Shari'a-compliant and come with numerous exclusive benefits. These include no salary transfer requirement, no annual fees, and the Al Baraka Rewards Program, which allows points to be redeemed for global travel and accommodation offers, free access to airport lounges worldwide, and other unique perks.
