Latest news with #Bahrain
Zawya
an hour ago
- Business
- Zawya
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Al Baraka Islamic Bank BSC Bahrain Sign Documentary Credit Insurance Policy to Boost Shariah-Compliant Trade
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, and Al Baraka Islamic Bank BSC Bahrain signed a Documentary Credit Insurance Policy (DCIP). The policy aims to strengthen support for Shariah-compliant trade finance, enabling greater security and confidence in the international trade ecosystem. The agreement was signed by Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, and Dr. Adel Salem, Chief Executive Officer of Al Baraka Islamic Bank BSC Bahrain, in a joint effort to enhance the capacity of Islamic financial institutions to manage trade-related risks more effectively. Under this partnership, 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. This solution will help mitigate payment risks associated with cross-border trade while promoting sustainable growth in ICIEC's member states. Dr. Khalid Khalafalla, CEO of ICIEC, stated: ' This strategic collaboration with Al Baraka Islamic Bank reflects ICIEC's unwavering 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. This partnership demonstrates the power of multilateral cooperation in achieving shared development goals.' For his part, Dr. Adel Salem, CEO of Al Baraka Islamic Bank BSC Bahrain, stated: ' 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.' 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. 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. Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). Media Contacts: ICIEC Email: ICIEC-Communication@ Al Baraka Islamic Bank BSC Email: marketing@ Follow ICIEC on: X: Facebook: LinkedIn: YouTube: Instagram: About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC): As a member of 'AAA' rated Islamic Development Bank (IsDB), 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 17 th 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, S&P has reaffirmed ICIEC 'AA-' long-term Issuer Credit and Financial Strength Rating for the second year with Stable Outlook. ICIEC's resilience is underpinned by its sound underwriting, global reinsurance network, and strong 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. Website: About Al Baraka Islamic Bank BSC: Al Baraka Islamic Bank (AIB) is one of leading financial institutions in the Islamic banking sector within Bahrain. Throughout its history of more than four decades (since its establishment in 1984), the Bank has played a prominent role in building the infrastructure of the Islamic finance industry. The Bank also played a significant role in promoting the Islamic finance industry and publicizing its merits. AIB offers innovative financial products, including investments, international trading, management of short-term liquidity and consumer financing, all of which are all based on Islamic financing modes. Such financing includes Murabaha, Wakala, Istisna, Musharaka, Mudarabah, Salam, and Ijara Muntahia Bittamleek.
Associated Press
2 hours ago
- Business
- Associated Press
Trump hosts Gulf leaders at White House as new violence raises questions about progress toward peace
WASHINGTON (AP) — President Donald Trump is hosting a pair of Arab Gulf leaders at the White House on Wednesday as violence between Israel and Syria renewed doubts about his pledge to impose peace on the Middle East. Trump held a meeting in the Oval Office with Bahrain's crown prince and was set to have dinner with Qatar's prime minister. The Republican president has lavished attention on the Gulf, a wealthy region where members of his family have extensive business relationships. He has already visited Saudi Arabia, Qatar and the United Arab Emirates on the first foreign policy trip of his second term. With little progress to share on the region's most intractable problems, including the war in Gaza, Trump was more focused Wednesday on promoting diplomatic ties as a vehicle for economic growth. 'Anything they needed, we helped them,' Trump said in the Oval Office while meeting with Bahrain Crown Prince Salman bin Hamad Al Khalifa. 'And anything we needed, they helped us.' Meeting with Bahrain's crown prince Bahrain is a longtime ally that hosts the U.S. Fifth Fleet, which operates in the Middle East. Like other Arab leaders, Al Khalifa was eager to highlight the lucrative potential of diplomatic ties with the U.S., including $17 billion of investments. 'And this is real,' he said. 'It's real money. These aren't fake deals.' According to the White House, the agreements include purchasing American airplanes, jet engines and computer servers. More investments could be made in aluminum production and artificial intelligence. Bahrain's king, the crown prince's father, is expected to visit Washington before the end of the year. An important part of the relationship will be an agreement, signed on Wednesday, to advance cooperation on civilian nuclear energy. Dinner with Qatari prime minister Sheikh Mohammed bin Abdulrahman Al Thani, the prime minister of Qatar and a member of the country's ruling family, is scheduled to attend a private dinner with Trump on Wednesday evening. Trump visited Qatar during his trip to the region, marveling at its palaces and stopping at the Al Udeid Air Base, a key U.S. military facility. The base was targeted by Iran after the U.S. bombed the country's nuclear facilities. One ballistic missile made impact, while others were intercepted. Trump wants to use a luxurious Boeing 747 donated by Qatar as his Air Force One because he's tired of waiting for Boeing to finish new planes. However, the arrangement has stirred concerns about security and the ethics of accepting a gift from a foreign government. Aaron David Miller, who served as an adviser on Middle East issues to Democratic and Republican administrations, said 'the Gulf represents everything that Trump believes is right about the Middle East.' 'It's rich, it's stable, it's populated by authoritarians with whom the president feels very comfortable,' he said. Fighting in Syria The fighting in Syria began with clashes between Sunni Bedouin tribes and Druze factions in the country's south. Government forces intervened, raising alarms in Israel, where the Druze are a politically influential religious minority. On Wednesday, Israel launched strikes in the Syrian capital of Damascus. A ceasefire was later announced, but it was unclear if it would hold. Secretary of State Marco Rubio, who was in the Oval Office for Trump's meeting with the crown prince of Bahrain, said the fighting was the result of 'an unfortunate situation and a misunderstanding.' He said 'we think we're on our way to a real de-escalation' that would allow Syria to 'get back on track' to rebuilding after years of civil war. Despite an international outcry over its punishing military operations in Gaza, Israel has successfully weakened its enemies around the region, including Hezbollah and Iran. 'There's a growing concern that Israel been a bigger sense of unpredictability,' Brian Katulis, a senior fellow at the Middle East Institute, said. He also warned that 'there's still no game plan to deal with the loose ends of Iran's nuclear program and its other activities in the region,' such as support for the Houthis.
Washington Post
2 hours ago
- Business
- Washington Post
Trump hosts Gulf leaders at White House as new violence raises questions about progress toward peace
WASHINGTON — President Donald Trump is hosting a pair of Arab Gulf leaders at the White House on Wednesday as violence between Israel and Syria renewed doubts about his pledge to impose peace on the Middle East. Trump held a meeting in the Oval Office with Bahrain's crown prince and was set to have dinner with Qatar's prime minister. The Republican president has lavished attention on the Gulf, a wealthy region where members of his family have extensive business relationships . He has already visited Saudi Arabia, Qatar and the United Arab Emirates on the first foreign policy trip of his second term. With little progress to share on the region's most intractable problems, including the war in Gaza, Trump was more focused Wednesday on promoting diplomatic ties as a vehicle for economic growth. 'Anything they needed, we helped them,' Trump said in the Oval Office while meeting with Bahrain Crown Prince Salman bin Hamad Al Khalifa. 'And anything we needed, they helped us.' Bahrain is a longtime ally that hosts the U.S. Fifth Fleet , which operates in the Middle East. Like other Arab leaders, Al Khalifa was eager to highlight the lucrative potential of diplomatic ties with the U.S., including $17 billion of investments. 'And this is real,' he said. 'It's real money. These aren't fake deals.' According to the White House, the agreements include purchasing American airplanes, jet engines and computer servers. More investments could be made in aluminum production and artificial intelligence. Bahrain's king, the crown prince's father, is expected to visit Washington before the end of the year. An important part of the relationship will be an agreement, signed on Wednesday, to advance cooperation on civilian nuclear energy. Sheikh Mohammed bin Abdulrahman Al Thani, the prime minister of Qatar and a member of the country's ruling family, is scheduled to attend a private dinner with Trump on Wednesday evening. Trump visited Qatar during his trip to the region, marveling at its palaces and stopping at the Al Udeid Air Base, a key U.S. military facility. The base was targeted by Iran after the U.S. bombed the country's nuclear facilities. One ballistic missile made impact, while others were intercepted. Trump wants to use a luxurious Boeing 747 donated by Qatar as his Air Force One because he's tired of waiting for Boeing to finish new planes. However, the arrangement has stirred concerns about security and the ethics of accepting a gift from a foreign government . Aaron David Miller, who served as an adviser on Middle East issues to Democratic and Republican administrations, said 'the Gulf represents everything that Trump believes is right about the Middle East.' 'It's rich, it's stable, it's populated by authoritarians with whom the president feels very comfortable,' he said. The fighting in Syria began with clashes between Sunni Bedouin tribes and Druze factions in the country's south. Government forces intervened, raising alarms in Israel, where the Druze are a politically influential religious minority. On Wednesday, Israel launched strikes in the Syrian capital of Damascus. A ceasefire was later announced , but it was unclear if it would hold. Secretary of State Marco Rubio , who was in the Oval Office for Trump's meeting with the crown prince of Bahrain, said the fighting was the result of 'an unfortunate situation and a misunderstanding.' He said 'we think we're on our way to a real de-escalation' that would allow Syria to 'get back on track' to rebuilding after years of civil war. Despite an international outcry over its punishing military operations in Gaza, Israel has successfully weakened its enemies around the region, including Hezbollah and Iran. 'There's a growing concern that Israel been a bigger sense of unpredictability,' Brian Katulis, a senior fellow at the Middle East Institute, said. He also warned that 'there's still no game plan to deal with the loose ends of Iran's nuclear program and its other activities in the region,' such as support for the Houthis.
Yahoo
2 hours ago
- Business
- Yahoo
Trump says US will stick to 25% tariff on Japan, may have deal with India soon
By Trevor Hunnicutt and Andrea Shalal WASHINGTON (Reuters) -President Donald Trump said on Wednesday the U.S. will probably "live by the letter" on tariffs with Japan and may have another trade deal coming up with India, following his announcement of an accord with Indonesia on Tuesday. "We have some pretty good deals to announce," Trump told reporters at the start of a meeting with Bahrain's Crown Prince Salman bin Hamad Al Khalifa at the White House. He said he would also discuss trade issues with the Bahraini leader. "The big one really is going to be on the 150 countries that we're really not negotiating with, and they're smaller -- we don't do much business with." On July 7, Trump announced 25% tariffs on imports from Japan and South Korea, effective August 1. He also announced separate rates for a number of other countries. On Tuesday, he said letters would be going out soon to dozens of smaller countries notifying them their goods would face a tariff rate of over 10%. He said those smaller countries would receive a "notice of payment" with a uniform tariff rates for the whole group. The deal with Indonesia is among the handful struck so far by the Trump administration ahead of an August 1 deadline when duties on most U.S. imports are due to rise again. The European Union and Canada, meanwhile, are readying countermeasures if their talks with the U.S. fail to produce a deal. Trump has said he does not expect to reach a broader deal with Japan. Trump's trade moves have upended decades of negotiated reductions in global trade barriers. They have unsettled international financial markets and stoked worries about a new wave of inflation. Kevin Hassett, Trump's top economic adviser, told Fox News that "a whole bunch" of additional trade deals would be announced very soon, but gave no details. He said Trump's strict August 1 deadline had spurred a flurry of new activity, including talks with countries that had not previously been in touch. Trump on Wednesday repeated his prediction of a deal with India, which faces a 26% tariff rate, but gave no details. An Indian trade delegation arrived in Washington on Monday for fresh talks, with more officials expected to arrive Wednesday. European Union trade chief Maros Sefcovic also headed to Washington on Wednesday for tariff talks, an EU spokesperson told Reuters. He plans to meet U.S. Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer. Trump has threatened a 30% tariff on imports from the EU from August 1, a level Europe says is unacceptable and would end normal trade between two of the world's largest markets. Greer, Trump's top trade negotiator, told business executives in Detroit, that he was focused on shrinking the $1.2 trillion U.S. trade deficit and stemming the loss of U.S. advanced manufacturing capacity. Trump's tariff policies called for a universal tariff rate of 10% on all countries, with higher rates for the most "problematic" ones, including China, which has the highest tariff rate of 55%, Greer said, adding the president was willing to negotiate if countries want to invest. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Al Arabiya
3 hours ago
- Politics
- Al Arabiya
US reaches civil nuclear cooperation accord with Bahrain
The United States and Bahrain signed a civilian nuclear energy accord Wednesday as US President Donald Trump met with the Gulf nation's crown prince. At a memorandum of understanding signing ceremony with his Bahraini counterpart Abdullatif bin Rashid Al Zayani, Secretary of State Marco Rubio said the accord showed the United States is willing to work with any country that wants a civil nuclear energy program 'not geared toward weaponization or threatening the security of their neighbors.' He was alluding to Iran, which the United States and Israel accuse of trying to develop nuclear weapons. The United States bombed Iranian nuclear facilities on June 22 as it joined Israel's 12-day conflict with its arch foe. Bahrain is a close ally of the United States and serves as the base for the US Navy's 5th Fleet. Trump met later Wednesday in the Oval office with Crown Prince Salman Hamad bin Issa Al Khalifa to discuss Mideast security issues and economic cooperation. 'We've had a tremendous relationship, I have personally, with Bahrain over the years, and it has been a fantastic ally,' Trump told reporters as he sat with the Bahraini delegation before their talks. Bahrain is also a signatory of the so-called Abraham Accords, signed during Trump's first term in the White House. Under these agreements Bahrain, the United Arab Emirates, Morocco and Sudan established formal diplomatic relations with Israel.
