Latest news with #ICIEC
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. (
Daily Tribune
23-07-2025
- Business
- Daily Tribune
Al Baraka partners with ICIEC to back Islamic trade from Bahrain
TDT | Manama Al Baraka Islamic Bank has signed a key policy agreement with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), in a move expected to boost Shariah-compliant trade financing and mitigate risk for Bahraini exporters and investors. The policy, signed in Bahrain, grants Al Baraka access to ICIEC's insurance tools, including credit and political risk protection. These instruments are designed to support clients engaged in cross-border trade in alignment with Islamic finance principles. Risk-sharing tools ICIEC, a multilateral insurer affiliated with the Islamic Development Bank Group and rated Aa3 by Moody's, provides guarantees for trade and investment in Organisation of Is - lamic Cooperation (OIC) member states. By partnering with ICIEC, Al Baraka gains the ability to extend credit support to businesses with greater confidence. 'This agreement underscores our commitment to sustainable Islamic banking,' said Hamad Abdulla Al Oqab, CEO of Al Baraka Islamic Bank. 'It enhances our ability to offer secure, Shariah-compliant trade finance to our customers.' Private sector push The partnership targets increased access to ICIEC's comprehensive insurance policies that reduce risk exposure for local businesses trading internationally. It also aims to support Bahrain's broader economic diversification goals by making the country more attractive as a base for Islamic trade and finance. The agreement is expected to improve the competitiveness of Bahraini enterprises operating in OIC markets, where ICIEC provides tailored coverage against credit default, political unrest, or unforeseen trade disruptions. Bahrain gateway The bank's leadership highlighted the role of such policies in enabling Bahrain to serve as a safe and credible Islamic banking hub. Al Baraka noted that this is part of its wider strategy to empower local businesses to expand globally without compromising on faith-based financial values. ICIEC and Al Baraka officials expressed mutual optimism about the partnership's impact on the development of the Islamic financial services ecosystem, particularly in trade finance. The collaboration marks a new step in integrating multilateral risk insurance into Islamic banking operations in the Kingdom.
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. (
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.
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. (
