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Al Baraka Bank Egypt signs $100mn trade insurance agreements with ICIEC
Al Baraka Bank Egypt signs $100mn trade insurance agreements with
About this update from Al Baraka Bank Egypt
[{"type":"text","content":"The Egyptian unit of the Bahrani-owned Islamic lender Al Baraka,\nAl Baraka Bank Egypt, has signed two main agreements with the\nIslamic Corporation for the Insurance of Investment and Export\nCredit (ICIEC), totalling $100mn, aimed at enhancing Islamic trade\nfinance and supporting exporters, Amwal Al Ghad reported\non July 21. \nThe first agreement, a $50mn credit insurance policy, is\ndesigned to support export transactions by covering letters of\ncredit issued in favour of large, small, and medium-sized Egyptian\n(SMEs) exporters. The policy mitigates non-payment risks by foreign\nbanks, helping exporters expand into new markets and grow their\ncross-border trade with greater confidence.\nThe second agreement, a $50mn general bank insurance policy,\nprovides coverage for future Islamic trade finance transactions\nthat Al Baraka Bank may undertake.\nThe agreements were signed by Khaled Khalfallah, CEO of ICIEC,\nand Ahmed Atiya, Head of Financial Institutions at Al Baraka Bank\nEgypt.Karim Namek, CEO of Capital Markets at Al Baraka Bank Egypt,\nsaid that these agreements demonstrate the bank’s commitment to\noffering integrated Sharia-compliant financial solutions. He added\nthat the insurance coverage significantly reduces credit risk and\nsupports the expansion of foreign trade financing.\nThe strategic deals will empower Al Baraka Bank’s customers to\naccess international markets with greater security. The move also\nstrengthens ICIEC’s role in fostering trade and investment among\nthe 57 member countries of the Islamic Development Bank Group,\nparticularly in sectors like food security, energy, transport, and\ninfrastructure. \nEstablished in 1980, Al Baraka Group has a presence in over 13\ncountries, including Egypt, Jordan, Turkey, Pakistan, and South\nAfrica.© 2025 bne IntelliNews, source Magazine","length":2635,"tagName":"div"}]