Al Baraka Bank Egypt secures $100 million trade finance agreements with ICIEC
Partnership to strengthen Islamic trade finance for SMEs and exporters through risk mitigation and Sharia-compliant solutions
CAIRO, Egypt (MNTV) — Al Baraka Bank Egypt has signed two strategic agreements valued at a total of $100 million with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), aimed at expanding its Islamic trade finance offerings and supporting the growth of Egyptian exporters.
According to a press release, the deals include a $50 million Documentary Credit Insurance Policy (DCIP) and a $50 million Bank Master Policy (BMP).
Both agreements are designed to bolster the bank’s services for corporate clients and small and medium-sized enterprises (SMEs), enabling them to engage more confidently in international trade.
The DCIP will help support export transactions facilitated through Letters of Credit, offering risk-mitigation tools that reduce the likelihood of non-payment by foreign banks.
This initiative is expected to improve Al Baraka’s capacity to assist exporters in exploring new markets and expanding their global trade footprint.
Meanwhile, the BMP agreement will further enhance Al Baraka Bank’s Islamic trade finance operations, promoting the development of Sharia-compliant financial services while enabling broader access to international markets for corporate and SME clients.
The signing ceremony was attended by ICIEC CEO Khaled Khalfallah and Ahmed Atteya, Head of Financial Institutions at Al Baraka Bank Egypt, along with senior representatives from both organizations.
Kareem Namek, Chief of Financial Markets at Al Baraka Bank Egypt, described the agreements as pivotal to the bank’s mission of offering comprehensive Islamic banking solutions.
“These partnerships allow our clients to participate in global trade with greater security, supported by advanced risk coverage mechanisms,” he said.
He added that the bank’s strategy focuses on enhancing trade finance, mitigating credit risks, and contributing to sustainable economic development through innovative, Sharia-compliant instruments.
The agreements are expected to significantly strengthen Al Baraka Bank Egypt’s ability to serve exporters and SMEs, while also aligning with ICIEC’s mandate to promote trade and investment across the 57 member states of the Islamic Development Bank Group.
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