Al Baraka Bank Egypt Signs Two Landmark Agreements with ICIEC Worth USD 100 Mn

Al Baraka Bank Egypt has announced the signing of two key agreements with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), with a total value of USD 100 million.

The agreements include The Documentary Credit Insurance Policy (DCIP) and The Bank Master Policy (BMP), both designed to strengthen the bank’s Islamic trade finance capabilities.

The DCIP valued at USD 50 million, is designed 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.

The BMP is expected to support Islamic trade finance transactions worth USD 50 million. It represents a key step toward the development of Islamic finance and enhancing its role in supporting Corporate & SMEs.

The signing ceremony was held between Dr. Khaled Khalfallah, CEO of ICIEC, and Mr. Ahmed Atteya, Head of Financial Institutions at Al Baraka Bank Egypt, in the presence of a group of senior international officials.

In this context, Mr. 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.

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.

This strategic partnership is aligned with Al Baraka Bank Egypt’s vision and complements the pivotal role played by ICIEC in supporting trade and investment across the 57 member countries of the Islamic Development Bank Group. Through Sharia-compliant insurance solutions, ICIEC facilitates development projects in key sectors such as food security, energy, transportation, and infrastructure.