Al Baraka Bank Egypt seals $100M deals with ICIEC
Updated 7/21/2025 2:51:00 PM
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.
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