Al Baraka Islamic Bank BSC (c) announced the signing of two important agreements with The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IDB) Group based in Jeddah, Saudi Arabia.
The two agreements were signed in a privet forum held in the Republic of Tunisia. Whereby, Mr. Mohammed Isa Al Mutaweh, CEO and Member of the Board of Directors of Al Baraka Islamic Bank- Bahrain, participated in a high-level panel discussion on strategic alliances between export credit agencies and Islamic multilateral banks to facilitate trade and investment flows between Islamic countries.
Al Baraka Islamic Bank signed with ICIEC two credit Insurance agreements constituting of , (The Documentary Credit Insurance Policy and a Master Insurance Policy), which will allow Al Baraka Islamic Bank to meet the market needs to finance exports on a Sharia basis and to use receivables issued as collateral to repay the financing granted. The agreements will also help managing the risks affecting LC transactions in member countries where ICIEC are situated in, allowing Al Baraka Islamic Bank to play a greater role in financing trade between Islamic countries.
On this occasion, Mr. Mohammed Al Mutaweh conveyed: "We are very pleased to develop a mutual and a long lasting relationship with ICIEC by signing these two pivotal agreements in order to enhance our contributions in financing trade between Islamic countries. As this is one of our core strategies, especially that Al Baraka Islamic Bank is a member of an international banking group, Al Baraka Banking Group (ABG), which is present in 16 Islamic Arab, Asian and African countries. Furthermore, the signing of the two agreements, should ultimately pave the way to stimulate our financing in intra-OIC trade transactions"