ICIEC, Al Baraka Bank Sign Shariah-Compliant Trade Insurance Deal
Through the agreement, ICIEC will provide insurance coverage for the confirmation of Letters of Credit (LCs) issued by Al Baraka Islamic Bank. Moreover, these LCs are connected to the import and export of Shariah-compliant goods and services. The DCIP is designed to help reduce payment risks in cross-border trade while encouraging sustainable economic development across ICIEC member states.
Dr. Khalid Khalafalla, CEO of ICIEC, emphasized the strategic value of the collaboration:
'This strategic collaboration with Al Baraka Islamic Bank reflects ICIEC's commitment to advancing intra-OIC trade and investment. By supporting Shariah-compliant trade finance through our Documentary Credit Insurance Policy, we are facilitating secure trade flows while empowering Islamic banks to broaden their offerings to clients.'
Dr. Adel Salem, CEO of Al Baraka Islamic Bank BSC Bahrain, highlighted the significance for the bank and the broader economy:
'We are delighted to partner with ICIEC on this pioneering credit insurance policy, which empowers us to extend Shariah-compliant trade finance to our clients, bolster Bahrain's role as a regional hub for Islamic banking, and stimulate sustainable economic growth across member states worldwide. This collaboration underscores our commitment to innovation and robust risk management, giving the businesses we serve greater confidence to expand in global markets.' Advancing Islamic Finance, Economic Inclusion
The DCIP is an essential tool for Islamic banks, enabling them to expand trade finance activities while minimizing commercial and political risk exposure. Additionally, this policy aligns with ICIEC's broader mission to promote economic resilience, financial inclusion, and private sector growth in its member countries.
Both ICIEC and Al Baraka reaffirmed their shared commitment to advancing Islamic finance, enhancing risk mitigation solutions, and contributing to inclusive and sustainable development across the OIC member states.
Finally, this partnership marks a forward step in leveraging Shariah-compliant financial tools for global trade and economic growth.
Related Topics :
ICIEC, SAPICO Announce Strategic Partnership to Boost Trade, Investment Opportunities
Saudi Arabia Announces Plan to Invest in Meat Self-Sufficiency
Saudi Family Forum Launches National Framework for Children's Online Safety
Board of Grievances Attains ISO 20000 Certification for IT Service Management
Short link :
Post Views: 8
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Leaders
21 hours ago
- Leaders
UNA, China's Xinhua Sign Agreement to Strengthen Media Collaboration
The Union of News Agencies (UNA) of the Organization of Islamic Cooperation (OIC) signed a memorandum of understanding with China's Xinhua News Agency on Wednesday in Zhengzhou, China. The signing took place on the sidelines of the Shanghai Cooperation Organization (SCO) Media and Think Tank Summit, held from July 23 to 27. UNA Director-General Mohammed bin Abd Rabbo Al-Yami and Xinhua President Fu Hua signed the agreement, which focuses on deepening media cooperation between the two organizations. The memorandum outlines plans to enhance news exchange and professional development through training programs, workshops, and reciprocal visits. It also aims to promote cultural understanding and strengthen ties between the two sides through the sharing of media content and joint initiatives in journalism and technology. Related Topics : European Pilgrims Explore Prophet's Biography Museum, Islamic Heritage Sites Assistant Media Minister Chairs Saudi Academy's 4th Board Meeting Saudi Media Academy, King Khalid University Sign Agreement to Train Professionals Al-Khateeb Launches Intermediate Diploma Program in Travel, Tourism Short link : Post Views: 7 Related Stories
Arab News
4 days ago
- Arab News
Most Gulf bourses fall on US tariff concerns, weaker oil
BENGALURU: Most Gulf stock indexes dipped on Tuesday, as investors worried about fading prospects of the EU's trade deal with the US ahead of a looming tariff deadline, with weak oil prices offsetting strong corporate earnings. The EU is exploring broader counter-measures against the US as prospects of an acceptable trade agreement with Washington wane, according to EU diplomats. US President Donald Trump's imposition of tariffs around the world risks hurting global economic growth, and with it oil consumption. Dubai's main share index eased 0.3 percent, marking the third straight session of losses as investors remained cautious ahead of key earnings and locked in profits following a multi-year rally. Index heavyweight Dubai Islamic Bank dropped 1.2 percent while budget carrier Air Arabia fell over 3 percent, ending a five-session winning streak. In Abu Dhabi, the index was under pressure as a wave of earnings releases this week kept many investors on the sidelines. Qatar's stock index reversed early losses to finish 1.1 percent higher, reaching its highest level in more than two and a half years, as nearly all sectors advanced. Banking stocks led the advance, supported by strong earnings. Qatar Islamic Bank soared 6 percent, rising for a fourth straight session after reporting upbeat results. Outside the Gulf, Egypt's blue-chip index declined 1 percent, pulling back from a record high.
Arab News
5 days ago
- Arab News
ICIEC and Al-Baraka Islamic Bank Bahrain sign credit insurance policy
The Islamic Corporation for the Insurance of Investment and Export Credit, a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, and Al-Baraka Islamic Bank Bahrain signed a documentary credit insurance policy. The policy will strengthen support for Shariah-compliant trade finance, enabling greater security and confidence in the international trade ecosystem. Under this partnership, ICIEC will provide insurance coverage for the confirmation of letters of credit issued by Al-Baraka Islamic Bank in connection with the import and export of eligible Shariah-compliant goods and services. This solution will help mitigate payment risks associated with cross-border trade while promoting sustainable growth in ICIEC's member states. CEO of ICIEC Dr. Khalid Khalafalla said: 'This strategic collaboration with Al-Baraka Islamic Bank reflects ICIEC's commitment to advancing intra-OIC trade and investment. By supporting Shariah-compliant trade finance through our documentary credit insurance policy, we are facilitating secure trade flows while empowering Islamic banks to broaden their offerings to clients.' CEO of Al-Baraka Islamic Bank Bahrain Dr. Adel Salem said: 'We are delighted to partner with ICIEC on this pioneering credit insurance policy, which empowers us to extend Shariah‑compliant trade finance to our clients, bolster Bahrain's role as a regional hub for Islamic banking, and stimulate sustainable economic growth across member states worldwide. This collaboration underscores our commitment to innovation and robust risk management, giving the businesses we serve greater confidence to expand in global markets.' The documentary credit insurance policy serves as a vital tool for Islamic banks, enhancing their ability to expand trade finance operations with reduced exposure to commercial and political risks. The policy also complements ICIEC's broader mandate to promote economic resilience, financial inclusion, and private sector development in member countries.
