Latest news with #AlBaraka
Daily Tribune
23-07-2025
- Business
- Daily Tribune
Al Baraka partners with ICIEC to back Islamic trade from Bahrain
TDT | Manama Al Baraka Islamic Bank has signed a key policy agreement with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), in a move expected to boost Shariah-compliant trade financing and mitigate risk for Bahraini exporters and investors. The policy, signed in Bahrain, grants Al Baraka access to ICIEC's insurance tools, including credit and political risk protection. These instruments are designed to support clients engaged in cross-border trade in alignment with Islamic finance principles. Risk-sharing tools ICIEC, a multilateral insurer affiliated with the Islamic Development Bank Group and rated Aa3 by Moody's, provides guarantees for trade and investment in Organisation of Is - lamic Cooperation (OIC) member states. By partnering with ICIEC, Al Baraka gains the ability to extend credit support to businesses with greater confidence. 'This agreement underscores our commitment to sustainable Islamic banking,' said Hamad Abdulla Al Oqab, CEO of Al Baraka Islamic Bank. 'It enhances our ability to offer secure, Shariah-compliant trade finance to our customers.' Private sector push The partnership targets increased access to ICIEC's comprehensive insurance policies that reduce risk exposure for local businesses trading internationally. It also aims to support Bahrain's broader economic diversification goals by making the country more attractive as a base for Islamic trade and finance. The agreement is expected to improve the competitiveness of Bahraini enterprises operating in OIC markets, where ICIEC provides tailored coverage against credit default, political unrest, or unforeseen trade disruptions. Bahrain gateway The bank's leadership highlighted the role of such policies in enabling Bahrain to serve as a safe and credible Islamic banking hub. Al Baraka noted that this is part of its wider strategy to empower local businesses to expand globally without compromising on faith-based financial values. ICIEC and Al Baraka officials expressed mutual optimism about the partnership's impact on the development of the Islamic financial services ecosystem, particularly in trade finance. The collaboration marks a new step in integrating multilateral risk insurance into Islamic banking operations in the Kingdom.
Daily Tribune
26-06-2025
- Business
- Daily Tribune
Cash prizes for 50 winners totalling BD 14,000 Al Baraka Islamic Bank launches
Al Baraka Islamic Bank Bahrain, one of the leading Islamic banks in the Kingdom of Bahrain, has announced the launch of its new summer promotional campaign for credit cardholders. Running until 20 October, 2025, the campaign features three grand draws offering generous prizes to 50 winners with cash prizes totalling BD 14,000, in addition to 200,000 loyalty points. Customers participating in this exciting campaign will have the chance to win cash prizes and reward points when using their credit cards locally, internationally, or online for a minimum sum of BD300 for local transactions, and BD700 for international or online transactions in foreign currencies excluding Euro. The summer promotional campaign includes cash prizes totalling BD 14,000 for 50 winners, in addition to 200,000 reward points distributed to eligible customers based on their local and international credit card spending. Customers are automatically entered into the draw upon achieving the minimum qualifying spending amount, with one entry for every BD50 spent during the campaign period. Customers who meet all eligibility criteria will also qualify to enter the three draws and win each, giving them a chance to triple their wins during the campaign period. Mr. Mazin Dhaif, Chief Retail Officer at Al Baraka Islamic Bank, stated, 'At Al Baraka Islamic Bank, we provide real value to our customers through innovative programs and initiatives that meet their daily needs and offer greater rewards. Our summer credit card campaign is part of this commitment, offering a distinct mix of cash prizes and loyalty points to enhance the customer experience and support their financial goals.' It is important to note that Al Baraka Islamic Bank's credit cards are fully Shari'a-compliant and come with numerous exclusive benefits. These include no salary transfer requirement, no annual fees, and the Al Baraka Rewards Program, which allows points to be redeemed for global travel and accommodation offers, free access to airport lounges worldwide, and other unique perks.
Daily Tribune
23-06-2025
- Business
- Daily Tribune
From Bahrain to Africa: Inside Al Baraka's Digital Silk Road
TDT | Manama Bilateral Trade Sessions Expand Reach • New cross-border link formed • MENA-Africa firms connect • Platform boosts SME trade A new trade corridor is taking shape between Africa and the Middle East — digitally powered, Sharia-compliant, and anchored in Bahrain. Al Baraka Group, one of the region's most widespread Islamic banking networks, has launched a platform-driven push to unify its banking units across continents under a common trade finance system. The initiative, described by industry experts as a 'Digital Silk Road', gained momentum recently with two major bilateral sessions hosted by Al Baraka. The first connected exporters and importers in Turkey and Algeria, while the second linked businesses in Egypt and South Africa — signalling the group's intent to bridge Africa and MENA markets through seamless financing. Bridging Regions By pairing clients from its 12 operational markets, Al Baraka's trade programme is not just facilitating business, it is redrawing the commercial landscape. Since the programme's launch, executives have reviewed performance, discussed faster operational workflows, and mapped out new tech upgrades between Islamic economies. Senior trade experts, executive teams, and business owners came together during these sessions to explore new partnerships and routes for expansion. Simultaneously, the group held its second annual Trade Finance Units Meeting in Tunisia, marking the first full year of coordinated efforts. Powering Through Platforms A centrepiece of the initiative is Al Baraka's unified Trade Finance Platform, which has undergone major enhancements to allow for: Faster transaction execution Simplified client onboarding Multi-country coordination The result is a digital-first, bank-integrated solution designed to serve businesses across diverse markets without the friction of conventional banking silos. 'These collective efforts reflect Al Baraka Group's vision of transforming its diverse network into an integrated platform that enables clients to seamlessly access multiple markets,' said Group CEO Houssem Ben Haj Amor. He noted that the group's strength lies in offering 'diversified and flexible financing solutions' to support business competitiveness. 'We offer advanced solutions and an integrated support network that aligns with our clients' ambitions for expansion and growth in new markets,' added Mr Ben Haj Amor. Path to Expansion From Istanbul to Cape Town, Al Baraka's model centres on trade enablement, particularly for small and medium-sized enterprises (SMEs) seeking to break into regional supply chains. The group's latest sessions have been widely welcomed by clients seeking reliable trade partners and faster access to finance. As digital Islamic trade finance accelerates across the Global South, Al Baraka's platform positions Bahrain as a node of influence — linking continents, capital, and clients on a new, ethical trade path.
Biz Bahrain
23-06-2025
- Business
- Biz Bahrain
Al Baraka Group: Empowering customers through trade finance platform and diversified network
As part of its ongoing commitment to empowering its customers and supporting their expansion into global markets, Al Baraka Group has continued its efforts to support commercial businesses through a series of strategic initiatives that reflect the strength and diversity of its extensive network and broad geographic footprint. Recently, the Group successfully organized two events under its Joint Trade Finance Collaboration Program among its banking units. The first session brought together exporters and importers from its units in Turkey and Algeria, while the second gathered counterparts from Egypt and South Africa. Senior leaders and trade experts from both sides participated in these bilateral sessions, offering a platform to discuss mutual opportunities and explore new areas of trade collaboration. These sessions enabled Al Baraka's clients across these markets to access new partners and diversified trade opportunities, supporting their business expansion and enhancing cross-border trade activities. In parallel, the Group held its second annual Trade Finance Units Meeting in Tunisia last May, with the participation of unit heads and executive management representatives from across its various units. This important gathering served as a key milestone to review the Group's strong performance achieved in 2024, the first full year of activating the Group's Joint Trade Finance Collaboration Program. The meeting agenda focused on several key topics, all aimed at maximizing customer value and enhancing operational integration across the Group, and elevating services that deliver direct added value to clients. These included: A review of joint transactions successfully executed during the year. Discussing opportunities to enhance operational processes to boost efficiency and speed of trade transactions execution. Presenting the latest updates on the Group's unified Trade Finance Platform's technical enhancements, offering seamless and flexible connectivity across units. Exploring ways to further elevate the client experience and provide fast, diversified financing solutions. On this occasion, Mr. Houssem Ben Haj Amor, Group Chief Executive Officer of Al Baraka Group, commented: 'These collective efforts reflect Al Baraka Group's vision of transforming its diverse network into an integrated platform that enables clients to seamlessly access multiple markets, benefit from diversified and flexible financing solutions, and leverage the Group's shared expertise and unified services to drive competitiveness and business growth.' 'Al Baraka Group remains fully committed to serving as a key enabler for businesses, exporters, and importers across its markets, offering advanced solutions and an integrated support network that aligns with our clients' ambitions for expansion and growth in new markets.'
Daily Tribune
20-06-2025
- Business
- Daily Tribune
Al Baraka integrates faith and fintech
TDT | Manama Al Baraka Islamic Bank is demonstrating that Islamic finance can deliver cutting-edge performance, earning global praise for its seamless USD payment processing while staying true to Sharia principles. The Bahrain-based bank has received the Straight-Through-Processing (STP) Award from The Bank of New York Mellon (BNY), a leading global financial services firm. The award recognises institutions with highly automated and accurate cross-border payment systems, validating Al Baraka's ability to blend ethical banking with digital sophistication. Global validation BNY grants the STP Award to financial institutions that meet the highest benchmarks in straight-through-processing of payments, meaning transactions completed without manual intervention. The award was presented by Salman Alhashimi, Head of MEA NBFIs and Deputy Head of the GCC Region at BNY, to Dr. Adel Abdullah Salem, CEO of Al Baraka Islamic Bank, in the presence of Hussain Yousif Atiya, Chief Corporate and Institutional Banking Officer. 'We are proud to receive this recognition from BNY, which reflects our continued focus on operational excellence and innovation in financial services,' said Dr. Salem. 'It is the result of our ongoing investment in digital infrastructure and our commitment to delivering efficient and reliable banking experiences to our clients.' Ethical meets efficient Atiya added, 'This award underscores the competence of our teams and their dedication to providing solutions that meet the highest standards for international banking and executing global payments. We're well poised to expand our offering of digital banking services to corporate and financial institution clients.' Al Baraka's achievement challenges assumptions that Islamic banks may lag in technological adoption due to Sharia governance frameworks. On the contrary, the bank's systems are not only compliant but also competitive, proving that religious values and world-class fintech can coexist.
