Latest news with #trade finance
Zawya
3 days ago
- Business
- Zawya
ICIEC and Al Baraka Islamic Bank BSC Bahrain sign documentary credit insurance policy
Jeddah – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, and Al Baraka Islamic Bank BSC Bahrain signed a Documentary Credit Insurance Policy (DCIP). The policy aims to strengthen support for Shariah-compliant trade finance, enabling greater security and confidence in the international trade ecosystem. The agreement was signed by Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, and Dr. Adel Salem, Chief Executive Officer of Al Baraka Islamic Bank BSC Bahrain, in a joint effort to enhance the capacity of Islamic financial institutions to manage trade-related risks more effectively. Under this partnership, ICIEC will provide insurance coverage for the confirmation of Letters of Credit (LCs) 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. Dr. Khalid Khalafalla, CEO of ICIEC, stated: ' This strategic collaboration with Al Baraka Islamic Bank reflects ICIEC's unwavering 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. This partnership demonstrates the power of multilateral cooperation in achieving shared development goals.' For his part, Dr. Adel Salem, CEO of Al Baraka Islamic Bank BSC Bahrain, stated: ' 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 unwavering commitment to innovation and robust risk management, giving the businesses we serve greater confidence to expand in global markets.' The DCIP 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. Both institutions reaffirmed their shared dedication to expanding the reach of Islamic finance, strengthening risk mitigation tools, and contributing to inclusive and sustainable economic development. About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC): As a member of 'AAA' rated Islamic Development Bank (IsDB), ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 50 Member States. ICIEC, for the 17th consecutive year, maintained an "Aa3" insurance financial strength credit rating from Moody's, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. Additionally, S&P has reaffirmed ICIEC 'AA-' long-term Issuer Credit and Financial Strength Rating for the second year with Stable Outlook. ICIEC's resilience is underpinned by its sound underwriting, global reinsurance network, and strong risk management policies. Cumulatively, ICIEC has insured more than USD 121 billion in trade and investment. ICIEC activities are directed to several sectors - energy, manufacturing, infrastructure, healthcare, and agriculture. About Al Baraka Islamic Bank BSC Al Baraka Islamic Bank (AIB) is one of leading financial institutions in the Islamic banking sector within Bahrain. Throughout its history of more than four decades (since its establishment in 1984), the Bank has played a prominent role in building the infrastructure of the Islamic finance industry. The Bank also played a significant role in promoting the Islamic finance industry and publicizing its merits. AIB offers innovative financial products, including investments, international trading, management of short-term liquidity and consumer financing, all of which are all based on Islamic financing modes. Such financing includes Murabaha, Wakala, Istisna, Musharaka, Mudarabah, Salam, and Ijara Muntahia Bittamleek. Media Contacts: ICIEC: Email: ICIEC-Communication@ Website: Follow us on: X | Facebook | LinkedIn | YouTube | Instagram Al Baraka Islamic Bank BSC: Email: marketing@ Website:
Finextra
3 days ago
- Business
- Finextra
US Bank completes first fully digital trade finance transaction
US Bank has completed its first trade finance collection transaction using the WaveBL electronic trade documentation platform. 0 In the transaction, US Bank served as the presenting bank for the exporter, a large publicly traded firm. Container shipping company MSC Mediterranean Shipping Company issued the electronic bill of lading and facilitated the shipment. Previously, says the bank, such a transaction would have required a courier to physically transport documents across continents, often taking several days. By contrast, the digital process reduced that timeline to minutes - eliminating delays, enhancing security and compliance, and avoiding disruptions from weather, pandemics, or geopolitical events. 'Our clients are looking for smarter, more efficient ways to manage their import and export activities,' says Christine Bravo, SVP, US Bank. 'This fully digital process is a step toward delivering the speed, transparency and reliability businesses need in today's trade environment.'
Zawya
3 days ago
- Business
- Zawya
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Al Baraka Islamic Bank BSC Bahrain Sign Documentary Credit Insurance Policy to Boost Shariah-Compliant Trade
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) ( a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, and Al Baraka Islamic Bank BSC Bahrain signed a Documentary Credit Insurance Policy (DCIP). The policy aims to strengthen support for Shariah-compliant trade finance, enabling greater security and confidence in the international trade ecosystem. The agreement was signed by Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, and Dr. Adel Salem, Chief Executive Officer of Al Baraka Islamic Bank BSC Bahrain, in a joint effort to enhance the capacity of Islamic financial institutions to manage trade-related risks more effectively. Under this partnership, ICIEC will provide insurance coverage for the confirmation of Letters of Credit (LCs) 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. Dr. Khalid Khalafalla, CEO of ICIEC, stated: ' This strategic collaboration with Al Baraka Islamic Bank reflects ICIEC's unwavering 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. This partnership demonstrates the power of multilateral cooperation in achieving shared development goals.' For his part, Dr. Adel Salem, CEO of Al Baraka Islamic Bank BSC Bahrain, stated: ' 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 unwavering commitment to innovation and robust risk management, giving the businesses we serve greater confidence to expand in global markets.' The DCIP 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. Both institutions reaffirmed their shared dedication to expanding the reach of Islamic finance, strengthening risk mitigation tools, and contributing to inclusive and sustainable economic development. Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). Media Contacts: ICIEC Email: ICIEC-Communication@ Al Baraka Islamic Bank BSC Email: marketing@ Follow ICIEC on: X: Facebook: LinkedIn: YouTube: Instagram: About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC): As a member of 'AAA' rated Islamic Development Bank (IsDB), ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 50 Member States. ICIEC, for the 17 th consecutive year, maintained an "Aa3" insurance financial strength credit rating from Moody's, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. Additionally, S&P has reaffirmed ICIEC 'AA-' long-term Issuer Credit and Financial Strength Rating for the second year with Stable Outlook. ICIEC's resilience is underpinned by its sound underwriting, global reinsurance network, and strong risk management policies. Cumulatively, ICIEC has insured more than USD 121 billion in trade and investment. ICIEC activities are directed to several sectors - energy, manufacturing, infrastructure, healthcare, and agriculture. Website: About Al Baraka Islamic Bank BSC: Al Baraka Islamic Bank (AIB) is one of leading financial institutions in the Islamic banking sector within Bahrain. Throughout its history of more than four decades (since its establishment in 1984), the Bank has played a prominent role in building the infrastructure of the Islamic finance industry. The Bank also played a significant role in promoting the Islamic finance industry and publicizing its merits. AIB offers innovative financial products, including investments, international trading, management of short-term liquidity and consumer financing, all of which are all based on Islamic financing modes. Such financing includes Murabaha, Wakala, Istisna, Musharaka, Mudarabah, Salam, and Ijara Muntahia Bittamleek.
Zawya
4 days ago
- Business
- Zawya
The International Islamic Trade Finance Corporation (ITFC) Signs EUR 15 million Master Murabaha Agreement to Support Türkiye's Private Sector
The International Islamic Trade Finance Corporation (ITFC) ( a member of the Islamic Development Bank (IsDB) Group, has signed a EUR 15 million Master Murabaha Agreement with Ak Finansal Kiralama A.Ş. (Aklease), one of Türkiye's leading leasing institutions and a subsidiary of AkBank. The two-year facility aims to expand access to Shariah-compliant trade finance solutions for Türkiye's private sector, including small and medium-sized enterprises (SMEs), enabling the import and pre-export of essential goods and services. The partnership reflects ITFC's ongoing commitment to supporting economic development across member countries. Commenting on this partnership, Mr. Nazeem Noordali, COO of ITFC, stated: 'This agreement underscores our long-term commitment to supporting Türkiye's private sector. By partnering with leading institutions such as Aklease, we are furthering ITFC's mandate to promote trade and foster economic growth.' From his end, Mr. Eser Okyay, General Manager, AKLease, commented,"This partnership contributes to the development of innovative financing models in the leasing sector while also reinforcing our vision of providing resources for projects that prioritize sustainable development. This agreement, which marks ITFC's first contract signed with ITFC in Türkiye's leasing sector, brings a fresh perspective to the industry. We believe that this approach, which centers on sustainability, green financing, and accessibility for SMEs, offers a valuable alternative for the real sector." This agreement is aligned with ITFC's broader strategy in Türkiye, where the Corporation has committed significant resources to supporting the private sector through targeted trade finance and capacity-building initiatives. Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC). Contact us: Tel: +966 12 646 8337 Fax: +966 12 637 1064 E-mail: ITFC@ Social media: Twitter: ( Facebook: ( LinkedIn: International Islamic Trade Finance Corporation (ITFC) ( About the International Trade Finance Corporation (ITFC): The International Islamic Trade Finance Corporation (ITFC) is the trade finance arm of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socio-economic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$83 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries' needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.
