Cairo – Mubasher: Al Baraka Bank-Egypt has signed two key agreements totaling $100 million with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group.

With each valued at $50 million, The Documentary Credit Insurance Policy (DCIP) and The Bank Master Policy (BMP) agreements are both designed to strengthen Al Baraka Bank-Egypt’s Islamic trade finance capabilities, according to a press release.

The DCIP aims to support the export transactions backed by Letters of Credit for Al Baraka Bank’s Corporate & SMEs exporters. The policy provides tailored risk-mitigation instruments in de-risking the non-payment risk of overseas banks, thereby enhancing exporters’ ability to expand into new markets and increase their cross-border trade volumes.

Meanwhile, the BMP is expected to support Islamic trade finance transactions worth the $50 million deal value. It represents a key step toward the development of Islamic finance and enhancing its role in supporting Corporate & SMEs.

Chief Financial Markets at Al Baraka Bank-Egypt, Kareem Namek, 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.”

Namek noted: “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.”

The official concluded: “We firmly believe that innovation and transparency in our financial services are essential to strengthening our position as a leading Islamic Financial institution supporting both the national economy and the Islamic banking sector."

These agreements are set 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.

Through Sharia-compliant insurance solutions, ICIEC facilitates development projects in key sectors such as food security, energy, transportation, and infrastructure.

It is worth noting that Al Baraka Bank-Egypt generated net profits after tax worth EGP 959 million in the first quarter (Q1) of 2025.