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, today signed a Bank Master Policy (BMP) with Al Baraka Bank-Egypt, on the sidelines of the IsDB Group Annual Meetings 2025 in Algier. The policy was signed by Dr. Khalid Khalafalla, CEO of ICIEC, together with Mr Ahmed Atteya, Head of Financial Institutions Department, Al Baraka Bank-Egypt.

The insurance policy is expected to support Islamic trade finance transactions worth USD 50 million. It represents a key step toward the development of Islamic finance and enhancing its role in supporting SMEs in member countries.

 “We are delighted to partner with Al Baraka Bank – Egypt on this landmark Policy. This agreement underscores our shared commitment to facilitating reliable, Shariah-compliant trade finance solutions that foster sustainable economic growth and resilience across our member states,” said Dr. Khalid Khalafalla, CEO of ICIEC. “By mitigating transaction risks, we help our partners expand into new markets and promote development initiatives that benefit member countries.”