ICIEC and Al Baraka Bank Egypt Sign Two Landmark Policies to Support Export Transactions and Funded Islamic Trade Finance Worth USD50 Million

ICIEC signed two significant insurance policies with Al Baraka Bank Egypt on the sidelines of the IsDB Group Annual Meetings 2025 in Algiers: A Documentary Credit Insurance Policy (DCIP) to support export transactions backed by Letters of Credit, and a Bank Master Policy (BMP) to support funded Islamic trade finance transactions. Each policy supports transactions worth USD50 million.

The policies were signed by Dr. Khalid Khalafalla, CEO of ICIEC, and Mr. Ahmed Atteya, Head of Financial Institutions Department at Al Baraka Bank Egypt. These agreements underscore the critical role of tailored risk mitigation instruments in de-risking and enabling cross-border trade.

The DCIP provides comprehensive coverage for Al Baraka Bank’s documentary credit transactions by protecting the bank against the non-payment risk of overseas banks issuing Letters of Credit (LCs). This enables the Bank to enlarge its LC confirmation business to support Egyptian exports.

The BMP, meanwhile, is expected to support funded Islamic trade finance transactions and represents a key step toward the development of Islamic finance and enhancing its role in supporting SMEs in Member States.