Al Baraka Islamic Bank, one of the leading Islamic banks in the Kingdom of Bahrain, has signed an agreement with the International Finance Corporation (IFC), a member of the World Bank Group, to participate in the Global Trade Finance Program (GTFP) as a confirming bank.
This partnership will strengthen Al Baraka Islamic Bank’s ability to deliver efficient and flexible trade finance solutions to its corporate, importer, and exporter clients across the region, and offer guarantee coverage for cross-border trade transactions through a broad network of international banking partners.
Under the program, Al Baraka Islamic Bank will join a network of banks operating in more than 100 countries. This will expand the bank’s capacity to confirm letters of credit issued by other banks, reduce processing times for trade transactions, and provide innovative, competitive trade finance solutions to meet market needs.
Commenting on this occasion, Dr. Adel Abdullah Salem, CEO of Al Baraka Islamic Bank, stated, " We are proud to sign this agreement with IFC, marking a milestone in our efforts to enhance our global presence and expand our Shari’a-compliant trade finance capabilities. This partnership reflects our strong position in Bahrain and the region and our commitment to supporting our clients’ regional and international growth ."
On his part, Mr. Husain Yusuf Ateyah, Chief Corporate and Institutional Banking Officer at Al Baraka Islamic Bank, stated: “Joining the Global Trade Finance Program will further strengthen our capacity to facilitate cross-border trade and support companies, including SMEs, with enhanced risk coverage and optimized liquidity solutions.”
Since 2005, IFC’s Global Trade Finance Program has provided $120 billion in trade finance to over 188,000 firms, reducing risk through partial or full guarantees and supporting food security, job creation, sustainability, and women’s economic participation.
Al Baraka Islamic Bank is a leading Islamic bank in the Kingdom of Bahrain. Since its establishment in 1984, it has delivered outstanding results in operations and services for both individual and corporate clients. The bank has a proven track record of developing and providing innovative Shari’a-compliant investment solutions to a diverse global client base.
For more information, please visit Al Baraka Islamic Bank's website at www.albaraka.bh, check out the bank's verified Instagram page, or call 13300400.
Al Baraka Islamic Bank joins IFC’s Global Trade Finance Program as Confirming Bank
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