Bahrain-based Al Baraka Islamic Bank has announced the signing of a significant partnership agreement with the Arab Investment and Export Credit Guarantee Corporation (Dhaman). 

 

This strategic deal will enable Al Baraka to expand its international banking partnerships and provide innovative trade finance solutions tailored to meet the needs of its clients in regional and global markets.

 

It comes as part of Al Baraka Islamic Bank’s strategy to strengthen its trade finance capabilities and broaden its international banking services, said the bank in a statement. 

 

Under this deal, the bank will be free to offer more flexible and efficient financing solutions to its corporate clients, importers and exporters by providing strong insurance coverage for cross-border transactions.

 

This will contribute to increasing the volume of banking operations with an extensive network of banks across the region and worldwide, it stated.

 

The agreement also allows the bank to benefit from Dhaman’s outstanding credit rating (A+ by Standard & Poor’s), thereby reducing risks associated with international trade transactions, it added. 

 

The deal was signed by Dr Adel Abdullah Salem, Chief Executive Officer of Al Baraka Islamic Bank, and Rashed Ahmed Al Haroun, Director General of Dhaman, at the Bank’s headquarters in Bahrain Bay. 

 

It was attended by Husain Yousif Atiya, Chief Corporate and Institutional Banking Officer at Al Baraka Islamic Bank, along with a number of senior executives and department heads from the Bank.

 

On the deal, Al Haroun said Dhaman is proud of its partnership with Al Baraka Islamic Bank, which holds a leading position in Bahrain’s Islamic banking sector. 

 

"This agreement comes as part of our continuous efforts to support major financial institutions in the region and to encourage their expansion in trade activities," he stated.

 

"Dhaman serves a select group of the largest Arab and international banks by providing effective risk management solutions, while also playing a key role in broadening trade and financing between banks and countries. We are confident that this important partnership will enable Al Baraka Islamic Bank to grow its trade operations, support its clients in safely and efficiently accessing new markets, and open new horizons for growth and success," he stated.

 

Dr Salem said: "Our deal with Dhaman opens wider horizons for expansion in regional and international markets, enabling us to benefit from Dhaman’s expertise and extensive banking network across the region and the world."

 

"Our cooperation with Dhaman reflects Al Baraka Islamic Bank’s commitment to supporting sustainable economic growth in Bahrain and the wider region, by empowering our clients to compete effectively in global markets. This agreement will help us diversify financing options, mitigate risks, strengthen client confidence, and support the prosperity of their businesses," he added.-TradeArabia News Service