Al Baraka Islamic Bank joins IFC’s Global Trade Finance Programme as Confirming Bank

TDT | Manama

Email: mail@newsofbahrain.com

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 programme, 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 Programme will further strengthen our capacity to facilitate cross-border trade and support companies, including SMEs, with enhanced risk coverage and optimized liquidity solutions.”