Export Bahrain partners with ICIEC to boost support for national exports

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Export Bahrain and The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) have signed a Memorandum of Understanding (MoU) to provide further options in export credit insurance services to Bahrain-based businesses.

This agreement intends to boost the support to Bahrain-based businesses in their export journey by indemnifying the exporters against the risk of nonpayment by foreign buyers. The issuance of export credit insurance is an important spectrum of trade finance as it allows exporters to confidently compete in global markets and to provide international buyers enhanced and competitive credit terms.

The new partnership between Export Bahrain and ICIEC is the latest addition to the Export Credit Insurance solution, which aims to stimulate the export of services and products of national origin across various sectors to global markets; an added incentive and benefit that was not available to service exporters prior to this agreement.

Furthermore, this MoU will provide exporters with new alternatives and a variety of added benefits as Export Bahrain continuously seeks to add to the growing list of partners to enhance the services provided to Bahrain-based businesses.

Commenting on the occasion, Export Bahrain Chief Executive, Safa Sharif Abdulkhaliq stated, “Export Bahrain’s efforts are geared towards establishing exclusive partnerships to ease and find solutions to the different challenges that Bahrain-based businesses may encounter during their export journey.

We encourage businesses from all the various sectors to take advantage of this agreement as we are confident that this strategic partnership would allow more exporters to explore new markets and buyers with confidence, particularly now with more alternatives being offered in the Export Credit Insurance solution to Export Bahrain customers.”

Oussama Kaissi, Chief Executive Officer of ICIEC, added, “Despite the onset of COVID-19, many ICIEC member countries have shown remarkable resilience especially in trade and exports. ICIEC stands ready to enhance its support to Bahrain by mitigating political and commercial risks for trade and investment through the provision of its Shariah compliant insurance solutions for banks, corporates, ECAs, and other stakeholders. We look forward to this new partnership with Export Bahrain and to support Bahrain-based businesses with their credit insurance needs.”