By HeapNews
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group, has signed a \$50 million Documentary Credit Insurance Policy (DCIP) with Al Baraka Bank Egypt.
The agreement was formalized on the sidelines of the IsDB Group Annual Meetings 2025 in Algiers, with ICIEC CEO Dr. Khalid Khalafalla and Mr. Ahmed Atteya, Head of Financial Institutions at Al Baraka Bank Egypt, in attendance.
The policy aims to boost Egyptian exports by covering the non-payment risks associated with overseas banks issuing Letters of Credit (LCs), allowing Al Baraka Bank to safely expand its LC confirmation business.
“We are honored to partner with Al Baraka Bank – Egypt on this Documentary Credit Insurance Policy to de-risk Egyptian exports,” said Dr. Khalid Khalafalla. “This collaboration strengthens economic resilience and supports growth across our member states.”
The DCIP is designed to provide comprehensive risk mitigation for cross-border trade, reinforcing ICIEC’s role in fostering trade and investment among member countries through tailored insurance solutions.
“This policy enhances our capacity to support Egyptian exporters and expand our international trade services,” said Mr. Ahmed Atteya. “It’s a timely tool that aligns with our goal of increasing financial support for Egypt’s export sector.”
The initiative is expected to facilitate more secure and seamless trade flows, helping Egypt’s exporters tap into new markets with confidence.