Al -Baraka Islamic Bank, Bahrain, one of the leading Islamic banks in the Kingdom of Bahrain, has announced the signing of an agreement with the International Finance Corporation, IFC, a member of the World Bank Group, to join the GTFP global financing program as a bank documented for accreditation letters. This partnership will enhance the ability of Al Baraka Islamic Bank to provide effective and flexible commercial financing solutions to its customers, importers and exporters in the region, as well as providing guaranteed coverage of cross -border commercial transactions across a wide network of international banking partners.
Under the program, Al -Baraka Islamic Bank will join a network of banks that operate in more than 100 countries, which expands its ability to believe the speeches issued by other banks, reduce the times of commercial transactions processing, and provides innovative and competitive commercial financing solutions that meet the needs of the market.
The CEO of Al -Baraka Islamic Bank, Dr. Adel Salem: “We are proud to sign this agreement with the International Finance Corporation, which represents an important step in our efforts to enhance our global presence and expand our capabilities in the field of commercial financing that is compatible with Islamic law. This partnership also reflects our strong position in the Kingdom of Bahrain and the region, and our commitment to supporting the growth of our clients regionally and internationally.”
For his part, the head of banking services for companies and financial institutions at Al -Baraka Islamic Bank, Hussein Attia, said: “The joining of the global commercial financing program will work to enhance our ability to facilitate cross -border trade and support companies, including small and medium enterprises, by enhancing risk coverage and improving liquidity solutions.”
Since 2005, the World Finance Foundation for the International Finance Corporation has provided a commercial financing of $ 120 billion to more than 188 thousand companies, by reducing risks by providing partial or complete guarantees, supporting food security, creating job opportunities, sustainability, and economic participation.
Al -Baraka Islamic Bank is considered one of the most prominent Islamic banks in the Kingdom of Bahrain and has succeeded since its foundation in 1984 in achieving distinguished results in its services provided to its individuals and companies, and it has a busy record in the field of innovation, development and providing unique solutions to invest in line with the provisions of Islamic Sharia. It occupies an advanced position among the leading banks that offer Islamic banking products and services to a large number of international customers.
