On the sidelines of the Islamic Development Bank (IsDB) Group Annual Meetings 2025 in Algiers, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the IsDB Group, signed a landmark Bank Master Policy (BMP) with Al Baraka Bank-Egypt. The agreement, formalized by Dr. Khalid Khalafalla, CEO of ICIEC, and Mr. Ahmed Atteya, Head of the Financial Institutions Department at Al Baraka Bank Egypt, is set to support Islamic trade finance transactions worth USD 50 million, marking a significant step in advancing Shariah-compliant financial solutions in Africa.

The BMP is designed to mitigate transaction risks, enabling Al Baraka Bank Egypt to expand its support for small and medium-sized enterprises (SMEs) in member countries of the Organization of Islamic Cooperation (OIC). By providing robust risk mitigation tools, the policy facilitates cross-border trade and promotes sustainable economic growth across ICIEC’s 50 member states. 

Dr. Khalafalla emphasized the partnership’s importance, stating, “This agreement underscores our shared commitment to facilitating reliable, Shariah-compliant trade finance solutions that foster sustainable economic growth and resilience across our member states.” 

Additionally, ICIEC signed a Documentary Credit Insurance Policy (DCIP) with Al Baraka Bank-Egypt to support USD 50 million in export transactions backed by Letters of Credit. This policy protects the bank against non-payment risks from overseas banks, further de-risking cross-border trade. These initiatives align with ICIEC’s mission, established in 1994, to strengthen economic relations among OIC member states through innovative financial solutions. 

With a track record of insuring over USD 121 billion in trade and investment, ICIEC continues to lead in the Credit and Political Risk Insurance (CPRI) industry, holding an “Aa3” rating from Moody’s for 17 consecutive years and a first-time “AA-” rating from S&P.