The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, has signed a Documentary Credit Insurance Policy (DCIP) with Al Baraka Bank Egypt.
The Documentary Credit Insurance Policy was signed on the sidelines of the IsDB Group Annual Meetings 2025 in Algiers to support export transactions backed by Letters of Credit worth $50 Million.
The DCIP was signed by Dr. Khalid Khalafalla, CEO of ICIEC, and Mr Ahmed Atteya, Head of Financial Institutions at Al Baraka Bank Egypt.This underscores the critical role of tailored risk-mitigation instruments in de-risking and enabling cross-border trade.
The insurance policy provides comprehensive coverage for Al Baraka Bank’s documentary credit transactions by protecting the bank against the non-payment risk of overseas banks issuing letters of credit (LCs). This enables it to enlarge its LC confirmation business to support Egyptian exports.
The policy enhances trade finance by:
Safeguarding LC-backed export deals
Expanding LC confirmation capacity
Boosting Egyptian export competitiveness
Strengthening resilience across member states
Dr. Khalid Khalafalla, CEO of ICIEC, stated that, “We are honored to partner with Al Baraka Bank – Egypt on this Documentary Credit Insurance Policy to de-risk Egyptian exports. This collaboration strengthens economic resilience and supports growth across our member states.”
