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A landmark US$ 20 million Agreement to finance International trade operations

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Al Baraka Banking Group (BSC) the leading Islamic Banking Group based in Bahrain has announced the signing of a Murabaha facility of U$ 20 million to finance foreign trade with the International Islamic Trade Finance. This facility will be implemented through Al Baraka Islamic Bank - Bahrain.

On this occasion, Board Member and President & Chief Executive of Al Baraka Banking Group, Mr. Adnan Ahmed Yousif, said that this agreement comes within the framework of the Memorandum of Understanding signed with the International Islamic Trade Finance at the beginning of the year, and this agreement is one of the fruitful results of this Memorandum. He added “I am pleased to sign this agreement with one of the institutions of the Islamic Development Bank, where it will help both organizations to achieve strategic goals in the development of bilateral trade amongst Islamic countries, especially since Al Baraka has a large existence in most Islamic countries.

For his part, Dr. Walid Wuhaib, CEO of the International Islamic Trade Finance, explained that this agreement is one of the fruits of the long-term strategic partnership between Islamic Development Bank and Al Baraka Banking Group and their pioneering roles in establishing Islamic banking and the noble concepts of economics, and thereby, their capacity to provide practical models that are capable of making a significant evolution in the volume of trade between Islamic countries. Of course, such operations are possible through the provision of funding in accordance with the Islamic law (Shari’a) and the latest practices in this area. This will result in our achieving our ambition to create a larger Islamic Common Market in the medium term. He stressed that the cooperation extended to Al Baraka will continue in the foreseeable future with all its banks.

In the same context, Mr. Mohamed Isa Al Mutaweh, President and CEO of Al Baraka Islamic Bank, said that this agreement comes within the framework of the Bank's plans to diversify and mobilize resources to service its growing customer base. He stressed that the agreement will strengthen the capacity of the Bank to take advantage of opportunities and respond to the needs of our customers as quickly as it would be required across all branches of the Al Baraka Islamic Bank.
Mr. Al Mutaweh expressed his happiness that in a short period, Al Baraka Islamic Bank has been successful in strengthening and enhancing its capabilities and competitiveness, which enabled it to achieve success at different levels, where it launched many premium products. These are the installment card product for the retail banking sector as well as the excellence achieved in operations related to foreign trade in many Islamic countries. He also thanked all those who worked on the drafting the details of the Murabaha facility, with a distinct structure compliant with Islamic law, and stressed on his pride in this all important relationship that will bring together Al Baraka Islamic Bank and the International Islamic Trade Finance.

Al Baraka Banking Group is a Bahrain Joint Stock Company listed on Bahrain Bourse and Nasdaq Dubai. It is a leading international Islamic bank with Standard and Poors long term and short-term credit ratings of BBB- stable and A3 respectively. ABG offers retail, corporate and investment banking and treasury services strictly in accordance with the principles of the Islamic Shari'a. The authorized capital of ABG is US$1.5 billion, while total equity amounts to about US$1.8 billion.

The Group has a wide geographical presence in the form of subsidiary banking Units and representative offices in thirteen countries, which in turn provide their services through more than 400 branches. These banking Units are Jordan Islamic Bank, Al Baraka Islamic Bank – Bahrain, Al Baraka Bank Pakistan Limited, Al Baraka Bank Algeria, Al Baraka Bank Sudan, Al Baraka Bank Ltd - South Africa, Al Baraka Bank Lebanon, Al Baraka Bank Tunis, Al Baraka Bank Egypt, Al Baraka Turk Participation Bank, Al Baraka Bank Syria, representative offices in Indonesia and in Libya (under formation).

Islamic Chamber of Commerce and Industry - الغرفة الأسلامية للتجارة و الصناعة
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