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Al Baraka signs $20 million agreement to finance international trade operations.

This facility will be implemented through Al Baraka Islamic Bank - Bahrain.

Board Member and President & Chief Executive of Al Baraka Banking Group, 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 said, "I am pleased to sign this agreement with one of the institutions of the Islamic Development Bank, where it will help both organisations 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."

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 Shari'ah 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.

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 mobilise 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.

2011 CPI Financial. All rights reserved.

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Publication:CPI Financial
Date:Jul 13, 2011
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