MANAMA: Al Baraka Group, a Bahrain based Islamic financial and investment solutions provider, announced the expansion of its trade finance platform for its customers of Al Baraka Bank Egypt and Al Baraka Bank Turkey.
The platform will enable local importers and exporter to connect with international trade partners. This initiative is the third of its kind by the Group, linking trade finance clients between its various units.
The platform expansion aims to leverage the Group’s extensive network in Asia, Africa, and Europe, in enhancing efficiency and competitiveness of trade finance services provided to the Group’s clients.
The Group’s new initiative to connect its clients in Egypt and Turkey comes at the right time, given the rapid growth in trade relations between the two countries, with trade volume exceeding US$3 billion during the first half of this year. This strategic move not only strengthens business ties, but also contributes to the growth of foreign exchange flows in the banking systems of both Egypt and Turkey.
“The expansion of our trade finance platform to cover more countries, demonstrates our commitment to provide competitive services to our customers and supporting them in their business expansion. The platform designed to facilitate the link between our international trade clients, opening for them new business opportunities and enhancing their markets reach,” Houssem Ben Haj Amor, Group Chief Executive Officer of Al Baraka Group, said.
The launch ceremony was attended by Al Baraka Bank Egypt led by its CEO, Hazem Hegazy, and Al Baraka Bank Turkey, the delegation headed by General Manager Malek Temsah in addition to a number of officials from the two banks as well as representatives of major companies and export councils in both countries have honored the ceremony with their presence.
Al Baraka Group plans to expand this initiative to its Units in Bahrain, Algeria, Jordan, and Tunisia; thus, further demonstrating the Group’s firm commitment to contribute to the development of international trade in the markets in which it operates.
