The Islamic Corporation for the Insurance of Investment and
Export Credit (ICIEC), a Shariah-based multilateral credit and
political risk insurer and member of the Islamic Development Bank
Group, has signed a Bank Master Policy (BMP) and Documentary Credit
Insurance Policy (DCIP) with the National Bank of Bahrain (NBB) on
the sidelines of the IsDB Group 2026 Annual Meetings, held in Baku,
Azerbaijan, from 16 to 19 June 2026.
Under these insurance policies, ICIEC will provide insurance
cover for eligible trade finance transactions extended by NBB to
entities located in ICIEC Member States and support the
confirmation of letters of credit issued by banks in ICIEC Member
States, helping facilitate cross-border trade while mitigating
payment risks.
The partnership underscores ICIEC and NBB’s shared commitment to
expanding trade finance, strengthening cross-border trade flows,
and deepening economic cooperation among Member States. Through the
provision of risk mitigation solutions, the agreement enhances
confidence in international trade transactions, supports increased
private sector engagement, and facilitates the efficient movement
of essential goods and services across strategic markets.
Commenting on the agreement, Dr. Khalid Khalafalla, Chief
Executive Officer of ICIEC, said: "Resilient trade ecosystems
require strong financial institutions, trusted partnerships, and
effective risk mitigation. These insurance policies with the
National Bank of Bahrain bring these elements together, enabling
greater confidence in cross-border transactions and expanding trade
opportunities across ICIEC Member States. We are pleased to join
forces with NBB in supporting businesses and facilitating the flow
of trade that contributes to sustainable economic
development."
