Bahrain Middle East Bank (BMB) has partnered with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of Jeddah-based IDB Group, to consolidate its trade financing activities.

Bahrain Middle East Bank (BMB) has partnered with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of Jeddah-based IDB Group (Islamic Development Bank Group), to consolidate its trade financing activities.

BMB signed two agreements with ICIEC - a Documentary Credit Insurance Policy (DCIP) and Bank Master Policy (BMP).

Bank Master Policy agreement (BMP) will assist BMB to cater to export financing on an Islamic basis and utilize export receivables as security for the repayment of the credit extended.

Documentary Credit Insurance Policy (DCIP) will help BMB effectively manage risks affecting its Letter of Credit (LC) transactions in ICIEC member countries.

The agreements were signed on behalf of ICIEC by Oussama A Kaissi - ICIEC’s chief executive officer - and, on behalf of Bahrain Middle East Bank (BMB) by Korhan Alev, chief executive officer.

Alev said: “We are extremely happy to advance our cooperation with the IDB’s ICIEC by signing the DCIP and BMP policies. Trade finance forms an important focus of our diversification strategy and contributes significantly to our mandate to support The Kingdom of Bahrain, GCC and MENA industry development.

It is worth mentioning that BMB offers a range of Trade Finance solutions for import and export transactions designed to meet the challenging needs of industrial companies in The Kingdom of Bahrain, GCC and Mena countries.

BMB is one of the foremost wholesale banks to be set-up in the Bahrain in 1982 and offers services in areas of treasury and capital markets, trade and finance, as well as portfolio and asset management. – TradeArabia News Service