This facility will be implemented through AlBaraka Islamic Bank Bahrain.

AlBaraka Banking Group Chief Executive Adnan Ahmed Yousif said the deal comes within the framework of the memorandum of understanding signed with the IITF at the beginning of the year.

The new agreement is one of the fruitful results of that memorandum, he pointed out.

“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 among Islamic countries, especially since AlBaraka has a major presence in most Islamic countries,” he added.

Walid Al-Wohaib, CEO of the IITF, highlighted the long-term strategic partnership between the Islamic Development Bank and the ABG.

Mohamed Isa Al-Mutaweh, president and CEO of AlBaraka Islamic Bank, said that the agreement was within the framework of the bank’s plans to diversify and mobilize resources to service its growing customer base. He stressed that the agreement would strengthen the bank’s capacity to take advantage of opportunities and respond to customers’ needs as quickly as it would be required across all its branches.

AlBaraka Banking Group is a Bahrain joint stock company listed on Bahrain Bourse and Nasdaq Dubai.

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, AlBaraka Islamic Bank Bahrain, AlBaraka Bank Pakistan Limited, AlBaraka Bank Algeria, AlBaraka Bank Sudan, AlBaraka Bank Ltd. — South Africa, AlBaraka Bank Lebanon, AlBaraka Bank Tunis, AlBaraka Bank Egypt, AlBaraka Turk Participation Bank, AlBaraka Bank Syria, representative offices in Indonesia and in Libya (under formation).