Mubasher: Bahrain-based Islamic financial and investment solutions provider Al Baraka Group expanded its trade finance platform to cover customers of its two banking units; Al Baraka Bank-Egypt and Al Baraka Bank Turkey.
The platform will allow local importers and exporter to connect with international trade partners, according to a recent press release.
This expansion seeks to leverage the group’s wide network in Asia, Africa and Europe to boost the efficiency and competitiveness of trade finance services provided to the clients.
The group’s new initiative will drive rapid growth in trade relations between the two countries, with trade volume exceeding $3 billion during the first half (H1) of 2024. Al Baraka Group plans to expand this initiative to its units in Bahrain, Algeria, Jordan, and Tunisia.
This strategic move is expected to reinforce business ties and contribute to the rise of foreign exchange flows in the banking systems of both Egypt and Turkey.
Houssem ben Haj Amor, Group CEO of Al Baraka, said: “The platform is designed to facilitate the link between our international trade clients, opening for them new business opportunities and enhancing their market reach.”
In the six-month period that ended on 30 June 2024, Al Baraka Bank-Egypt posted year-on-year (YoY) consolidated net profits after tax at EGP 1.33 billion, compared to EGP 777.84 million.
