Manama, June 5 (BNA) Export Bahrain and the Islamic Corporation for the Insurance of Investment and Export Credit signed a memorandum of understanding to provide more options in export credit insurance services for companies based in Bahrain.
The agreement aims to enhance support for Bahrain-based companies in their export journey by compensating exporters against the risk of non-payment by foreign buyers. Issuing export credit insurance is an important spectrum of trade finance because it allows exporters to compete with confidence in global markets and provide international buyers with enhanced and competitive credit terms.
The new partnership between Export Bahrain and ICIEC is the latest addition to the export credit insurance solution, which aims to stimulate the export of services and products of national origin across various sectors to global markets; Incentive and additional benefits that were not available to service issuers prior to this Agreement.
The MoU will also provide exporters with new alternatives and a variety of additional benefits as Export Bahrain continuously seeks to add its growing list of partners to enhance the services offered to Bahrain-based companies.
Export Bahrain CEO, Safaa Sharif Abdul-Khaleq, said Export Bahrain’s efforts are moving towards establishing exclusive partnerships to facilitate and find solutions to the various challenges that Bahrain-based companies may face during their export journey.
“We encourage companies from all different sectors to take advantage of this agreement as we are confident that this strategic partnership will allow more exporters to explore new markets and buyers with confidence, especially now with offering more alternatives in an export credit insurance solution for Bahrain’s export customers.”
Chief Executive Officer of the Islamic Corporation for the Insurance of Investment and Export Credit Osama Qaisi said, “Despite the emergence of COVID-19, many member countries of the institution have shown remarkable resilience especially in trade and exports.
He said, “The Islamic Corporation for the Insurance of Investment and Export Credit is ready to enhance its support to Bahrain by mitigating the political and commercial risks of trade and investment by providing Shariah-compliant insurance solutions to banks, companies, export guarantee agencies and other stakeholders.”
“We look forward to this new partnership with Export Bahrain and to support Bahrain-based companies with their credit insurance needs.”
MI