AlBaraka Bank agrees murabaha facility

AlBaraka Banking Group has signed a US$20mn murabaha facility with International Islamic Trade Finance to support foreign trade.

The facility has a 12-month tenor and will be implemented through AlBaraka Islamic Bank Bahrain.

AlBaraka’s chief executive, Adnan Ahmed Yousif comments on the deal: “I am pleased to sign this agreement with one of the institutions of the Islamic Development Bank, where it will help both organisations to achieve strategic goals in the development of bilateral trade among Islamic countries, especially since AlBaraka has a major presence in most Islamic countries.”