The Financial Institutions (FI) department at Al Baraka is responsible for establishing and maintaining banking relationships with international correspondent banks and local banks. The scope of the FI department covers all trade related activities as well as managing nostro / vostro relationships. Trade finance services include import/export business; consisting of advising, confirmation and negotiation of letter of credits, guarantees etc.
Al Baraka has 328 international correspondent banks located in 70 countries, including renowned banks such as Deutsche Bank, Standard Chartered Bank and Mashreq Bank etc. on its list, providing global reach and acceptability.