Message from the Chief Executive Officer
I am pleased to present the Annual Report of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) for 2025. In 2025, ICIEC delivered strong operational and financial performance amid continued global economic uncertainty and heightened geopolitical risk. During the year, ICIEC further strengthened its membership with the accession of the Republic of Sierra Leone as its 51st Member State, reflecting growing confidence in the Corporation’s mandate and development role.
Through its Shariah-compliant credit and political risk insurance solutions, ICIEC continued to play a catalytic role in facilitating trade, mobilizing investment, and supporting sustainable development across its Member States. During the year, ICIEC insured USD 17.8 billion in business, bringing cumulative insured activity since inception to USD 138.9 billion, underscoring the Corporation’s sustained relevance and scale.
Business insured increased by 37.8% compared with 2024. New insurance commitments reached USD 7.3 billion, and gross exposure closed at USD 7.6 billion, reflecting continued growth within a disciplined risk management. A defining feature of the year was the continued evolution of ICIEC’s portfolio toward higher-developmental-impact transactions. Foreign investment insurance expanded significantly, with business insured in this line rising to USD 5.9 billion, nearly doubling from the prior year. This shift reflects growing demand for long-tenor solutions that crowd in private capital, strengthen investor confidence, and support strategic infrastructure and industrial projects across Member States.
Financial results remained robust, with corporate net results amounting to USD 40.4 million, representing a 62% improvement over the previous year. This performance was supported by improved technical results, strong investment income, and prudent cost management.
Importantly, the Policyholders’ Fund (PHF) recorded a significant structural turnaround, with the accumulated deficit improving by 130.5% and converting into an accumulated surplus of USD 5.9 million as of end-December 2025 (YE-2024: deficit of USD 19.5 million). This reversal reflects materially enhanced underwriting and risk-management actions, alongside a more favorable claims experience, contributing to a sustainably stronger overall financial position.
ICIEC maintained strong capital adequacy and effective reinsurance utilization, and its financial strength was reaffirmed by international rating agencies, with Moody’s maintaining an Aa3 rating and Standard & Poor’s reaffirming an AA– rating with a stable outlook.
Looking ahead, the Corporation will operate within the Islamic Development Bank (IsDB) Group’s 10-Year Strategic Framework (2026-2035), Originality and Solidarity for Intergenerational Prosperity, with its 2026–2030 Corporate Strategy being developed as part of a coordinated, Group-wide corporate strategies exercise across all IsDB Group entities, ensuring strategic alignment, coherence, and strengthened development impact for Member States.