The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group (IsDB), is pleased to announce that the Republic of Uzbekistan has joined the membership of ICIEC and became the 46th member country.

Uzbekistan is the geographic and population center of Central Asia. The country has a diverse economy and a young population which totals over 30 million.  In recent years, Uzbekistan has undertaken wide-ranging market reforms aimed at increasing jobs and prosperity. The country benefits from abundant natural resources, low public debt, a growing labor force, and a strategic geographic position between China and Europe.

The Republic of Uzbekistan joined the IsDB in September 2003. The bank has since then provided significant development assistance, worth approximately USD 2.0 billion. In 2018, The Government of Uzbekistan and IsDB signed a Partnership Strategy for 2018-2021 focused on supporting sustainable socio-economic development in the country through several bilateral and regional initiatives.

The Republic of Uzbekistan’s accession to ICIEC follows an October 2018 official visit of Mr. Oussama Kaissi, Chief Executive Officer of ICIEC to meet with H.E. the Governor, Uzbekistan, and other top officials in Tashkent. Mr. Kaissi welcomed Uzbekistan, stating: “The Republic of Uzbekistan’s membership opens the door for its private and public sectors to benefit from risk mitigation and credit enhancement services offered by ICIEC to expand their exports worldwide and investments in ICIEC Member Countries. Similarly, it allows exporters, banks and investors from other member and non-member countries, to cover political and commercial risks related to their operations in Uzbekistan.”

The 3 entities of the Islamic Development Bank Group (IsDB), in consideration of their respective mandates, have recognized the need to join forces & enhance the offerings of innovative solutions to support OIC Member Countries’ socio-economic welfare.  On this occasion, a new tripartite agreement has been signed between the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD) and the International Islamic Trade Finance Corporation (ITFC)  to identify new means of collaborations to work together harmoniously, in a structured manner, and help keep the momentum.

This collaboration shall enable the said Entities to follow into the footsteps & vision of the IsDB Group President’s 5 Year Program (P5P), explore potential partnership opportunities among the entities, set up the basis for joint strategic cooperation to support the Member Countries and explore ways and means to achieve IsDB Group level competitive advantage.

The agreement will enable superior client centric approach and cross-selling each other’s products and services. The key benefit for the IsDB Group clients will be an access to a one-stop shop and taking advantage of the strengths of each entity, which are reflected in their flagship development and promotion programs. The collaboration also includes, among others, the organization of joint and dedicated workshops and forums in Member Countries.

Commenting on the agreement, ICIEC’s Chief Executive Officer, Mr. Oussama KAISSI, said: “This cooperation agreement signed by the three Entities of the IsDB Group is a translation of the continuous development of the Group strategy to exploit synergies and present a strong common platform for achieving our mandate. Given ICIEC mandate to support the exports of its member countries and to encourage the inflow of foreign direct investments, ICIEC anticipates great potential for complementarity with the product offering of ICD & ITFC. This agreement will support ICIEC to extend its Shariah Compliant Insurance Solutions and Services to back ICD and ITFC financing activities. ICIEC will also benefit from ICD and ITFC proven track record and experience in  trade and project finance to customize and develop new products for beneficiaries in member countries.” He added.

 “We are very pleased to work with ICIEC and ITFC as major partners in supporting our member countries. This agreement will greatly enhance the synergy across the IsDB Group Entities for the benefit of our private sector clients. We are certain that the cooperation among the Group entities will enable us to cross sell our products & services and leverage on each other’s strength to promote the private sector development in our member countries. I am also confident that IsDB Group Business Forum “THIQAH” will play a crucial role in strengthening this collaboration” highlighted ICD CEO, Ayman Amin Sejiny.

ITFC CEO, Eng. Hani Salem Sonbol commented on the occasion “There is a critical need to realize the potential of such collaboration and synergy among our sister institutions to serve better our member countries. Each entity, through the specialized scope can provide complementarity and extended scope in terms of supporting the Private Sector, Integrated Trade Solutions and Credit Insurance.”

Marrakesh, April 06, 2019, The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group is pleased to announce the signing of agreements that will boost its profile and extend services in member country markets, with a focus on Morocco. In total, four Memoranda of Understanding (MoU) were signed today at ICIEC’s annual meetings at the Palmeraie Resort in Marrakesh, Morocco, which mark the Corporation’s 25th anniversary. 
The four MoUs are signed with: Groupe Banque Centrale Populaire (BCP), Moroccan Agency for Sustainable Energy (MASEN), Al-Akhdar Bank (AAB) and Multilateral Investment Guarantee Agency (MIGA).

Commenting on the MoUs, ICIEC’s Chief Executive Officer, Mr Oussama Kaissi, said: “We are delighted to strengthen our cooperation with these prestigious partners. These agreements underline our commitment to Morocco and to supporting trade and investment across Africa and elsewhere. We are especially pleased to be able to announce these agreements during our 25th anniversary celebrations here in Morocco. We look forward to working together and continuing to make a vital development impact in all of our member countries.”

Groupe Banque Centrale Populaire (BCP)
In the first MoU, ICIEC will build a strategic partnership with Groupe Banque Centrale Populaire (BCP), one of Morocco’s leading banks, to support trade and investment in sub-Saharan Africa. The aim is to increase BCP’s financing to African markets by supporting exports to and imports from its subsidiaries in ICIEC member countries, as well as encourage BCP clients to take on risk through ICIEC insurance products. ICIEC will also support BCP in financing infrastructure projects by offering political and commercial risk insurance.

Moroccan Agency for Sustainable Energy (MASEN)
The second MoU, with the Moroccan Agency for Sustainable Energy (MASEN), will support sustainable energy investments from Morocco to other ICIEC member countries, again with a core focus on Africa. It will also encourage foreign investment in sustainable energy projects within Morocco through the provision of ICIEC’s insurance products and services.

Al-Akhdar Bank (AAB)
The third MoU, with Al-Akhdar Bank (AAB), is a collaboration to support transactions in ICIEC member countries through Sharia-compliant insurance mechanisms. The MoU encompasses cross-selling and sourcing opportunities for both parties; the provision of credit and investment insurance solutions for AAB; and supporting the bank’s corporate customers with credit and investment insurance solutions. The two sides will also explore the potential for a platform for sharing investment opportunities, advisory services and support for financing deals through sharia-compliant insurance in ICIEC member countries.

Multilateral Investment Guarantee Agency (MIGA)
Separately, ICIEC signed a fourth MoU with the Multilateral Investment Guarantee Agency (MIGA) to reinvigorate the longstanding exiting cooperation in the area of supporting foreign investments. MIGA is a member of the World Bank Group and, like ICIEC, provides political risk insurance and credit enhancement guarantees to help facilitate investment projects worldwide.

Marrakesh

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group, hosted its Annual Meeting on April 4th, 2019 at the Palmeraie Resort in Marrakesh, Morocco in celebration of its 25th Anniversary. 

The event was generously hosted by the Government of Morocco. Mr. Zouhair Chorfi, Secretary General of the Ministry of Economy and Finance of Morocco congratulated ICIEC on reaching this important milestone.  

The event marked 25 years of consistent support from ICIEC in contributing to sustainable economic development among its Member Countries. ICIEC is the only multilateral export credit and investment insurance corporation in the world that provides Shariah-compatible insurance and reinsurance products. Since its establishment, ICIEC has facilitated over USD $42 billion in trade transactions and USD $10 billion in foreign direct investments in Member Countries. 

The celebration was attended by Islamic Development Bank (IsDB) Group sister organizations, representatives of ICIEC’s 45 members countries, and partners from within and outside the OIC. The evening provided an opportunity to celebrate the Corporation’s economic impact in supporting exporters, investors, financial institutions and export credit agencies. 
The efforts of the organization’s management and staff, both past and present, were recognized as a key contributor to its success. ICIEC’s Chief Executive Officer, Mr. Oussama Kaissi, recounted the humble beginnings of the organization, “Beginning with just 7 applications in 1416H (1995) for export credit insurance policies, ICIEC now plays a meaningful role in contributing to the development of, and economic cooperation among, its Member Countries.”

The evening also presented an ideal opportunity to highlight the organization’s current successes and its promising future. Today, ICIEC is an award-winning, global trade insurance institution with an Aa3 credit rating by Moody’s. It is a co-founder of the Aman Union, a forum for OIC risk insurers and reinsurers, as well as a member of the Berne Union, the leading global association for the export credit and investment insurance industry. In 2018, ICIEC launched the second Annual Development Effectiveness Report (ADER), which highlights the organization’s role in supporting the sustainable development goals (SDGs) of Member Countries. Mr. Kaissi emphasized the importance of sustainability to ICIEC, stating, “We are committed to achieving the UN’s 2030 Agenda and the 17 Sustainable Development Goals (SDGs), which are fully aligned with the IsDBG’s long-term priority to promote progress and prosperity in Member Countries.”

As ICIEC celebrates this important occasion, it stands ready to meet the challenges of the future. President Hajjar encouraged ICIEC and its partners, saying, “our meeting today takes place amid a new set of challenges and strained economic, social and political conditions. We must ready ourselves to respond to these challenges and take advantage of the opportunities that await.”

Dubai, United Arab Emirates

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group, is pleased to announce that the groundbreaking Sharjah Waste-to Energy Project has again been honoured by prestigious media and industry organisations. ICIEC and project partners were presented with the MENA Waste Deal of the Year Award at the IJGlobal MENA Awards Dinner in Dubai on March 13, 2019.

The IJGlobal Awards celebrate the best-in-class infrastructure and energy transactions to have closed over the past calendar year while recognising the organisations that play a central role in these deals.

The Sharjah Waste-to-Energy (WtE) project is the first WtE scheme to be financed in the Gulf region as the Gulf states move away from landfills to more environmentally friendly disposal solutions. The project, led by UAE clean energy firms Masdar and Bee’ah, will help Sharjah reach its zero waste to landfill target by 2020 and contribute to the UAE’s 2021 goal of diverting 75% of solid waste from landfill. ICIEC provided cover for the project’s construction financing, working in partnership with fellow financial institutions SMBC, Siemens Bank, Abu Dhabi Commercial Bank, Abu Dhabi Fund for Development and Standard Chartered.

Chief Executive Officer of ICIEC, Mr. Oussama Kaissi, thanked IJGlobal and project partners, stating “The IJGlobal award represents one of the highest possible accolades in the world of infrastructure and project finance and are a recognition of the hard work and ingenuity shown by all of the project collaborators. This project will have many positive impacts by creating jobs, safeguarding the environment and improving citizens’ quality of life.” 

The award from IJGlobal comes on the heels of recognition for the Sharjah project at the 2018 Project Finance International Awards, where the initiative took home the « Middle East Clean Energy Deal of the Year » award, honouring achievement and ingenuity in the global finance market.

JEDDAH

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group, announces its 26^th Annual Meeting on April 6th, 2019 at the Palmeraie Resort in Marrakesh, Morocco in celebration of their 25th Anniversary.

The gathering will mark 25 years of consistent support in promoting sustainable economic development to its Member Countries. ICIEC provides unique solutions in multilateral export credit and investment insurance and is the only Shariah-compliant insurance provider globally. Since its establishment, it has facilitated over USD $51 billion in trade transactions and USD $9 billion in foreign direct investments in Member Countries.

In conjunction with the Annual Meeting, the Islamic Development Bank Group (IsDBG) entities will participate in the IsDBG Private Sector Forum on April 4th, 2019. The main objective of the Forum is to highlight IsDB Group activities, services, and initiatives in member countries. The program will include a High-Level Panel Discussion on “Remapping the ECAs’ Strategic Mind-set through Business Intelligence Ecosystem.”  This panel session will explore the innovative concept of the OIC Business Intelligence Center, spearheaded by ICIEC. The center would focus on addressing the scarcity of reliable credit information in OIC member countries, which serves as a major obstacle to both financing institutions and credit and insurance providing institutions – a significant barrier to economic development.

Chief Executive Officer of ICIEC, Mr. Oussama Kaissi, highlighted the initiative, stating “It is fortuitous that this panel discussion takes place during the celebration of ICIEC’s 25th Anniversary. Since its inception, ICIEC has served as an innovator in Islamic Trade Finance, and we continue in this role today.”

The Annual Meeting also provides an opportunity to affirm that the Corporation’s 2018 Annual Report and financial statements were approved by the Board of Governors, and to celebrate a milestone year in ICIEC’s journey. In 2018, ICIEC launched the Annual Development Effectiveness Report (ADER) which highlights the organization’s role in supporting the development goals of member countries. For the eleventh consecutive year, ICIEC has maintained the Aa3 rating by Moody’s with a stable outlook. This year ICIEC was also recognized with multiple prestigious awards for its role in financing innovative projects that will both accelerate member country economies and protect the environment. 

In celebrating the milestones of the past quarter century and embarking on future successes, ICIEC promises to continue covering political and economic risks and support exporters and investors in a way that generates meaningful, sustainable development impact in Member Countries.

ICIEC receives “Middle East Clean Energy Deal of the Year” and “The Turkish Deal of the Year Award” at the PFI Awards.

[February 6, 2019, London, United Kingdom] The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) won two prestigious awards at the Project Finance International (PFI) Awards, hosted in London on February 6th, 2019. The PFI awards are one of the most distinguished events in global project finance, bringing together the world’s project finance industry to celebrate excellence.

PFI Award: Middle East Clean Energy Deal of the Year – Sharjah WtE Project

The Sharjah waste-to-energy (WtE) project is the first WtE scheme to be financed in the Gulf region as the Gulf states move away from landfills to more environmentally friendly disposal solutions. The project, led by UAE clean energy firms Masdar and Bee’ah, will help Sharjah reach its zero waste to landfill target by 2020 and contribute to the UAE’s 2021 goal of diverting 75% of solid waste from landfill. ICIEC provided cover for the project’s construction financing, working in partnership with fellow financial institutions SMBC, Siemens Bank, Abu Dhabi Commercial Bank, Abu Dhabi Fund for Development and Standard Chartered.

Turkish Deal of the Year – Çanakkale 1915 Bridge

This award recognizes Türkiye’s most significant project finance deal in recent history and one of the most high-profile construction projects ever undertaken in the country. The Canakkale project consists of an 88km three-lane motorway, 48km of connection roads, and the €1.68bn bridge, which will span 2,023m, making it the world’s longest once completed. ICIEC provided various levels of insurance cover, in partnership with several other export credit agencies.

Chief Executive Officer of ICIEC, Mr. Oussama Kaissi, thanked the PFI organizers, project finance collaborators and the other award winners, saying “I am delighted that ICIEC and our partners had the opportunity to shape two landmark transactions that serve both the economy and the environment.”

The Republic of Suriname has become the 45^th country to join the membership of The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), further extending the Corporation’s global footprint. Other member countries from the Organization of Islamic Cooperation (OIC) are also in the process of completing their ICIEC membership applications.

Suriname is one of the smallest countries in South America, yet its population is one of the most ethnically diverse in the region. Its economy is dependent on natural resources, notably bauxite, of which it is one of the world’s top producers. Aside from natural resources, other key sources of income include agriculture and remittances, mainly from the Netherlands, French Guiana and the USA. The southern part of the country consists of tropical rainforest and sparsely inhabited savanna along the border with Brazil, which covers about 80% of Suriname’s land surface.

Commenting on Suriname’s membership, Oussama Kaissi, the Chief Executive Officer of ICIEC, said: “I would like to welcome and thank the Republic of Suriname for joining the membership of ICIEC. Its membership opens the door for its private and public sectors to benefit from the risk mitigation services offered by ICIEC. Similarly, it allows exporters, banks and investors from other member countries to cover risks related to their operations in Suriname. ICIEC would like to take this opportunity to invite exporters, banks and investors in all countries, including those in Suriname, to benefit from the services it offers for the management of commercial and political risk.”

Johannesburg, South Africa, 07 November 2018 — The African Development Bank alongside Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), African Trade Insurance Agency (ATI) and GuarantCo, on Wednesday entered into a Memorandum of Understanding for a Co-Guarantee Platform (CGP). This initiative, the first of its kind and being promoted by the Bank, was signed on the first day of the Bank’s inaugural Africa Investment Forum in Johannesburg.

The Bank and its partners created the Co-Guarantee Platform for Africa, an innovative and collective de-risking instrument, to address the perceived high risk across the continent and the lack of capacity of traditional lenders to provide risk mitigation products for projects.

The platform is intended to increase the volume of insurance and guarantee solutions available to project sponsors and their bankers in a market-responsible manner. The objective is to mobilize greater amounts of investment that would otherwise not take place in the region in the absence of affordable risk mitigation products. The Platform is expected to enhance the relevance of the respective institutions’ instruments in the Region by implementing joint risk mitigation transactions.  

Speaking about the Bank’s rationale for the Platform, Akinwunmi Adesina,  President of the African Development Bank Group said, “There are many guarantee providers that can offer various types of credit enhancement and risk mitigation instruments in Africa, but cooperation among them has been either non-existent or on an ad hoc basis. Hence the need for a more formal collaboration among guarantee providers to maximize the use of their products in Africa.”

These four initial partners are financial institutions with strong experience operating on the continent, keen to participate in order to cooperate and create synergies with other development and commercial institutions in an effective and market-responsive manner. The platform is open to more participants including official development institutions and the private sector. 

This initiative will have a global outreach and aim at crowding in reluctant risk mitigation and credit enhancement providers across the world to make more projects happen in Africa- on more affordable terms for both African and foreign investors and lenders alike.

Dr. Bandar M. H. Hajjar, the President of the Islamic Development Bank Group, and Chairman of the Board of Directors of the Islamic Corporation for the Insurance of Investment & Export Credit (ICIEC), noted that ICIEC, as a multilateral institution has a strong footprint in Africa with 23 member countries from within the continent, and has been actively mobilizing insurance and reinsurance capacity from the international market for Africa for the last 25 years. ICIEC intends to avail its services, expertise and network to cooperate with the participants of the Co-Guarantee Platform, in order to structure collectively innovative risk mitigation solutions that will help to facilitate and mobilize funding capacity for medium and long tenor projects in Africa.

George Otieno, Chief Executive Officer of the African Trade Insurance Agency (ATI) says “we welcome this initiative that was first suggested by the African Development Bank during the second meeting of the Abidjan Union held in 2017.  As the membership of African states in ATI grows – in part thanks to the financial assistance of the African Development Bank – we believe that no single institution alone can provide the amount of risk mitigation required to catalyze Africa’s enormous infrastructure requirements.  While ATI already works closely with the private insurance market, the recent insurance transaction concluded among the Bank, ATI and the private reinsurance market to insure a portfolio of the Bank’s non-sovereign financial sector loans in Africa, demonstrates the powerful impact cooperation among institutions can have on bettering the availability and terms and conditions of insurance in the region”.

Philippe Valahu, CEO, Private Infrastructure Development Group, said: “GuarantCo is delighted to participate in the Co-Guarantee Platform, particularly as it draws on our extensive experience in delivering guarantee and credit enhancement solutions in Africa. This initiative enables us to collaborate with institutions that share a similar vision as us; not only by recognising the deployment of capital and investment on the continent but, most importantly, by enabling local capital markets through risk mitigation solutions. We hope that the joint capacity, as created through this initiative, will result in more efficient information sharing, a better overview of risk across the continent and mobilisation of greater guarantee capacity”.

Moody’s has affirmed ICIEC’s Insurer Financial Strength Rating (IFSR) rating of Aa3 with stable outlook for the 11^th consecutive year on July 2^nd 2018. The rating reflects ICIEC’s improved profitability and underwriting performance, as the combined ratio improved to 108% from 200% in 2016. Moody’s notes that the combined ratio for 2017 was the lowest ICIEC has achieved over the past 5 years. Foreign investment insurance increased by 28% to USD 1.6 billion in comparison to USD 1.2 billion in 2016. Whereas a large portion of the premiums written in 2017 were in markets including Saudi Arabia and other GCC countries, ICIEC also won new clients in Kuwait, South Africa, France, and Egypt. ICIEC was also proactive in strengthening its reserves and maintaining a good investment strategy. Majority of investments assets were rated in investment grade category, with a high-risk-asset ratio improving to 14.2% from 16.8% in 2016. 

Moody’s noted that ICIEC is the only multilateral export credit and investment insurance corporation in the world that provides Shariah-compatible insurance and reinsurance products, and has enhanced regional knowledge. Moody’s also noted that as a member of the IsDB Group, ICIEC benefits from various managerial synergies and support.

ICIEC’s rating also reflected both the stand-alone fundamentals of the Corporation as well the strong ability and potentially high willingness of ICIEC’s main ultimate shareholders, and in particular the Islamic Development Bank (Aaa stable), Saudi Arabia, (Aa3 Stable) and other GCC countries, to support the company in times of financial distress.