Marrakech — ICIEC, as a multilateral credit and political risk insurance corporation, plays a catalytic role in facilitating Renewable Energy projects in its member countries.

On the margins of COP22, which took place in Marrakech, Morocco, on November 15, 2016, ICIEC organized a high panel discussion (HPD) under the theme “ECA Risk Mitigation in Renewable Energy Investments”. The side event offered a valuable opportunity to showcase the benefits extended by ICIEC in cooperation with its partners to Host Countries, Investors, Lenders and Contractors involved in renewable energy Projects.

“Facilitating the financing of Renewable Energy projects in our member countries will play an important role in mainstreaming climate investments by developing innovative and scalable pilot projects, and investing in renewable energy projects,” said Mr. Oussama A. Kaissi, Chief Executive Officer of ICIEC.

ICIEC has an important role in boosting the flow of such important investments in the Member Countries by offering to the foreign investors coverage against the political risks. This coverage is an essential tool of risks mitigation, which encourage equities holders and lenders to participate in the Renewable Energy projects.

LISBON, 26 October 2016 – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Korea Trade Insurance Corporation (K-sure) have signed a reinsurance agreement aimed at expanding mutual business opportunities.  

Under the agreement, ICIEC will reinsure commercial and political risks related to medium/long term export credit transactions, which involve Korean exporters and contractors selling capital goods and services to ICIEC member countries. ICIEC will also extend reinsurance support to K-sure for Korean investors investing in ICIEC member countries. 

The agreement was signed by Mr. Oussama Kaissi, Chief Executive Officer of ICIEC and Mr. Kim Youg-hak, Chairman and President of K-sure, on the sidelines of Berne Union/Prague Club Annual General Meetings on October 24-27, 2016 in Lisbon. 

Commenting on the agreement, ICIEC Chief Executive Officer Mr. Oussama Kaissi said: “The partnership between ICIEC and K-sure is timely given the increasing involvement of Korean investors and contractors in projects in member countries. It is ICIEC mandate to support member countries in attracting foreign direct investments, importing capital equipment and realizing infrastructure projects. ICIEC, as a multilateral insurer, has a privileged relationship with its 44 member countries”.

JAKARTA — The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group (IDBG), managed to register sustained growth in its insurance operations for the year 1436H (2015G) in spite of strenuous worldwide conditions.

The Board of Governors of ICIEC held its 23^rd meeting in Jakarta, Indonesia on
19 May, 2016 and has approved the annual report and the financial statements for 1436H which showed a growth in business insurance operations by 22% to reach US$5.29 billion from US$4.32 billion in 1435H. At the same time, new commitments witnessed a jump of 8% to reach US$3.83 billion compared to US$3.56 billion in 1435H.

Cumulatively, member countries have benefited from ICIEC services since the inception and up to end of 1436H represented in MENA region (73.1%), Asia (8.9%), Central Asia /Europe (8.4%) and Africa (8%).

Commenting on the results, Mr. Oussama A. Kaissi, the Chief Executive Officer of ICIEC, said “despite the difficult global environment as well as the unenviable situation in some member countries, ICIEC has continued to report a remarkable progress in terms of business growth and organizational development, we are on the right path to build on this trend in the next year and beyond.”

The Board of Governors also appointed new external financial auditors for 2017G (1438H/1439H).

JEDDAH — Moody’s Investors Service, a leading international provider of credit ratings, research, and risk analysis, has once again affirmed the Aa3 Insurance Financial Strength Rating (IFSR) of ICIEC for the 9th year in a row. The rating outlook remains stable.

Moody’s said the rating affirmation reflects ICIEC’s stand-alone fundamentals as well as the potential support stemming from its shareholders, the Islamic Development Bank (IDB, rated AAA Stable) and the 44 member countries. “In fact, given ICIEC key role as facilitator of trade between Islamic countries, ICIEC’s rating reflects the strong ability and potentially high willingness of ICIEC’s main shareholders, in particular IDB and Saudi Arabia, to support the company,” the report noted.

Moreover, the rating reflects ICIEC’s legal structure and business nature as the only multilateral export credit and investment insurance corporation in the world that provides Shariah-compatible insurance and reinsurance products, as well as its enhanced regional knowledge based on its experience by operating in the region, the global rating agency pointed out.

Commenting on the latest rating report, Mr. Oussama Abdul Rahman Kaissi, the Chief Executive Officer of ICIEC, said « the affirmation of Aa3 rating by Moody’s reflects the Agency’s confidence in ICIEC’s consolidated financial strength and global leadership in Shariah products as well as its diversified insurance and reinsurance products. Besides, this affirmation will go a long way to support ICIEC’s crucial role in expanding the much needed risk mitigating services in its member countries in the face of the current world economic challenges. The Corporation takes this opportunity to thank all the Honorable members of the ICIEC Board of Governors, as well as Board of Directors, for providing their continuous support to enable it deliver its mandate.”

ICIEC further strengthens its clout with the recent membership of the Union of the Comoros, making the archipelago of island’s nation, in the Indian Ocean located at the northern end of the Mozambique Channel off the eastern coast of Africa its 44^th member country.

With a young and rapidly increasing population, the Comoros is the world’s largest producer of ylang-ylang flower from which a distinctive oil for expensive perfumes is extracted. Also it is a large producer of vanilla and cloves. Agriculture contributes 40% to GDP, employs 80% of the labor force, and provides most of the exports.

Commenting on Comoros’ recent decision, Mr. Oussama A. Kaissi, the Chief Executive Officer of ICIEC, said “the Union of Comoros’s membership opens the door for its private and public sectors to benefit from 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 Comoros. ICIEC seizes this opportunity to invite exporters, banks and investors in all member countries, including those in Comoros to benefit from the services it offers for the management of commercial and political risks ».

ICIEC, a member of the Islamic Development Bank (IDB) Group, is a pioneer in the field of Shariah-compliant credit and political risk insurance and reinsurance. Its shareholders are the “AAA” rated IDB and 44 member countries, which are members of the Organization of the Islamic Cooperation (OIC). Since 2008, ICIEC has been assigned a standalone rating of Aa3 by Moody’s with stable outlook.

ICIEC was established with the objective to facilitate and increase trade and investment between member countries and the world through Shariah-compliant risk mitigation tools and reinsurance instruments. It also seeks to promote foreign direct investments into these countries.

Several other member countries from Organization Islamic Cooperation (OIC) are in the process of completing the membership requirements.

ICIEC and the Russian Agency for Export Credit and Investment Insurance (EXIAR) have signed a reciprocal reinsurance agreement aimed at expanding mutual business opportunities. 

Under the agreement, the signatories will share the expertise and capabilities to improve and support various transactions in a wide range of sectors, and eventually becomes a platform for mutually beneficial cooperation in export credit and investment insurance between Russia and ICIEC’s member countries. The agreement foresees the promotion of Russian capital goods and services and investments into ICIEC’s member countries, as well as joint potential projects between and among ICIEC’s member countries, with Russian participation, in third markets.

The agreement was signed by Mr. Alexey Tyupanov, Chief Executive Officer of EXIAR and Mr. Oussama Kaissi, Chief Executive Officer of ICIEC, on the sidelines of Berne Union/Prague Club Annual General Meetings on November 2-6, 2015 in Shanghai.

Its worthmentioning that the Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in 2011 as an open joint-stock company. EXIAR’s mission is to support Russian high-tech exports by insuring export credits against commercial and political risks, as well as Russian investments abroad against political risks. Vnesheconombank is the sole shareholder of EXIAR. The agency’s charter capital is RUB 31 billion. Since November 2014 Eximbank of Russia, a Russian specialized government–owned export–import bank, has been a subsidiary of Russian Agency for Export Credit and Investment Insurance (EXIAR).

Moody’s Investors Service, one of the leading rating agencies in the world, has recently reaffirmed the Aa3 Insurance Financial Strength Rating (IFSR) ICIEC for the 8th consecutive year.

In its report, Moody’s noted that ICIEC’s rating reflects both the stand-alone fundamentals as well as potential support from its shareholders/IDB Group member countries. Thus, despite the absence of explicit guarantees, in the context of its key role as facilitator of trade between Islamic countries, ICIEC’s rating reflects the strong ability and potentially high willingness of ICIEC’s main ultimate shareholders, and in particular the IDB (Aaa Stable), and its Member Countries, to support the company in times of financial distress.

Furthermore, the rating reflects ICIEC’s legal structure and business nature as the only multilateral export credit and investment insurance corporation in the world that provides Shariah-compatible insurance and reinsurance products, as well as its enhanced regional knowledge through its experience gained by operating in the region. Furthermore, Moody’s view positively ICIEC’s full membership in Berne Union of export credit insurers, which ensures that ICIEC meets the legal, risk management and capitalisation requirements for full membership.

Oussama Abdul Rahman Kaissi, the Chief Executive Officer of ICIEC, commented « The affirmation of Aa3 rating by Moody’s helps ICIEC’s efforts to continue supporting its 43 member countries in facing the world economic challenges to attract direct investments by providing the necessary risk mitigation tools for investors worldwide, especially to those who are willing to invest in the renewable energy sector in Africa”.

The Board of Directors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Member of the Islamic Development Bank (IDB) has appointed Mr. Oussama Abdel Rahman Kaissi as Chief Executive Officer of ICIEC starting from 8 September 2015.

Mr. Oussama Kaissi has over twenty eight years of diverse experience in the insurance and Takaful industry. Out of which 16 years are at the senior executive level. He is the founding CEO of the National Takaful Company, Watania, had also established and led Abu Dhabi National Takaful from inception till 2010. Prior to this he was the GM of ARIG, Bahrain, the MD of ALIG, Lebanon and the Senior Head of Operation in ARIG, Bahrain.

Graduated in 1987 from Indiana University, USA and having worked in USA, UAE, Bahrain and Lebanon both in conventional and Takaful companies, Mr. Kaissi has got vastly diversified exposure to different markets, cultures and business models.

ICIEC Export Credit and Investment Insurance Surges 29% in 1435H

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IDB), facilitated US$4.3 billion of exports and investments for its member countries in 1435H (2014), an increase of 29% compared to previous year 1434H (2013).

In its 22^nd Annual Meeting held in Maputo on Thursday (June 11, 2015), the ICIEC Board of Governors under the Chairmanship of His Excellency Mr. Adriano Alfonso Maleiane, Minister of Economy and Finance of the Republic of Mozambique, approved the Annual Report and financial results of the Corporation for 1435H.

Commenting on the results, Eng. Hani Salem Sonbol, Acting Chief Executive Officer of ICIEC, said “the business growth is a result of the strong collaboration with our partners in member countries, as well as the international players in making transactions happen during these critical situation in the region as well as in the world.”

The Board of Governors also approved the 10-year strategic plan of the Corporation as part of the 10 year IDB Group strategic framework, and selected the external financial auditors for 1437H (2016).

Under the patronage of the President of Mozambique H.E. Filipe Nyusi; the Board of Governors of the Islamic Corporation for the Insurance of Investments and Export Credit (ICIEC) is going to held its 22^nd Annual Meeting in Maputo, the capital of Mozambique on June 11, 2015; in conjunction with the 40^th Annual Meeting of the Islamic Development Bank. This year, Eng. Hani Salem Sonbol will lead Acting Chief Executive Officer of ICIEC will lead the delegation of the Corporation.

During the meeting, the Board of Governors will approve the financial results of the Corporation for 1435H (2014). Moreover, the Governors will the will approve the selection of the external auditors for the financial year 1437H (2016G).

Annual meetings are statutory occasions for Governors of IDB Group members, most of whom are finance ministers representing ICIEC member countries, to provide guidance on IDB administrative, financial, and as well as strategic operational directions.

In line with the official event, various activities will be organized on June 7-8, 2015, one of which is a private sector forum where ICIEC will present the importance of export credit and investment insurance in Africa.

In this regard, Eng. Hani Salem Sonbol “urges those who believe in Africa’s potential to attend this seminar to know ICIEC’s tools in mitigating risks for short and long-term businesses, and to join hand to make Africa the best destination for doing business.”