Under the Chairmanship of H.E Dr. Ibrahim bin Abdulaziz bin Abdullah Al-Assaf, the Finance Minister and the Governor of the Islamic Development Bank (IDB) Group for Saudi Arabia, the Board of Governors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), member of the Group, approved in its 21st Annual Meeting, the Annual Report and the Financial Results for 1434H (2014) for the Corporation. The Annual Meeting was held at Hilton Hotel in Jeddah, Saudi Arabia, on 26th June 2014, in conjunction with the 39th IDB Annual Meeting. 

The annual report shows that the business insurance provided by ICIEC to its 41 member countries’ investors and exporters stood at USD 3.3 billion, a growth of 9% compared to 1434H (2013). Total indemnification paid by ICIEC to its clients amounted to US$ 1.6 million, while recovers registered  US$ 2.31 million, an increase of 9% over last year. 

Commenting on the overall results, Dr. Abdel-Rahman Eltayeb Taha, the CEO of the Corporation, said “Despite the continuing effect of the global financial crisis and the subsequent economic recession that caused a world-wide decline in trade and investment flows, ICIEC was able to support significant trade flows of member countries and key development projects in post-conflict and fragile member countries”. 

It is worth mentioning that at the margin of the Annual Meeting ICIEC celebrated its 20 years Anniversary which coincides with the 40th Anniversary of its parent Islamic Development Bank. As part of the celebration, ICIEC organized a seminar titled “The Future Role of ICIEC in Supporting Trade and Investments In Member Countries”. 

Qatar Development Bank’s export development agency, TASDEER, announced on 11 December 2013 the conclusion of the Fourth “Aman Union” Annual Meeting which gathered representatives of export risks insurance sector. The meeting was held at Renaissance Doha City Center in Qatar, from 9 to 11 December 2013, and was attended by a number of Aman Union members, in addition to senior officials, decision makers and international experts from related sectors such as Insurance and political risks, reinsurance, and banking and insurance information. The meeting aimed at discussing and highlighting the importance of promoting the insurance of commercial and non- commercial risks, the ways to benefit from this type of insurance and strengthening mutual commercial relationships between Qatar and participating countries. 

The meeting consisted of a number of talking sessions and seminars on recent issues and challenges faced by the credit and political risks insurance sector on different levels, means to develop procedures and systems in place to enhance relationships between stakeholders, and facilitating work flow. 

Commenting on the event, Mr. Abdulaziz Bin Nasser Al-Khalifa, CEO, Qatar Development Bank: “We are glad to announce that the Fourth Aman Union Annual Meeting was a huge success; it represented to us a unique opportunity to exchange experiences and talk about the most important issues and challenges in the risks insurance sector, in the presence of esteemed international experts in the industry. The meeting also enabled us to explore various methods that help growing and promoting of Qatari exports with participating countries”. 

“The importance of organizing such events lies in connecting all parties, keeping them informed about the ramifications and effects of global economic conditions on the insurance industry, and exploring new products and experiences in the sector. This will enable us all to expand the scope of mutual coordination, develop bi-lateral relationships, and strengthen joint cooperation between member states in the Union”, he added. 

Dr. Abdel Rahman El-Tayeb Taha, the Secretary General of the Aman Union, who is also the CEO of the Islamic Corporation for the insurance of Investment and Export Credit Insurance (ICIEC), expressed deep concern over the continuing cycle of sluggish global economic growth and the political instability in some member countries which could have negative impact on the industry. “The union is now holding its 4th Annual Meeting in difficult economic times that will require more effort in the industry to face these challenges”. « We are confident this is yearly gathering which assembles credit and political Risks Insurers and Reinsurers is playing an important role in bringing the industry leaders together to create a collective impact to further advance the future of the export credit insurance and reinsurance industry in Islamic and Arab Countries ». stated Dr. Taha. Established in 2009, Aman Union is a specialized forum that gathers insurance organizations and agencies for commercial and non-commercial risks and exports reinsurance companies in the Middle East, Africa, Asia and Europe. The Union aims at promoting and developing commercial and non-commercial risks insurance sector among member states and enhancing their joint ties through a number of activities and initiatives, including: developing various agencies and exchange of information, data, and research studies in the sector. The Union comprises of 17 full members, 3 associate members and 9 observing members. 

About QDB
Qatar Development Bank provides, through its export development agency, TASDEER, private sector exporting companies with financial solutions, insurance credits and consultation services, in addition to support of companies to enable them in developing their exporting competencies, through participating in a wide range of exhibitions and events around the world, such as global exhibitions, joint programs, exports development and promotion, training workshops, and publishing of specialized guidelines such Trade Secrets and Qatari Exporters Guide. 

Dr. Abdel Rahman El-Tayeb Taha, the Secretary General of the Aman Union, who is also the Chief Executive Officer of the Islamic Corporation for the insurance of Investment and Export Credit Insurance (ICIEC), and Mr. Abdulaziz Bin Nasser Al-Khalifa, Chief Executive Officer of Qatar Development Bank Launched today the AMAN UNION Database. The Database was lunched in Doha, Qatar in the presence of more than 80 representatives from 20 countries representing national ECAs, Credit Information Agencies, Reinsurance, Brokers, Banks and Debt Collection Agencies, attending the 4th Annual Meeting of the AMAN UNION, hosted by Qatar Development Bank at the Renaissance Doha City Centre Hotel, Qatar from 9 – 11 December 2013. 

The Database is the first of its kind in the Arab and Islamic region, established for the benefit of national export credit insurance agencies in the region and will enable the Subscribers in the Database to share and purchase credit information reports, credit opinions on entities worldwide and to exchange their underwriting experience on buyers and banks.

 Dr. Abdel Rahman El-Tayeb Taha, the CEO of ICIEC, in his capacity as the Secretary General of the AMAN UNION said “We are happy that Qatar witnesses the official launching of the AMAN UNION Database, which we are confident that the Database will help solving the issue of reliability of credit information in the region”. Dr. Taha extended invitations to the Export Credit Agencies in OIC member countries who are not currently subscriber of the Database, to join the Database in order to benefit from its services. 

ABOUT AMAN UNION
The AMAN UNION was launched under the leadership of ICEIC, the Islamic Corporation for the insurance of Investment and Export Credit Insurance, an affiliate of the Islamic Development Bank based in Jeddah, and Dhaman, the Arab Investment and Export Credit Guarantee Corporation based in Kuwait. Thus, during the 1st Joint Meeting of Arab and Islamic ECAs held in Beirut, Lebanon on October 27-28, 2009. The Union is the first organization gathering investment and export credit agencies in the Arab and Islamic World under one umbrella, it aims at enhancing cooperation among Arab and Islamic export credit institutions and encouraging the development of investment and export credit insurance industry in its Member Countries. The Union also offers technical assistance to establish new agencies while also enhancing the insurance capacity of existing agencies. Including ICIEC and Dhaman, the Union currently has 17 members from more than 15 countries.  

• In the presence of more than 80 representatives from 20 countries

Qatar Development Bank through its export arm ‘Tasdeer’ announced today that it will be hosting the 4th Annual AMAN Union Meeting for representatives of the risks insurance industry in Islamic and Arab Countries. The meeting will take place at Renaissance Doha City Centre Hotel, Qatar from 9 – 11 December 2013.

The event will bring together Aman Union members and experts from a number of related sectors, including credit and political risk insurance, reinsurance, banking and credit information, to discuss the importance of promoting and developing the credit and political risks insurance industry through the export development processes.

Abdulaziz Bin Nasser Al Khalifa, CEO, QDB said: “We are delighted to be hosting the 4th Annual Aman Union Meeting. Hosting an event of this calibre gives us the opportunity to meet with representatives of member countries different countries and showcase the processes of promoting and developing Qatari exports. It is an important opportunity to raise awareness share experience on how to develop risks insurance and promote exports and discussions. This process will lead to base the framework for cooperation between the members in the union. ”

Dr. Abdel Rahman El-Tayeb Taha, the Chief Executive of the Islamic Corporation for the Insurance of Investment and Export Credit in his capacity as the Secretary General of AMAN UNION stated that: « the Union now is holding its 4th Annual Meeting in the continuing cycle of the sluggish Global economic growth, that’s needs more work in the industry to face the challenges faced”. “We are very happy to hold this year the Meeting in Doha, hosted by Qatar Development Bank. I am confident that the gathering will enable members and partners to share their underwriting experience on buyers and banks and exchange technical innovations that will help advance the industry and improve its efficiency”. He added

Established in 2009, AMAN Union is a professional forum assembling commercial and non-commercial risk insurers and reinsurers exports from the Middle East, Africa, Asia and Europe. AMAN Union aims to promote and develop the commercial and non-commercial risks insurance industry within member countries, as well as strengthen mutual relationships among members through a range of activities including development of various agencies and exchange of industry related information, studies and research. AMAN Union comprises of 17 full members, three associate members and nine observer members. 

QDB’s export arm ‘Tasdeer’ provides private sector exporters with financial solutions, credit insurances and advisory services, in addition to supporting businesses in developing their export capabilities through participating in a wide range of events and activities across the world, such as global exhibitions, match making programs, export development and promotion, training workshops in addition to publishing specialised industry guides like Trade Secret and Qatar Exporters Directory. 

ICIEC
Jamel eddine Naga
Promotion & International Relations Unit, ICIEC
Tel : +966 12 6467608
Fax : +966 12 6443447
Mobile: +966 5 68618945
E-mail: jnaga@isdb.org 

ICIEC and APCIORP Sign a Documentary Credit Insurance Policy

In Bahrain, ICIEC and Arab Petroleum Investments Corporation (APICORP), the Multilateral Development Bank owned by the ten member nations of the Organization of Arab Petroleum Exporting Countries (OAPEC), has signed a Documentary Credit Insurance Policy (DCIP).

The Documentary Credit Insurance Policy will help APICORP effectively manage risks affecting its Letter of Credit (LC) transactions and LCs of petroleum products exports in ICIEC member countries. The DCIP is an effective tool to mitigate risk of non-payment of Letter of Credit (LC) arising from a variety of factors. These include insolvency of the buyer/ issuing bank; failure or refusal of the issuing bank to provide reimbursement on due date; currency inconvertibility and transfer restrictions imposed by issuing bank’s country; expropriation, confiscation or government intervention in the business of the issuing bank; and war or civil disturbance in the issuing bank’s country. The DCIP provides insurance coverage to transactions in which a minimum of 30% of the added value in the products transacted come from ICIEC member states.

Ahmad Bin Hamad Al-Nuaimi, Chief Executive and General Manager of APICORP said: “We are extremely happy to advance our cooperation with the IDB’s ICIEC by signing the DCIP. Trade finance forms an important focus of our diversification strategy and contributes significantly to our mandate to support Arab energy industry development. The DCIP will help us reliably protect and control risks in trade finance transactions, which in turn will help us better support the trading needs of Arab energy companies and enhance our trade-finance business growth. The ICIEC’s extensive geographical remit and its mandate to encourage exports from member countries, some of whom are our own shareholders, make it a highly strategic partner for us. Partnerships like these are key to our ability to expand our trade finance business and create value and growth for energy companies in the region.”

At the signing ceremony, Dr Abdel-Rahman El-Tayeb Taha the Chief Executive Officer of ICIEC stated: « Events in the region show clearly the important role Credit and Political Risk Insurance can play in supporting trade and attracting foreign investment into countries which need it the most. We are confident that the signed policy will help APICORP in mitigating risks related to the default and non-payment of Letters of Credit confirmed by APICORP and thereby help to expand their trade transactions and ultimately increase exports from member countries.” Dr. Taha added: “This signed DCIP between ICIEC and APIRCORP is the first signed between ICIEC and a joint Arab Financial Institution and represents a beneficial alliance between two sister multilateral institutions.”

It is worth mentioning that APICORP offers a range of trade finance solutions for import and export transactions designed to meet the challenging needs of energy companies in the Arab world. APICORP has rapidly grown its trade finance and structured commodity finance activities over the last three years complementing its historically strong project finance franchise. Trade and structured commodity finance services and loans provided by APICORP in 2013 helped finance hydrocarbon transactions involving the world’s largest hydrocarbon commodity traders transacting with Arab-based refiners. 

The Republic of Mozambique has recently acceded to the membership of ICIEC. This brings the number of member countries to 41, and several other members countries from Organization Islamic Cooperation (OIC) are in the process of completing the membership requirements.

Dr. Abdel Rahman El-Tayeb Taha, the Chief Executive Officer of ICIEC said “The Republic of Mozambique’s membership opens the door for its private and public sectors to benefit from risk mitigation services offered by ICIEC to expand their exports worldwide. Similarly, it allows exporters, banks and investors from other member and non-member countries, to cover risks related to their operations in Mozambique.”

“We seize this opportunity to invite exporters, banks and investors in all member countries, including those in Mozambique, to benefit from the services it offers for management of commercial and political risk” Dr. Taha added. 

ICIEC and the Jordan Loan Guarantee Corporation “JLGC” signed an Agency Agreement on October 6, 2013.

The Agreement was signed by Dr. Abdel-Rahman Taha the Chief Executive Officer of ICIEC and by Dr. Mohamad Al-Jafari the Director General of JLGC.

This Agreement enables JLGC to market ICIEC Shariah compliant export credit insurance products to the exporters, banks and investors operating in Jordan.

Commenting on the Agreement, Dr. Taha, the CEO of ICIEC said “The signing of this Agreement with JLGC comes within the framework of consolidating the role of the Corporation as a strategic partner to the Export Credit Agencies of ICIEC member countries and the contribution in strengthening their capacity to increase the volume of national exports and attracting investments.

He added, “We are looking forward to activate the Agreement as soon as possible starting by training the involved staff and jointly marketing ICIEC’s products in Jordan”.

Dr. Al-Jafari, the Director General of JLGC said, “This Agreement will enable the corporation to expand its range of services provided directly to the Jordanians exporters, and for the first time it will allow the corporation to provide a Documentary Credit Insurance services for Letter of Credit issued by Jordanian banks in favor of foreign banks, which will help these banks to strengthen credit ceilings for Jordanian exporters and also enable them to export to the new markets”.
 

About JLGC

The JLGC was established in 1994 as a public shareholding company to enhance sustainable economic growth in Jordan through improving the credit environment available to the economically viable small and medium sized enterprises and national exports by providing them with credit and loan guarantees. 

On the sidelines of the Investment Forum in Tunisia:

ITAP and FIPA signs a cooperation Agreement

ICIEC in its capacity as the manager of the IDB Group Investment Promotion Technical Assistance Program (ITAP), signed a Memorandum of Understanding on the sidelines of the New Tunisian Investment Forum held recently in Tunis with the Tunisian Foreign Investment Promotion Agency (FIPA).

The MOU was signed on behalf of ITAP by Dr. Abdel Rahman El-Tayeb, Taha, the Chief Executive Officer of ICIEC, in his capacity as the Chairman of the Supervisory Committee of the IDB Group Investment Technical Assistance Program (ITAP), and signed on behalf of ITAP by Mr. Noureddine Zekri, the General Director of FIPA, Tunisia.

The purpose of this Memorandum is to provide a general framework to facilitate cooperation between the Parties in promoting and expanding foreign and domestic investments and trade in order to contribute to the effective economic and social development of the Member States..

Commenting on the MOU Dr Taha stated that “the signing of the MOU is part of IDB Group’s program managed by the ICIEC to build capacities of investment promotion agencies in member counties to enable them to achieve their objectives of creating an environment conducive to attracting investment and increasing inflow of foreign investments to these countries.

Dr. Taha added that, ‘Tunisia is rich in investment promotion experts and that the MOU will make their expertise accessible to similar institutions in other IDB member countries, particularly African members, in order to enhance the capacities of such institutions in all investment promotion related areas’.

Mr. Noureddine Zekri, the General Director of FIPA said that, ‘FIPA is pleased with the signing of the MOU, and that cooperation between the two institutions had taken root in recent years even before the signing of this MOU. The partnership under this document includes diverse areas of cooperation, particularly in relation to exchange of expertise and information and transfer of Tunisian experiments in the field of investment promotion in the framework of the activities conducted under the IDB Group ITAP. 

Dushanbe, Republic of Tajikistan,

The 20^th ICIEC’s Board of Governors Annual Meeting

ICIEC supports investments and exports in its member countries by more than USD 3 Billion in 2012

Under the auspices of the President of the Republic of Tajikistan, the Board of Governors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), member of Islamic Development Bank (IDB) Group, approved in its 20th Annual Meeting, held today 22 May 2013 in Dushanbe, the Annual Report and the Financial Results for 1433H (2012).

1433H, a year of continued economic headwinds, globally as well as in ICIEC Member Countries, coupled with the prolonged unfolding political change in a number of member countries, the Corporation has continued to enhance the  support it provides for exports from and investments into our Member Countries. Despite these challenges, the Corporation’s Business Insured numbers remained strong at USD 3.07 billion, which is comparable to the business insured numbers achieved last year.

Commenting on these results, the Chief Operating Officer (COO) of ICIEC, Khemais El-Gazzeh, said “1433H was a stand-out year for ICIEC’s Political Risk Insurance (PRI) program. Business  Insured under ICIEC’s PRI program stood at a record high of USD 825 million in 1433H (an increase of 167%) – a testament to the increased awareness of the importance of involving multilaterals like ICIEC in new investment programs. A significant part of this increase in the PRI numbers can also be attributed to the growing relationship ICIEC is building with the Multilateral Investment Guarantee Agency of the World Bank, which views ICIEC as a strategic reinsurance partner in its Member Countries”.

ICIEC, the Aa3 rated multilateral credit and country risks insurer is a member of the Islamic Development Bank (IDB) Group. It was established in August 1994G as a specialized international institution with full juridical personality with an authorized capital of 400 million Islamic Dinars (around USD 620 million). The cumulative business insured by ICIEC, since its inception stood at US$ 16.39 billion. 

Recently, a delegation from London comprising of a group of Reinsurers (ACE, CV Starr, Chaucher, Catlin) and a Broker (RFIB) visited ICIEC and held a meeting with the Managements of ICIEC.

The visit aims to better understanding ICIEC business operations, and several general issues that were of interest to both Parties were discussed in the meeting.

The visit by the delegation from London not only provided the opportunity for both Parties to understand each other’s operations better but also allowed exchange of technical information and knowhow that are beneficial to all Parties. The general consensus at the end of the meeting was that although the present level of cooperation between the two Parties is excellent, both Parties agreed that it can be increased to a higher level and in many other fields, such as technical assistance and cooperation.

Commenting on the visit, the CEO of ICIEC says Dr Abdel-Rahman Taha, said « I am satisfied with the meeting. It gives us the opportunity to inform the visitors more about ICIEC and reinforced their understanding of ICIEC’s excellent underwriting operations. I hope the information shared will be taken into consideration favorably by the Reinsurers in analyzing future reinsurance requests from ICIEC, going forward. »