In margin of the 3rd  Annual Meeting of Aman Union (a group of Arab and Islamic Export Credit Agencies) which is being held in Kuala Lumpur 21st  and 22nd  November 2012, ICIEC and the European insurer Garant Versicherungs-AG based both in Vienna and Geneva, signed a Cooperation Agreement to insure and reinsure trade and investments flows to and from Arab and Islamic Countries members of ICIEC.

The Agreement was signed by Dr. Abdel Rahman El-Tayeb Taha, the Chief Executive Officer of ICIEC and Mr. Louis Habib-Deloncle, Chairman of the Managing Board of Garant.

The agreement aims at exchanging information for the purpose of upgrading knowledge and expertise in the field of export credit and investment insurance, and ICIEC will provide GARANT with information on regional Debtors and GARANT will provide ICIEC on its Insured’s’ track records, recovery Cooperation in the debt collection procedures of post and after claim payment, providing technical  support  for  identification,  assessment  and  management  of  risks covered, to develop of facultative reinsurance arrangements, in addition the arrangement of joint marketing activities.

Commenting on the agreement Dr. Abdel Rahman Taha, the CEO of ICIEC said “ICIEC welcomes this partnership with GARANT which will strengthen our efforts in providing export credit and investment insurance especially in MENA region and Africa. It is believed that there is strong demand for export credit and political risk insurance from business communities especially after the economic crises and political turbulance in certain countries”. “Thereby encouraging the european businessmen to invest more and with confidence in OIC member countries, this is where ICIEC’s expertise lies”, he concluded.

Commenting on the agreement Mr. Louis Habib-Deloncle, Chairman of Garant: « The cooperation partnership with ICIEC is the continuation of Garant’s strong involvement in key areas where demand in credit and political risk coverage is increasingly growing. It also reflects our willingness to share risks and expertise with key players in the field of export credit insurance. Thanks to ICIEC’s long- lasting experience, Garant expands its ability in assessing regional risks and monitor them properly from MENA to Asia. »

Export-Import Bank of Malaysia Berhad (EXIM Bank), together with The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Arab Investment and Export Credit Guarantee Corporation (DHAMAN) jointly organised the 3^rd AMAN Union Annual Meeting from 20 – 22 November 2012 which was held in Mandarin Oriental Kuala Lumpur, Malaysia and was officiated by Y.B. Senator Dato’ Dr. Awang Adek Hussin, the Deputy Finance Minister  of Malaysia.

AMAN Union Annual Meeting is a yearly gathering which assembles Commercial and Non-Commercial credit and political Risks Insurers and Reinsurers from member countries of the Organisation of the Islamic Cooperation (OIC), and also a ground-breaking event for the global Islamic business community to meet, interact and transact business.

The Forum brings together over 80 participants from partners in the field of export credit insurance. A number of special invitees and speakers/panelists including Dr. Mohammed Emir Mavani Abdullah, Director, Oil, Gas & Energy and Financial Services Performance Management and Delivery Unit (PEMANDU) and Dr. Frederico Gil Sander from the Multilateral Investment Guarantee Agency (MIGA) / World Bank will discuss on the recent developments in the industry during the event. The keynote speaker Mrs Diana Smallridge, the President and CEO of the International Financial Consulting spoke on “ECA’s, Critical Public Agents in Promoting Trade and Economic Development”.

The 2-day meeting discussed the latest development and updates in the industry, member’s expectations for the year 2013, impact of the global current credit crunch on the AMAN UNION members, as well as global trade as a whole. The Secretariat presented the 2011 Annual Report of the Union which reveals that the insured business by members reached USD 17.04 billion against 15.06 billion in 2010, an increase of a healthy 17.6% compared to 2010.

The AMAN Union Database Center was officially launched during the Meeting. AMAN Union Secretary-General, Dr. Abdel-Rahman El-Tayeb Taha commented “The AMAN Union Database is the first of its kind and is established for the benefit of national export credit insurance agencies in the Arab and Islamic countries. We are confident that the establishment of this Database Center will help in solving issues on reliability and cost of credit information in our Region”, Dr. Taha added, “This will enable members of the Union to share and exchange their underwriting knowledge and experience on.”

Dr. Abdel Rahman Taha who is also the CEO of the Islamic Corporation for the insurance of Investment and Export Credit Insurance (ICIEC), expressed deep concern over the prevailing uncertain economic outlook globally. “The union is now holding its 3^rd Annual Meeting in difficult economic times that will require more effort in the industry to face these challenges” stated Dr. Taha.

« We believe this Forum is playing a critical role in bringing the industry captains together to create a collective impact to advance the future of the credit insurance and reinsurance industry in Islamic and Arab Countries » said Dato’ Adissadikin Ali, Managing Director/Chief Executive Officer of EXIM Bank Malaysia.

-End-

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 WECAs 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.

ABOUT EXIM BANK

Export-Import Bank of Malaysia Berhad (EXIM Bank) was incorporated on 29 August 1995 and is wholly owned by the Ministry of Finance (Incorporated). The Bank has assisted a diverse range of Malaysian business in an equally diverse range of sectors in their global ventures. EXIM Bank is taking pride in meeting its mandate role of stimulating and enhancing the competitiveness of Malaysian industries for exports and investments globally via the provisioning of internationally and domestically competitive banking and insurance products and advisory services.

The Bank serves a diverse range of clientele that consists of large corporations, SMEs, foreign governments and foreign companies and covering all sectors ranging from trading, manufacturing and infrastructure.

For further information, kindly contact:

Under the auspices of H.E. Sheikh Saleh Abdullah Kamel, Chairman of Jeddah Chamber of Commerce and Industry, and under the supervision of Mr. Abdul Aziz Nasser AI-Sorayai, Chairman of the Industrial Committee of the Chamber, and in the presence of a large number of Saudi businessmen, ICIEC signed a Memorandum of Understanding (MOU) with the National Commercial Bank (NCB) on Saturday, October 20, 2012, at the headquarters of the Chamber of Commerce and industry in Jeddah.

The MOU was signed by Mr. Khemais AI-Gazzah, the Operation Director and the Acting CEO of ICIEC and Mr. Adnan Bin Himd, Senior Vice President of NCB.

The MOU provides co-operation between ICIEC and NCB in supporting small and medium enterprises operating in the Kingdom of Saudi Arabia to encourage them to export and to provide solutions to meet the funding problems. Under the memorandum ICIEC will provide  insurance services by 90% of the credit  facilities provided by banks of small and medium-sized enterprises (SME’s).

Commenting on the MOU, Dr.Abdel Rahman Tayeb Taha, the Chief Executive Officer of ICIEC, CEO said, « The signing of the MOU comes within the framework of the role of ICIEC in supporting to boost development in its member countries. The MOU is mainly  to help SME’s in the Kingdom getting  financing to their non-oil exporters.

« Saudi businessmen are very active in doing  business worldwide, and  the Financial Institutions in the Kingdom are the first address that any Saudi Business can think of getting financing to export, and ICIEC is the only multilateral export credit  insurance providing services with sharia compliant which Financial Institutions can rely on ». He added

« This agreement  is a continuation of the activity  carried out by the ICIEC since its inception  in 1994, in supporting of exporters, banks, and Saudi businessmen, as the volume of business insured  by the Corporation in the Kingdomis  more than USD 4 billion. We are confident that this MOU will help to increase the size of non-oil exports to the Kingdom » Dr.Taha said

In a move designed to help Malaysian investors, contractors doing business in Organization Islamic Cooperation’s (OIC) member countries, ICIEC, and Exim Bank Malaysia (MEXIM), the national export-import credit bank of Malaysia, signed a Facultative Reinsurance Agreement (FRA) in the sidelines of the 3rd  Annual Meeting of Aman Union (a group of Arab and Islamic Export Credit Agencies) which is being held in Kuala Lumpur on 21st and 22nd  October 2012 at Mandarin Hotel.

The FRA was signed by Dr. Abdel Rahman EI-Tayeb Taha the Chief Executive Officer of ICIEC and Datuk Mohamed Hashism Hassin, the Chairman of the MEXIM.

The Agreement aims to provide reinsurance agreement in export credit and political risk insurance to Malaysian companies doing business abroad. It is believed that there is strong demand for export credit and political risk insurance from Malaysian companies especially after the economic crises and political turbulence in  the  Middle  East.  Malaysian companies  will  benefit  from the cooperation of  the  two signatories by insuring their investments in  ICIEC’s member countries against the risk of war, civil disturbances, expropriation, transfer restrictions, and  non-honoring of sovereign financial obligations of the host country. Both institutions strongly believe that by joining forces they will meet the greater needs of Malaysia companies for export credit and political risk insurance and thereby encouraging them to invest more and with confidence in OIC member countries.

Commenting on the agreement Dr. Taha said « Malayisan companies are very active in doing business in OIC member countries especially in the Middle East, Africa, and CIS countries, this is where ICIEC’s expertise lies. On the other hand, Malaysia Eximbank is the first address that any Malaysian companies can think of for the insurance of export credit. Therefore I believe this is the right combination at the very right time » he concluded.

Tuesday, July 17, 2012Under the Chairmanship of Dr. Ahmed Muhammad Ali, the President of Islamic Development Bank (IDB) Group, the Board of Directors (BOD) of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), held its 68th Meeting on 16th July 2012 at the IDB Headquarters in Jeddah. The BOD members took note of the business results of first half of 1433H (December 2011-May 2012) presented by Dr. Abdel Rahman El-Tayeb Taha, the CEO of the Corporation.

The report showed that new insurance commitments reached USD 1.1 billion compared to USD 1.7 billion registering a decrease of 36% from the comparable period of 1432H (2011. However, the business insured (total utilization of the commitments) during the first half of 1433H reached USD 1.5 billion, keeping the same level as last year. The report also showed that the Corporation paid a claim amounting to USD 1.3 million as a result of a Syrian company default on payment to an international financial institution.  

Commenting on these results, the CEO of ICIEC, Dr. Abdel-Rahman El-Tayeb Taha said, “The decrease of  the new insurance commitments is due to the prevailing economic crisis in the Euro-Zone, and the continuing political instability in some member countries which constrained the ability of the Corporation to provide credit and political risk insurance cover it in a number of traditional markets in Europe and in member countries. Thus, despite the large increase in demand for credit and political insurance by member countries, the Corporation was compelled to reduce its insurance commitments. Dr. Taha warns, “If the economic crisis in Euro-zone and the region turmoil continue, we may expect to receive more claims during the second half of the year”. 

During the meeting, the BOD also considered the application of the Republic of Iraq to join ICIEC’s membership and recommended to the Board of Governors to approve the admission of Iraq as a member. Dr. Taha said, “The membership in ICIEC opens the door for both their private and public sectors in that country to benefit from services offered by ICIEC. Similarly, it allows exporters, banks and investors from other member countries, to cover risks related to their operations in Iraq” 

The CEO of the Corporation took the opportunity to inform the members of the BOD that Moody’s investors Service, one of the leading rating agencies in the world, has re-confirmed for the fifth consecutive year the Aa3 rating insurance financial strength rating (IFSR) which was assigned to ICIEC for the first time in April 2008. 

Contact:
Jamel eddine
NagaPromotion and International Relations Unit  
Mobile: +966568618945
Direct: +96626467608
Fax: +96626379755  
E-mail : jnaga@isdb.org 

AMAN UNION received the first 2 applications for subscribing to AMAN UNION Database Center. They were submitted by ICIEC and DHAMAN (the Arab Investment & Export Credit Guarantee Corporation) based in Kuwait.  The AMAN UNION Database Center will be the first of its kind to be established for the benefit of national export credit insurance agencies in the Arab and Islamic Countries and will enable the Members of AMAN UNION 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 Secretary General of AMAN UNION said, “It is expected that the decision made by DHAMAN and ICIEC to subscribe to the Database Center will encourage other ECAs in their Member Countries to join. Dr. Taha added, “We are confident that the establishment of the Database Center which is expected to be announced in November 2012 during the Annual Meeting of AMAN UNION in Kuala Lumpur will help solving the issue of reliability of credit information in our region.”

About AMAN Union
 

AMAN UNION is a professional forum of Commercial and Non-commercial Risks Insurers and Reinsurers, Brokers, Banks and Credit Information Agencies in Member Countries of the Organization of the Islamic Cooperation and the Member Countries of the Arab Investment & Export Credit Guarantee Corporation (Dhaman)

The Union was launched on 28th October, 2009 following an agreement between the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Arab Investment and Export Credit Guarantee Corporation (DHAMAN)  to form a Union of insurers and reinsurers of their respective Member Countries.  

For more information about AMAN UNION, its Charter and Members, please visit the website:  www.amanunion.net

Makati City, Philippines.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Indonesia Infrastructure Guarantee Fund (IIGF) signed a Memorandum of Understanding (MOU) during the 2012 Asia Finance and Risk Mitigation Forum in Makati City, Philippines on 30 April 2012. Dr. Abdel Rahman El-Tayeb Taha, the Chief Executive Officer of ICIEC and Ms. Sinthya Roesly, Chief Executive Officer of IIGF signed the MOU. The MOU aims at establishing—consistent with their respective operational policies— a lasting relationship between the two entities in furtherance of their desire to co-ordinate their activities and seek mutual cooperation in promoting infrastructure investments into Indonesia.

Commenting on the importance of this agreement, Dr.Taha said, “the signing of the MOU comes within the framework of ICIEC’s mandate to support the development of its member countries by providing export credit and political risk insurance to investment projects”. He added “the two institutions will jointly work towards increasing awareness about the importance of political risk insurance for foreign investors and financiers of projects. I am confident that singing this MOU with IIGF will greatly enhance both parties’ ability to support foreign direct investments into Indonesia”

It is worth mentioning that since its inception in 1995, ICIEC has provided insurance commitments in excess of USD 11 billion. Over 17 years in business, ICIEC has carefully nurtured professional relationship with leading exporters, ECAs, reinsurers and banks. ICIEC is now a name, which is trusted by its partners worldwide. ICIEC’s shareholders include 40 countries from the Organization of Islamic Cooperation (OIC). Its main shareholder, the Islamic Development Bank (IDB), owns 67% of the capital and is rated AAA by the three global rating agencies (S&P, Moody’s & Fitch). ICIEC is rated by Moody’s as Aa3 with a stable outlook on a stand-alone basis.

IIGF, on the other hand, is a fully government-owned institution established by the Government of Indonesia (GoI) as a fiscal tool mandated to provide guarantees to mitigate the private sector exposure to government-related contractual risks in infrastructure Public Private Partnership (PPP) projects. The GoI has set up the IIGF to address the need for fiscal support to accelerate Indonesia’s infrastructure development, particularly under PPP scheme.

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 19th Annual Meeting, held today in Khartoum, Republic of Sudan, the Annual Report and the Financial Results for 1432H (2011).

The Annual Report shows that the insurance business provided by ICIEC to member countries’ investors and exporters stood at over US$ 3.2 billion, an increase of 59% compared to 1431H (2010),while its financial results were positive despite the increase in credit and political risks results from the continuing global financial and economic difficulties.

Commenting on these results the CEO of ICIEC, Dr. Abdel-Rahman Eltayeb Taha, said this is “ we proud that the Corporation has managed to increase its volume of business with exceptionally low claims ration and to maintain its strong financial position under such difficult circumstances. ICIEC’s strength has been underscored by the confirmation of the Aa3 rating assigned to the Corporation for the fourth consecutive year by Moody’s Investors Service”.

Dr. Taha added that they are “This growth in business was as a result of the increased awareness among exporters and banks in our member countries of the importance of credit and political risk insurance as an affective risk mitigant, especially during these turbulent times. It is also a consequence of the responsiveness of ICIEC to the demand of its clients by introducing more flexibility in its product offering, and offering new products such as the “non-Honoring of Sovereign Obligations” and “Contract Frustration Policies.

Contact:

Jamel eddine Naga
Promotion & International Relations Unit, ICIEC
Tel : +966 2 6467608
Fax : +966 2 6443447
Mobile: +966 5 68618945
E-mail : jnaga@isdb.org

ICIEC and The State Bank of Pakistan  (SBP) signed a Memorandum of Understanding (MOU) today to cooperate in promoting trade and investments in Pakistan.  Mr.Yaseen Anwar, the Governor SBP and Dr. Abdel Rahman EI-Tayeb Taha, the Chief Executive Officer of ICIEC signed the MOU. The MOU aims at establishing a basis for the exchange of  information between the two entities on banking industry’s condition and operating performance indicators and ICIEC’s exposures on the banks operating in the country. Headquartered in Jeddah, Saudi Arabia, ICIEC is the only multilateral Shariah Compliant ECA in the world providing credit and political risk insurance (Takaful) services. ICIEC’s risk mitigating instruments help its clients  (exporters, banks and investors)  in its member countries in expanding their business volumes in a risk and cost effective manner.

Since its inception in 1995, ICIEC has provided insurance commitments in excess of USD 11 billion. Over 17 years in business, ICIEC has carefully nurtured professional relationship with leading exporters, ECAs, reinsurers and banks. ICIEC is now  a name  which  is trusted by its partners worldwide. ICIEC’s shareholders include  40 countries from  the  Organization Islamic Cooperation (OIC). Its main shareholder, Islamic Development Bank (IDB) owns 67% of the capital and is rated AAA by the three global rating agencies (S&P, Moody’s & Fitch). ICIEC is rated by Moody’s as Aa3 with a stable outlook on a stand-alone basis.

ICIEC’s operations in Pakistan among others include provision of Shariah compliant insurance coverage  to LC issuing banks in Pakistan, which aims to help them in getting their LCs confirmed at competitive prices. Confirming banks benefit from  ICIEC’s services in terms of credit risk transfer and favorable risk weight treatment under the Basel II framework. ICIEC also provides export credit insurance in support of Pakistani exporters and provides political risk insurance to encourage the flow of foreign investments into Pakistan.

Before signing of the MOU, Dr. Taha called on the Governor and discussed  ICIEC’s plans to further expand its operations in Pakistan. The Governor welcomed and appreciated ICIEC’s interest in Pakistan and assured SBP’s full support and facilitation to ICIEC for promoting trade and investment in the country.

Dr. Taha said, « The signing of the MOU comes within the framework of the role of ICIEC in supporting financial institutions in its member countries, to enable them to provide export finance to their customers ». “I am confident  that singing the MOU with SBP will greatly enhance ICIEC’s ability to support Pakistan’s international trade, particularly with OIC member countries » He added.