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.”

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), cleared the Annual Report and the financial statements for 1435H, at its recent meeting held in Jeddah. The Board recommended that the financial results and the annual report be submitted for approval to the 22^nd meeting of the Board of Governors of ICIEC scheduled to be held in Maputo, Republic of Mozambique, on 11 June, 2015.

The Annual report shows a growth in export credit and political risk insurance business volume. During the year 1435H (2014), the Corporation facilitated $4.3 billion exports and investments for its member countries representing an increase of 29% compared to previous year.

The Board of Directors also endorsed the 10-year strategic framework of the Corporation, and appointed new external financial auditors for 1437H (2016).

Mr. Bert Bruning, the Managing Director of Atradius Dutch State Business N.V. (Atradius) – one of the leading Export Credit agencies in the world – paid a business visit to the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) in Jeddah, Saudi Arabia on April 13, 2015. The visit was a good opportunity for the two institutions to exchange ideas on enhancing the cooperation between them in order to support business between the Netherlands and ICIEC’s member countries. Atradius and ICIEC have already covered jointly projects in the last two years for over USD 2 billion, where ICIEC has reinsured Atradius for over USD 500 million. In particular, infrastructure related projects in Saudi Arabia and Egypt with high developmental impact have benefited from the ICIEC-Atradius partnership. The two institutions intend to continue this cooperation for the benefit of projects in other member countries in the near future.

Bert Bruning, Managing Director of Atradius states: “Atradius Dutch State Business is very pleased to cooperate with its strategic partner ICIEC to support projects that Dutch companies undertake in ICIEC’s member countries. The broad knowledge and experience of ICIEC is an important and valuable element of our ability to support such large transactions.”

ICIEC and Korea Trade Insurance Corporation (K-sure) concluded an MOU to support cross border projects between South Korea and ICIEC’s member countries. The agreement was signed on March 4, 2015 in the headquarters of ICIEC in Jeddah, Saudi Arabia.

The MOU aims to promote cooperation between ICIEC and K-sure through reinsurance, co-insurance and/or fronting to facilitate the access of ICIEC’s member countries to capital goods, high technology and the flow of investments from South Korea into ICIEC’s member countries. The agreement aims also to facilitate the exchange of information in the respective markets of the two institutions.

Mr. Kim Young-hak, President of K-sure, said “Korea and the Middle East are partners that share a history of over 50 years of economic relations. Both K-sure and ICIEC will explore areas of cooperation, in addition to the additional ones including energy and construction sectors.” He was optimistic for K-sure to build a “trade finance highway” that would take Korean firms to ICIEC’s member countries markets by working with multilateral Islamic financial institutions such as ICIEC.

Mr. Khemais El-Gazzah, Chief Operating Officer of ICIEC, who signed the MOU on behalf of ICIEC, said “the MOU with K-sure is in line with the priorities of ICIEC to enhance cooperation with export credit agencies in order to support our member countries, especially in promoting foreign direct investment and developmentally impactful cross-border projects.” Such cooperation should add a considerable value to both entities — Korea and ICIEC’s member countries, he further said.

Recently, ICIEC has provided US$ 80 million reinsurance support to the Overseas Private Investment Corporation (“OPIC”) for the latter’s political risk insurance policy to Apache Corporation (“Apache”). The policy was issued to Apache to cover its investment in the Arab Republic of Egypt against political risks for a tenor in excess of 5 years.

Apache’s project in Egypt (“Apache Egypt”) involves exploration of oil and gas under various concessions granted by the Government of Egypt in several locations in Egypt with main activities in the Western Desert. Apache’s commitment to Egypt began in 1994 with their first Qarun discovery well.

The Project provides employment opportunities for the locals in the country. As of the end of 2013, the total headcount of the joint ventures is approximately 10,000 staff, most of whom are local employees and contractors. Furthermore, the Project provides opportunities for developing the technical and managerial skills through daily operation and maintenance and through conducting training sessions for local employees.

Eng. Hani Salem Sonbol, the Acting Chief Executive Officer of ICIEC commented on this transaction and said that “ICIEC’s involvement in this transaction is in line with its strategy of supporting member countries with respect to retaining foreign direct investments in the country during this critical transitional period for Egypt”.

About OPIC

OPIC is the U.S. Government’s development finance institution which was established in 1971. OPIC achieves its mission by providing investors with financing, guarantees, political risk insurance and support for private equity investment funds. OPIC services are available for new and expanding business enterprises in more than 150 countries worldwide.

About Apache

Apache Corporation, formed in 1954, is among the world's largest independent exploration and production companies and is based in Houston, Texas. Apache currently has exploration and production interests in six countries: the United States, Canada, Australia, the United Kingdom North Sea, Argentina and Egypt.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group, and Sumitomo Mitsui Banking Corporation Europe Limited (SMBCE), a subsidiary of the Sumitomo Mitsui Banking Corporation (SMBC) of Japan, signed a Memorandum of Understanding (MOU) for cooperation.

The MOU is intended to strengthen the existing partnership between the SMBC Group and ICIEC and to enable SMBCE and Sumitomo Mitsui Banking Malaysia Berhad (SMBCMY), the Shariah-compliant arm of SMBC, to better meet the needs of their clients using various insurance programmes provided by ICIEC in the area of project and export finance on global basis. This is particularly pertinent for the SMBC Group in relation to its increasing number of infrastructure projects in ICIEC’s member countries in the Middle East, Africa and Asia.

The MOU was signed on behalf of ICIEC by Eng. Hani Salem Sonbol, the Acting Chief Executive Officer of ICIEC, whereas Mr. Masahiko Oshima, the Chief Executive Officer of SMBC Europe signed on behalf of SMBCE.

About ICIEC

With Aa3 rating by Moody’s, ICIEC provides investment and export credit insurance to facilitate cross border investments and to encourage trade transactions in its 42 member countries in the Middle East, Africa and Asia. ICIEC provides these credit and country risk mitigation instruments in line with the Shariah.

About SMBC

The SMBC Group currently provide Islamic finance service through SMBCE and SMBCMY, both wholly owned subsidiaries of SMBC. The latter obtained the approval for providing the Islamic finance service by the Malaysian authorities in March 2014.
 

The Chairman of the Board of Directors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Member of the Islamic Development Bank Group, has appointed Eng. Hani Salem Sonbol as Acting Chief Executive Officer of ICIEC, this is in addition to his current duties as the Deputy Chief Executive Officer of the International Islamic Trade Finance Corporation (ITFC). Eng. Hani is replacing Dr. Abdel-Rahman El-Tayeb Ali Taha, who retired after 20 years servicing as CEO of ICIEC and who has been instrumental in the evolution of ICIEC as the first world credit and political risk insurer operating in compliance with Islamic Shariah principles. Eng. Hani is a Saudi National, he joined the Islamic Development Bank Group in 1987, and has held a number of senior positions within the Group, including Regional Director of IDB Group in Kingdom of Morocco, and Director of the Trade Finance and Promotion Department (TFPD) in the IDB Group, taking up his current position as Deputy CEO of ITFC since January 2008.  Eng. Hani holds a Bachelor’s degree in Civil Engineering from Bluefield State University, West Virginia, USA, in 1984; and Master’s degree in Engineering Management with honors from George Washington University, USA, in 1987. He has attended several training courses among which is the Leadership Development Programme of Harvard University, USA.