COTUNACE — a valued partnership to expand the islamic finance sector
The Tunisian Company of Foreign Trade Insurance, COTUNACE, has been a key ECA partner for ICIEC in its mission of supporting Member Country exports. The Tunisian trade insurer offers products that protect Tunisian companies against outstanding payment risks and market disruption in international trade. COTUNACE has always maintained a privileged cooperation relationship with its Arab and international colleagues, in particular with ICIEC. Since first establishing a partnership in 2004, ICIEC and COTUNACE have jointly insured over USD 248 million in business. Over the years, ICIEC has become COTUNACE’s leading credit reinsurer, mainly in Sub-Saharan African countries. Partnership with ICIEC provides COTUNACE with additional guarantee capacity which enables it to engage more deeply with policyholders and cover destinations that are sometimes di cult to sell on the private reinsurance market, particularly the African market. The Cooperation’s clear development policy and commitment to non-competition with ECA’s sets it apart from other reinsurers or co-insurers. Additionally, ICIEC plays an important role in promoting, protecting and guaranteeing investments and markets as well as projects financed by IsDB on the basis of the Islamic Shariah in OIC Member Countries. While takaful credit insurance does not currently exist in Tunisia, COTUNACE recognizes there is strong potential for it to develop. As a pioneer in this field, ICIEC hopes to cultivate this market within the framework of a partnership relationship between insurance and reinsurance.
“Our partnership with ICIEC reassures us and allows us to engage more with our policyholders” – COTUNACE