Financial sector health and development can be directly related to economic and member country development and is essential for trade facilitation. Countries with more developed financial sectors have an advantage in global trade as they have the capability to engage in more complex and higher-volume transactions. Mature financial sectors also facilitate full participation of consumers in the economy, creating more dynamic markets which are more likely to attract foreign direct investments.
Partnerships with Financial Institutions
Forging strategic partnerships is crucial in driving financial sector development. In addition to supporting national Export Credit Agencies, ICIEC seeks to expand its client and beneficiary base with local financial institutions. In doing so ICIEC is fulfilling both its outlined development mandate as well as SDG 17. Since its inception, ICIEC has supported numerous financial institutions through the provision of its services.
Improved Access to Islamic Financial Services
ICIEC seeks to strengthen the Islamic banking sector and demonstrate to a range of government and major financial institution actors that Islamic financing instruments and mechanisms are successful conduits for private sector development and growth. ICIEC promotes access to Islamic finance through takaful insurance and its Bank Master Policy (BMP) instrument. As the takaful credit and political risk insurer, ICIEC has pioneered a new form of export credit and investment insurance based entirely on Islamic financing, investment and insurance principles. Under its current 10- year strategy and in line with the IDBG strategy framework, ICIEC seeks to further expand its positioning to become a market maker in the takaful insurance market.
