Jeddah, April 14, 2025-The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group, is co-organising the IsDB Group Private Sector Forum as a side event at the 50^th Annual Meetings of the Board of Governors of the IsDB on 19-22 May 2025 in Algiers, People’s Democratic Republic of Algeria. This Forum will convene policymakers, private-sector leaders, and representatives from leading multilateral institutions to explore practical solutions for enhancing cross-border trade, investment flows, and regional cooperation.

The theme of the ICIEC’s High Level Panel Discussion (HLPD) is “Unlocking Trade Potential among Africa, Arab Countries, and Algeria: The Role of Multilateral Development Institutions and Global Cooperation.” The session will highlight Algeria’s strategic importance as a gateway between Africa and the Arab world, the significance of Shariah-compliant risk mitigation instruments, the latest initiatives in trade financing, infrastructure, energy, and agriculture and encourage collaboration between Public and Private sector stakeholders to facilitate Trade and Investment. Senior government officials, top-level executives from the IsDB Group, and other distinguished partners will deliver keynote speeches focusing on policies and best practices that foster sustainable and inclusive economic development.

To secure your participation at these prestigious events, please register now at: https://isdbg-psf.org/ 

Dr. Khalid Khalafalla, CEO of ICIEC said, “By gathering prominent experts and leaders, we aim to highlight the role of Shariah-compliant insurance solutions and innovative financing in driving investment, mitigating risks, and accelerating growth. We look forward to productive dialogues that will shape the future of trade and investment across Africa, the Arab world, and beyond.”

London - Bessem Soua, ICIEC’s Division Manager of Sub-Saharan Africa & Europe Region, participated in a top-level panel discussion titled “Is Africa’s Infrastructure-Led Growth Experiment Faltering?”

The event was part of the prestigious ‘Investing in Africa’ Conference organised by AFSIC in London in October 2024. The session explored critical challenges and opportunities in advancing infrastructure development across the continent, and how ICIEC’s innovative solutions can drive sustainable growth in Africa and make projects more bankable to crowd in private capital.

ICIEC is one of the most proactive multilateral insurers in Africa and remains committed to supporting projects that contribute to Africa’s infrastructure development and economic resilience.

Jeddah – ICIEC participated in the Group’s 6th Evaluation Symposium held in Jeddah, 2024.

Dr. Khalid Khalafalla, CEO, ICIEC, participated in a Fire Chat Discussion with Dr. Hiba Ahmed, Director General of the Islamic Solidarity Fund, Dr. Issa Faye, Director General of Global Practices and Partnerships, IsDB, and Dr. Sami Al Suwailam, Acting Director General, IsDBi, and the discussion was moderated by Dr. Mohammed Alyami of the Development Effectiveness Office of ICD.

“I am excited to speak at the IsDB Group Evaluation Symposium, where. we explored how innovative solutions in investment insurance and export credit can amplify our impact and drive sustainable development. We’re excited to contribute to these critical discussions on the strategic value of evaluation in decision-making, exploring how M&E can adapt to changing environments to drive greater impact,” stressed Dr. Khalafalla.

ICIEC also led a panel discussion on private sector involvement in development, highlighting adaptive evaluation strategies and the evolving role of monitoring and evaluation (M&E) in driving sustainability and impact within the private sector.

Jeddah – Moody’s Ratings affirmed ICIEC’s Aa3 Insurance Financial Strength Rating (IFSR) with a stable outlook in October 2024 for the 17th consecutive year, underscoring its strong standalone credit profile and ongoing support from key shareholders, including the Islamic Development Bank (IsDB) and sovereign members of the Organization of Islamic Cooperation (OIC).

Key factors contributing to the rating include ICIEC’s leadership in Shariah-compliant export credit and investment insurance, deep regional expertise, solid asset quality, and strong capital adequacy. Moody’s recognized ICIEC’s proactive efforts to enhance risk management and improve underwriting performance, which have strengthened its capital position and enabled sustained profitability, reflected in a combined ratio of 9.7% and net income of Islamic Dinar (ID)17.9 mn (One ID = One Special Drawing Right (SDR) of the IMF). The Corporation’s solid financial performance has been driven by a diversified business mix, reduced exposure concentrations, and operational efficiency improvements, stressed Moody’s.

In its rating rationale, Moody’s stressed that ICIEC’s success is further reinforced by shareholder backing, particularly from IsDB and the largest shareholder member country- Saudi Arabia, with the rating agency anticipating continued support if necessary. At year-end 2023, the IsDB held a 50.48% stake in ICIEC, with other sovereign OIC members contributing as shareholders. ICIEC also benefits from strategic synergies as part of the IsDB Group.

To support future growth aligned with its mandate of providing political risk and trade-related insurance for OIC countries, ICIEC’s shareholders continue to play a vital role. In 2022, ICIEC’s Board of Governors approved a 150% increase in authorized capital to ID1bn (USD1.34 bn), with the subscription period for this increase set to end in June 2025. This will raise subscribed capital to ID797 bn (USD1.1 bn) from the current ID297 mn (USD398 mn).

The stable outlook reflects Moody’s confidence in ICIEC’s ability to maintain strong capital, asset quality, and profitability while prudently expanding its operations. It also signals expectations of continued support from IsDB and OIC member countries.

Dr. Khalid Khalafalla, CEO of ICIEC, expressed gratitude to member countries, Board Members, and staff for their dedication and reaffirmed ICIEC’s alignment with the IsDB Group’s initiatives in Islamic finance, green financing, and food security, among others. He emphasized that ICIEC is well-positioned to navigate geopolitical risks while maintaining financial stability and resilience.

Jeddah – The AMAN UNION, the leading professional forum for commercial and non-commercial risk insurers and reinsurers in member countries of the Organization of Islamic Cooperation (OIC), signed a Corporate Training Services Agreement with RISC Institute DMCC, a leading training institution specializing in talent development for the insurance, risk management, personal finance sectors, based in the United Arab Emirates and operating regionally. This collaboration is set to deliver professional training to the staff of AMAN UNION members, aimed at advancing their capabilities in the insurance sector.

The agreement was signed by Dr. Khalid Khalafalla, in his capacity as the Secretary-General of AMAN UNION, and Mr. Silvan A. Said, Managing Director of RISC Institute DMCC in October 2024 during the AMAN UNION’s Annual General Meeting in Algiers.

The training initiative includes comprehensive courses for insurance professionals, with a particular focus on preparing candidates to achieve the globally recognized Certificate in Insurance (Cert. CII™), awarded by the Chartered Insurance Institute (CII). This core qualification equips insurance professionals with essential knowledge across all the insurance industry sector, enhancing their expertise and confidence in critical disciplines. The Cert. CII™ serves as a foundation for further specialized studies, allowing professionals to tailor their learning according to their career ambitions and the needs of their respective organizations.

In addition to the Cert. CII™ program, the collaboration will offer highlevel workshops designed for senior professionals, focusing on key areas such as Governance, Risk, and Compliance. These workshops aim to enhance leadership skills and strategic understanding, helping senior professionals navigate complex challenges within the insurance industry. Commenting on the agreement, Dr. Khalid Khalafalla, Secretary-General of AMAN UNION,stated: “We are excited to embark on this partnership with RISC Institute DMCC. The insurance sector plays a critical role in driving economic stability and development across OIC member countries, and it is essential that our members have access to world-class training and certification. This initiative will empower our professionals with the skills and qualifications needed to excel in their roles and contribute to the continued growth of the insurance sector across the region.”

Mr. Silvan Said stressed that the “partnership is another milestone in our mission to provide the learning opportunities and professional development for people working in the insurance, risk management and personal finance sectors. These sectors are among the most dynamic and rapidly growing industries globally. We are grateful to AMAN UNION for choosing us as their partner for training and human resources development and we are committed to providing the excellent quality training that our institute is renowned for, and to provide the best opportunity for success to the trainees who choose to follow the programmes.”

This agreement marks a significant step forward in AMAN UNION’s commitment to fostering professional excellence and capacity-building among its members. By collaborating with leading training institutions like RISC Institute DMCC, AMAN UNION aims to strengthen the insurance industry across OIC countries, ensuring that it remains resilient, competitive, and equipped to meet the evolving demands of global markets

Jeddah - ICIEC CEO, Dr. Khalid Khalafalla, hosted a delegation from the Bank of Industry Limited (BOI), Nigeria, at the Corporation’s Headquarters in Jeddah in October 2024. The BOI delegation was led by Dr. Mansur Muhtar, Chairman of the Board of BOI.

Dr. Muhtar is a distinguished and experienced development banker having previously served as the Minister of Finance of Nigeria, the Executive Director of the World Bank, and Vice President, Country Programmes, at the Islamic Development Bank.

The discussions were very productive and centered on exploring collaboration opportunities to strengthen trade and investment, aligning with ICIEC’s mandate to support sustainable development across its member countries. “Together, we aim to unlock innovative solutions to drive economic resilience and growth in Nigeria,” remarked Dr. Khalafalla

Jeddah - ICIEC hosted a delegation from the Saudi Reinsurance Company (Saudi Re) at ICIEC’s headquarters.

“This strategic meeting,” explained Dr. Khalafalla, “highlighted our shared commitment to driving economic stability through innovative and resilient insurance solutions.”

The discussions focused on strengthening synergies for effective risk management across member countries, exploring innovative reinsurance solutions to address the challenges posed by climate change and political risks, and developing capacity-building initiatives and knowledge-sharing programmes to enhance industry expertise.

“We look forward to building on this partnership and are excited about the impact of our collaborative efforts on fostering sustainable growth in the region,” added Dr. Khalafalla.

Jeddah – In an effort to further expand the reach and multilateral insurer business profile of ICIEC, the Corporation hosted a large delegation from Bunge, the US-based Food and Beverage Manufacturing Company, at its Headquarters in November 2024. The aim was also to explore ways of enhancing collaboration to support Bunge’s trading business in Saudi Arabia and the wider MENA region.

Bunge recently opened a new office in Riyadh that serves as the company’s regional MENA Hub. The meeting focused on ICIEC’s expertise in partnering with trading houses and offering tailored insurance solutions to facilitate their growth. “We are excited about the possibilities of this cooperation to drive economic and trade development in the region,” said ICIEC.

Jeddah – ICIEC’s CEO, Dr. Khalid Khalafalla, and senior staff were pleased to welcome a delegation from Sumitomo Mitsui Banking Corporation – SMBC Group DIFC Branch to ICIEC Headquarters. This meeting explored opportunities for collaboration in trade finance and investment insurance, focusing on enhancing financial solutions for sustainable growth in our member countries.

As ICIEC is transitioning towards a fully-fledged Treasury, the meeting also explored possible collaborations in treasury and investment matters. ICIEC looks forward to strengthening partnerships with global financial leaders like Sumitomo Mitsui, supporting resilience and development across OIC member states.

London - ICIEC was honoured with the “Insurance Adviser of the Year – Africa” Award at the prestigious IJInvestor Awards 2024. This honour, according to the citation, highlights ICIEC’s role in advancing impactful funding and risk management initiatives that drive sustainable development and improve lives across Africa.

The award acknowledges ICIEC’s pivotal contributions to two transformative projects. In Côte d’Ivoire, ICIEC partnered with AfDB to provide EUR194 mn in insurance support for financing ESG projects. The facility will fund initiatives in renewable energy, education, pollution control, biodiversity conservation, health infrastructure, and sustainable water management, aligning with Côte d’Ivoire’s Sustainable Framework. In Senegal, ICIEC and Standard Chartered signed a EUR103 mn insurance agreement to support the government’s initiative to install 50,000 offgrid solar streetlamps in rural areas. This milestone advances renewable energy adoption, enhancing safety, boosting economic activities, and reducing carbon emissions while improving life quality in rural communities.

Dr. Khalid Khalafalla, CEO of ICIEC, commended ICIEC colleagues and stressed: “This award underscores ICIEC’s commitment to enabling development that transforms lives and builds resilience in our member states. We reaffirm our dedication to advancing sustainable growth and achieving the UN Sustainable Development Goals by facilitating innovative and impactful projects, and this milestone reflects ICIEC’s leadership in leveraging Shariah-compliant insurance to catalyze development and empower member states to create lasting positive change.”