Jeddah - The Islamic Corporation for the Insurance of Investment and Export Credit (“ICIEC”), a Shariah-based multilateral insurer, and the Islamic Corporation for the Development of the Private Sector (“ICD”), the private sector arm of the IsDB Group, both members of the Islamic Development Bank (“IsDB”) Group, celebrated the successful completion of their first joint syndicated financing transaction in Uzbekistan, marking an important milestone in strengthening intra-Group collaboration.

This landmark collaboration represents a significant milestone in strengthening strategic synergy within the IsDB Group by combining ICD's syndication, structuring and private sector financing capabilities with ICIEC's credit risk mitigation solutions. Together, the two institutions are expanding the availability of Shariah-compliant financing, mobilizing private capital, trade expansion, and supporting sustainable private sector investment across member countries.

Under this pioneering syndication arrangement, ICD successfully led a USD 60 million Shariah-compliant Syndicated Financing Facility for Joint Stock Company “Asakabank” (“Asakabank”) in Uzbekistan, with an accordion feature to increase the facility size, whileICIEC provided USD 30 million in Credit Risk Insurance coverage in favour of a Kuwaiti bank against the risk of default by the obligor within the framework of the ICD’s Syndicated financing Facility.

Boubyan Bank participated as the sole Kuwaiti financial institution in the syndication, demonstrating its continued commitment to innovative Shariah-compliant financing structures and regional private sector development. Its participation highlights the growing appetite among Islamic financial institutions for structured syndication opportunities supported by robust risk mitigation solutions.

By combining ICD’s expertise in structuring and mobilizing Shariah-compliant syndicated financing facilities with ICIEC’s credit risk mitigation expertise, the transaction demonstrates how integrated IsDB Group solutions can catalyze greater participation from regional and international financial institutions. The collaboration not only expands financing capacity but also strengthens confidence in Islamic syndicated financing as a scalable instrument for supporting private sector growth. It also supports the broader objective of enabling businesses to access the financing needed to grow, create jobs, strengthen value chains, and contribute to economic resilience.

Commenting on the milestone, Dr. Khalid Khalafalla, CEO of ICIEC and Acting CEO of ICD, said: “This first joint syndication transaction between ICIEC and ICD reflects the strength of collaboration within the IsDB Group and our shared commitment to delivering integrated, Shariah-compliant solutions that respond to the financing needs of member countries. By bringing together ICD’s mandate to support private sector development and ICIEC’s expertise in credit risk insurance, we are helping to unlock financing, strengthen confidence among financial institutions, and channel capital towards businesses and projects that contribute to job creation, economic diversification, and sustainable growth. This transaction sets an important precedent for future cooperation between our institutions and reinforces our collective role in delivering tangible development impact across our member countries.”

The transaction also reflects ICIEC's and ICD’s shared commitment to expanding access to finance, strengthening Islamic finance solutions, and supporting transactions that contribute to economic growth, resilience, and development impact.

As part of the IsDB Group, ICIEC and ICD will continue to deepen collaboration in developing innovative Islamic financing structures, expanding syndication platforms, and mobilizing regional and international capital to support private sector development, trade, infrastructure, and sustainable economic growth across member countries.

Baku, Azerbaijan – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral credit and political risk insurer and member of the Islamic Development Bank Group, is pleased to announce its support for the financing of the Kınalı – Malkara section of the Kınalı – Tekirdağ – Çanakkale – Savaştepe Motorway Project in the Republic of Türkiye. The transaction was signed on the sidelines of the IsDB Group 2026 Annual Meetings, held in Baku, Azerbaijan, from 16 to 19 June 2026.

The EUR 150 million financing facility was arranged by Standard Chartered on behalf of a pool of banks involving Standard Chartered , DZ Bank AG, and ING Bank. ICIEC provides 95% insurance cover through its Non- Honouring of Sovereign Financial Obligations (NHSFO) Policy, supporting a strategic transport infrastructure project developed by Çanakkale Otoyol ve Köprüsü İnşaat Yatırım ve İşletme A.Ş.

The Kınalı – Malkara Motorway forms a key segment of Türkiye’s wider Kınalı – Tekirdağ – Çanakkale – Savaştepe Motorway corridor. Once completed, the project is expected to reduce travel times, improve journey reliability, lower transport costs, and strengthen connectivity across the Thrace region and beyond. The motorway is also expected to support regional economic development by improving the movement of goods and people, enhancing industrial and agricultural logistics, attracting investment, and creating employment opportunities across transportation, logistics, construction, tourism, and related sectors. By diverting traffic from existing roads and populated areas, the project will also help reduce congestion and improve road safety.

Commenting on the transaction, Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said: “Strategic transport infrastructure is a catalyst for economic transformation. Through this transaction, ICIEC is helping unlock long-term financing for a project that will strengthen regional connectivity, facilitate trade, improve logistics efficiency, and create new opportunities for businesses and communities across Türkiye. We are proud to support an initiative that not only enhances mobility but also contributes to sustainable economic development and regional competitiveness. The signing of this agreement during the IsDB Group Annual Meetings in Baku further underscores the value of partnership in delivering tangible development outcomes. "

Baku, Republic of Azerbaijan – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral credit and political risk insurer and member of the Islamic Development Bank Group, concluded its participation in the IsDB Group Annual Meetings 2026 in Baku with the signing of seven agreements, Memoranda of Understanding, and insurance policies valued at more than USD 1 billion.

Held from 16 to 19 June under the theme “Regional Integration for Sustainable Prosperity,” the Annual Meetings provided a strategic platform for ICIEC to advance partnerships, support bankable projects, and reinforce its role in enabling trade and investment across its 51 Member States.

During the 14th IsDB Group Private Sector Forum (PSF), Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, participated as a speaker in the CEOs Session titled “Making Regional Integration Investable.” The session focused on how the IsDB Group can deliver integrated solutions by combining trade facilitation, investment structuring, and de-risking instruments to transform regional integration ambitions into scalable and bankable opportunities.

Following the CEOs Session, ICIEC hosted its High-Level Panel Discussion titled “De-Risking Trade & Investment for Regional Prosperity.” The session brought together around 300 participants, including senior Azerbaijani officials, business leaders, investors, development finance institutions, export credit agencies, insurers, and trade promotion organisations. The discussion highlighted Azerbaijan’s role as a strategic regional hub connecting Central Asia, the South Caucasus, Türkiye, Europe, and the wider OIC region. It also examined how Shariah-compliant risk management instruments can unlock cross-border capital, strengthen investor confidence, and support sustainable development across Member Countries.

The agreements signed during the PSF covered key areas including infrastructure, trade finance, export development, banking cooperation, and investment facilitation. They included support for strategic transactions in Nigeria, Türkiye, Uganda, and other Member Countries, alongside partnerships with financial institutions aimed at expanding access to Shariah-compliant risk mitigation and trade finance solutions.

Commenting on ICIEC’s participation, Dr. Khalid Khalafalla said: “ICIEC’s achievements in Baku demonstrate the vital role of risk mitigation in turning regional integration ambitions into bankable opportunities. The agreements concluded during the Annual Meetings will support infrastructure delivery, trade flows, investment mobilisation, and private sector growth across our Member States. ICIEC remains committed to providing the confidence and protection needed to move strategic projects from concept to implementation.”

Throughout the Annual Meetings, ICIEC held more than 80 B2B and B2G meetings with stakeholders from over 60 countries, strengthening engagement with governments, financial institutions, investors, exporters, and private sector leaders.

The ICIEC Awards recognised outstanding institutions and initiatives for their contributions to trade, investment, and sustainable development. This year, ICIEC honoured First Abu Dhabi Bank, Standard Chartered Bank, and Agrobank for landmark infrastructure and trade finance transactions that reflect the impact of effective partnerships and risk mitigation.

On the occasion of the Annual Meetings, ICIEC also issued a Special Issue themed “Corridors of Opportunities: From Azerbaijan to Central Asia, Enabling Bankable Delivery Through Risk Mitigation.” The publication highlighted Azerbaijan’s growing role as a gateway linking Central Asia, the South Caucasus, Türkiye, Europe, and the wider Islamic world. It featured perspectives on trade corridors, Islamic finance, export credit insurance, investment protection, and the role of risk mitigation in advancing sustainable growth. ICIEC’s outcomes in Baku reaffirm its commitment to working with Member States, financial institutions, investors, and development partners to de-risk strategic projects, expand cross-border trade, and promote sustainable prosperity across the OIC region and beyond.

Baku, Azerbaijan – [19 June 2026] – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral credit and political risk insurer and member of the Islamic Development Bank Group, has provided insurance support for the construction of the Akii-Bua Olympic Stadium in Uganda. The transaction was signed on the sidelines of the IsDB Group 2026 Annual Meetings, held in Baku, Azerbaijan, from 16 to 19 June 2026. 

ICIEC’s support was provided through a Specific Transaction Policy (STP) extended to SAMCO National Construction Company of Egypt covering a supplier credit facility. The project has a total contract value of approximately USD 130 million, with an insured amount of USD 65 million and a coverage level of 90% against the non-honouring of a Ministry of Finance guarantee issued by the Government of Uganda. 

The Akii-Bua Olympic Stadium is part of Uganda’s efforts to strengthen national sports infrastructure and expand its capacity to host regional and international sporting events. Located in Lira City, the project is expected to support youth athletics, promote community participation in sports, and contribute to healthier lifestyles. 

During construction, the project is expected to create employment opportunities and increase demand for local materials and services. In the longer term, the stadium is expected to stimulate regional economic activity by attracting sporting events, tourism, and related commercial services, while supporting urban development in Lira and surrounding areas. 

Commenting on the transaction, Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said: "This project demonstrates how well-structured risk mitigation can help deliver social infrastructure with lasting development value. By supporting the Akii-Bua Olympic Stadium, ICIEC is contributing to a project that will serve communities, empower young people, and create new opportunities for economic activity in Northern Uganda." 

Baku, Azerbaijan – [19 June 2026] – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral credit and political risk insurer and member of the Islamic Development Bank Group, and the Arab Trade Financing Program (ATFP) have signed a Bank Master Policy under a Comprehensive Islamic Finance framework, further strengthening their longstanding partnership to facilitate trade, enhance access to finance, and support sustainable economic growth across member countries.

Signed on the sidelines of the IsDB Group 2026 Annual Meetings in Baku, the Bank Master Policy establishes a Shariah-compliant risk-sharing framework to support financing operations arranged by ATFP in the United Arab Emirates. Under the arrangement, ICIEC will provide insurance coverage for eligible transactions, protecting the policyholder against specified commercial risks, including non-payment, while enhancing transaction security and confidence among participating financial institutions.

The signing marks an important step in advancing Islamic trade finance solutions and reflects both institutions’ shared commitment to strengthening economic connectivity, facilitating cross-border commerce, and supporting private sector development.

Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said: “This Bank Master Policy marks an important step in expanding Shariah-compliant trade finance solutions across our Member States. Through this partnership with ATFP, ICIEC is helping strengthen confidence in trade transactions, mitigate non-payment risks, and enable financial institutions to extend financing with greater certainty. This reflects our continued commitment to supporting sustainable economic growth through practical and impactful risk mitigation solutions.”

As a leading provider of Shariah-compliant credit and political risk insurance, ICIEC continues to facilitate cross-border trade and investment by mitigating risks and mobilising private capital. Through this partnership, ICIEC and ATFP are contributing to a more integrated, resilient, and sustainable trade ecosystem across their member countries.

Baku, Azerbaijan – [19 June 2026] – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral credit and political risk insurer and member of the Islamic Development Bank Group, announced the approval of its 2025 Annual Report and Audited Financial Statements by the Board of Governors on the sidelines of the IsDB Group 2026 Annual Meetings held in Baku, Azerbaijan, from 16 to 19 June 2026.

The 2025 Annual Report, themed “Driving Sustainable Development and Powering Growth,” highlights a strong year for ICIEC, with Business Insured reaching USD 17.8 billion, a 37.8% increase compared with 2024. This brings cumulative business insured since inception to USD 138.9 billion, comprising USD 107.8 billion in trade and USD 31.1 billion in investment. ICIEC also recorded USD 7.3 billion in new insurance commitments and closed the year with gross exposure of USD 7.6 billion.

In 2025, ICIEC further strengthened its membership with the accession of the Republic of Sierra Leone as its 51st Member State. The Corporation also continued to support intra-OIC trade and investment, insuring USD 7.72 billion in intra-OIC trade and USD 1.57 billion in intra-OIC investments during the year.

ICIEC’s financial performance remained strong, with corporate net results reaching USD 40.4 million, a 62.5% improvement over 2024. The Policyholders’ Fund also recorded a major turnaround, converting its accumulated deficit into an accumulated surplus of USD 5.9 million by year-end 2025.

ICIEC maintained its strong credit standing, with Moody’s maintaining its Aa3 Insurance Financial Strength Rating and S&P reaffirming its AA- long-term issuer credit and financial strength rating with a stable outlook.

The year 2025 also marked a key strategic transition for ICIEC, with the conclusion of its 2016–2025 Strategic Framework and the preparation of its new 2026–2030 Corporate Strategy, aligned with the IsDB Group’s 10-Year Strategic Framework 2026–2035.

Commenting on the report, Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said, “2025 was a year of strong operational and financial performance for ICIEC, delivered against a challenging global backdrop. Insuring USD 17.8 billion in business and achieving a significant improvement in financial results reflect the strength of our mandate and the continued relevance of Shariah-compliant risk mitigation solutions. As we move forward, ICIEC remains committed to de-risking trade and investment, mobilising capital, and supporting sustainable development across our Member States.”

Baku, Azerbaijan – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral credit and political risk insurer and member of the Islamic Development Bank Group, is pleased to announce its support for the financing of the Lagos-Calabar Coastal Highway - Phase II in Nigeria, committing a total insured amount of USD 626 million in support of one of the country's most strategically significant transport infrastructure projects. The agreement was signed on the sidelines of the IsDB Group 2026 Annual Meetings, held in Baku, Azerbaijan, from 16 to 19 June 2026.

The transaction is backed by ICIEC's Non- Honouring of Sovereign Financial Obligations (NHSFO) insurance policy, structured in favour of First Abu Dhabi Bank as the policyholder, with the Federal Ministry of Finance of Nigeria acting as the borrower . The policy provides 95% coverage across two tranches: USD 276 million with a 7-year tenor, and USD 350 million with a 9-year tenor. By mitigating sovereign risk, ICIEC's participation plays a critical role in facilitating access to long term international financing and ensuring the successful implementation of this landmark infrastructure project.

The Lagos–Calabar Coastal Highway Project is a key component of Nigeria's broader infrastructure development agenda. Upon completion, the project will significantly enhance regional integration and mobility, enabling more efficient movement of goods and people across the country's coastal regions, thereby catalysing economic activity, reducing logistics costs, and strengthening supply chains.

Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said: “ Through this transaction, ICIEC is demonstrating the practical value of Shariah-compliant risk mitigation in advancing large-scale development projects. Our support helps bolster lender confidence, mobilise long-term financing, and enable Nigeria to move forward with this strategic infrastructure investment that will strengthen connectivity and support socioeconomic progress .”

Baku, Azerbaijan - The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral credit and political risk insurer and member of the Islamic Development Bank Group, has signed a Bank Master Policy (BMP) and Documentary Credit Insurance Policy (DCIP) with the National Bank of Bahrain (NBB ) on the sidelines of the IsDB Group 2026 Annual Meetings, held in Baku, Azerbaijan, from 16 to 19 June 2026.

Under these insurance policies , ICIEC will provide insurance cover for eligible trade finance transactions extended by NBB to entities located in ICIEC Member States and support the confirmation of letters of credit issued by banks in ICIEC Member States, helping facilitate cross-border trade while mitigating payment risks.

The partnership underscores ICIEC and NBB’s shared commitment to expanding trade finance, strengthening cross-border trade flows, and deepening economic cooperation among Member States. Through the provision of risk mitigation solutions, the agreement enhances confidence in international trade transactions, supports increased private sector engagement, and facilitates the efficient movement of essential goods and services across strategic markets.

Commenting on the agreement, Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said: "Resilient trade ecosystems require strong financial institutions, trusted partnerships, and effective risk mitigation. Th ese insurance policies with the National Bank of Bahrain bring these elements together, enabling greater confidence in cross-border transactions and expanding trade opportunities across ICIEC Member States. We are pleased to join forces with NBB in supporting businesses and facilitating the flow of trade that contributes to sustainable economic development."

Baku, Azerbaijan – 19 June 2026 – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral credit and political risk insurer and member of the Islamic Development Bank Group, has signed a Memorandum of Understanding (MoU) with Bank of Huzhou Co., Ltd. ( BoH ) to strengthen cooperation in supporting trade and investment flows across ICIEC Member States. The MoU was signed on the sidelines of the IsDB Group 2026 Annual Meetings, held in Baku, Republic of Azerbaijan, from 16 to 19 June 2026.

The MoU establishes a collaborative framework to promote cross-border trade and investment by combining ICIEC’s expertise in credit and political risk insurance solutions with BoH’s banking capabilities and client network particularly in China.

Under the MoU, the two institutions will work together to identify and develop business opportunities, support trade finance & investment transactions, and provide Shariah-compliant appropriate risk mitigation solutions to public and private sector entities meeting ICIEC’s eligibility criteria.

Commenting on the signing, Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said: “Our partnership with Bank of Huzhou reflects ICIEC’s commitment to building strong alliances with financial institutions that can help expand trade and investment in between China and our Member States. By bringing together BoH’s banking capabilities and ICIEC’s Shariah-compliant suite of risk mitigation solutions, we aim to support businesses in accessing new markets, mobilising finance, and pursuing opportunities with greater confidence. ” He added: “This MoU provides a practical platform to advance cross-border cooperation, strengthen financial connectivity, and contribute to sustainable development across member markets.”

Through this non-exclusive partnership, ICIEC and BoH will focus on jointly marketing and sourcing opportunities, providing advisory support, and facilitating financing for trade and investments, backed by ICIEC’s insurance solutions for BoH’s corporate clients in line with ICIEC’s eligibility criteria. The MoU also provides scope to explore innovative initiatives including potential InsurTech -enabled platforms, to expand access to trade and investment opportunities, enhance service delivery, and strengthen economic linkages between China, other major markets and ICIEC Member States enabling trade and investments leading towards sustainable development in our member countries.

Baku, Azerbaijan – [16 June 2026] – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral credit and political risk insurer and member of the Islamic Development Bank Group, has released its 2025 Annual Development Effectiveness Report (ADER) on the sidelines of the IsDB Group 2026 Annual Meetings, held in Baku, Azerbaijan, from 16 to 19 June 2026. 

Published under the theme “Anchoring Sustainability: Driving Resilient Trade, Investment, and Development Impact,” ICIEC - 2025 ADER marks the ninth edition of ICIEC’s flagship publication on development impact and institutional performance. The report presents an evidence-based assessment of how ICIEC’s Shariah-compliant credit and political risk insurance solutions translate risk mitigation into tangible development outcomes across Member Countries, supporting economic resilience, financial inclusion, private sector growth, and human development. 

In 2025, ICIEC’s development contribution was reflected in strong results across several impact areas. Islamic trade and investment finance support reached USD 1.9 billion, representing a 3.5-fold the volume of the previous year. This underscores ICIEC’s growing role in enabling Shariah-compliant financial solutions that support trade, investment, and capital mobilisation across Member Countries. 

The report also highlights ICIEC’s contribution to private sector development and inclusive growth. In 2025, ICIEC-supported transactions enabled support for 6000 SMEs, an 84% increase over 2024, helping expand access to finance for enterprises that are central to job creation, innovation, and economic diversification. 

Human development remained a key area of impact, with ICIEC-supported transactions contributing to more than 294,000 jobs supported during the year, a 144% increase compared to 2024. The report further demonstrates ICIEC’s contribution to essential goods and services, with USD 889 million enabled in 2025, including transactions linked to food security, energy supply, health, and other critical services that support social stability and economic resilience. 

Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said: “ICIEC’s 2025 Annual Development Effectiveness Report reflects our continued commitment to demonstrating measurable development impact across Member Countries. Through our Shariah-compliant risk mitigation solutions, we are supporting Islamic trade and investment finance, enabling SMEs, sustaining jobs, and facilitating access to essential goods and services. These outcomes reflect the practical value of ICIEC’s mandate and its contribution to resilient and inclusive development.” 

The 2025 ADER also marks an important step forward in ICIEC’s impact reporting, introducing an enhanced Development Impact Framework, refined indicators, and a more structured measurement approach that better links ICIEC’s insurance and reinsurance activities to measurable development outcomes. Building on a cumulative record of USD 138.9 billion in trade and investment insured since inception, the report reaffirms ICIEC’s commitment to transparency, accountability, and sustainable development impact across its Member Countries.