Jeddah

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, and Uzbekinvest Export-Import Insurance Company signed a Master Reinsurance Agreement to support exports of Uzbekistan.

The agreement was signed by Mr. Oussama Kaissi, Chief Executive Officer of ICIEC, and Mr. Rustam Khalikov, First Deputy Director General, Uzbekinvest.

Under the agreement, ICIEC will provide reinsurance services to Uzbekinvest for exports of goods and services from Uzbekistan to all over the world, this will enhance the underwriting capacity of Uzbekinvest, hence increasing the country’s exports.  ICIEC has been extending similar reinsurance support to other Member States’ export credit agencies (ECA) and Eximbanks. Commenting on the agreement Mr Oussama Kaissi said “ICIEC welcomes this partnership with Uzbekinvest which will strengthen our efforts in providing reinsurance in export credits, especially in the CIS region. It is believed that there is strong demand for export credit insurance from business communities, especially after the economic crises and political turbulence in certain countries”.

Jeddah, KSA

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) today signed a Memorandum of Understanding (MoU) with Al-Rajhi International Investment Company (RAII) of Saudi Arabia whereby the two parties would cooperate in synergizing coordination, business development and efficient implementation of projects in the vital agricultural and food security sectors in ICIEC's Member States.

RAII is a subsidiary of Sulaiman Abdulaziz Al-Rajhi Awqaf Holding, which is one of the largest business groups in Saudi Arabia, whose core activities include investments in the agricultural and food security sectors and related fields globally.

The MoU was signed by Mr. Oussama A. KAISSI, Chief Executive Officer of ICIEC, and Mr. Ahmed Ali Aldakheel, Chief Executive Officer of RAII.

The MoU aims at contributing to achieving food self-sufficiency in Saudi Arabia and ICIEC Member States in which RAII is already engaged,  through jointly exploring new agri-business opportunities, investments in agricultural and food security projects, enhancing and developing agricultural infrastructure at the advanced SME and rural farming levels, and co-financing and technical consultancy opportunities with ICIEC clients and partners using the Corporation's risk mitigation and credit enhancement solutions.

The MoU also aims to help boost agricultural production by focusing on developing agriculture technologies and farm management services to maximize productivity. RAII owns the most extensive organic agriculture project in the Kingdom, one of the largest poultry projects in Saudi Arabia and an integrated poultry project in Egypt. Its products are exported to neighbouring GCC markets, Yemen, China, and Vietnam.

ICIEC and IsDB Group have a focused approach to the agricultural and food industry in the Member States, 36 of which are net food importers. Total IsDB Group's financing support for agriculture and food security currently stands at US$20.6bn.

Earlier in 2022, the IsDB Group launched a US$10.54bn comprehensive Food Security Response Programme (FSRP) aimed at supporting Member States in addressing the ongoing food crisis and scaling up the Group's continued efforts to contribute to strengthening its members' resilience to food security shocks in the future. ICIEC supports this "One Group-One Goal" initiative with an allocation of US$500m in PRI and credit insurance.

Mr. Oussama KAISSI, CEO of ICIEC, commented: "Agriculture, food sustainability and security are critical sectors for ICIEC. Our mandate includes supporting intra-OIC trade and investment by providing our unique Shariah-compliant credit enhancement tools against commercial and non-commercial risks. ICIEC Member States and significant parts of the world are facing an unprecedented food crisis. Food prices, particularly for cereal grains, have been climbing steadily in the past few years and soared recently in the wake of the Russo-Ukrainian crisis. Climate change is also one of the main factors exacerbating food insecurity through low productivity and crop failures.

"We welcome this important MoU with RAII, an institution which has a venerable reputation in the sector both in the Kingdom of Saudi Arabia and the wider world. We look forward to a fruitful partnership with RAII in delivering our mutual mandates in boosting agricultural and food security potential while attracting vital inward investment to enhance production, yields and productivity."

Karachi, Pakistan

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, signed an important Memorandum of Understanding (MoU) with the Islamic Chamber of Commerce, Industry and Agriculture (ICCIA)whereby the two parties agree to co-operate “in promoting trade and investment in the Member States common to both.”

ICCIA, which is headquartered in Karachi, Pakistan, is an International Non-Governmental Organization, is affiliated with the Organization of Islamic Cooperation (OIC), and represents the private sector of the OIC’s 57 Member Islamic States.

The MoU was signed by Mr. Oussama Kaissi, Chief Executive Officer of ICIEC, and Mr. Yousef Hasan Khalawi, Secretary-General of ICCIA, in Karachi, Pakistan.

The aim of the MoU is to establish a framework of cooperation between the two institutions for the furtherance of their respective mandates, especially in promoting intra-OIC trade, attracting investment flows into Member States, supporting green and sustainable financing, and developing the Halal industry worldwide.

The role of ICIEC in promoting trade and investment into its Member States is backed by the fact that since its inception, the Corporation has disbursed a cumulative amount of US$ 92.1billion in this respect. Of this figure, US$72.7 billion represents credit support for trade, while US$18.4 billion for covering foreign direct investments.

In addition, ICIEC sees its role in export credit insurance and political risk insurance as pivotal towards helping bridge the Climate Action finance gap through de-risking, mobilizing private capital and partnerships. The value and supply chains related to Green and renewable energy are complex, and ICIEC sees a wide range of opportunities across its Member States to address the twin challenges of Climate Change Mitigation and Adaptation. To this end, ICIEC has contributed over US$418 million toward infrastructure and over US$3.9 billion toward clean energy support thus far in 2022 alone.

The OIC target for Intra-OIC trade and investment flows is 25% by 2025. Currently, it is around 21%. Global trade and FDI flows were badly affected by the impact of COVID-19. But just as the trends started recovering in 2021, trade and investment have once again been impacted by the Ukraine conflict, the supply-chain disruptions, especially sharp rises in food and fuel prices and global economic shocks. The 57 OIC Member States form a large and potentially powerful trading bloc. IsDB data shows that in 2021 they accounted for US$3.7 trillion of trade, of which exports amounted to US$1,881.4 billion and imports for US$1,789.6 billion, respectively. The opportunities are huge and partnerships such as this MoU can only serve to enhance intra-OIC trade and investment.

Mr Oussama Kaissi, Chief Executive Officer of ICIEC, welcomed the signing of the MoU with ICCIA: “This MoU further enhances ICIEC’s long-established playbook on supporting trade and investment in our 48 Member States. Since its launch in 1994, ICIEC has had a 28-year of experience in commencing and introducing Sharia’h-compliant risk mitigation and credit enhancement tools primarily for the promotion of intra-OIC trade and investment in projects that are deemed strategically vital for our Member States”.

“We are a strong supporter of promoting intra-OIC trade and investment. The total value of Intra-OIC Trade and Investment supported by ICIEC in 2022 reached US$ 88 billion. Through this MoU, we look forward to assisting exporters, investors, and financial institutions to reach new markets globally as our solutions allow them to navigate around the political and commercial risks inherent in international trade.”

Moody's Investor Services (Moody’s) affirmed ICIEC’s Aa3 Insurance Financial Strength Rating (IFSR) with a stable outlook for the 15^th consecutive year. The affirmation of the rating reflects the strong fundamentals- ICIEC’s financial position, risk governance and continued support from its parent - the Islamic Development Bank (IsDB) and multiple sovereign members of the Organization of the Islamic Cooperation (OIC).

Moody’s highlighted the continuation of strengthening of the standalone credit quality of ICIEC over the recent past years with improved profitability, strong core market positions, diversified operation, very liquid invested portfolio and adequate capital level. 

Despite the challenges from the global pandemic, ICIEC’s profitability remained resilient in 2021, with a combined ratio of 43.7% and net income of Islamic Dinar 6.5 million in 2021, benefitting from enhanced business-coverage, reduced risk and business/client concentrations, as well as from efficiency gains.

Moody’s has assigned, for the first time, ICIEC’s ESG Credit Impact Score as neutral-to-low (CIS-2) reflecting a limited impact from environmental and social factors on the rating. The Corporation's strong governance and predominant focus on trade credit insurance with its diversified portfolio help mitigate its exposure to environmental risks.

H.E. Oussama KAISSI, the CEO of ICIEC, congratulated all Member Countries, Honorable ICIEC Board Members and Staff for this consistent success. He reiterated Management’s commitment to upholding strategic priorities to support Member Countries focusing on food security, green financing, ESG involvement, and other measures to aid in the development of Islamic finance in line with IsDB Group initiatives.

While thanking all, the CEO reaffirmed that the Corporation would withstand firmly the increasingly volatile global geopolitical landscape and maintain financial sustainability and solvency.

The COP27 proceedings on addressing the issues of Climate Action, Mitigation, Adaptation and Finance concluded in Sharm El Sheikh on 18 November 2022. It is too early to gauge the impact of the commitments pledged, such as the Loss and Damage Fund for climate vulnerable states, or the perceived inaction or delays towards achieving the Net Zero targets set in the 2015 Paris Agreement and the broader UN SDG Agenda.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), notwithstanding, had a successful and engaging COP27 co-organizing three timely side events, three fireside chats, and signed an MoU with the Africa Finance Corporation (AFC) to jointly deliver mark-to-market Climate Action projects using ICIEC’s de-risking solutions in the African Member States common to both.

Mr. Oussama Kaissi, CEO of ICIEC, participated in a Panel Discussion on food security and climate change which focussed on the IsDB Group’s US$10.54bn Food Security Response Program (FSRP). ICIEC, stressed Mr. Kaissi, recognizes that climate risk financing and food security challenges for Member States are enormous. The Corporation’s support for the FSRP is underpinned by its initial contribution of US$500m in PRI and credit insurance coverage, of which US$150m has been disbursed to date, covering several transactions.

ICIEC and the IsDB Group play their respective roles in several food security projects in the Member States. As the multilateral insurer of the Group, ICIEC’s suite of credit and political risk insurance tools complement local value chains and support the importation of capital goods, Agri-inputs and help strengthen local capital and expertise. Partnerships with stakeholders in financing agricultural projects are vital. Mr. Kaissi is confident that the FSRP will gain precedence over the medium-to-long-term.

In the second side event co-organized with InsuResilience on ‘The role of partnerships in accelerating climate finance, de-risking, and climate action,’ Mr. Kaissi called on all stakeholders to redouble their efforts to contribute towards the enormous and growing challenges of Climate Action, Mitigation, Adaptation, Finance, De-risking, Delivery, and Impact. ICIEC’s recent membership accession to InsuResilience as such reinforces its commitment to developing innovative financial solutions towards climate action and capacity building in cooperation with Platform partners in Member States such as The Gambia and through other initiatives, including the Global Shield mechanism.  

The panel discussion participants included H.E. Rohey John Manjang, Minister of Environment, Climate Change and Natural Resources of The Gambia, Mr. Jochen Flasbarth, State Secretary in the Federal Ministry for Economic Development and Cooperation, Germany, and H.E. Kenneth Ofori-Atta, Finance Minister of Ghana.

The third side event, co-organized with the Commercial International Bank of Egypt (CIB), focused on the bankability of adaptation food security projects in Africa and the role of political and credit insurance in bridging the financing gap, and how Egypt’s National Water, Food and Energy (NWFE) programme is contributing to this process. Mr. Kaissi noted that developing countries often have problems attracting requisite levels of inward private FDI flows, partly because projects are not bankable. Projects involving Climate Adaptation in food, water, and energy security present significant challenges for private investors because of various risks.

Private sector engagement in climate finance goes in tandem with credit enhancement. ICIEC, in this respect, is uniquely positioned to deliver through its sustainability policies and access to its member state’s national and subnational bodies, which engage with relevant climate action projects and transactions. There is also room for alternative financing and risk mitigation solutions such as Green Sukuk, given the estimated global climate project financing shortfall of US$1.15 trillion. The NWFE, he noted, could be a blueprint for projects in Africa.

The final side event was on Climate Finance in Africa, focusing on the challenges in financing renewable projects and the role of credit and political de-risking. Representatives from MUFG, BADEA, KfW, and AFC Capital discussed various aspects of Africa’s climate adaptation finance challenges.

The three fireside chats and talks featured lively discussions on the crucial role of renewable energy, the challenges in the transition to clean energy, The Middle East Green Initiative, and the role of technology and finance. The fireside chats were with Mr. Paddy Padmanathan, Vice Chairman & CEO of ACWA Power, KSA, Lord Adair Turner, Chair of the Energy Transitions Commission and Chairman of Chubb Europe, UK, and H.H. Noura Turki Al Saud and H.H. Mashal Alshalan, Founding Partners of AEON Strategy in Saudi Arabia.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, today signed an important Memorandum of Understanding (MoU) with the Africa Finance Corporation (AFC) whereby the two parties agree to co-operate “in promoting joint action in the origination, financing and execution of Climate Action projects through ICIEC’s credit and investment insurance support in African Member States common to both.”

The MoU was signed by Mr. Oussama Kaissi, Chief Executive Officer of ICIEC, and Mallam Samaila D. Zubairu, the President and Chief Executive Officer of the AFC, in Sharm El Sheikh during the occasion of the COP27 gathering. ICIEC, of course, is a signatory to the Principles for Responsible Insurance and the only Shariah-compliant multilateral insurer in the world. The AFC is the leading multilateral infrastructure development finance institution in Africa.

Sustainable investment, climate action, adaptation and finance, and Green Finance are firmly embedded in the due diligence process of both institutions through linking all new business and other queries with SDG and climate action indicators. ICIEC and peer multilaterals have an important role in contributing to the international climate finance ecosystem. It is committed to further boosting its green and sustainable finance operations.

Promoting climate action through capacity development, resilient financing, and policy support in climate adaptation infrastructure and through the provision of risk mitigation and credit enhancement covers the mandates of both ICIEC and AFC. Another mandate of ICIEC is to promote trade and FDI flows, in this case to its 23 African Member States, in partnership with peer and specialised institutions.

The MoU recognizes that co-operation between AFC and ICIEC would bring about better co-ordination and more efficient implementation of their respective activities to the benefit of Climate Action projects, including renewable energy production in ICIEC member states, including in Africa region.

In this respect, the two institutions under the 3-year MoU will exchange information on their respective renewable energy project pipelines on a regular basis, with a view to explore origination, financing, insuring and delivery of such projects focusing especially on the renewable energy sector. The AFC has a proactive relationship with the IsDB Group and has even raised infrastructure funding through the issuance of a Sukuk.

Mr Oussama Kaissi, Chief Executive Officer of ICIEC, strongly welcomed the signing of the MoU with AFC: “This MoU further enhances ICIEC’s evolving playbook on Climate action and risk mitigation whether it relates to financing, underwriting, credit enhancement, and risk management. It is also yet another example of South-South Cooperation and the recognition that Africa has to come up with African financing solutions to finance African needs. Islamic project finance and investment, and de-risking solutions, are ideal for long-term infrastructure projects given their connectivity to financing the real economy especially through risk-sharing Private Public Partnerships. We look forward to building on this important relationship with AFC in this key area of Climate Action infrastructure.”

Jeddah,

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, in cooperation with Commercial International Bank (CIB), Egypt’s largest and leading private sector bank, is organising an important Panel Discussion on 9 November 2022 in Sharm El Sheikh during COP27.

Two important pillars of Climate Action are mitigating the release of greenhouse gases with a focus on the transition to clean energy, for instance, through the generation of renewable energy projects, and adaptation to the detrimental effects of Climate Change, specifically climate-related impacts on water and food security.

The need for out-of-the-box thinking involving partnerships and risk mitigation solutions such as credit and political risk insurance becomes ever more urgent. The supply chain disruptions due to the ongoing Ukraine/Russia conflict have seriously impacted the food security of grain-importing countries in the OIC Member States, especially in Africa, and to structural Energy Poverty globally.

The launch of COP27 Host Country, Egypt’s comprehensive National Water, Food and Energy (NWFE) Programme provides a valuable playbook on the involvement of private sector investment, the bankability of Climate Adaptation projects, and the credit enhancement de-risking tools of multilateral institutions such as ICIEC. NWFE is underpinned by the bold Egypt Vision 2030 agenda, which has Climate Change Adaptation at its heart.

Climate security affects water poverty, the protection of coastal areas, the development of sustainable cities, and waste management. All ICIEC Member States in Africa face similar challenges.

Private sector entities have specific targets for climate financing under their ESG targets, and this High Level Panel Discussion will showcase the banking sector’s perspectives on the bankability of adaptation projects with a focus on Food Security.

The Panel will be addressed inter alia by ICIEC CEO, Oussama Kaissi, Mr. Talha Karim, Chief Risk Officer of CIB, Ms. Lina Osman, Head, Sustainable Finance, Standard Chartered Bank and Mr. Jahan Chowdhury, Cluster Lead for Environment and Climate, IFAD and senior representatives from Afreximbank.

Key topics that will be addressed include Egypt’s NWFE Programme, the case for financing adaptation projects from CIB’s perspective, gaining insight into Climate Financing for adaptation from a multilateral’s perspective such as BADEA, and showcasing Standard Chartered Bank’s experience with Green Financing in African markets. 

As a signatory to the Principles for Responsible Insurance and being the only Shariah-compliant multilateral insurer, sustainable investment, climate action and finance, and Green Finance are firmly embedded in ICIEC’s due diligence process through linking all new business and other queries with SDG and climate action indicators. ICIEC and peer multilaterals have an important role in contributing to the international climate finance ecosystem. It is committed to further boosting its green and sustainable finance operations.

Mr. Oussama Kaissi, CEO of ICIEC, commented: “This Side Event is a unique platform to address frameworks and methodologies for appraising Climate Adaptation projects with a focus on Africa. It is important for all partners and stakeholders to share learned experiences, success stories, best practices and explore investment and trade opportunities for adaptation.”

Jeddah,

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the export credit and investment insurance agency of the Islamic Development Bank (IsDB) Group, and the Bonn-based InsuResilience Global Partnership (IGP) are convening a High Level Forum on 8 November 2022 during COP27 in Sharm El Shaikh to highlight the importance of Partnerships in accelerating climate action, mitigation, adaptation and finance including de-risking credit and political risk solutions.

InsuResilience is the world’s leading platform for inclusive, integrated collaboration, shared learning and delivery for Climate and Disaster Risk Finance and Insurance Solutions. ICIEC in fact acceded to membership of InsuResilience in September 2022, which will be formalised at a signing ceremony in Sharm El Sheikh at the Forum.

The Corporation strongly recognises the key role that the Partnership plays in bringing together many of ICIEC’s member states, 13 of whom are members of the V20 Group of Ministers of Finance of the Climate Vulnerable Forum, and the G20, as well as donors, the private sector, international organisations and civil society groups for the achievement of wider Climate Action goals.

The V20 Group and the G7 Presidency, led by Germany, have a joint ambition in that the urgent needs of vulnerable economies and people in the face of increasing climate risks need to be addressed. The way to do this is through a Global Shield against Climate Risks (GSCR) by providing and facilitating more and better pre-arranged protection against climate and disaster related risks, losses and damages.

When a climate-related disaster strikes, the need to have better systems in place that provide immediate finance in the most efficient, effective and fast way for the most vulnerable is vital. Thus far, financial protection is not systematic, coherent and sustained enough.

The Forum as such will address several issues, including the importance of IGP to address the complex challenges caused by climate change, the role that the GSCR can play in providing effective climate de-risking, and explore how ICIEC and other private sector actors can support the scaling-up of climate and disaster risk finance and insurance (CDRFI) solutions and promote sustainable, green, climate proof development.

The Gambia, a member of both the IGP and ICIEC, is very susceptible to climate threats, especially river flooding, coastal flooding and water scarcity. The Gambia has shown leadership and commitment towards climate action by submitting its second Nationally Determined Contributions report entitled ‘The Gambia’s long-term Climate-Neutral Development Strategy 2050.” As such the Forum will also focus on Gambia as a country study and discuss initiatives that will help it to achieve its 2050 Carbon Neutral Development

Goals under the GSCR objectives.   

The Forum will be addressed by Mr. Oussama Kaissi, CEO of ICIEC and Dr. Astrid Zwick, Head of the InsuResilience Secretariat.Panel participants will include H.E. Mrs. Rohey John Manjang, Minister of Environment, Climate Change and Natural Resources of The Gambia, Jochen FLASBARTH, State Secretary in the Federal Ministry for Economic Development and Cooperation, Germany, Lesley NVODLU, CEO of African Risk Capacity Ltd and Mr. Stefan Wintels CEO of KfW.

Oussama Kaissi, CEO of ICIEC, commented: “ICIEC’s development mission is aligned with the UN SDGs and the ambitions of the Paris Agreement, and is informed by the needs of our member states. Our membership of InsuResilience reinforces our commitment to developing innovative financial solutions towards climate action, mitigation, adaptation, and capacity building in cooperation with Platform partners in Member States such as The Gambia and through other initiatives, including the Global Shield mechanism.”

We also see our role in engaging with the private sector as a catalyst for closing the Climate Action financing gap. Many of Our Member States are located in the Sahel region, which is extremely vulnerable to accelerated desertification and/or flooding with detrimental effects on livelihoods and agricultural output. A blend of sovereign insurance, corporate risk transfer, and microinsurance provides a direct response to drought-related food crises.”

Jeddah,

As part of its engagement with the COP27 process in Sharm El Sheikh, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, is partnering with the Africa Finance Corporation (AFC) to convene a High Level Panel Discussion on 12 November 2022 to highlight the role of renewable energy in Climate Change Mitigation and the experiences of multilateral financial institutions in investing in such projects and credit and political risk insurers in providing de-risking solutions.

ICIEC is the only Sharia’h-compliant multilateral credit and political risk insurer in the world and is also a signatory to the Principles for Responsible Insurance. Sustainable investment, climate action, and finance, and green finance are firmly embedded in ICIEC’s due diligence process through linking all new business and other queries with SDG and climate action indicators.

Africa Finance Corporation is a pan-African Multilateral Development Financial Institution with the mandate to provide pragmatic solutions to Africa's infrastructure deficit and challenging operating environment. It has a large energy footprint in Africa.

Despite the fact that the African continent is blessed with immense renewable energy potential in the wind, solar, tidal, hydro, and geothermal energy, it suffers from structural Energy Poverty that poses a systemic obstacle to socio-economic development and sustainable growth.

Climate Change mitigation is a fundamental pillar of Climate Action and is predicated on replacing or substituting power generation through hydrocarbons with the generation of renewable energy. This transition to clean energy is complex given that several African countries are dependent on fossil fuels for their energy needs, revenues, and their development agendas.

By bringing together the long experience of ICIEC’s risk mitigation and credit enhancement solutions and AFC’s infrastructure financing, the aim of the Panel Discussion is to highlight the structural challenges and the role that de-risking combined with blended finance can play in accelerating Africa’s just transition to clean energy.

Key issues to be addressed in the Panel Discussion include case studies of various renewables projects in Africa, highlighting the business and development case for blended finance coupled with de-risking solutions, ICIEC’s experience with renewables projects, especially in solar and wind energy, and the challenges and lessons learned from renewable power generation in Africa.

The panel participants will include Mr. Sameh Shenouda, Chief Investment Officer, AFC, Ms. Soraya Sebti, Senior Manager, Sustainability and CSR, Bank of Africa, Dr. Salih Suwarelzahab, Chairman of the Climate Action Taskforce, ICIEC and BADEA representative. Mr. Oussama Kaissi, Chief Executive Officer of ICIEC, commented: “With an estimated Climate Action funding gap of US$1.35 trillion, blended finance, which combines concessional funding with commercial financing, is the only solution to addressing Africa’s renewable energy needs. ICIEC offers various tools covering political risk insurance, partial risk guarantees, and export credit guarantees that directly and indirectly mitigate various types of investment risks, including political, policy, regulatory, credit, and technology risks. ICIEC has a growing footprint in underwriting renewable energy projects in Egypt, Senegal, UAE, and Türkiye.”

Jeddah, KSA

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has been honoured by an insurance industry award in the prestigious Global Brand Awards 2022. ICIEC is the inaugural winner in the category ‘Best Multilateral Insurance Corporation Brand – Global’ for Global Brand Awards 2022. The international insurance brand honours are given by the Global Brands Magazine and have been awarded to participants in the insurance industry sector since 2013.

“Designation of ICIEC as the best Multilateral Insurance Corporation brand is a testament to the development impact we bring to the world,” says Oussama Kaissi , CEO of ICIEC. “It demonstrates that our market engagements are enabling the public and private enterprises through enhancing credit and closing the financial gap on the road to achieving the UN SDGs; with a specific focus on digitisation, food security, and climate action.”

ICIEC, as the insurance arm of the Islamic Development Bank Group (IsDB), aims to help mitigate risks and encourage growth in challenging times for the Middle East, Africa and the broader Islamic world. ICIEC is winning recognition for the stalwart and solid work it does and continues to demonstrate resilience in a year of unprecedented risks, changing global challenges, and the ongoing wake of the pandemic.