Jeddah, KSA

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 pleased to announce the signing of Memorandum of Understanding (MoU) with the Mauritania Investment Promotion Agency (APIM) on the sidelines of the IsDB Annual Meeting 2023.

The MoU aims to foster collaboration between the two institutions with a focus on increasing foreign direct investment (FDI) into Mauritania by leveraging the comprehensive derisking solutions offered by ICIEC. The partnership marks a significant step towards transforming Mauritania's economy through sustainable and diversified investments.

Under the MoU, ICIEC and APIM will work closely to develop and promote investment opportunities in Mauritania by identifying potential sectors and projects and providing essential support by lowering risks for foreign investors. This strategic cooperation is expected to create a more conducive environment for investment, stimulate entrepreneurship and business growth, and create new employment opportunities in the country.

The CEO of ICIEC, Oussama Kaissi, said, "The collaboration with APIM is a testament to our commitment to supporting the economic growth and diversification of Mauritania. By providing innovative derisking solutions, we aim to attract meaningful investment into the country, contributing to the overall progress and development of Mauritania's economy."

With this MoU, ICIEC and APIM are poised to pave the way for a new era of economic growth and prosperity in Mauritania, benefiting from the commitment, collaboration, and mutual support of both institutions.

Jeddah, KSA

The 2023 IsDB Group Annual Meetings in Jeddah, Saudi Arabia, which concluded on 13 May, 2023 eminently lived up to its theme of forging “Partnerships to Fend Off Crises.” 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, actively contributed to the IsDB Group Private Sector Forum (PSF) and signed several agreements and MoUs with partners in the Member States.

Mr. Oussama Kaissi, CEO of ICIEC, also met a number of official delegations from Member States and discussed ways of enhancing cooperation through the provision of credit and investment insurance solutions, consistent with their needs and development agendas in addressing the rising challenges of climate change, energy transition, food insecurity, health system inequality, the digital divide, attracting inward FDI and private sector capital, to help them to achieve the UN 2030 SDG agenda and the net zero ambitions of the Paris Climate Agreement.

In his address to the PSF, Mr Kaissi stressed the need for strong policy action coupled with pragmatic approaches to find common grounds to respond to shared challenges, especially through partnerships and collaboration among stakeholders. This should encapsulate overall priorities, including promoting Agriculture, Poverty Reduction, Food Security Green Finance supporting transition to clean energy. “Food insecurity,” he emphasised, “is often a consequence of climate change. The energy transition is complex and costly. Private sector engagement is one of the main pillars of ICIEC’s strategy. It requires credit enhancement to help make projects bankable to investors. ICIEC is uniquely positioned to do this through its de-risking tools, sustainability policies and access to its member states’ national and subnational bodies, which engage with relevant climate action and food security projects and transactions, and sustainable tourism.”

During the four days of the Annual Meetings, ICIEC signed several policy transactions that amounted to an aggregate of US$300 million of insurance policy cover. And MoUs included one with the Mauritania Investment Promotion Agency (APIM), whereby ICIEC would collaborate with APIM to promote investment opportunities in the country by identifying suitable projects conducive to the use of the derisking solutions offered by ICIEC. One with Fonds Africain de Garantie et de Coopération Economique (FAGACE) – the African Guarantee and Economic Cooperation Fund - to cooperate in increasing foreign and domestic direct investments to member countries common to both institutions through guaranteeing risks related to investment, financing of banking institutions and regional and sub-regional SMEs. Another with Arab Contractors (AC) to promote investment flows and de-risking solutions for green, resilient and sustainable infrastructure in various economic sectors in Egypt and other ICIEC Member States and an MoU with "Microcreditbank" (MKBANK) aimed at supporting trade, exports and investments in the Republic of Uzbekistan.

ICIEC CEO Mr. Oussama Kaissi also had discussions with the Heads of Delegations from several member states attending the 2023 IsDB Annual Meetings. The discussions centred mainly on enhancing cooperation in various sectors and promoting FDI inflows into these countries involving private sector capital and utilising ICIEC’s de-risking and guarantee solutions for trade and investment. 

JEDDAH, May 13, 2023 – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is partnering with the Multilateral Investment Guarantee Agency of the World Bank Group (MIGA) as administrator for the West Bank and Gaza Investment Trust Fund (WBGTF),  to cover foreign investments into a leading Dates Farm Project in the West Bank, Palestine.

The guarantees, enabled by the WBGTF, were issued to Palestine Development and Investment Company, Ltd. (PADICO) of Liberia ($10.38 million), Siraj Fund 1 ($4.05 million), and Siraj Fund Management Company ($2.18 million). ICIEC is providing risk participation (akin to reinsurance) for the guarantee that is being issued to PADICO.

The guarantees will cover these investors’ equity investments in Nakheel Palestine for Agricultural Investment against the risks of expropriation and war and civil disturbance, including temporary loss of income, for a period of up to 5.5 years. Nakheel specializes in the production and sale of Medjool and Barhi dates.

The Nakheel project includes seven farms, a packaging facility for post-harvest handling of dates, a sorting and grading house, a cold storage facility, and a rooftop solar power plant – all located in the West Bank, Palestine.

This is the first project in Palestine that ICIEC has insured, a historic accomplishment made possible by its risk-sharing arrangement with MIGA as the WBGTF's administrator. Additionally, it is the first time MIGA has acquired reinsurance on a WBGTF-funded project.

“We are genuinely pleased to secure our support for investments in Palestine for the first time, and we appreciate our partnership with MIGA on this landmark risk-sharing agreement. ICIEC intervention in this agriculture project marks another milestone of its contribution to the Food Security Response Program of the IsDB Group, knowing that the project is also environment-friendly, serving sustainable development in Palestine”. “The risk-sharing agreement with MIGA is an example of how dedicated we are to fostering partnerships that advance sustainable development”, remarked Oussama Kaissi, CEO of ICIEC.

MIGA and ICIEC support is expected to increase the development impact of the Nakheel project in the West Bank in terms of employment, earnings, and taxes paid. The Nakheel dates project is a critical employer in an economy hard-hit by unemployment and poverty, where most of the population earns its living from agriculture. In 2021 Nakheel employed 74 permanent and 741 temporary employees, of whom 30 percent were women and 60 percent came from low-income families. The project also indirectly contributes to the livelihoods of several hundred people throughout the operation’s value chain – including independent producers from which it buys part of its production as well as distributors of its products.

In addition, the project is aligned with the Paris Agreement, delivering both climate mitigation and adaptation through nearly 1,300 solar panels that generate 30 percent of its total electricity needs.

“MIGA is delighted to work with ICIEC to support a major agricultural firm and employer in the West Bank,” said Hiroshi Matano, Executive Vice President of MIGA. “Fortunately, this partnership was made possible as the West Bank and Gaza Trust Fund allows MIGA to administer funds to cover local investments in these economies, which could be a model for future work in other regions.”

Because the West Bank and Gaza is not a member of the World Bank or MIGA, the WBGTF was established in 1997 to encourage private sector investment and economic development in this economy, one that has long been affected by fragility, conflict, and violence. The fund allows MIGA to offer political risk insurance to both local and foreign investors, and MIGA administers the fund on behalf of its sponsors, the government of Japan and the Palestinian Authority. However, Palestine is a member of ICIEC.

Over more than two decades, the trust fund has stimulated private business activity and attracted both foreign and local private investment to multiple sectors in both the West Bank and Gaza in Palestine, including manufacturing, agribusiness, and infrastructure projects. Since 2013, projects supported by the trust fund have supported 813 local jobs, 151 of them for women, and have driven $8.27 million in domestic purchases and more than $700,000 in government payments.

A vibrant and resilient private sector is critical to development, increased prosperity, and poverty elimination even in fragile and conflict-affected situations, so risk mitigation tools like those provided by MIGA – which can enable private investment that otherwise wouldn’t occur – are vital in these challenging contexts.

Jeddah, KSA

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 pleased to announce the signing of additional €36 million uplift to the existing €146 million Non-Honouring Sovereign Financial Obligation (NHSFO) Insurance Policy with Standard Chartered Bank (UK) Ltd, Standard Chartered Bank (Hong Kong) Ltd and Société Générale. This  provides comprehensive coverage to the financiers regarding the non-payment risks of the Republic of Uganda for the funding of infrastructure projects under the Development and Infrastructure Budget 2022 of Uganda.

The signing ceremony was held at the Ritz Carlton Hotel in Jeddah, Saudi Arabia, on the sideline of the IsDB Group Annual Meeting, by Mr. Oussama Kaissi, CEO of ICIEC, Mr. Sujithav Sarangi, Executive Director, Structured Export Finance, Standard Chartered bank; and Mr. Yves Jacob, Managing Director and Head of Public Sector Finance, Société Générale.

ICIEC’s intervention enabled the additional investment of €36 million by Standard Chartered Bank (Hong Kong) to finance government projects in several sectors. The NHSFO Insurance Policy of ICIEC provides comprehensive coverage to financiers regarding the non-payment risks of sovereign obligors. The €36 million is a top-up under the accordion mechanism of the Islamic financing of €146 million advanced to the Ministry of Finance, Planning and Economic Development of Uganda related to several projects covering agriculture, climate action, education, healthcare, power infrastructure, transportation and water infrastructure. The programme is designed with  a streamlined impact reporting requirement for mapping the programme outcomes to the targeted intervention. This initiative enhances country project ownership and flexibility of intervention without compromising the impact reporting criteria set by the banks and ICIEC. The project is being financed by Standard Chartered Bank (Hong Kong) and Société Générale (as Participants) with Standard Chartered Bank UK (as Agent) in Murabaha format.

Dubai, UAE - Aman Union, the professional forum for commercial and non-commercial risks insurers and reinsurers in the member countries of the Organization of the Islamic Cooperation (OIC), is set to host its 13th Annual General Meeting from May 29 to 31^st, 2023 in Dubai, UAE.

This year's event will focus on the most pressing issues faced by the OIC member countries, including food security, climate change, and the impact of digitalization on trade and investment. The three-day event will bring together some of the most eminent personalities in the export credit insurance and reinsurance industry, insurance brokers, banks, and institutions involved in trade and investment activities.

Mr. Oussama KAISSI, the Secretary-General of Aman Union and CEO of ICIEC, commented, "The Aman Union annual meeting is a critical platform for the Union members and participants to discuss pressing issues that affect our industry and the OIC member countries. The event will be a good opportunity to highlight the climate change policies, especially with the UAE hosting COP 28 and the role of the OIC Business Intelligence Center (OBIC) in supporting trade and investment in OIC member countries. We are excited to gather again physically this year after three years of virtual meetings due to the pandemic and to engage in fruitful discussions to propose collectively innovative ideas to tackle the current challenges."

The event will feature discussions around the role of multilateral institutions such as ITFC, FAO, and IOFS in addressing the impact of the geopolitical environment on OIC member countries regarding food security, the impact of digitalization on trade and investment, and the role of the UAE in boosting climate change. Other discussion topics will include digital transformation in support of trade and investment, innovations in sustainable credit insurance, and mitigating risks in Africa, exploring credit insurance challenges and opportunities.

The event is poised to deliver expected results, including the illustration of the main developments in Fintech as a catalyst to support trade and investment, highlighting the OBIC and how it can foster trade and investment in the OIC member countries. Further, the event will explore innovative approaches to sustainable credit insurance and mitigate risks in Africa.

For more information about the event, please get in touch with the AMAN Union Secretariat at secretariat@amanunion.net or visit their website at www.amanunion.net.

Jeddah, KSA

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, today signed a landmark MoU with Fonds Africain de Garantie et de Coopération Economique (FAGACE) – the African Guarantee and Economic Cooperation Fund.

The MoU was signed by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Mouhamadou Al Amine DIA, Director of Risk Management, FAGACE on the sidelines of the 2023 IsDB Annual Meetings on 10-13 May 2023 at the Ritz-Carlton Hotel in Jeddah, Saudi Arabia. 

This MoU aims to facilitate the cooperation between ICIEC and FAGACE, with a view to increasing the foreign and domestic direct investments towards member countries common to both institutions. This will be attained through the establishment of mechanisms guaranteeing risks related to investment, financing of banking institutions and regional and sub-regional SMEs. It is also expected to facilitate  international trade transactions involving banks of member countries. FAGACE is a pioneer in the field of bank guarantees. It is a pan-African institution established on 10 February 1977 and based in Benin. It has 14 member states, almost all of which are also member countries of the IsDB and ICIEC. Since inception, according to Director General Ngueto Yambaye, FAGACE has issued bank guarantees totalling CFA3,000 billion (US$4.9 billion) in support of trade and investment flows for transactions and projects in member states.

Jeddah, KSA

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, today signed an comprehensive non-payment insurance contractywith the Islamic Corporation for the Development of the Private Sector (ICD), the private sector funding arm of the IsDB Group, whereby ICIEC will provide credit insurance cover through its Bank Master Policy (BMP) to ICD clients to cover the non-payment risk of trade-based obligors in IsDB Group member states.

The BMP was signed by Mr. Oussama Kaissi, CEO of ICIEC, and Eng. Hani Salem Sonbol, Acting CEO of ICD, under the aegis of the IsDB Group Private Sector Forum themed ‘Partnerships to Fend Off Crises’ at the 48^th Annual Meetings of the Board of Governors of the IsDB on 10-13 May 2023 at the Ritz-Carlton Hotel in Jeddah, Saudi Arabia. 

At the signing of this BMP, ICIEC and ICD also concluded the first policy approval under the BMP of €10 million to cover ICD’s financing to Banque Malienne de Solidarite (Mali) under a Wakala structure wrapped with 12 months Murabaha facility. The BMP is a general framework agreement which will be governing the partnership between ICD and ICIEC in the coming years.

Jeddah, KSA
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, today signed a memorandum of understanding (MoU) with the Arab Contractors (AC).
The MoU was signed by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Sayed Abd ElKhalek, Board Member of the AC, under the aegis of the IsDB Group Private Sector Forum themed ‘Partnerships to Fend Off Crises’ at the 30th Annual Meetings of ICIEC held in conjunction with the 48th Annual Meetings of the Board of Governors of the IsDB on 10-13 May 2023 at the Ritz-Carlton Hotel in Jeddah, Saudi Arabia.

The MoU aims to provide a general framework to facilitate co-operation between ICIEC and the Arab Contractors in promoting green, resilient and sustainable infrastructure. It will also focus on multi-modal transport, social infrastructure, urban development and water sanitation; agriculture and rural development as well as ICT and digitalization in Egypt and other ICIEC Member States.

Riyadh, KSA 

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, is proud to announce that it is the recipient of the prestigious Global Trade Review (GTR) Leaders in Trade Award for Islamic Finance in Trade. This esteemed accolade was presented to ICIEC during the GTR Saudi Arabia awards ceremony on May 9, 2023. 

The GTR Leaders in Trade Awards celebrate innovation, excellence, and growth in the trade, commodity, supply chain, and export finance markets, with a specific emphasis on Islamic finance. This award underscores ICIEC's unwavering commitment to supporting and promoting trade within the Islamic world, fostering economic development, and driving sustainable growth. 

ICIEC CEO, Mr. Oussama Kaissi, expressed appreciation for the recognition, stating, "It is with immense pleasure that we receive the GTR Leaders in Trade Award for Islamic Finance in Trade. This award serves as recognition for ICIEC's dedication to providing our member states with comprehensive, world-class Islamic insurance and risk management services. We remain committed to driving transformative change in the sector, and we thank GTR for acknowledging our efforts in championing Islamic finance in trade." 

Since its establishment, ICIEC has been actively involved in its member states' economic growth and development by offering Shariah-compliant insurance and reinsurance solutions, reducing trade and investment risks, and promoting the expansion of trade within the Organization of Islamic Cooperation countries. The GTR Leaders in Trade Award cements ICIEC's position as a leader and pioneer in the Islamic finance industry. 

Jeddah, KSA

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 48^th Annual Meetings of the Board of Governors of the IsDB on 10-13 May 2023 in Jeddah, Saudi Arabia.  

The theme of the High Level Panel Discussion (HLPD), which will be held from 10:00 am to 13:30 pm on 11^th May at the Ritz- Carlton Hotel in Jeddah, is “Partnerships to Fend Off Crises”.  ICIEC CEO, Mr Oussama Kaissi, will give the opening remarks, which will be followed by three sessions. 

The HLPD will comprise three sessions – one showcasing four country presentations from Indonesia, Azerbaijan, Jordan and Mauritania highlighting investment opportunities in renewable energy, food security, and tourism and the other two panel discussions – the first one on renewable energy, food security, and tourism aims to address the current challenges in financing initiatives and projects in various sectors, including food security, enhancing sustainable tourism, and growth of the Green Economy in the above countries. And the second one will discuss the importance of FDI attractiveness, especially in making projects and financing bankable to enhance investors’ confidence and certainty with the help of ICIEC’s de-risking solutions in investing in the relevant countries in the vital food security, tourism and Green Economy sectors in the above countries. 

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

Mr. Oussama Kaissi, CEO of ICIEC, commented: “We are delighted to partner once again with our sister entities in the IsDB Group to participate in this annual IsDB Group Private Sector Forum, which has proven to be popular, rewarding and incisive for the 2,000-plus delegates that usually attend. ICIEC has a strong record of engaging with the private sector and other partners, as the various case studies have shown of our involvement in providing guarantees, reinsurance capacity and credit and investment insurance for transactions in several of our Member States”. 

“Since inception ICIEC has insured US$95 billion in trade and investment, including US$75.8 billion for trade and US$19.2 billion for investment. Renewable energy, food security, and tourism are core sectors for ICIEC activities. We are committed to continuing our support to our 49 Member States through impactful smart, and win-win partnerships in helping them achieve their respective development agendas in line with the UN SDGs and ensuring that no one is left behind, especially in these challenging and uncertain times.”