Sharm El-Sheikh, Egypt. The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is convening two special parallel events on June 2 and 3, at the IsDB Group’s Private Sector Forum, which will run at the IsDB’s 47th Annual Meetings in Sharm El-Sheikh, Egypt.

The two discussions with senior speakers will dive deep into climate action and digital transformation. They will provide a good opportunity to network with IsDB Group member states, especially Egypt as it brings digitisation and climate action into play in order to achieve its own development targets under its bold Egypt Vision 2030:

To secure your participation at these prestigious events, please register now via the link below:

https://isdbg-psf.org/

June 2 [14:00-15:00] - How digital transformation can support finance and investment

Join high level speakers discussing the digital transformation of business communities in member states, with a specific concentration on ICIEC’s initiative for establishing the OIC Business Intelligence Centre (OBIC).

The importance of digitising trade and commerce is paramount – not least because it can help improve supply chain management, vital in a time of geopolitical change, and also it can be used to improve transparency and combat bad practices.  Digitisation of the global trade ecosystem has long been a goal, but there have been tangible developments in the region, not least the adoption by some players of new enabling umbrella legislation (such as under UNCITRAL), which shows progress in digitising physical trade, vital in the modern economy.

June 3 [11:05 – 12:05] - How credit and political risk insurance can help facilitate climate action

This session highlights how CPRI insurance can help facilitate climate action and will introduce ICIEC’s latest initiatives for climate action, and present and share experiences, transactions and partnerships in member states. The discussion will engage member state private sector actors on solutions and services provided by ICIEC for climate action, serving member states’ ESG agendas. This discussion will spotlight initiatives that will help Egypt achieve its Vision 2030 goals with particular respect to the environment.

“We’re delighted to be hosting these two parallel events in Egypt. ICIEC’s involvement at the Private Sector Forum will provide a great opportunity to engage with the private sector in our member states and wider global community and help energise the private sector partnerships at high levels, through digitisation and solutions for climate action,” says Mr Oussama KAISSI CEO of ICIEC. 

For your chance to join both or either session, please register via: https://isdbg-psf.org/

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the International Federation of Islamic Takaful and Insurance Companies (IFTI) signed today a ground-breaking Memorandum of Understanding (MOU) in a move designed to boost the development of the Islamic insurance sector.

The MoU was signed by Mr Oussama KAISSI, the Chief Executive Officer of ICIEC, and Mr Reda Amin Dahbour, the Chairman of IFTI.

Under the terms of the MoU, ICIEC, being the insurance arm of the Islamic Development Bank Group, and IFTI, an umbrella entity for Islamic Takaful and insurance companies around the world, have agreed on a general framework to facilitate cooperation on their common goals, and on a range of collaborative initiatives and programs.

One of the main objectives of the MOU is to promote the Islamic insurance industry and support the member institutions of the Federation in providing the best solutions and services while strengthening the technical capabilities of the workforce in the field of Islamic insurance. ICIEC, through IFTI, will support member institutions and companies operating in the Islamic insurance domain and encourage them to introduce and promote export credit insurance as new products among their offerings.

Under the broader terms of the MoU, both institutions agree to cooperate in organizing seminars and courses for employees and providing coordinated technical support. ICIEC avails its reinsurance services to IFTI for export credit insurance. The MoU explicitly encourages the rest of the OIC companies to introduce export credit and foreign investment insurance products as new.

Oussama KAISSI, CEO of ICIEC, welcomed the signing of the MoU. “There are excellent synergies between our organizations. We are looking forward to working together with IFTI to promote our common objectives in contributing to the promotion of Islamic insurance, supporting institutions and companies in introducing Export Credit insurance, and encouraging more operators to introduce them as new products.”

Cairo, Egypt

A landmark Arab Africa Guarantee Fund (AAGF) took a step closer to realization when the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) submitted a final concept note for the establishment of the Fund to the 3^rd Board of Governors Meeting of the Arab Africa Trade Bridges (AATB) Program on 14^th March 2022 in Cairo for approval.

The establishment of AAGF shall provide a scalable structure that aims to mobilize financial resources and risk mitigation capacity to support trade and investment in Arab and African countries; and ensure that all-in pricing of transactions is optimized for the end beneficiaries through blended structures.

The proposed Umbrella Fund will comprise three sub-funds, including an Arab Africa Green Facility, an Arab Africa Food Security Facility, and an Arab Africa Health Facility, which may attract additional partners interested in the respective sectors.

In this respect, the AAGF Partners Network hopes to bring together AATB founding partners with other stakeholders, including National ECAs, PRI providers, Donors, MDBs, Regional Development Banks, NGOs, and new AATB members.

Oussama Kaissi, Chief Executive Officer of ICIEC, commented: “Credit and political risk insurance (CPRI) solutions can boost the volume of trade finance to meet the objectives of both ATTB and infrastructure investments. The needs of the Arab and the African countries are far more than the capabilities of the member institutions of AATB. It becomes imperative for AATB to seek innovative structures that can leverage the capabilities of the existing member institutions of the AATB and offer appropriate risk mitigation tools to mobilize financial resources from external partners. To fill this gap, ICIEC, in its capacity as the Leader of the Insurance Pillar of the AATB, proposes establishing AAGF.”

Cairo, 14 March 202 – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)and the African Export-Import Bank (Afreximbank) signed a Memorandum of Understanding (MoU) in Cairo in a move designed to advance the two institutions’ relationship and thereby promote trade and investment flows between Arab and African countries.

The MoU was signed by Mr. Oussama Kaissi, Chief Executive Officer of ICIEC, and Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank. It creates the framework for a range of collaborative initiatives and programmes.

Under the terms of the MoU, ICIEC, which is the insurance arm of the Islamic Development Bank (IsDB) Group, and Afreximbank will partner on activities such as risk sharing arrangements, joint business development initiatives, fund mobilization, information exchanges and capacity building. In addition, the MoU enables ICIEC to access Afreximbank’s digital platforms to enhance Arab-African trade.

The signing of this MoU marks a significant milestone in the relationship between Afreximbank and ICIEC, as this cooperation agreement will consolidate and expand the activities that the two institutions have been conducting jointly.

Oussama Kaissi, CEO of ICIEC, welcomed the signing of the MoU, the latest initiative in the long-standing cooperation between Afreximbank and the IsDB Group. “We look forward to effect this wide-ranging MoU with Afreximbank, the leading African trade finance institution whose mandate is to facilitate, promote and expand extra-and intra-African trade. We are confident that the MoU will further consolidate our existing good relations with the bank in our mutual objective of boosting intra-Arab African trade in Member Countries common to both entities, through ICIEC’s tried and tested suite of de-risking and credit enhancement solutions.”

Professor Benedict Oramah, President of Afreximbank, commented: “We have for some time enjoyed a constructive and productive relationship with ICIEC, and I am delighted that our co-operation has now been formalized in this Memorandum of Understanding. As Afreximbank continues to expand its activities to accelerate Africa’s participation in global value chains, improved trade and investment links with the Arab world will only grow in importance”.

Jeddah / Madrid

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, signed a landmark Reinsurance Agreement (RA) with the  Compania Espanola de Seguros de Creditito a la Exportacion, S.A., Compania de Seguros y Reaseguros SME (CESCE), the official Spanish export credit agency (ECA).

The Agreement was signed by Mr Oussama Kaissi, Chief Executive Officer of ICIEC, Ms Beatriz Reguero Naredo, Chief Operating Officer, State Account Business, CESCE, in a virtual ceremony on 18 February 2022.

Under the Reinsurance Agreement, ICIEC will provide Shariah-compliant reinsurance solutions covering CESCE’s exposure in ICIEC Member Countries originating from Spanish companies/banks transactions.

“This agreement,” emphasizes Mr Oussama Kaissi, CEO of ICIEC, “consolidates our long-standing partnership with CESCE in supporting export development and Foreign Direct Investment (FDI) in ICIEC Member Countries in which Spanish companies/banks are located in or involved with. We look forward to consolidating our relationship with CESCE, especially during this period when the world is recovering from the ongoing impacts of the COVID-19 pandemic and as our member countries are in the midst of building back fairer in their economies and societies on the way also towards achieving the transition to Net Zero and the UN Sustainable Development Goals (SDGs).”

Among ICIEC’s mandate is also to promote the flow of foreign investments among and into its Member Countries and enlarge the scope of trade transactions between them and their third-party partners.

Mr Oussama Kaissi, CEO of ICIEC, welcomed the signing of this landmark Agreement. “Co-operation between ICIEC and CESCE would bring about better coordination and more efficient implementation of their respective activities to the benefit of partners in ICIEC Member Countries.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) provided US$ 40 million insurance cover to ING Bank (Tokyo Branch) for a financing facility to Turkmenistan for the purchase of Komatsu machinery from Japan for the development of the country's agriculture sector.

The insurance cover to mitigate non-payment risk comes under ICIEC's Non-Honoring of Sovereign Financial Obligations Policy. The extended financing facility to the Government of Turkmenistan is through the State Bank for Foreign Economic Affairs (TFEB).

Agriculture is a significant economic sector in Turkmenistan, contributing 11.7% of GDP in 2019 and employing 40% of the workforce. However, the cultivated land represents only 4% of the total arable land. The global COVID-19 pandemic has severely impacted Turkmenistan. Over the last few years, climate change and the adverse environmental challenges of irrigation in a desert environment have similarly affected the country's agricultural sector.

Turkmenistan used to be the world's 10th largest cotton producer. Cotton exports have fallen dramatically, partly due to water shortages and outdated irrigation methods and technology. Cotton cultivation also required a large amount of water to be diverted from the Amu Darya River, which resulted in polluting fertilizer effluent flowing into the river and causing environmental damage. Other challenges include difficulties in producing enough livestock feed and heavy bureaucracy due to central planning. In 2019, the Government decided to halt raw cotton exports favouring textiles and ready-made garments.

The development impact of the facility and insurance cover is wide-ranging. It includes reducing Turkmenistan's exposure to volatile commodity prices, diversifying the economy and exports, stabilizing import substitution and balance of payments, improving food self-sufficiency and the efficiency of the agriculture sector by providing the latest irrigation technology, thus increasing yields; and promoting the rational use of water resources and the provision of clean water.

"Since Turkmenistan joined ICIEC as a Member Country in 2019," Mr Oussama KAISSI, CEO of  ICIEC, stresses, "the Corporation has been growing its presence in the country, seeking opportunities to promote FDI and expand the exports. ICIEC supports Turkmenistan by mitigating political and commercial risk for trade and investment by providing risk mitigation tools and financial solutions for banks, corporates, ECAs, and other insurers. We prioritize support for projects that contribute to Turkmenistan's strategic development goals, especially in support of the country's transport and agricultural sectors."

Ms Riko Kikuchi, Country Manager of ING Bank N.V., Tokyo Branch, similarly commented: "ING Bank is very grateful for the strong support of ICIEC in our role as Mandate Lead Arranger of financing for the Government of Turkmenistan. We are delighted to have been part of this important project and support the business between Japan and Turkmenistan."

The facility is in support of five U.N. SDGs, namely achieving Zero Hunger (SDG2) through food security, improved nutrition, and sustainable agriculture; provision of Clean Water and Sanitation (SDG6); promoting Responsible Consumption and Production (SDG12); contributing to Climate Action (SDG13), and forging Partnerships for Sustainable Development (SDG 17).

The Islamic Development Bank Group (IsDB Group) Private Sector Entities namely the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), and the International Islamic Trade Finance Corporation (ITFC) in collaboration with IsDB Group Business Forum (THIQAH) and Annual Investment Meeting (AIM) organized a Trade & Investment event at the Egyptian Pavilion, Expo 2020 in Dubai - UAE on January 11th, 2022 under the theme: "Strengthening Trade and Investment in OIC Member Countries."

The event drew from the IsDB Group's efforts to eradicate poverty through its initiatives and inclusion in the fight against COVID-19 to discuss opportunities to promote trade and investment in its member countries during times of unstable economic conditions. The private sector entities (ICIEC, ICD, and ITFC) seek to ensure the continued economic growth of its member countries and aims at improving the lives of the communities they serve.

The panel session, held during the event, consisted of expert speakers from the IsDB Group private sector entities and attracted business people at the Dubai Expo 2020. The speakers shed light on the role of the IsDB Group in supporting OIC member countries' trade and investment, especially in volatile markets and fragile economic ecosystems. They also shared related experiences and best practices.

ICIEC highlighted its role in boosting OIC member countries' trade and investment opportunities, playing a pivotal role in deploying risk management tools to mitigate the adverse impacts of economic shocks emanating from various sources, including pandemics. The ICD also stressed its role in building a resilient and competitive private sector, thus significantly contributing to the economic stability of the OIC member countries. Furthermore, ITFC emphasized its instrumental role in introducing the OIC member countries to international financial markets by providing integrated trade solutions towards shifting the industry to accepting a wide array of innovative solutions.

Jeddah, KSA

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, has signed yesterday a landmark Memorandum of Understanding (MoU) with  Nippon Export and Investment Insurance (NEXI), the Export Credit Agency (ECA) of Japan, whereby the two entities expressed their willingness to strengthen and further expand their existing cooperation.

The MoU was signed virtually by Mr Oussama KAISSI, Chief Executive Officer of ICIEC, and Mr Atsuo Kuroda, Chairman and CEO of NEXI.  

ICIEC and NEXI are already cooperating in a reinsurance framework to cover projects in ICIEC member countries. Today's agreement follows the signing of an MoU on 27^th August 2019 for Accelerating Trade and Investments Targeting Africa by Japanese Companies between the two parties.

Under the new MoU, ICIEC and NEXI plan to strengthen and expand the strategic partnership in greenfield projects being significant to Japan and the ICIEC member countries, conforming to ICIEC's mandate and NEXI’s strategy.

The two parties are particularly interested in jointly supporting greenfield projects in the Middle East, Central Asia and African countries.

This new cooperation may include the provision of Co-Insurance and Reinsurance. The aim is also to leverage ICIEC's extensive local knowledge and networking in member countries in Asia, Sub-Saharan Africa (SSA) and the MENA region. In this respect and of greenfield projects, ICIEC may assist NEXI in its due diligence process for such projects, including on-site due diligence.

"This new MoU," says Mr Oussama KAISSI, CEO of ICIEC, "further consolidates our long-standing and growing partnership with NEXI in supporting bankable projects and inward Foreign Direct Investment (FDI) into our member countries in the MENA and SSA regions. Through our respective suites of de-risking solutions, we hope to boost the involvement of public-private partnerships in much-needed development and infrastructure projects in the mutually targeted countries in the Middle East, Central Asia and African countries".

"We plan to cooperate in developing the business environment to facilitate financing proposals from Japanese companies through the active underwriting of projects and the provision of reinsurance facilities. ICIEC has a long history of operations in the organization of Islamic Cooperation (OIC) member countries. Japanese companies wish to expand their presence in the Middle East, Central Asia and African countries. This occasion represents a welcome opportunity to capitalize on our mutual strengths to carry out our core mandates of helping countries and the lives and livelihoods of their citizens."

Mr Atsuo Kuroda, Chairman and CEO of NEXI, commented at the virtual signing of the MoU: "Since signing the previous MOU in August 2019, ICIEC and NEXI have been closely working together to explore potential areas of cooperation. In that sense, the reinsurance framework we have established is the first major accomplishment that will solidify the two institutions' further cooperation. Acknowledging that there are many possible forms of cooperation other than reinsurance, the purpose of the new MOU is not only to further strengthen the relationship between ICIEC and NEXI but to take our cooperation to a whole new level, which the next goal is to collaborate in greenfield projects that are significant for ICIEC member countries and Japan. It is expected of such greenfield projects to bring about many positive impacts, such as assisting countries to recover from the COVID-19 pandemic as well as open doors for significant economic development."

London, The Global Islamic Finance Awards (GIFA), now in its 11th Year, today honored The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, with the ‘Global Islamic Export Credit and Political Risk Insurance Award 2021.

Accepting the honor in The Virtual Awards Ceremony, Mr Oussama Kaissi, CEO of ICIEC, thanked the promoters of GIFA 2021 for bestowing this well-deserved recognition on the Corporation.

“This Award,” he emphasized, “is a boost for the Shariah-compliant credit and political risk insurance industry in helping our member countries recover during the ongoing Covid-19 pandemic. It is also a recognition of the hard work, creativity and resilience of our management and staff in helping our member countries build back better in the aftermath of the pandemic by ensuring the flow of essential medicines, medical equipment and food supplies. It will also help us redouble our efforts in delivering our mandate.”

As the leading Shariah-compliant credit and political risk insurer in the world, ICIEC strives towards promoting export development and investment in its 48 member countries through the provision of innovative risk mitigation solutions. Whether it is export promotion, facilitation of imports, lines of financing and impactful investments in member countries, ICIEC’s pioneering suite of risk mitigation solutions are innovative, bespoke and proven, especially in an evolving post-Covid economic recovery.

Cumulatively, ICIEC has insured, over 27 years, US$78 billion in trade and investment, with the latter accounting for US$15.6 billion in various ICIEC member countries. ICIEC contributed US$643 million in insurance coverage towards the implementation of the IsDB Group’s US$2.3 billion Covid mitigation Strategic Preparedness and Response Program (SPRP), guided by the 3 Rs (Respond, Restore, Restart) initiative. ICIEC and IsDB jointly also launched the US$2 billion COVID-19 Guarantee Facility (CoGF) which is specifically aimed at supporting the private sector, in particular COVID hit industries in member countries, and to attract cross-border investments.

In its citation, the GIFA Awards Committee emphasized that “the Global Islamic Export Credit and Political Risk Insurance Award is presented to a leading institution in the field of export credit and political risk insurance, offering innovative diverse Shariah-compliant services and solutions that cater to the multifaceted needs of customers and business partners around the globe while promoting export credit, investments and innovative risk mitigation solutions. The fact that ICIEC won the Award yet again is a testament to the Corporation’s important mission to support its 48 member countries.”

Tashkent, The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, and the Islamic Organisation for Food Security (IOFS) today signed a memorandum of understanding (MoU) whereby the two entities will collaborate using their respective strengths in providing insurance in support of trade and investment towards promoting food security, sustainable agriculture and rural development.

IOFS is headquartered in Nur Sultan in Kazakhstan and is a specialised new international agency of the Organisation of Islamic Cooperation (OIC) with the specific mandate of formulating a food security strategy for its 57 member countries.

The MoU was signed by Mr Oussama Kaissi, Chief Executive Officer of ICIEC, and H.E. Mr Yerlan A. Baidaulet, Director General of IOFS, during the 46th Annual Meetings of the IsDB Group held in Tashkent, Uzbekistan from 1-4 September 2021.

“The Covid-19 pandemic,” emphasizes Mr Oussama Kaissi, CEO of ICIEC, “highlighted supply chain disruption in vital supplies including food and medicines. A recent UN multi-agency report warns of a dramatic worsening of world hunger in 2020, with an estimated tenth of the global population – up to 811 million people – undernourished. While some of the impact comes from the COVID-19 fallout, many of the structural shortcomings relating to food insecurity and poor nutrition, predate the pandemic. ICIEC has supported over US$1.4 billion in trade and investment in the agricultural sector since its inception in support of the UN SDG 2 (Zero Hunger). We look forward to cooperating with IOFS in this vital area leveraging our expertise in trade facilitation and risk management, and our vast private sector network in member countries.”

In this respect, it will take a huge effort for the world to honour its pledge to end hunger by 2030 to achieve SDG 2. Asia, Africa and Latin America, where most of ICIEC membership is located are the most affected by hunger and food insecurity.

The MoU will provide ICIEC and IOFS a general framework for collaboration including attracting and promoting investment in agribusiness and food security; promoting best practices in food safety and Halal products to boost intra-OIC food trade in the private sector; promoting ‘South-South/Triangular Cooperation’; and boosting the involvement of SMEs in agri/food business.

About ICIEC The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development Bank (IsDB) Group, effectively its export credit and investment insurance agency, guarantees provider and reinsurance. ICIEC was established in 1994 as a multilateral institution to strengthen the economic relations between member countries of the OIC. ICIEC’s vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in Member Countries. Its mission is to facilitate trade and investment between member countries and the world by providing Shariah-compliant risk mitigation tools and financial solutions.