Jeddah, Saudi Arabia - In a significant move to foster collaboration and bolster trade and investment flows, The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group and a leading Shariah-compliant multilateral insurer, and Saudi Pak Industrial and Agriculture Investment Company Limited (SAPICO) announced the signing of a Memorandum of Understanding (MoU) for cooperation.

Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Rizwan Ahmed, CEO of SAPICO, signed the MoU, setting the stage for a strategic partnership that aims to facilitate trade and investment initiatives within the SAPICO joint venture.

Outlined in the MoU are extensive areas of collaboration, which encompass regular exchanges of crucial information, endeavors to boost proficiency in promoting trade and investment, and mutual backing in curating educational seminars and workshops. Furthermore, the MoU highlights a commitment to enhancing food security, broadening the scope of intervention, and directing support towards investments that fuel the creation of climate-resilient, renewable energy infrastructure in the country.

Reflecting on this collaboration, Mr. Oussama Kaissi, CEO of ICIEC, stated, "This MoU is a testament to our dedication to bolstering intra-trade and intra-investment between our member states, Saudi Arabia and Pakistan. By consolidating our resources, expertise, and strengths, we set the stage for enhanced trade and investment avenues with the potential to bring about significant positive transformations to both economies. Our alliance with SAPICO is a source of great enthusiasm, and our resolve to achieve shared success in our collaborative efforts is steadfast."

This partnership aligns with both parties' shared vision of fostering international trade and economic development and enhancing cooperation between the respective countries.

Jeddah, KSA- The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Insurance arm of the Islamic Development Bank (IsDB) Group, received a prestigious global award from the Global Brand Magazine as the "Leading Digital Economic Transformation Initiative" for its groundbreaking initiative for establishing OIC Business Intelligence Center (OBIC).

The award-winning initiative reflects ICIEC's commitment to embracing innovative technologies and fostering economic growth within the Organization of Islamic Cooperation (OIC) member states. By establishing the OBIC, which was endorsed by the Standing Committee for Economic and Commercial Cooperation of the Organization of the Islamic Cooperation (COMCEC) and the OIC Member States, ICIEC aims to drive digital transformation in economic ecosystems, ultimately contributing to sustainable development.

Mr. Oussama KAISSI, Chief Executive Officer of ICIEC, stating: “ICIEC is pleased to receive this prestigious award, which is a great recognition for the efforts made by ICIEC toward addressing the problem of obtaining reliable credit and business information in the OIC Member States, an obstacle that faces credit insurance and financing institutions, investors, investment promotion agencies and all related industries”. “While working on the implementation of the OIC Business Intelligence, ICIEC, as a multilateral institution, aims at leveraging digital innovation and not only set new industry standards but also to contribute to the growth and development and maturity of credit reporting ecosystems in the OIC Member States”.

Jeddah /Tashkent

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group and a leading Shariah-compliant multilateral insurer, has signed a Memorandum of Understanding (MoU) with the State Assets Management Agency of the Republic of Uzbekistan (UzSAMA).

The MoU, virtually signed by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Akmalkhon Ortikov, Director of UzSAMA, establishes a framework of cooperation towards strengthening trade and investment flows into the Republic of Uzbekistan.

Through the MoU, ICIEC and UzSAMA will collaborate in exchanging experiences in the privatization process to improve the managerial and technical skills of personnel at UzSAMA. This will foster close bilateral relations in various fields. Both parties have committed to advancing their cooperation to attract potential investors for privatized state assets in Uzbekistan.

Mr. Kaissi commented on the partnership: "We are thrilled to work with UzSAMA to enhance trade and investment ties between Uzbekistan and international markets. This MoU will support the Republic of Uzbekistan in achieving its national development plan for economic growth, diversification of revenue streams, and job creation."

In another development, Mr. Oussama Kaissi more recently also led a high-level ICIEC delegation to attend the Foreign Investors' Council Forum held in Tashkent, Uzbekistan, during which several key policy initiatives were unveiled and discussed including the New Investment Law, Single e-Window for Investors and Businesses, Tax Administration Matters, and the exciting Tashkent International Financial Centre Project.

“As a member of the IsDB Group and the only Shariah-compliant multilateral insurer in the world,” emphasised Mr Oussama Kaissi, “ICIEC is aligned with the vision to facilitate sustainable economic growth and development in Uzbekistan. Our comprehensive trade and investment insurance solutions serve as essential instruments to reduce risk and foster investor confidence and certainty. We believe that initiatives like these will shape the economic landscape of Uzbekistan, making it more appealing and secure for both domestic and foreign investors. We look forward to continued partnerships and collaborative efforts to bring prosperity and development to Uzbekistan and beyond.”

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group and a leading Shariah-compliant multilateral insurer, is set to launch a special book titled, "Senegal and ICIEC - Empowering Real Economy, Driving Development Impact," offering a unique insight into the successful collaboration between ICIEC and Senegal. The launch of the Book will take place on the 7th of July 2023 on the sidelines of the "Invest in Senegal Forum", scheduled to take place during the period of 6-8 July 2023 in Diamniadio, Dakar.

The launch ceremony will be inaugurated by H.E. Mme Oulimata Sarr, Minister of Economy, Planning and Cooperation of Senegal and IsDB/ICIEC Governor, and Mr Oussama Kaissi, CEO of ICIEC along with other high-level dignitaries and ICIEC partners.

The publication highlights the outlook for the Senegalese economy, the potential role of Islamic finance and Sukuk in the nation's economic landscape, the challenges ahead, and various case studies showcasing the positive impact of ICIEC operations across different economic sectors.

Over the past several years, ICIEC has supported numerous landmark transactions and projects in Senegal with an investment totaling US$3.6 billion through risk mitigation and credit enhancement solutions. Notable projects include Blaise Diagne International Airport (AIBD SA), Stade du Sénégal (Abdoulaye Wade Stadium), Dakar Expo Center, the Market of National Interest, Hann-Fann Wastewater Collector, and the Dakar Truck Station.

Senegal has been a member of ICIEC since 19 September 1995, and since then, there has been a deep and mutual partnership supporting the nation's development goals through th use of ICIEC’s risk mitigation products and services.

In conjunction with the launch, the CEO of ICIEC will conduct site visits to some notable projects supported by ICIEC in Diamniadio and Dakar to showcase the organization's achievements, positive impact and successful partnerships.

ICIEC CEO, Mr. Oussama Kaissi, said, "We are proud of the vital role that ICIEC plays in facilitating financial and insurance solutions that support sustainable and inclusive economic growth in Senegal. The launch of this booklet not only demonstrates our commitment to Senegal's development but also highlights the significant impact our partnership hashad so far. We eagerly anticipate further collaboration and innovation with Senegal to meet both the nation's development goals and market needs."

Jeddah, KSA- The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group, and the Joint-Stock Commercial Bank "Microcreditbank" (MKBANK) have signed a Memorandum of Understanding (MoU) to bolster collaboration aimed at supporting trade, exports and investments in the Republic of Uzbekistan.

The MoU was signed by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Jumaniyazov Ikram, Deputy Chairman of the Management Board of MKBANK.

Under the arrangement, both parties will work closely to identify potential areas for collaboration, provide technical assistance, and design and implement trade and investment initiatives.

The partnership aims to further develop the Islamic financial landscape and encourage sustainable development investments in Uzbekistan. Mr. Kaissi expressed his enthusiasm for the cooperation, saying, "ICIEC is committed to strengthening the ties between our two organizations, fostering sustainable growth and boosting trade and investment in Uzbekistan. This MoU allows us to combine our efforts and expertise to promote economic development in the country."

The Memorandum of Understanding marks a new chapter in the partnership between ICIEC and MKBANK and paves the way for a stronger, more prosperous Uzbekistan.

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 a US$42 million Facultative Reinsurance Agreement with the Saudi EXIM Bank (Saudi EXIM) for a Documentary Credit Insurance Sub-Policy Limit in favour of Riyad Bank with a tenor of up to 12 months.

The signing ceremony was held at the Ritz Carlton Hotel in Jeddah, Saudi Arabia, on the sidelines of the IsDB Group Annual Meetings, by Mr. Oussama Kaissi, CEO of ICIEC, and  Mr. Mohammed Al-Besher, Director General of the Insurance Department of Saudi Exim Bank. The Sub-Plicy comes under the master Facultative Reinsurance Agreements (FRA) signed by the two entities in 2021. Under the FRA, ICIEC will provide Shariah-compliant reinsurance covering up to 70% of Saudi Eximbank’s exposure under a Documentary Credit Insurance Policy Commercial and Political Risks (Multi Risk) issued to the Original Insured up to the agreed Credit Amount Limit.

The Sub-policy enables coverage of LCs confirmed by Ryiad Bank for  several Saudi commercial banks. It will also provide additional headroom capacity for the confirmation of LCs to support trade transactions by commercial banks in Saudi Arabia and ICIEC Member States. ICIEC’s cooperation with Saudi EXIM Bank has steadily grown over the years, with a current reinsurance agreement worth some US$140 million. This year, Saudi EXIM was named the winner of the ICIEC Awards for the Category of “Export Credit Agency of the Year 2023.” It marks Saudi EXIM’s critical support towards diversifying the Kingdom’s export base and contribution to intra-OIC trade. With a gross volume of financing and insurance services provided to exporters exceeding US$2.5 billion as at end of 2022, the contribution of Saudi EXIM to achieving the objectives of Saudi Vision 2023 is highly commendable.

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 a US$4 million Facultative Reinsurance Agreement (FRA) with KAZAKHEXPORT Insurance Company JSC.

The signing ceremony was held at the Ritz Carlton Hotel in Jeddah, Saudi Arabia, on the sidelines of the IsDB Group Annual Meetings, by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Aslan Kaligazin, CEO of KAZAKHEXPORT.

The transaction involves the financial leasing of TE33A ‘Evolution’ type mainline locomotives to Azerbaijan Railways for a tenor of 36 months. ICIEC is supporting KAZAKHEXPORT with a 70% reinsurance coverage of the total insurance limit of US$5.6 million.

The FRA covers the commercial risk of the project under the relevant leasing agreement.

The Annual Report and Audited Financial Statements for the year 2022 of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)  were approved by the Meeting of its Board of Governors held on 5/13/2023 during the 2023 Annual Meetings of the Islamic Development Bank Group (IsDB) at the Ritz-Carlton Hotel in Jeddah, Saudi Arabia.

ICIEC’s Annual Report reveals the Corporation's commitment to operational resilience despite the prevailing global challenges, delivering outstanding results for clients, partners, and shareholders. The Report showed a 19% year-on-year increase in the volume of insured trade and investment transactions for 2022, reaching USD 11.6 billion. Additionally, the Report announces a surge in business, with commitments increasing by 27% from the previous year, totaling USD 4.0 billion. The 2022 Annual Report also shows the ICIEC's support of post-pandemic and recovery efforts of MSs, with USD 1.4 billion, composed of USD 528 million of support to the healthcare sector, USD 824 million support to imported essential commodities, and USD 62 million support to SMEs for pandemic's economic impacts.

The Report also indicates that ICIEC was able to maintain its position as a top-rated institution in the Credit and Political Risk Insurance industry with its Moody's "Aa3" rating for 15 consecutive years. Additionally, the Corporation prioritized food security and energy transition as urgent and potential areas of the business to be added to the achievements made during 2022, where a business worth of USD 3.26 billion was insured in Africa, USD 6.01 billion in Asia, USD 1.96 billion in Europe, USD 0.4 billion in the Americas, and USD 0.01 billion in Oceania.

As part of increasing its membership and geographic coverage in the OIC, ICIEC welcomed the Maldives as a new member state. It is worth noting that ICIEC's membership grew to 48 member states in 2022.

Mr. Oussama Kaissi, CEO of ICIEC, said, "To overcome the complex global challenges we face, we must come together and combine diverse skills and resources, including socially responsible projects that contribute to achieving the UN SDGs. ICIEC's tireless efforts to support post-pandemic recovery and forge new partnerships while insuring trade and investment in our MSs, demonstrate a commitment to growth and regeneration in the new paradigm."

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.