Sharm El Sheik, Egypt

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Arab Republic of Egypt, represented by the Ministry of Trade and Industry and two other partners of the Arab-Africa Trade Bridges (AATB) Program, have signed a Framework Agreement to increase economic integration and support sustainable growth in all Arab and African countries.

The two-year Framework Agreement will focus efforts on trade promotion, specifically in sectors where significant added value is created. Moreover, industries that rely on a more skilled workforce and industries that can promote further investment will receive an added boost as a result of this work program.

Egypt has been one of the active Member States under the AATB since its accession in 2019 in a bid to enhance the movement of Egyptian exports in African markets, raising the total level of exports to $100 billion over the next five years. The framework agreement will also support the African Continental Free Trade Agreement (AfCFTA), which is one of the largest free trade areas in the world.

Coordination was made between the General Secretariat of the Program and the Development Projects Unit of the Ministry of Trade and Industry in the Arab Republic of Egypt, to design a work program for the benefit of Egypt, implement projects for the benefit of the Egyptian economy, and help the various sectors to enhance their capabilities.

The agreed activities, which will be implemented between 2022-2023, include a trade mission: to Tunisia - at least 100 bilateral meetings were held between Egyptian companies and their Tunisian counterpart (concluding initial contracts of more than $5 million dollars across 20 companies); and to Nigeria – at least 75 bilateral meetings were held between Egyptian companies and their Nigerian counterparts (concluding contracts of more than $4 million dollars across 15 companies).

The conclusion of deals and contracts with commercial partners from across Africa will also be realized, in participation with the African Export-Import Bank (Afreximbank), International Islamic Trade Finance Corporation (ITFC), including finance and guarantees for several African countries, and a share in an annual seminar to fund trading in Africa. “Under this Framework Agreement between Egypt and the AATB partners of ICIEC, ITFC and Afreximbank we will foster greater trade flows between the two regions,” ICIEC CEO, Oussama Kaissi, said. “Increasing economic integration and supporting sustainable development in all Arab and African countries is the mission statement of this long-lasting partnership.”

[Sharm El Sheik, Egypt]

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Insurance arm of the (IsDB) Group, has released its Annual Report and Audited Financial Statements for 2021, upon approval from its Board of Governors on 04^th June 2022.

The Corporation, a member of the Islamic Development Bank Group (IsDB) Group, has once more demonstrated resilience in a year of unprecedented risks, shifting priorities and continuing global impacts of the pandemic. In 2021, ICIEC insured a near-record of USD 9.8 billion with Corporate Net-Results equally strong at USD 9.3 million significantly surpassing targets. Since its inception, ICIEC has supported exports, imports, and foreign direct investments with a cumulative amount of USD 83.3 billion.

Based on its performance, ICIEC has maintained, for the 14^th consecutive year, an Aa3 rating by Moody’s - which is one of the strongest in the Export Credit and Political Risk Insurance industry. Our strong credit rating reflects our resilience, standalone fundamentals, as well as the strong willingness of our key shareholders, including the IsDB (AAA stable) and our Member States, to support ICIEC in times of financial distress.

In 2021, ICIEC supported a combined USD 4.5 billion of intra-trade and intra- investment among OIC countries, representing an 11% decrease as compared to the previous year. Of that, USD 3.7 billion represented intra-OIC trade among OIC countries, and USD 0.8 billion represented intra-investment among OIC countries. ICIEC support for trade and investment has helped MSs to achieve long-term sustainable development. ICIEC catalyzes impact by supporting transactions and projects that contribute to the SDGs. Through these SDGs, a call to action has been established to eradicate poverty, protect the environment, and improve the lives of everyone on Earth. Of the 17 SDGs, ICIEC is prominently committed to 6 goals that are directly related to its mandate.

Releasing the 2021 Annual Report, the Chief Executive Officer of ICIEC, Mr. Oussama KAISSI, expressed optimism about the Corporation’s prospects for 2022, stating “like all successful organizations, we have core priorities that give focus to our operations and enable our success. ICIEC priorities include the delivery of development impact, enabling Islamic finance, the development of value-based partnerships, and enabling excellence in both our staff and industry. In times of difficulty and volatility, we stand firmly behind our member states as the only Shari’ah-compliant multilateral export credit and investment insurance provider in the world”.

Mr. KAISSI went on to say “I would like to take this opportunity to thank the dedicated ICIEC team, whose hard work has been the backbone of its continued success. I would also like to thank His Excellency the Chairman, along with the Honorable Members of the Board of Governors and Board of Directors. They have been integral in providing guidance through their unparalleled wisdom and experience to navigate through its most challenging year for ICIEC. Their dedication to our success continues to inspire us and our decision-making in pursuit of delivering the best possible development solutions to our Member States”.

Sharm El Sheik, Egypt

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) cooperates with one of Egypt’s largest companies to accelerate climate action in the ICIEC Member States.

The Memorandum of Understanding (MoU) between ICIEC and El-Sewedy Electric provides a framework for joint action in promoting climate action and water projects, in line with both the ICIEC Climate Action Guidelines and El-Sewedy Electric’s Sustainability Strategy 2020-2023.

The MoU was signed by Mr Oussama Kaissi, Chief Executive Officer of ICIEC and Ahmed El-Sewedy, Chairman and CEO of El-Sewedy Electric.

Elsewedy Electric is a leading global provider of energy solutions with a footprint across electric, engineering and construction, digital solutions and infrastructure investments. Its climate action cooperation with ICIEC will lead to stronger coordination and more efficient implementation of its activities to the benefit of the Egyptian economy. The agreement will also bolster Egypt’s and other Member States’ drive toward the UN Sustainable Development Goals, the Paris Agreement, Egypt’s 2030 Vision and National Renewable Energy Strategy 2035, among others.

Under the terms of the MoU, ICIEC, which is the insurance arm of the Islamic Development Bank (IsDB) Group, will work with El-Sewedy Electric to: identify, assess and manage climate and water risks and opportunities; exchange essential information, expertise and resources; extend training and capacity building opportunities; and organize joint seminars and workshops.

Oussama Kaissi, CEO of ICIEC, said the signing of the MoU was a reflection of ICIEC’s prioritization of climate initiatives. “ICIEC is committed to meeting the objectives of global sustainable goals. This partnership with El-Sewedy Electric – a leading provider of sustainable projects in energy and infrastructure that enable businesses and communities to thrive – reflects that commitment. We are excited to see the many areas of cooperation come to fruition and to build on those in due course.”

Cairo, Egypt

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has signed a Memorandum of Understanding (MoU) with the Federation of Afro-Asian Insurers and Reinsurers (FAIR) to foster greater cooperation to encourage business collaboration among their members.

Under the MoU, there will be greater cooperation between FAIR and ICIEC on sharing insurance and reinsurance information, regulatory guidelines, emerging insurance needs, and market gaps, ICIEC’s added value in risk mitigation, and credit enhancement for the benefits of common countries of coverage/operations.

The MoU was signed by Oussama A. Kaissi, CEO of ICIEC, and Mo’men Mukhtar, the Secretary-General of FAIR.

Oussama Kaissi, CEO of ICIEC, said the MoU will help garner a more holistic approach to business collaboration for both parties. He added: “This framework is a landmark agreement because it will promote greater cooperation between members of FAIR and ICIEC, including fostering increased technical assistance, training and capacity building.”

Sharm El Sheik, Egypt

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has signed a Memorandum of Understanding (MoU) with the Arab Republic of Egypt and the Federation of Egyptian Industries (FEI) to facilitate co-operation and promote trade and investment opportunities for Egyptian industries.

Under the agreement – the Framework Cooperation on Trade and Investment – the parties will provide professional representation and advocacy of Egyptian industries’ interests both locally and globally, as well as a regular exchange of essential information, knowledge, advisory and consultation services.

The cooperation under the MoU will also extend to training and capacity building opportunities to create awareness of ICIEC’s added value in risk mitigation and credit enhancement, organise joint seminars, conferences and workshops; and any other activities and programmes of mutual interest which the parties may jointly devise.

The MoU was signed by Oussama. Kaissi, CEO of ICIEC, and Mohamed Zaki El Sewedy, Chairman of the FEI.

Oussama Kaissi, CEO of ICIEC, said: “ICIEC is pleased to announce a new framework agreement with FEI which will foster increased trade and investment opportunities for Egyptian importers and exporters. This MoU is paramount to further the cooperation between ICIEC and Egyptian businesses going forward.”

Sharm El Sheik, Egypt

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and UAE-headquartered Tabarak Investment Capital have signed an insurance policy that will provide greater insurance cover for the export and import of Shariah-compliant goods and services.

The documentary credit insurance policy will apply to the confirmation of Irrevocable Letters of Credit (ILC) by Tabarak Investment Capital in the ICIEC Member States. The policy will cover the commercial and political risks of the issuing banks, thereby enhancing the capacity of Tabarak to expand its trade finance support in the United Arab Emirates.

The approved limit for the policy is $100 million over a 12-month tenure.

The insurance policy was signed by Mr Oussama Kaissi, Chief Executive Officer of ICIEC, who praised the partnership’s goal of “fuelling trade finance by giving confidence to banks that commercial and political risks will be covered”.

Sharm El Sheikh, Egypt

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Saudi EXIM Bank have signed reinsurance agreements during the Islamic Development Bank’s Private Sector Forum (PSF) that will help facilitate the flow of trade finance into and out of the Kingdom of Saudi Arabia.

The Facultative Reinsurance Agreement will see ICIEC provide reinsurance to Saudi EXIM Bank coverage of confirmed documentary credits. The agreement encompasses documentary credits confirmed by Bank AlBilad and Arab National Bank – the original policyholders – and will create additional capacity for Saudi EXIM Bank to support exporters and importers of essential goods and services in Saudi Arabia.

Under the agreement, ICIEC’s reinsurance will provide protection against commercial and political risks of issuing banks in the ICIEC Member States. The combined approved limit for the reinsurance agreements is $138 million over a 12-month tenure.

Saudi EXIM Bank is an Export Credit Agency (ECA) that aims to promote the development and diversification of Saudi exports and increase their ability to compete in global markets in a range of sectors. It does so through the provision of export financing, guarantees, credit insurance and other facilities.

Mr Oussama Kaissi, Chief Executive Officer of ICIEC, welcomed the partnership which would boost Saudi Arabia’s competitiveness as well as its cooperation with the other Member States. “By providing this facultative reinsurance, ICIEC gives extra confidence to banks – as well as exporters and importers – those transactions will be protected against the range of risks confronting marketing participants today.”

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.”