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 Food Processing Association (IFPA) today signed a Strategic Partnership Agreement (SPA) whereby the two entities will collaborate using their respective strengths in promoting agri-food projects and investments.

IFPA is headquartered in the Astana International Financial Centre in Nur Sultan in Kazakhstan. It is a subsidiary of the Islamic Organisation for Food Security (IOFS), and a specialised international agency of the Organisation of Islamic Cooperation (OIC).

The MoU was signed by Mr Oussama Kaissi, Chief Executive Officer of ICIEC, and H.E. Yerlan A. Baidulet, Chairman of International IFPA Non-Profit Organisation, during the 46th Annual Meetings of the IsDB Group held in Tashkent, Uzbekistan from 1-4 September 2021.

IFPA aims to develop direct relationships between agricultural businesses in the IOFS member states by establishing B2B cooperation between private sectors among OIC member states. It is also a platform for strengthening intra-OIC trade, enhancing investment activities among OIC countries, developing and implementing large-scale inter-state projects, concluding trade operations, and intensifying trade and commercial outreach.

“ICIEC and the IFPA,” stressed Mr Oussama Kaissi, “share the goal of fostering commercial contacts and strategic alliances in the wider food supply chain as well as the expansion of export markets. This agreement paves the way for the parties to work together in the future in order to achieve common goals that would boost the agri-food sector’s contribution to the GDP of OIC Member States. We look forward to engaging with IFPA as the multilateral private sector platform for intra-OIC agri-food trade and investment.”

The SPA will provide ICIEC and IFPA a general framework for collaboration including attracting and promoting investment in agribusiness and food security; collecting due diligence, KYC and credit search documentation of prospective customers; referring potential clients; promoting joint marketing and promotion activities; 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.

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 JSC Russian Agency for Export Credit and Investment Insurance (EXIAR) today signed an Amendment Addendum relating to the Reciprocal Reinsurance Agreement signed on 4th November 2015.

The Addendum was signed by Mr Oussama Kaissi, Chief Executive Officer of ICIEC, and Mr Nikita Gusakov, Chief Executive Officer of EXIAR during the 46th Annual Meetings of the IsDB Group held in Tashkent, Uzbekistan from 1-4 September 2021.

“These amendments to the original Reciprocal Reinsurance Agreement with EXIAR,” maintains Mr Oussama Kaissi, CEO of ICIEC, “are important for our future cooperation as more opportunities open up in the member countries of ICIEC and the IsDB Group in Central Asia. ICIEC recently provided €30 million reinsurance cover to EXIAR to support a €68.18 million loan facility extended by the Russia Exim Bank (Roseximbank) to the Uzbek state-owned bank, SQB, to finance the construction of a metallurgical plant in Tashkent.”

ICIEC is seeking to enhance its presence in Central Asia. As one of ICIEC’s 48 Member Countries, Uzbekistan is a country with great potential for trade and investment, sitting in a strategic position between China and Europe and endowed with abundant natural resources.

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.

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 Saudi Eximbank today signed two landmark Facultative Reinsurance Agreements (FRAs) whereby ICIEC would provide Credit Reinsurance Cover to  the Saudi ECA.

The FRAs were signed by Mr Oussama Kaissi, Chief Executive Officer of ICIEC, and Eng. Saad Alkhalb, Chief Executive Officer of Saudi Eximbank, during the 46th Annual Meetings of the IsDB Group held in Tashkent, Uzbekistan from 1-4 September 2021. The formal signing ceremony in Tashkent took place in the presence of Dr. Muhammad Al Jasser, IsDB Group President and Chairman of ICIEC, and participating dignitaries.

“These agreements,” emphasizes Mr Oussama Kaissi, CEO of ICIEC, “consolidates our long-standing partnership with the Saudi Export Program and now the Saudi Eximbank in supporting export development and Foreign Direct Investment in Saudi Arabia.”

Under the FRAs, 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.

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

Tashkent, the challenges and hardships unleashed by the COVID-19 pandemic has made access to concessional finance through Public Private Partnerships (PPPs) even more important for countries such as Uzbekistan.

This is particularly so in developing the healthcare, transport, and renewable energy sectors maintained HE Mr Shukhrat Vafaev, Deputy Minister of Investments and Foreign Trade in his keynote address at the High-Level Panel Discussion on “The Role of ICIEC to Attract PPP Investments in the Post-COVID19 Era” held yesterday in Tashkent during the 46th Annual Meetings of the IsDB Annual Meetings. ICIEC organized this timely event in partnership with the Investment Promotion Agency of Uzbekistan.

With a growing population estimated to reach 40 million by 2025, Uzbekistan will see a growing demand for social and development infrastructure. “It is difficult for the government to finance all this,” added Mr Vafaev. “Instruments provided by ICIEC and MIGA are critical for raising financing for modernizing our infrastructure. Our private sector is actively seeking Shariah-compliant financing and insurance solutions for projects. There is great potential in Uzbekistan for ICIEC and other IFIs.”

The Government, he observed, is very encouraged by the interest shown by international companies to tender and participate in Uzbekistan’s PPP strategy for renewable energy especially solar power plants. “We are keen for similar participation in the transport sector especially the road infrastructure. We are a landlocked country and depend on out road network. We are currently promoting two PPP projects, including the Tashkent-Samarkand Toll Road Project plus projects in healthcare provision. I believe all these projects would not be possible without the support from our international development partners including the IsDB Group and ICIEC.”

Tashkent’s strategy encompasses a private sector enabling strategy which includes a funding mix comprising PPP, Green Finance, Project Finance etc. It is keen to diversify its sources of funding options which help investors to de-risk their investments. Institutions such as ICIEC, stressed Mr Vafaev, can play a vital role in instilling trust and confidence amongst the private sector with a relatively small investment in relation to the overall size of the project. Not only in Uzbekistan but the wider Central Asia region.

Mr Oussama Kaissi, CEO of ICIEC, in his opening remarks, reminded that when well-designed and implemented in a balanced regulatory environment to avoid unnecessary fiscal risks, PPPs can bring greater efficiency and sustainability to the provision of public services, thus allowing to free-up scarce public resources for other purposes.

A burgeoning private sector and investment in infrastructure can lead to the recovery from the COVID-19 pandemic for economic transformation, job creation, and inclusive growth. Like many other sectors, infrastructure was brought to a near standstill by Covid-19. “ICIEC,” stressed Mr Kaissi, “has risen to the challenge by responding swiftly to the pandemic by forging strategic partnerships, ensuring the continuance of critical trade flows, and creating innovative de-risking solutions to help mitigate fallout in Member Countries. Political risk insurance and credit enhancement have a track record of effectively de-risking and thus catalyzing private investment into emerging markets through capital-efficient instruments.”

Cumulatively, over 27 years, ICIEC has insured 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) ethos. 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.

“We are encouraged by the Government of Uzbekistan’s stated intention to use PPPs to channel increasing levels of private investment towards infrastructure investments in various sectors,” observed Mr Kaissi. “I would like to reiterate that ICIEC is keen to leverage its unique position as the leading Shariah-compliant ECA in the world and its prominent partnerships with MIGA and ECAs by providing credit and investment de-risking solutions to effect development impact through improving the lives of citizens in Member Countries, to promote inclusiveness and connectivity among them and to improve access to Islamic finance.”

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, gurantees 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.

Jeddah, The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group for commercial and political risks, today launched its Annual Development Effectiveness Report 2020.

Given the persistence of the ongoing global Covid-19 pandemic, which has also badly impacted its 48 member countries, it is not surprising that the Report’s sub-theme focuses on “insuring development through the covid-19 crisis.” It is effectively an annual Report Card on how well ICIEC is performing as a credit and investment insurance business in terms of achieving its mandate and where it can do better.

The Report is an impressive document highlighting the contribution of ICIEC’s social and development impact in Member Countries underpinned by its Theory of Change which links the Corporation’s services to intended outcomes in the export, investment, and financial sectors. It is also based on ICIEC’s Development Effectiveness Framework which is closely aligned with the IsDB Group’s 10-Year Strategy, the President’s 5 Year Program (P5P) and the Group`s commitment to the UN’s 17 Sustainable Development Goals (SDGs) Agenda.

The metrics of impact, reach and delivery are truly pervasive, further highlighted by the Corporation’s wide-ranging development footprint in 2020. These include US$9.86bn

business facilitated (US$73.512bn since inception); US$7.884bn export transactions facilitated (US$58.577bn since inception); US$1.977bn of investments facilitated (US14.935bn since inception); US$4.468bn of intra-OIC exports insured (US$28.519bn since inception); and US$588m of intra-OIC investment insured (US$5.771bn since inception).

The sectors supported include agriculture, energy, infrastructure, manufacturing, healthcare and services through the use of its six core risk mitigation products, thus contributing to SDG 2 (Zero Hunger); 3 (Good Health and Well Being); 7 (Affordable Clean Energy); 8 (Decent Work and Economic Growth); 9 (Industry, Innovation and Infrastructure); and 17 (Partnerships for Goals).  

“During times of extreme volatility,” explained Mr Oussama Kaissi, CEO of ICIEC, “the Corporation has proven to be a reliable partner by turning uncertainties into manageable risks. In a year that was defined by devastating social and economic disruptions, ICIEC continued to protect trade and facilitate investment opportunities in its Member Countries, supporting exporters to keep trade flowing and enabling large-scale infrastructure projects to address critical health care initiatives. In 2020, ICIEC facilitated over US$9.86bn in business insured, including US$370m in healthcare support that has been critical in responding to the COVID-19 crisis.”

The impacts of the COVID-19 crisis will be lasting and likely be felt for years to come. As such, stressed Mr Kaissi, ICIEC will continue to play a critical role in assisting Member Countries navigate the health, economic and social impacts of the COVID-19 pandemic. “As the vaccine is being rolled out worldwide, ICIEC will play a crucial role in supporting Member Countries purchase and distribution of this much needed commodity in Member Countries. As ICIEC Member Countries slowly recover from the impacts of the pandemic, ICIEC will be there to support Member Countries as they rebuild a healthier, inclusive and resilient OIC community with sustainability as a priority,” he added.

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 arm, 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. For more information, visit:    http://iciec.isdb.org

Tashkent, The Islamic Corporation for the Insurance of Investment & Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, is organizing high-level panel discussion on the role of Public Private Partnerships (PPPs) in attracting investments in a Post-COVID-19 era.

The Panel will convene at the Tashkent City Congress Hall on 1 September 2021 at 14.00-16.00 (Tashkent time) as a side event to the upcoming 46th Annual Meetings of the IsDB Group which is hosted by the Government of Uzbekistan on 1-4 September 2021.

The HLPD brings together a Group of experienced speakers and panelists familiar with private sector, PPP and investment trends. ICIEC CEO, Mr Oussama Kaissi, will give the opening remarks, which will be followed by a Keynote Address by H.E. Mr. Shukhrat Vafaev, Deputy Minister, Ministry of Investments and Foreign Trade - IsDB Alternate Governor.

This will be followed by a High-Level Panel Discussion comprising Mr Kaissi, H.E. Mr Shukhrat Vafaev, Deputy Minister of Investments & Foreign Trade, and IsDB Alternate Governor for Uzbekistan; Mr. Ashok Lavasa, Vice-President for Private Sector Operations and Public–Private Partnerships, The Asian Development Bank; Mr. Ali Baru Alsirt, Executive Director, Yildizlar Group, Türkiye and Mr Ibrahim Shokry, Manager of the IsDB Reginal Hub in Almaty, Kazakhstan. Ms Cornelia Meyer, Chairman & CEO, Meyer Resources, will moderate the proceedings.

The discussion will focus on the role of ICIEC in promoting sustainable PPP projects, the role of Governments, MDBs, ECAs and Private Sector Business Partners by identifying linkages and drivers of investment and trade. Moreover, it will focus on promoting ICIEC’s services to the private sector interested in investing in Uzbekistan, CIS countries and other member countries.

The event, says ICIEC, will “provide a unique platform to network and establish business partnerships with other representatives and counterparts from the business community, and to share experiences, best practices and explore investment and trade opportunities.”

The seminar is open to Senior Government Officials, Banks, Regional Development Banks, ECAs, Chambers of Commerce, Business Association Leaders, Investment Promotion Agencies, Sector Associations, Corporates, Academics and other interested parties, who can register to attend the event at https://isdb-am.org/ or visit http://iciec.isdb.org for more information.

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. For more information, visit:    http://iciec.isdb.org

Jeddah,

The Islamic Corporation for the Insurance of Investment & Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, welcomes the Indian Ocean archipelago, The Republic of Maldives, as its 48th member country.  

Maldives accessed ICIEC membership on 12th August 2021 while joined the IsDB in 1980 with a subscribed capital of ID25.84 million (0.05% of total IsDB subscribed capital).

The Maldives is one of the IsDB member countries that is perhaps potentially one of the most affected by the twin effects of climate change, global warming and rising sea levels. The archipelago comprises 1,190 islands (of which only 200 are inhabited), grouped in 26 atolls and spread over 90,000 km2 in the Indian Ocean southwest of India. It has a small population of 0.531 million (World Bank 2019). Malé is the capital, the largest city and the main port. None of the coral islands is more than 1.8 meters above sea level, making the country vulnerable to sea level rises associated with global warming.

ICIEC, under its mandate, supports member countries with various risk mitigation solutions based on their development requirements and irrespective of the size of their economies. Not surprisingly, Mr Oussama KAISSI, Chief Executive Officer of ICIEC, in welcoming the Republic of Maldives as the Corporation's latest member country, stresses his full support to the country.

"Maldives's accession to ICIEC," he maintains, "is important for us and beneficial for the economy and people of the country. The Maldives, as one of the world's iconic eco-friendly and sustainable tourism destinations, has been badly affected by the disruptions to travel caused by the Covid-19 pandemic, albeit there has been some recovery in FH 2021. Agriculture, infrastructure development and SMEs present good opportunities.

"ICIEC's risk mitigation and credit enhancement services act as catalysts for the strengthening and diversification of the country's economy, supporting both increased exports and inward investment. ICIEC's services allow exporters, banks and investors from member and non-member countries alike to cover political, commercial and climate risks related to their operations in the Maldives."

About Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) ICIEC is a member of the Islamic Development Bank (IsDB) Group. ICIEC was established in 1994 to strengthen the economic relations between member countries of the OIC. Over 27 years, ICIEC has insured in trade and investment more than USD78 billion. USD 62.3 billion represents support for exports and imports, while USD 15.6 billion covered foreign direct investments into ICIEC's member countries. ICIEC is Rated Aa3 by Moody's. ICIEC's cover has been provided to its 48 member countries across the Muslim world, assisting in their economic prosperity, development and diversification. ICIEC is recognized as the preferred enabler of trade and investment for boosting sustainable economic development in Member Countries, facilitating trade and investment between member countries and the world through Shariah-compliant risk mitigation solutions and tools.

Jeddah,

The international reputation and effectiveness of ICIEC in facilitating and innovating risk mitigation solutions especially during the Covid-19 pandemic was the standout takeaway from today’s high-level webinar titled “The Role of Credit and Political Risk Insurance in Resource Mobilization in the Post-COVID-19 Era.”

As the insurance arm of the IsDB Group and the leading Shariah-compliant credit and investment insurer in the world, the webinar not surprisingly attracted huge interest with almost 300 participants worldwide.

Mr Oussama Kaissi in his opening remarks reminded about the ongoing economic impact of the pandemic across Member Countries - a slowdown in GDP growth, a decline in trade and services and a much slower recovery in African member states. The reality is that rapid and equitable access to COVID-19 vaccines is a prerequisite for a full recovery of global trade and investment. “Trade recovery in 2021,” he maintained, “is expected at best to be fragmented with the usual geographic differences, where developing countries are in the lowest percentile of any recovery. Without requisite de-risking tools such as credit and political risk insurance, resources are being mobilized at higher costs and premiums.” 

ICIEC together with its partners have risen to the challenge by innovating cost-effective solutions. Mr Kaissi assured that ICIEC is focused on achieving selective strategic objectives to best support Member Countries, their businesses, and their citizens. ICIEC will continue to support the provision of essential goods and services through the above initiatives he added.

H.E. Mr Amadou Hott, Minister of Economy, Planning & Cooperation of Senegal and the

country’s Governor on the board of the IsDB Group, spoke for many when he observed that “in the pandemic period optimising our borrowing has become a crucial exercise.”

“Senegal,” he emphasised, “has benefitted from ICIEC’s insurance to mobilise resources from private lenders given the scarcity of concessional lending. This gives comfort to investors and allows them to be more flexible in extending the maturity on facilities. Thanks to ICIEC’s risk mitigation tools we manage to secure private financing for the rehabilitation of a major water collection system in Dakar. The financial structure was innovative because it enabled Senegal to borrow in local currency.”

ICIEC is involved in several transactions in Senegal. Currently it is supporting the country to procure 0.5 million Johnson & Johnson vaccines, essential goods and medical supplies. “Without ICIEC’s support many of these investments would have taken time to financial close and probably at a much higher cost,” he declared.

Similarly, Mr Yerdan Bekkhozhin, Vice Chairman of KazakhExport, noted its long partnership with ICIEC going back to 2013, and revealed that the two agencies are expanding their cooperation including through an imminent Treaty Share Agreement. “The fact ICIEC is willing to do business with us,” he stressed, “is confirmation that our relationship is moving in the right direction. When we have ICIEC with its financial strength and its wealth of experience supporting us, it helps us to increase our new commitments.”

Mr. Stephen Gargiulo, Head of Global Markets, ICBC Standard Bank, highlighted the importance of ICIEC for its business in Central Asia and elsewhere: “For us it is about partnership in risk and risk-sharing. One of the things working with ICIEC is that they are extremely flexible and creative. This allows us to adapt more easily to what our needs are as a bank.” A major advantage working with ICIEC is its local knowledge of partner countries and their officials.

ICIEC’s relationship with the Bank of Africa BMCE is by far the most developed. Amine Lahmamsi, Deputy Director of International Transversal Activities, warned that the lack of access to vaccines “will slow down economic activity in Sub-Saharan Africa. ICIEC and Bank of Africa BMCE have pioneered several structures including the first-ever BMP Murabaha facility in favour of a Nigerian bank, and in Non-Honoring of Sovereign Financial Obligations Risk Cover. We want to increase our collaboration with ICIEC to facilitate more trade finance transactions.”

During the Q&A session, Mr Kaissi stressed that “supporting intra-OIC trade is a priority for ICIEC, which since inception has supported US$28 billion of intra-OIC exports at end 2020.” He is confident that the IsDB Group’s target of achieving 25% intra-OIC trade by 2025, and ICIEC’s role in this, is eminently achievable.

Jeddah, The Islamic Corporation for the Insurance of Investment & Export Credit (ICIEC), is the insurance arm of the Islamic Development Bank (IsDB) Group. Today, ICIEC launched its new corporate website according to international best practices and consistent with its unique status as the leading global Shariah-compliant multilateral credit and political risk insurance institution.

The new website launched in the three official languages of the Islamic Corporation for the Insurance of Investment & Export Credit, namely English, Arabic and French, is designed to be accessed on mobile phones, tablets and desktop computers with the same user experience.

Mr Oussama KAISSI, Chief Executive Officer of ICIEC, commented: “In an age of the rapid proliferation of digitization and online communications in e-business, e-commerce, e-insurance and e-payments through FinTech and other solutions such as Blockchain, the quality and user-friendliness of any institution’s website assumes much greater importance.”

“It is an outreach pathway to leverage an institution’s information, which is an important asset, and act as an exchange for information, ideas and discourse.”

The vastly improved features include an enhanced content management system for easy data management from the backend; Speed Optimization through JavaScript and CSS, and secure URLs.

The Website, Server and Database, and Security Features utilize the latest WordPress integration, server, database, encryption and security technologies.

About ICIEC

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development Bank (IsDB) Group. ICIEC was established in 1994 as a multilateral institution to strengthen the economic relations between the OIC member countries. 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. For more information, visit:    http://iciec.isdb.org

Moody's Investor Services (Moody’s) affirmed ICIEC’s Aa3 Insurance Financial Strength Rating (IFSR) with a stable outlook for the 14th consecutive year. The affirmation of rating reflects the solid improvements in 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 strengthening of the standalone credit quality of ICIEC over the recent past years with its highly liquid invested portfolio and strong capital adequacy.  

Despite the pressures from the coronavirus pandemic, ICIEC’s profitability was resilient in 2020. The consistency of net income of the Islamic Dinar 6.2 million with a combined ratio of 43.7% benefited from enhanced business-coverage, reduced risk and business/client concentrations, as well as from efficiency gains. 
 
H.E. Oussama KAISSI, the CEO of ICIEC, congratulated all member countries, Honorable ICIEC Board Members and Staff for this consistent success. He reiterated the Management’s commitment to exert maximum efforts to realize ICIEC’s Ten Year Strategy through enhancing impact, efficiency, and resilience. In particular, ICIEC will continue to support its member countries recovering from the Coronavirus crisis effect exploring the 3Rs (Response, Restore and Restart) in line with IsDB group initiatives. 

Thanking all, the CEO reaffirmed that the corporation would withstand the unfolding global structural economic shifts stemming from the pandemic and maintain financial sustainability and solvency.