Jeddah, KSA

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group, today signed a landmark MoU with Fonds Africain de Garantie et de Coopération Economique (FAGACE) – the African Guarantee and Economic Cooperation Fund.

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

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

Jeddah, KSA

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

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

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

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

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

Riyadh, KSA 

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

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

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

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

Jeddah, KSA

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group, is co-organising the IsDB Group Private Sector Forum as a side event at the 48^th Annual Meetings of the Board of Governors of the IsDB on 10-13 May 2023 in Jeddah, Saudi Arabia.  

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

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

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

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

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

Jeddah, The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, is pleased to organize a Capacity Building Program for the Users of the OIC Business Intelligence Center (OBIC), targeted at Supporting Credit and Investment Decisions.

The program is titled: The Role of Credit Information Sharing and Business Intelligence in Supporting Trade and Investment Decisions, and it is a unique opportunity for the participants in the program to increase their knowledge and understanding about the OBIC, its core business areas, and the services it will be offering. Participants will gain insight into how to effectively use the OBIC platform as an improved credit risk management tool that also facilitates access to finance for trade and investment, as well as the mitigation of risks related to those activities. Moreover, the OBIC will contribute to the development and enhancing the maturity of credit reporting ecosystems in the OIC Member States.

The program will focus on the importance of credit information and data sharing when it comes to decision-making with regard to the evaluation of the environments for potential investments, the flow of intra-trade, and boosting the export sector to other parts of the world.  This is in addition to supporting Member States in the development and implementation of their business intelligence strategies.

The three-day program will feature presentations, workshops, and interactive discussions with industry experts, along with real-life case studies and examples.

This is an exceptional opportunity for the potential users of the OBIC to gain a better understanding of credit information, data sharing, and business intelligence, and will serve to equip them with the tools and knowledge to make credit and investment decisions.

Jeddah, Kingdom of Saudi Arabia- The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group, is pleased to announce that its Board of Directors (BOD), during its 121st meeting, has approved   to appoint Dr. Khalid Khalafalla as the new Chief Executive Officer (CEO) of ICIEC, effective 16 December 2024.

In his tenure within the IsDB Group, which began when he joined as a Young Professional in 2005, Dr. Khalafallah has held multiple senior roles. These include serving as ICIEC Officer-in-Charge since May 2024,   Principal Executive Assistant in the IsDB President’s Office, and contributing extensively to ICIEC’s operations in various capacities from 2007 to 2017.

Commenting on his new role, Dr. Khalid Khalafalla said:  “I am honored to serve as the Chief Executive Officer of ICIEC. It is a privilege to lead an institution that has a long-standing legacy of supporting sustainable development, facilitating trade and investment, and promoting inclusive growth in its member states. I look forward to working closely with our exceptional team, the Board of Directors, and our valued partners as we continue to advance ICIEC’s mission and amplify its positive impact in global markets.”

The Chairman of the Board of Directors congratulates Dr. Khalafalla on his appointment and extends its full support as he assumes leadership. Under his leadership, ICIEC is poised to strengthen its strategic partnerships, enhance product offerings, and reinforce its position as a global leader in facilitating secure and sustainable trade and investment flows.

ICIEC takes great pride in nurturing its leadership skills internally and has run a series of leadership transformation workshops. This is an unusual, even non-traditional, path to really boost internal leadership skills and help ICIEC to develop the way it delivers its important mission.

The program, which started in October 2021 and ran through until February 2023, aimed to help leaders – and potential leaders – to master the skills and competencies for effective performance in the digital world with a modern approach to enhancing positive working practices and an upbeat and enthusiastic working atmosphere.

In practical terms, the leadership transformation workshops included a series of both group and individual activities and experiences to boost performance. This included identifying and developing the competencies required for good leadership, increasing staff morale, motivation, and productivity, promoting heightened decision-making, creating and building better teams and training leaders on how to become transformational of those teams.

Through six leadership workshop modules, ICIEC management explored how to understand their role as a leader, develop executive presence, become transformational leader, lead and managing change, and build a results-oriented culture while cultivating effective communication and collaboration.

Jeddah, KSA

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, and the Libyan Export Promotion Center (LEPC) signed a Memorandum of Understanding (MoU) to facilitate cooperation between both parties in mutually agreed areas.

The agreement was signed by Mr. Oussama Kaissi, Chief Executive Officer of ICIEC, and Mr. Mohammed Ali Al-Deeb, Director General, of the LEPC.

The MoU between ICIEC and LEPC is a major step forward in providing export credit and investment insurance facilities to Libyan institutions and companies. The MoU covers a broad range of activities, such as organizing introductory seminars for Islamic insurance, export credit and investment insurance; providing technical support to local insurers; introducing foreign investments into Libyans’ export projects; participating in related activities organized by other parties; exchanging information on exporters based in Libya looking for export credit insurance. This partnership will help create an environment that encourages businesses to invest more confidently while expanding the scope of their operations abroad.

Commenting on the MoU Mr. Oussama Kaissi said “We are delighted to announce our new partnership with the Libyan Export Promotion Center! This agreement will increase and diversify Libyan exports, strengthening our efforts in export credit reinsurance. We believe this will provide much-needed support for businesses in Libya during these challenging times”.

The Libyan Export Promotion Center is a government entity affiliated with the Ministry of Economy and Trade, Libya. It was established with the aim of encouraging, developing and diversifying Libyan non-oil exports, spreading the culture of export among the parties related to its activity, and providing the necessary technical, administrative and financial support to Libyan and export institutions to facilitate the access of their products to global markets.

Jeddah, KSA

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has been honoured with the Islamic Finance News Award in the prestigious IFN Indonesia Deal of the Year 2022 for its " Sidra Capital's US$ 80 million ICIEC Insurance Cover ". ICIEC will receive the award during the IFN Dubai Awards Ceremony, Conrad Dubai, to be organized on the 16^th of March, 2023.

ICIEC was named the recipient of the IFN Deal of the Year for its US$ 80 million political risk insurance cover extended to SIDRA Capital, which supported SIDRA Capital in securing a Shariah-compliant loan facility to PT MCT (Asia Trading) in Indonesia. The facility is used to fund transactions involving suppliers and operators in the mining and nickel trading sectors, specifically, to help SME mines have access to finance, assisting local mining companies in bridging the current financing gap.

The facility also promotes Islamic Finance in Indonesia and is an important source for foreign direct investment and foreign exchange for Indonesian companies, and is a good route towards economic integration between the OIC Member States. ICIEC’s cover for SIDRA Capital’s political risk of the financing aims to help underpin and support UN Sustainable Development Goals (SDGs), mainly towards decent work, economic growth and responsible consumption and production.

Mr. Oussama KAISSI, Chief Executive Officer of ICIEC, expressed his appreciation to Islamic Finance News for the IFN Indonesia Deal of the Year 2022, noting that this is an opportunity to present ICIEC's strength in providing support for major and meaningful development initiatives. He noted that this award illustrates the great potential of Islamic Finance and is proud that ICIEC is part of this expanding industry.

The IFN Awards ceremony is one of the most distinguished events in the Islamic finance industry, bringing together financial institutions and intermediaries from around the world to celebrate the accomplishments of law firms, financial service providers, fintech companies, and banks. The awards honour industry leaders and highlight the growing influence of Islamic financial services.

ICIEC, a member of the Islamic Development Bank (IsDB) Group, is committed to helping support the growth and reduce uncertainties in the member states and the world during a time of unparalleled risk and uncertainty. ICIEC's steady and reliable contribution to the economic growth of its member states is acknowledged and praised, even during unpredictable times, proving itself as a resilient force for impactful development.