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.

Abu Dhabi, UAE

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, today signed a wide-ranging Memorandum of Understanding (MoU) with Abu Dhabi Future Energy Company (Masdar) which is set to give a major boost to the transition to renewable and clean energy in markets of mutual interest to both entities.

The MoU was signed by Mr. Oussama Kaissi, Chief Executive Officer of ICIEC, and Mr. Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, during the Abu Dhabi Sustainability Week, held between 15-19 January 2023.

Under the MoU, the two parties agree to co-operate “in promoting joint action in the origination, financing, and execution of renewable energy projects through ICIEC’s insurance support in its member states.”

Among ICIEC’s mandate is to promote the flow of foreign investments among and into its member states and enlarge the scope of trade transactions between them. This includes support for transitioning to clean energy through the generation of electricity from renewable non-emitting sources and, eventually the transition to a Green Economy whilst ensuring sustainable economic growth.

Masdar is similarly mandated to develop commercially viable renewable energy projects in the Middle East & North Africa (MENA) and international markets. In December 2021, Masdar launched a global clean energy powerhouse partnership with ADNOC, Mubadala and Taqa intended to spearhead the drive to net-zero carbon by 2050.

The partnership will have a combined current, committed, and exclusive capacity of over 23 Gigawatts (GW) of renewable energy, with the expectation of reaching over 50GW total capacity by 2030. The expanded Masdar entity will become one of the largest clean energy companies of its kind and be well-positioned to lead the industry on a global scale.

Masdar and ICIEC share a common interest in contributing to the growth of renewable energy in ICIEC member states, including in the MENA region, and to the international climate finance architecture. ICIEC is positioned to play a key role in private sector engagement through the credit enhancement its policies provide to financial institutions on the one hand and the access it has to its Member State national and sub-national bodies who are the custodians of the relevant Climate Action projects and transactions.

Mr. Oussama Kaissi, CEO of ICIEC, welcomed the signing of this landmark MoU. “Co-operation between ICIEC and Masdar would bring about better co-ordination and more efficient implementation of their respective activities to the benefit of renewable energy production in ICIEC Member States. At ICIEC, each of our insurance policies, whether the policyholder is a financial institution, specialized company, or contractor, that offers cover against political and commercial risks, can contribute to the flow of Climate Action-related investment, specialized technology and equipment or services into its Member States thereby contributing to the goals of the Paris Climate Agreement and UN SDG Agenda.”

The Islamic Corporation for the Insurance of Investment & Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group, welcomes the accession of the Republic of Azerbaijan as its 49^th member state.  

ICIEC insurance solutions catalyze strategic projects and improve its member states' investment attractiveness.

ICIEC will work closely with the Government of Azerbaijan to support economic and social infrastructure projects in trade, agriculture, energy, water, sanitation, and urban services and with the private sector to improve access to finance. ICIEC supports Azerbaijan's 2030 National Priorities for Socio-Economic Development by achieving sustainable economic growth and high social welfare and their priority for a clean environment and a country of "green growth". ICIEC's presence as an investment partner provides a measure of reassurance and encouragement to other potential investors seeking opportunities in Azerbaijan. The investment projects often provide employment, enhanced, modern and efficient infrastructure, and better quality of life for citizens. Mr Oussama Kaissi, CEO of ICIEC, welcomed Azerbaijan, stating: "The Republic of Azerbaijan's membership opens the door for its private and public sectors to benefit from risk mitigation and credit enhancement solutions offered by ICIEC to expand their exports and promote foreign direct investment inflow. Similarly, it allows exporters, banks and investors from other member and non-member states, to cover political and commercial risks related to their operations in Azerbaijan."

Jeddah

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, and Uzbekinvest Export-Import Insurance Company signed a Master Reinsurance Agreement to support exports of Uzbekistan.

The agreement was signed by Mr. Oussama Kaissi, Chief Executive Officer of ICIEC, and Mr. Rustam Khalikov, First Deputy Director General, Uzbekinvest.

Under the agreement, ICIEC will provide reinsurance services to Uzbekinvest for exports of goods and services from Uzbekistan to all over the world, this will enhance the underwriting capacity of Uzbekinvest, hence increasing the country’s exports.  ICIEC has been extending similar reinsurance support to other Member States’ export credit agencies (ECA) and Eximbanks. Commenting on the agreement Mr Oussama Kaissi said “ICIEC welcomes this partnership with Uzbekinvest which will strengthen our efforts in providing reinsurance in export credits, especially in the CIS region. It is believed that there is strong demand for export credit insurance from business communities, especially after the economic crises and political turbulence in certain countries”.

Jeddah, KSA

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) today signed a Memorandum of Understanding (MoU) with Al-Rajhi International Investment Company (RAII) of Saudi Arabia whereby the two parties would cooperate in synergizing coordination, business development and efficient implementation of projects in the vital agricultural and food security sectors in ICIEC's Member States.

RAII is a subsidiary of Sulaiman Abdulaziz Al-Rajhi Awqaf Holding, which is one of the largest business groups in Saudi Arabia, whose core activities include investments in the agricultural and food security sectors and related fields globally.

The MoU was signed by Mr. Oussama A. KAISSI, Chief Executive Officer of ICIEC, and Mr. Ahmed Ali Aldakheel, Chief Executive Officer of RAII.

The MoU aims at contributing to achieving food self-sufficiency in Saudi Arabia and ICIEC Member States in which RAII is already engaged,  through jointly exploring new agri-business opportunities, investments in agricultural and food security projects, enhancing and developing agricultural infrastructure at the advanced SME and rural farming levels, and co-financing and technical consultancy opportunities with ICIEC clients and partners using the Corporation's risk mitigation and credit enhancement solutions.

The MoU also aims to help boost agricultural production by focusing on developing agriculture technologies and farm management services to maximize productivity. RAII owns the most extensive organic agriculture project in the Kingdom, one of the largest poultry projects in Saudi Arabia and an integrated poultry project in Egypt. Its products are exported to neighbouring GCC markets, Yemen, China, and Vietnam.

ICIEC and IsDB Group have a focused approach to the agricultural and food industry in the Member States, 36 of which are net food importers. Total IsDB Group's financing support for agriculture and food security currently stands at US$20.6bn.

Earlier in 2022, the IsDB Group launched a US$10.54bn comprehensive Food Security Response Programme (FSRP) aimed at supporting Member States in addressing the ongoing food crisis and scaling up the Group's continued efforts to contribute to strengthening its members' resilience to food security shocks in the future. ICIEC supports this "One Group-One Goal" initiative with an allocation of US$500m in PRI and credit insurance.

Mr. Oussama KAISSI, CEO of ICIEC, commented: "Agriculture, food sustainability and security are critical sectors for ICIEC. Our mandate includes supporting intra-OIC trade and investment by providing our unique Shariah-compliant credit enhancement tools against commercial and non-commercial risks. ICIEC Member States and significant parts of the world are facing an unprecedented food crisis. Food prices, particularly for cereal grains, have been climbing steadily in the past few years and soared recently in the wake of the Russo-Ukrainian crisis. Climate change is also one of the main factors exacerbating food insecurity through low productivity and crop failures.

"We welcome this important MoU with RAII, an institution which has a venerable reputation in the sector both in the Kingdom of Saudi Arabia and the wider world. We look forward to a fruitful partnership with RAII in delivering our mutual mandates in boosting agricultural and food security potential while attracting vital inward investment to enhance production, yields and productivity."

Karachi, Pakistan

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, signed an important Memorandum of Understanding (MoU) with the Islamic Chamber of Commerce, Industry and Agriculture (ICCIA)whereby the two parties agree to co-operate “in promoting trade and investment in the Member States common to both.”

ICCIA, which is headquartered in Karachi, Pakistan, is an International Non-Governmental Organization, is affiliated with the Organization of Islamic Cooperation (OIC), and represents the private sector of the OIC’s 57 Member Islamic States.

The MoU was signed by Mr. Oussama Kaissi, Chief Executive Officer of ICIEC, and Mr. Yousef Hasan Khalawi, Secretary-General of ICCIA, in Karachi, Pakistan.

The aim of the MoU is to establish a framework of cooperation between the two institutions for the furtherance of their respective mandates, especially in promoting intra-OIC trade, attracting investment flows into Member States, supporting green and sustainable financing, and developing the Halal industry worldwide.

The role of ICIEC in promoting trade and investment into its Member States is backed by the fact that since its inception, the Corporation has disbursed a cumulative amount of US$ 92.1billion in this respect. Of this figure, US$72.7 billion represents credit support for trade, while US$18.4 billion for covering foreign direct investments.

In addition, ICIEC sees its role in export credit insurance and political risk insurance as pivotal towards helping bridge the Climate Action finance gap through de-risking, mobilizing private capital and partnerships. The value and supply chains related to Green and renewable energy are complex, and ICIEC sees a wide range of opportunities across its Member States to address the twin challenges of Climate Change Mitigation and Adaptation. To this end, ICIEC has contributed over US$418 million toward infrastructure and over US$3.9 billion toward clean energy support thus far in 2022 alone.

The OIC target for Intra-OIC trade and investment flows is 25% by 2025. Currently, it is around 21%. Global trade and FDI flows were badly affected by the impact of COVID-19. But just as the trends started recovering in 2021, trade and investment have once again been impacted by the Ukraine conflict, the supply-chain disruptions, especially sharp rises in food and fuel prices and global economic shocks. The 57 OIC Member States form a large and potentially powerful trading bloc. IsDB data shows that in 2021 they accounted for US$3.7 trillion of trade, of which exports amounted to US$1,881.4 billion and imports for US$1,789.6 billion, respectively. The opportunities are huge and partnerships such as this MoU can only serve to enhance intra-OIC trade and investment.

Mr Oussama Kaissi, Chief Executive Officer of ICIEC, welcomed the signing of the MoU with ICCIA: “This MoU further enhances ICIEC’s long-established playbook on supporting trade and investment in our 48 Member States. Since its launch in 1994, ICIEC has had a 28-year of experience in commencing and introducing Sharia’h-compliant risk mitigation and credit enhancement tools primarily for the promotion of intra-OIC trade and investment in projects that are deemed strategically vital for our Member States”.

“We are a strong supporter of promoting intra-OIC trade and investment. The total value of Intra-OIC Trade and Investment supported by ICIEC in 2022 reached US$ 88 billion. Through this MoU, we look forward to assisting exporters, investors, and financial institutions to reach new markets globally as our solutions allow them to navigate around the political and commercial risks inherent in international trade.”

Moody's Investor Services (Moody’s) affirmed ICIEC’s Aa3 Insurance Financial Strength Rating (IFSR) with a stable outlook for the 15^th consecutive year. The affirmation of the rating reflects the strong fundamentals- 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 continuation of strengthening of the standalone credit quality of ICIEC over the recent past years with improved profitability, strong core market positions, diversified operation, very liquid invested portfolio and adequate capital level. 

Despite the challenges from the global pandemic, ICIEC’s profitability remained resilient in 2021, with a combined ratio of 43.7% and net income of Islamic Dinar 6.5 million in 2021, benefitting from enhanced business-coverage, reduced risk and business/client concentrations, as well as from efficiency gains.

Moody’s has assigned, for the first time, ICIEC’s ESG Credit Impact Score as neutral-to-low (CIS-2) reflecting a limited impact from environmental and social factors on the rating. The Corporation's strong governance and predominant focus on trade credit insurance with its diversified portfolio help mitigate its exposure to environmental risks.

H.E. Oussama KAISSI, the CEO of ICIEC, congratulated all Member Countries, Honorable ICIEC Board Members and Staff for this consistent success. He reiterated Management’s commitment to upholding strategic priorities to support Member Countries focusing on food security, green financing, ESG involvement, and other measures to aid in the development of Islamic finance in line with IsDB Group initiatives.

While thanking all, the CEO reaffirmed that the Corporation would withstand firmly the increasingly volatile global geopolitical landscape and maintain financial sustainability and solvency.

The COP27 proceedings on addressing the issues of Climate Action, Mitigation, Adaptation and Finance concluded in Sharm El Sheikh on 18 November 2022. It is too early to gauge the impact of the commitments pledged, such as the Loss and Damage Fund for climate vulnerable states, or the perceived inaction or delays towards achieving the Net Zero targets set in the 2015 Paris Agreement and the broader UN SDG Agenda.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), notwithstanding, had a successful and engaging COP27 co-organizing three timely side events, three fireside chats, and signed an MoU with the Africa Finance Corporation (AFC) to jointly deliver mark-to-market Climate Action projects using ICIEC’s de-risking solutions in the African Member States common to both.

Mr. Oussama Kaissi, CEO of ICIEC, participated in a Panel Discussion on food security and climate change which focussed on the IsDB Group’s US$10.54bn Food Security Response Program (FSRP). ICIEC, stressed Mr. Kaissi, recognizes that climate risk financing and food security challenges for Member States are enormous. The Corporation’s support for the FSRP is underpinned by its initial contribution of US$500m in PRI and credit insurance coverage, of which US$150m has been disbursed to date, covering several transactions.

ICIEC and the IsDB Group play their respective roles in several food security projects in the Member States. As the multilateral insurer of the Group, ICIEC’s suite of credit and political risk insurance tools complement local value chains and support the importation of capital goods, Agri-inputs and help strengthen local capital and expertise. Partnerships with stakeholders in financing agricultural projects are vital. Mr. Kaissi is confident that the FSRP will gain precedence over the medium-to-long-term.

In the second side event co-organized with InsuResilience on ‘The role of partnerships in accelerating climate finance, de-risking, and climate action,’ Mr. Kaissi called on all stakeholders to redouble their efforts to contribute towards the enormous and growing challenges of Climate Action, Mitigation, Adaptation, Finance, De-risking, Delivery, and Impact. ICIEC’s recent membership accession to InsuResilience as such reinforces its commitment to developing innovative financial solutions towards climate action and capacity building in cooperation with Platform partners in Member States such as The Gambia and through other initiatives, including the Global Shield mechanism.  

The panel discussion participants included H.E. Rohey John Manjang, Minister of Environment, Climate Change and Natural Resources of The Gambia, Mr. Jochen Flasbarth, State Secretary in the Federal Ministry for Economic Development and Cooperation, Germany, and H.E. Kenneth Ofori-Atta, Finance Minister of Ghana.

The third side event, co-organized with the Commercial International Bank of Egypt (CIB), focused on the bankability of adaptation food security projects in Africa and the role of political and credit insurance in bridging the financing gap, and how Egypt’s National Water, Food and Energy (NWFE) programme is contributing to this process. Mr. Kaissi noted that developing countries often have problems attracting requisite levels of inward private FDI flows, partly because projects are not bankable. Projects involving Climate Adaptation in food, water, and energy security present significant challenges for private investors because of various risks.

Private sector engagement in climate finance goes in tandem with credit enhancement. ICIEC, in this respect, is uniquely positioned to deliver through its sustainability policies and access to its member state’s national and subnational bodies, which engage with relevant climate action projects and transactions. There is also room for alternative financing and risk mitigation solutions such as Green Sukuk, given the estimated global climate project financing shortfall of US$1.15 trillion. The NWFE, he noted, could be a blueprint for projects in Africa.

The final side event was on Climate Finance in Africa, focusing on the challenges in financing renewable projects and the role of credit and political de-risking. Representatives from MUFG, BADEA, KfW, and AFC Capital discussed various aspects of Africa’s climate adaptation finance challenges.

The three fireside chats and talks featured lively discussions on the crucial role of renewable energy, the challenges in the transition to clean energy, The Middle East Green Initiative, and the role of technology and finance. The fireside chats were with Mr. Paddy Padmanathan, Vice Chairman & CEO of ACWA Power, KSA, Lord Adair Turner, Chair of the Energy Transitions Commission and Chairman of Chubb Europe, UK, and H.H. Noura Turki Al Saud and H.H. Mashal Alshalan, Founding Partners of AEON Strategy in Saudi Arabia.