Jeddah - H.E. Hussain Sham Adam, Minister of State for Finance of the Republic of Maldives, met Dr. Khalid Khalafalla, CEO of ICIEC, at the Corporation’s Headquarters in Jeddah.The meeting highlighted the commitment of both parties to collaborate on advancing sustainable trade, investment, and development initiatives. Discussions also covered key areas where ICIEC’s expertise and innovative risk management solutions can support the Maldives’ economic goals, particularly in sustainable growth and trade facilitation.

“This visit reflects ICIEC’s ongoing mission to empower member states with tailored solutions that promote resilience and prosperity. We look forward to deepening our partnership with the Republic of Maldives,” stressed Dr. Khalafalla.

Jeddah – An ICIEC delegation led by Mourad Mizouri, Head of MENA Business Development, and Ismail Filali, ICIEC Country Representative at the IsDB Group Rabat Regional Hub, recently held a productive meeting in Jeddah with representatives from the Office National de l’Electricité et de l’Eau Potable (ONEE) from Morocco visiting the Islamic Development Bank (IsDB) Group.

During the meeting, ICIEC presented its key offerings, operational track record, and strategic development priorities in Morocco. Both delegations explored potential areas of collaboration, placing particular emphasis on securing imports of vital strategic goods required by ONEE to enhance the country’s energy and water infrastructure.

Looking ahead, the parties agreed to organize a technical follow-up session. This meeting will involve ICIEC’s field representatives, ONEE, and Moroccan banking partners to further discuss and optimize the ONEE project pipeline, ultimately fostering long-term, sustainable solutions that support Morocco’s infrastructure and economic growth.

Algiers – ICIEC signed a strategic Quota Share Retakaful Agreement (QSRA) with the Export-Import Bank of Malaysia Berhad (MEXIM) to provide Export Trade Credit Risk Takaful on a global scale.

The agreement was signed during the Annual General Meeting of the AMAN UNION in Algiers, Algeria on December 2024. The Agreement was signed by Dr. Khalid Khalafalla, CEO of ICIEC, and Ms. Nurbayu Kasim Chang, Acting President and Chief Executive Officer of MEXIM.

This strategic partnership through the signing of a QSRA, stress the two parties is aimed at providing comprehensive export credit risk protection on a global scale, empowering businesses and exporters to navigate the uncertainties of international trade, particularly in emerging and non-traditional markets. It also highlights the strong commitment both institutions have, to fostering sustainable economic growth. By leveraging the underwriting capabilities of ICIEC, this initiative strengthens our shared mission of promoting growth across member states.

The partnership enables both ICIEC and MEXIM to share risks more effectively, ensuring financial stability and supporting the continued expansion of trade and investment activities worldwide. This Retakaful agreement is a significant step forward in reinforcing the two entities are committed to safeguarding exporters against commercial and political risks, boosting confidence in global trade, and creating stronger synergies that will benefit all stakeholders.

“We are immensely proud to enter into this pivotal Retakaful partnership with MEXIM,” stressed Dr. Khalid Khalafalla, CEO of ICIEC. “This alliance significantly enhances our collective capabilities in providing comprehensive trade credit risk Takaful and reaffirms our steadfast commitment to facilitating sustainable economic growth across our member states. By integrating our resources and expertise, we aim to elevate the confidence of exporters and investors on a global scale, all while maintaining strict adherence to Shariah principles.”

Ms. Nurbayu similarly commented: “It is our privilege to partner with ICIEC in this collaborative Retakaful initiative. By leveraging ICIEC’s underwriting capacity, we are better positioned to safeguard Malaysian exporters against the uncertainties of commercial and political risks, particularly in exploring emerging and non-traditional markets. MEXIM is committed to fostering the growth of Malaysian exporters and currently offering tailored financial solutions and comprehensive coverage options facilitating business transactions in more than 50 countries across five continents. Hence, as a member of the AMAN UNION, this collaborative initiative with ICIEC will create stronger synergies, enabling comprehensive export protection to Malaysian exporters.”

This strategic partnership aims to bolster the global trade ecosystem by providing enhanced risk mitigation solutions for international trade. The Quota Share Retakaful Agreement allows both institutions to share risks more effectively, promoting financial stability and fostering increased trade and investment activities on a global scale.

Algiers – AMAN UNION, the premier professional forum for commercial and non-commercial risk insurers and reinsurers within the member countries of the Organization of the Islamic Cooperation (OIC), held its 14th Annual General Meeting from December 1st to 3rd, 2024, in Algiers. The meeting was hosted by the state-owned Algerian Export Insurance and Guarantees Company (CAGEX).

This gathering brought together leading professionals, experts, and stakeholders from the credit and political risk industry across the OIC member countries to discuss and deliberate on strategies to boost credit insurance and trade exchange, reflecting the shared commitment to fostering regional economic integration. The Annual General Meeting also serves as a platform for knowledge-sharing, fostering partnerships, and exploring new opportunities to enhance risk management and insurance services in the region.

Dr. Khalid Khalafalla, the Secretary-General of AMAN UNION commented: “We are pleased to host the 14th Annual General Meeting in Algeria. This event provides a unique opportunity for our members to unite, share insights, and collaborate on strategies that will enhance credit insurance and promote trade exchange across Africa, the Arab, and Islamic countries, ensuring sustainable growth and resilience in the region. As we navigate an increasingly complex global landscape, the role of AMAN UNION in fostering cooperation and innovation is more critical today. We look forward to fruitful discussions and insights that will benefit our stakeholders.”

ICIEC signed a landmark Reinsurance Agreement with CAGEX, Algeria’s national export credit agency, formalized during the 14th Annual Meeting of the AMAN UNION in Algiers. “This strategic partnership,” said Dr. Khalafalla, “is set to enhance export credit insurance capacity, empowering Algerian exporters to confidently expand into new markets. By strengthening risk mitigation mechanisms, we’re creating a more secure environment for export activities, fostering economic resilience, and encouraging diversification. Together with CAGEX, we’re committed to enhancing trade and investment across our member countries, supporting sustainable economic growth and regional prosperity.”

The event featured a comprehensive agenda, with keynote speeches and networking sessions, highlighting significant developments in AMAN UNION Member Institutions during 2023. Focus areas of the event include fostering regional cooperation for global sustainability, the role of credit insurance in promoting trade exchange and achieving SDGs, the importance of credit information in mitigating risks and maximizing trade credit recoveries, in addition to the role of Multilateral Development Institutions and Global Cooperation in unlocking AfricaArab trade potential.

Algiers – Dr. Khalid Khalafalla, in his capacity as the Secretary-General of the AMAN UNION, the professional body of the national and private export credits agencies and multilateral insurers serving the OIC countries, addressed the 14th Annual General Meeting (AGM) of the Union held in Algiers in early December 2024. The AGM was hosted by CAGEX, the Algerian state export credit agency.

“The 14th AMAN UNION Annual General Meeting,” emphasized Dr. Khalafalla, who at the time was also the Officer in Charge of ICIEC, “has the critical role of fostering credit insurance and trade across Africa, Arab, and Islamic countries. By uniting diverse stakeholders, the event showcased the power of collaboration in addressing trade challenges and driving sustainable growth. Strengthened partnerships and shared expertise are paving the way for a resilient, interconnected trade ecosystem that supports prosperity and development. In today’s complex global landscape, the AMAN UNION remains a vital platform for collaboration and innovation, delivering valuable insights to benefit all stakeholders.” The AMAN UNION continues to be a cornerstone platform, driving collaboration, innovation, and sustainable growth through shared expertise and strengthened partnerships.

The AMAN UNION is important in spreading the message and building a credit and investment insurance ecosystem and architecture in OIC countries to boost risk mitigation and protection in trade and investment in today’s interconnected world with its riding geopolitical and economic risks. ICIEC is uniquely the only Shariah-complian multilateral insurer in the world with a history of underwriting over USD121 bn of business insured and investment guarantees in the last 3 decades, and as the current secretariat of the AMAN UNION, he added, must continue to play an important hand holding and market development role.

“Under the slogan of innovation and development, and within the activities of the annual meeting of AMAN, I highlighted the pioneering efforts made by the Union since its establishment in 2009. The AMAN UNION seeks to be the comprehensive umbrella for export insurance agencies in Arab and Islamic countries while expanding its membership to include elite international institutions. This aims to promote the exchange of experiences, the application of best practices, and the dissemination and development of a culture of assurance,” added Dr. Khalafalla.

On the sidelines of the meeting, Dr. Khalafalla reiterated that "since its establishment, the AMAN UNION has worked to be the umbrella of insurance institutions in the Arab and Islamic countries. It went beyond that to include a group of international institutions to exchange experiences and knowledge and apply best practices, which has contributed significantly to the dissemination and development of the culture of insurance."

Jeddah - ICIEC jointly participated with CAFSDA in a high-level panel discussion focusing on the role of Trade Credit Insurance and Investment Insurance. The event was hosted by CAFSDA under the patronage of H.E. Mr. Mohammed NEHAD, the Consul General of France in Jeddah, in October 2024.

Mr. Bessem Soua, Manager of the Sub-Saharan Africa & Europe Region Division, and Mr. Rony G Azar, Country Manager of the Asia Region Division, represented ICIEC on the panel, which included Ms. Sandrine Sarikey, CEO of Coface GCC and Egypt, and Mr. Bahaa Merhy, Commercial Director GCC.

The session highlighted the strategic partnership between ICIEC and Coface, focusing on their combined efforts to bolster Saudi companies through Credit Insurance services.

ICIEC’s presentation provided an in-depth look at the trade and investment insurance services available to its member countries, emphasizing its pivotal role in facilitating Saudi businesses’ expansion into global markets. These services not only enhance the competitiveness of Saudi companies but also offer them tailored insurance solutions and robust risk mitigation tools

Jeddah - A delegation from Cameroon, including representatives from the Ministry of Economy, Planning, and Regional Development, along with Mr. Mohamadou BAYERO, Director General of Société de Développement du Coton du Cameroun (SODECOTON) visited ICIEC Headquarters in November 2024.

The discussions that followed with Dr. Khalid Khalafalla, CEO of ICIEC, and colleagues, revolved around advancing collaboration to support SODECOTON’s growth given their strategic role in the country as well as avenues to support broader opportunities to contribute to Cameroon’s economic development.

ICIEC remains committed to supporting Cameroon in achieving its development objectives through innovative insurance solutions and strategic partnerships.

Jeddah - ICIEC and COFACE, the French trade credit insurance entity, of the leading global players in the industry, marked the 20th anniversary of their collaboration and partnership in November 2024.

“ICIEC,” stressed Dr. Khalid Khalafalla “ is delighted to mark two decades of partnership with COFACE, a collaboration that has played a crucial role in strengthening trade, investment, and economic resilience across our member states. Together, we have enabled businesses to expand their reach, promoted sustainable growth, and laid a strong foundation for economic stability.”

Jeddah, Kingdom of Saudi Arabia, 2nd March 2025. In a significant development for synergy and cooperation, the Islamic Corporation for the Insurance of Investment & Export Credit (ICIEC) and the International Islamic Trade Finance Corporation (ITFC) both members of the Islamic Development Bank (IsDB) Group signed a Documentary Credit Insurance Policy (DCIP). This strategic cooperation marks a robust step forward in managing and mitigating risks associated with Letters of Credit (LC) transactions involving Shariah compliant goods and services across OIC member countries and beyond, helping strengthen the economic resilience of these member countries.

The policy will provide critical coverage for ITFC transactions, enhancing trade confidence and facilitating smoother financial operations in global trade involving Shariah compliant products and services, thereby benefiting the broader economic landscape of the member countries. It is designed to provide ITFC with a comprehensive risk management tool to safeguard its LCs Confirmation transactions. The initiative seeks to address inherent risks associated with international trade and these robust risk mitigation measures are poised to support increased trade volumes among member countries, thereby contributing to the enhancement of intra-OIC trade as well as international trade. Increased trade strengthens the bonds between these countries, ensuring that risks are managed adeptly and contributing to sustainable development and overall regional prosperity.

Speaking on the occasion, Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said: “This policy is a testament to our commitment to fostering secure and robust trade finance solutions, in perfect synergy with our fellow IsDB Group member, ITFC. With the DCIP, we are not only strengthening ITFC’s ability to manage inherent risks in LC transactions but also uniting our efforts to promote smoother and more reliable trade flows among Shariah compliant markets, ultimately benefiting all our member countries.”

Nazeem Noordali, Officer-in-Charge CEO of ITFC, added: “This Documentary Credit Insurance Policy is a crucial step in fortifying trade resilience across our member countries. By mitigating risks associated with Letters of Credit transactions, ITFC is reinforcing its commitment to fostering secure and seamless trade flows that support economic stability and sustainable development. Our collaboration with ICIEC ensures that businesses and financial institutions have the confidence and security needed to expand their trade activities, ultimately driving economic development and greater prosperity for our Member Countries”.

Jeddah, February 25, 2025– 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 a Highway Project in Senegal, supported by ICIEC,   has been recognized with two prestigious Islamic Finance News (IFN) Awards 2024:

1. IFN Sovereign & Multilateral Deal of the Year 2024 – Republic of Senegal EUR Tawarruq Financing
2. IFN Africa Deal of the Year 2024 – Republic of Senegal’s EUR Tawarruq Financing

The awards acknowledge ICIEC’s crucial role as the Guarantor of Islamic Finance Tranche for the landmark EUR 259 million Murabaha facility extended by Société Générale. The facility, provided under ICIEC’s Non-Honouring of a Sovereign Financial Obligation (NHSFO) insurance policy, supports the construction of key road projects in Senegal, including the Dakar-Tivaouane Highway and the expansion of the Cyrnos-Seven Up Road.

This Takaful cover agreement demonstrates ICIEC’s commitment to facilitating impactful infrastructure projects that bolster economic growth, regional connectivity, and sustainable development. By significantly reducing travel times, cutting carbon emissions, and streamlining the movement of goods, these road projects will elevate Senegal’s transport infrastructure and enhance the quality of life for local communities. Moreover, they are expected to generate substantial employment opportunities both during construction and in the long term.

Commenting on the recognition, Dr. Khalid Khalafalla, CEO of ICIEC said:“We are honored that the Highway and Road Project in Senegal has received these two distinguished IFN awards. This acknowledgment reaffirms ICIEC’s commitment to delivering Shariah-compliant risk mitigation solutions that spur economic transformation and resilience in our member states. It also underscores the power of strategic partnerships in fostering sustainable development and improving lives.”

As part of its mandate, ICIEC continues to serve as a catalyst for socioeconomic progress in the Organization of Islamic Cooperation (OIC) countries. By leveraging innovative insurance and credit enhancement tools, ICIEC remains dedicated to supporting member states in their journeys toward prosperity and well-being.