ICIEC is endowed with "Global Islamic Export Credit and Political Risk Insurance Award 2017" in the 7th Global Islamic Finance Awards Ceremony (GIFA Ceremony) held at  Kazakhstan on September 06, 2017. The ceremony was attended by heads of state and government, ministers, ambassadors and Islamic financial fraternity from around the world. The distinguished guests included HE. Nursultan Nazarbayev, President of Kazakhstan, and
HE. Ismail Omar Guelleh, President of Djibouti.

Global Islamic Finance Awards (GIFA) is the most prestigious Islamic finance awards programme in the world, which was founded in 2011 by Edbiz Corporation as part of its advocacy for Islamic banking and finance. Since then it has annually been offering its top award – Global Islamic Finance Leadership Award – to heads of state or government (or equivalent) for their leadership and advocacy roles in promoting Islamic banking and finance in their respective jurisdictions or globally.

Commenting on the award having been conferred on ICIEC, its Chief Executive Officer,
Mr Oussama Abdel Rahman Kaissi said “It is indeed an honor to receive again this year the prestigious "Global Islamic Export Credit and Political Risk Insurance Award 2017”. “We are committed to facilitate trade and promote investment between ICIEC's member countries and the rest of the world by providing Shariah compliant risk mitigation insurance solutions”. “Receiving this award enforces our belief in the need to further expand our products' offering in order to meet the evolving risk mitigation requirements of our clients”, he added.

“Our excellent performance did not go unnoticed globally, with no less than the Moody’s Investors Service reaffirming in July 2017 the Aa3 insurance financial strength rating (IFSR) for the tenth consecutive year which recognizes our stong financial and operating leverage,” he pointed out.

ICIEC continues its high performance in terms of Business Insured, along with the increasing demand of the market on Investment and Credit Insurance services. The cumulated Business Insured volume has reached USD 18.15 billion within the period of 2014-2016, including Investment Insurance of USD 3.12 billion and Credit Insurance short and Medium-term amounted to USD 15 billion.

Jeddah

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group (IDBG), registered steady growth in its insurance operations in 2016. The Corporation’s annual report and financial statements approved by its Board of Governors during their 24th meeting in Jeddah, Saudi Arabia on 16 May, 2017 revealed. 

The report has showed a 10% growth in business insurance operations to reach US$ 4,468 billion the whole the year. At the same time, new commitments showed an overall increase of 14% during the year 2016. In terms of distribution by business lines, the Short Term continues to capture the largest share of the business insured with 63%, followed by the Investment Insurance with 28% and Medium Term with 9%. 

Since June 2008, the Corporation has succeeded in maintaining this remarkable achievement, notwithstanding the impact of the financial crisis over the few past years. The latest rating announcement was made on November 16, 2016, where ICIEC’s rating of Aa3 was maintained with stable outlook. 

The Islamic Development Bank's (IDB) Investment Promotion Technical Assistance Program (ITAP) managed by ICIEC, whose aim is to unlock the developmental potential of member countries through a comprehensive and integrated program of foreign investment promotion and technical assistance, has successfully delivered and participated in 12 projects and initiatives in 2016 in collaboration with key internal and external partners mobilizing significant financial and technical resources. Furthermore, ITAP has also launched several institutional development initiatives to improve the program’s performance. 

Commenting on the results, Mr. Oussama A. Kaissi, Chief Executive Officer of ICIEC, said “our concerted implementation of the strategy is clearly reflected in the figures. Altogether, the work we have achieved over the past few years has given us an efficient structure to build upon. None of this would have been possible without great dedication within our company and strong cooperation with various shareholders.” 

He further said: “We are now preparing for the next stage in our journey. Our strategy stands firm: we will become even better at combining knowledge of our markets and stronger ties with our member countries through unwavering shared processes and structures. By focusing even more on taking advantage of our size and the synergies that exist between our operations, we will continue to strengthen both the Corporation as a whole and the individual member countries. This will also enable us to continue to generate value for the shareholders, employees, customers and society in general.” 

Moreover, in the meeting, it was agreed that ICIEC will intensify interaction with leading companies and ECAs on how the corporation is intending to meet the investors’ requirements in terms of profitability and risk mitigation tools as well as delivering projects and services which are in line with the IDBG development impact requirements. The meeting winded up with the Board of Governors also appointing new external financial auditors for 2018.

ICIEC has recently signed new reinsurance agreements with the Algerian Credit Insurance Company (CAGEX) – the national Export Credit Agency of Algeria. 

Under the agreements, CAGEX will be the insurer, and the ICIEC, along with the CCR (Compagnie Centrale de Reassurance) will be the reinsurers with 45% quota share each. The said agreement will help to further businesses in Algeria since the expected portfolio will be in the range of USD 300 million from first year alone. 

ICIEC and CAGEX have had a good business relationship for a long time under the Reinsurance Facultative Agreement signed in June 2006, the quota share treaty of CAGEX, which was signed in March 2008, and the Agency agreement signed in May 2009. 

The latest agreements is a continuation of the ICIEC strategy to be the main partner of the ECAs in our member countries through providing them the required reinsurance and capacity building support in order to help these ECAs achieve their mandate and better serve their national clients. 

Commenting on the recent agreement, ICIEC Chief Executive Officer, Mr. Oussama A. Kaissi said the reinsurance accord reached with CAGEX increases the financial stability of insurers by spreading risks, and facilitates placing large or unusual exposures with one company, thus reducing the time spent seeking insurance and eliminating the need for numerous policies to cover one exposure. “Without reinsurance, companies would find it much more difficult to compete internationally,” he added, “as reinsurance often also increases the amount of insurance the underlying insurer can sell.”

Under the patronage of His Excellency the king of Kingdom of Saudi Arabia, Salman bin Abdulaziz Al Saud, the Board of Governors of ICIEC will hold its 24th annual meeting in Jeddah, Saudi Arabia on May 16, 2017 in conjunction with the 43rd annual meeting of the Islamic Development Bank (IDB). 

During the meeting, the governors of the IDB Group members will provide guidance on IDB Group’s operational, financial, as well as strategic directions. In addition, the governors will approve the financial results of the Corporation for 2016, and sanction the selection of the external auditors for the financial year 2018. 

Various activities and side meetings are planned during the meeting, notably ICIEC session on “Risk Mitigation Tools to Support GCC’s Investment in the Sub-Saharan Africa Region” and another session on “Boosting Trade through Financing and Takaful Insurance: Working Together to Address the Development Needs of Member Countries” jointly participated in by ICIEC and ITFC (The International Islamic Trade Finance Corporation) – another member of IDB Group. 

ICIEC will discuss with leading Investors, Banks, Insurers Companies and Export Credit Agencies (ECAs) from Asia and Europe on how the Corporation is intending to meet the Exporter and Investors requirements in terms of risk mitigation tools as well as delivering projects and services, which are in line with the IDBG development impact requirements. 

The joint ICIEC and ITFC session on Financing and Takaful Insurance will focus on boosting the private sector development within OIC members and highlighting the complementarity roles between Takaful Insurance and Trade Finance, alongside with the public sector’s support to address the most challenging development issues that IDB Group members’ countries face, such as job creation, infrastructure deficits, and climate change. 

Mr. Oussama A. Kaissi, Chief Executive Officer of ICIEC, noted that the gathering is an opportune time for all players to know more about ICIEC’s Shariah-compliant risk mitigation tools and ICIEC as the preferred enabler of trade and investment for sustainable economic development in member countries. He anticipated that the Board of Governors will focus on creating stronger alignment between activity and business strategy. “We should think carefully about how we will further increase our operations and how we will strengthen our partnerships with the private sector to help enhance our competitive advantage in meeting future growth opportunities. In the meeting, we will also think carefully about what capabilities and skills we need in order to innovate and win in the future,” Mr. Kaissi added.

The Board of Governors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) will hold its 23^rd annual meeting in Jakarta, Indonesia on May 18, 2016 in conjunction with the 41^st annual meeting of the Islamic Development Bank (IDB). The ICIEC Chief Executive Officer H.E. Oussama A. Kaissi will lead the delegation.

The meeting is an occasion for the governors of IDB Group members, most of whom are the finance ministers of ICIEC-member countries, to provide guidance on IDB Group’s operational, financial, as well as strategic directions.

In the same meeting, the Board of Governors is expected to approve the financial results of the Corporation for 1436H (2015G), and sanction the selection of the external auditors for the financial year 1438H–1439H (2017G).

Various activities are scheduled during May 15-19, 2016, including a seminar in which high profile speakers will talk about the challenges and opportunities faced by member countries’ exporters in Asia and investors worldwide, and how ICIEC’s export credit and investment insurance can assist them.

In this respect, Mr. Kaissi is inviting all players in the area of exports and investments, including the financial and academic institutions, to attend the seminar in order to learn more about ICIEC’s tools in mitigating commercial and political risks. 

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) – a member of the Islamic Development Bank Group– and The Export Credit Guarantee Agency of Oman (ECGA), collaborate to further promote ICIEC’s insurance investment products to promote investment inflows and outflows related to Sultanate of Oman.

ICIEC Chief Executive Officer, Mr. Oussama A. Kaissi and acting CEO of ECGA Dr. Khalid Al Amri signed the Agency Agreement on April 4, 2017, which enables ECGA to make available to eligible investors and suppliers ICIEC’s insurance policies.

Commenting on the Agreement, Mr. Kaissi said “the signing of this Agreement with ECGA comes within the framework of consolidating the role of the Corporation as a strategic partner of the Export Credit Agencies of ICIEC Member Countries”, adding that “in the end, it contributes to strengthening their capacity to increase the volume of national exports and attracting investments."

Moreover, he said investment Insurance products provided by ICIEC are not unlike those provided by most similar organizations as it offers three foreign investment insurance policies such as an equity investment insurance policy; a financing facility investment insurance policy; and a loan guarantees investment insurance policy which have the effect of providing long-term insurance cover against the classic country risks for foreign investment flows into member countries, irrespective of their country of origin.

Dr. Al Amri commended the local agency agreement signed with ICIEC, and noted that “this agreement will encourage foreign investors to invest in Oman and help Omani investment abroad facilitate export transactions through the use of ICIEC’s Shariah-compliant export credit and investment insurance/reinsurance solutions.”

“the Agreement comes in the right time since ECGA Oman is preparing a new strategy aiming at promoting new services to Omani eligible clients (exporters, SMEs, banks and investors)”, Dr. Al Amri added.

Global Delegations visit Lebanon to discuss Challenges and Opportunities in the Credit and Political Risk Insurance and Reinsurance Sectors

Beirut, November 16, 2016 – The AMAN UNION held its 7th Annual Meeting in Beirut, Lebanon, from November 13 to 15, 2016, hosted by the Lebanese Credit Insurer (LCI). The Meeting brought together the AMAN UNION’s Members as well as prominent guests from the industry to discuss issues of importance in the insurance and reinsurance sectors, export credit, trade and structured finance to tackle the challenges faced in these areas.
The meeting kicked off with a welcome address by the Secretary General of AMAN UNION, Mr. Oussama KAISSI, followed by an address by Mr. Karim Nasrallah, General Manager of LCI. The opening ceremony included keynote speeches from Mr. Nabil Itani, Chairman of the Investment Development Authority of Lebanon (IDAL), Mr. Max Zaccar, President of Association des Compagnies d’Assurances au Liban (ACAL) and Dr. Andreas Klasen from PwC.
The scheduled Sessions for day one, discussed ‘Development in Products, Systems Organization and Business Expectations for 2017, as well the members discussed AMAN UNION performance prepared by the Secretariat General of the AMAN UNION prepared and delivered by Mr. Mourad Mizouri on behalf of ICIEC, where it was announced that the Aman Union members supported during the year 2015 an unprecedented amount of US$ 24.2 billion of trade and paid 57.7 million claims.
A presentation on the Takaful Credit Insurance: ‘Unleashing Potential and Obstacles’ presented by Mr. Alaa Mustapha of ICIEC; ‘The Insolvency Law Systems in AMAN UNION Member Countries,’ presented by Mr. Ahmed Medkour of Recovery Advisors and ‘The Importance of the Compliance and Due Diligence Function in Export Credit Insurance.’ Presented by Mrs. Wafa Khalaf, General Manager, Helix Dynamics Advisors Group.
Day two hosted a presentation titled ‘The Areas of Cooperation Between Banks and Export Credit Agencies (ECAs) and the Role of the Banking Sector in Supporting Trade.’, presented by Mr. Hai Liang, SEO – Group GM, Saudi Hollandi Bank, Saudi Arabia. For more details about all the presentations, delivered during the 7th annual meeting, please visit www.amanunion.net.
The AMAN UNION 7th Annual Meeting concluded with a closed session of the Annual General Assembly of the AMAN UNION where members deliberated the achieved results and proposed plans for the coming year, along with the voting in of new members to the AMAN UNION.

About the Aman Union
The Aman Union is a professional forum assembling Commercial & Non-commercial Risks Insurers & Reinsurers in Member Countries of the Organization of the Islamic Conference (OIC) and of the Arab Investment & Export Credit Guarantee Corporation (DHAMAN). The Aman Union was established on 28 October 2009 following a bilateral agreement between the Arab Investment and Export Credit Guarantee Corporation (DHAMAN) and the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) to join efforts for establishing a union for commercial and non-commercial risks Insurers and Reinsurers in their respective Member Countries.

Marrakech — ICIEC, as a multilateral credit and political risk insurance corporation, plays a catalytic role in facilitating Renewable Energy projects in its member countries.

On the margins of COP22, which took place in Marrakech, Morocco, on November 15, 2016, ICIEC organized a high panel discussion (HPD) under the theme “ECA Risk Mitigation in Renewable Energy Investments”. The side event offered a valuable opportunity to showcase the benefits extended by ICIEC in cooperation with its partners to Host Countries, Investors, Lenders and Contractors involved in renewable energy Projects.

“Facilitating the financing of Renewable Energy projects in our member countries will play an important role in mainstreaming climate investments by developing innovative and scalable pilot projects, and investing in renewable energy projects,” said Mr. Oussama A. Kaissi, Chief Executive Officer of ICIEC.

ICIEC has an important role in boosting the flow of such important investments in the Member Countries by offering to the foreign investors coverage against the political risks. This coverage is an essential tool of risks mitigation, which encourage equities holders and lenders to participate in the Renewable Energy projects.

LISBON, 26 October 2016 – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Korea Trade Insurance Corporation (K-sure) have signed a reinsurance agreement aimed at expanding mutual business opportunities.  

Under the agreement, ICIEC will reinsure commercial and political risks related to medium/long term export credit transactions, which involve Korean exporters and contractors selling capital goods and services to ICIEC member countries. ICIEC will also extend reinsurance support to K-sure for Korean investors investing in ICIEC member countries. 

The agreement was signed by Mr. Oussama Kaissi, Chief Executive Officer of ICIEC and Mr. Kim Youg-hak, Chairman and President of K-sure, on the sidelines of Berne Union/Prague Club Annual General Meetings on October 24-27, 2016 in Lisbon. 

Commenting on the agreement, ICIEC Chief Executive Officer Mr. Oussama Kaissi said: “The partnership between ICIEC and K-sure is timely given the increasing involvement of Korean investors and contractors in projects in member countries. It is ICIEC mandate to support member countries in attracting foreign direct investments, importing capital equipment and realizing infrastructure projects. ICIEC, as a multilateral insurer, has a privileged relationship with its 44 member countries”.

JAKARTA — The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group (IDBG), managed to register sustained growth in its insurance operations for the year 1436H (2015G) in spite of strenuous worldwide conditions.

The Board of Governors of ICIEC held its 23^rd meeting in Jakarta, Indonesia on
19 May, 2016 and has approved the annual report and the financial statements for 1436H which showed a growth in business insurance operations by 22% to reach US$5.29 billion from US$4.32 billion in 1435H. At the same time, new commitments witnessed a jump of 8% to reach US$3.83 billion compared to US$3.56 billion in 1435H.

Cumulatively, member countries have benefited from ICIEC services since the inception and up to end of 1436H represented in MENA region (73.1%), Asia (8.9%), Central Asia /Europe (8.4%) and Africa (8%).

Commenting on the results, Mr. Oussama A. Kaissi, the Chief Executive Officer of ICIEC, said “despite the difficult global environment as well as the unenviable situation in some member countries, ICIEC has continued to report a remarkable progress in terms of business growth and organizational development, we are on the right path to build on this trend in the next year and beyond.”

The Board of Governors also appointed new external financial auditors for 2017G (1438H/1439H).