JEDDAH — Moody's Investors Service, a leading international provider of credit ratings, research, and risk analysis, has once again affirmed the Aa3 Insurance Financial Strength Rating (IFSR) of ICIEC for the 9th year in a row. The rating outlook remains stable.

Moody’s said the rating affirmation reflects ICIEC’s stand-alone fundamentals as well as the potential support stemming from its shareholders, the Islamic Development Bank (IDB, rated AAA Stable) and the 44 member countries. “In fact, given ICIEC key role as facilitator of trade between Islamic countries, ICIEC's rating reflects the strong ability and potentially high willingness of ICIEC's main shareholders, in particular IDB and Saudi Arabia, to support the company,” the report noted.

Moreover, the rating reflects ICIEC's legal structure and business nature as the only multilateral export credit and investment insurance corporation in the world that provides Shariah-compatible insurance and reinsurance products, as well as its enhanced regional knowledge based on its experience by operating in the region, the global rating agency pointed out.

Commenting on the latest rating report, Mr. Oussama Abdul Rahman Kaissi, the Chief Executive Officer of ICIEC, said "the affirmation of Aa3 rating by Moody's reflects the Agency’s confidence in ICIEC’s consolidated financial strength and global leadership in Shariah products as well as its diversified insurance and reinsurance products. Besides, this affirmation will go a long way to support ICIEC’s crucial role in expanding the much needed risk mitigating services in its member countries in the face of the current world economic challenges. The Corporation takes this opportunity to thank all the Honorable members of the ICIEC Board of Governors, as well as Board of Directors, for providing their continuous support to enable it deliver its mandate.”

ICIEC further strengthens its clout with the recent membership of the Union of the Comoros, making the archipelago of island’s nation, in the Indian Ocean located at the northern end of the Mozambique Channel off the eastern coast of Africa its 44^th member country.

With a young and rapidly increasing population, the Comoros is the world's largest producer of ylang-ylang flower from which a distinctive oil for expensive perfumes is extracted. Also it is a large producer of vanilla and cloves. Agriculture contributes 40% to GDP, employs 80% of the labor force, and provides most of the exports.

Commenting on Comoros’ recent decision, Mr. Oussama A. Kaissi, the Chief Executive Officer of ICIEC, said “the Union of Comoros’s membership opens the door for its private and public sectors to benefit from risk mitigation services offered by ICIEC. Similarly, it allows exporters, banks and investors from other member countries, to cover risks related to their operations in Comoros. ICIEC seizes this opportunity to invite exporters, banks and investors in all member countries, including those in Comoros to benefit from the services it offers for the management of commercial and political risks".

ICIEC, a member of the Islamic Development Bank (IDB) Group, is a pioneer in the field of Shariah-compliant credit and political risk insurance and reinsurance. Its shareholders are the “AAA” rated IDB and 44 member countries, which are members of the Organization of the Islamic Cooperation (OIC). Since 2008, ICIEC has been assigned a standalone rating of Aa3 by Moody’s with stable outlook.

ICIEC was established with the objective to facilitate and increase trade and investment between member countries and the world through Shariah-compliant risk mitigation tools and reinsurance instruments. It also seeks to promote foreign direct investments into these countries.

Several other member countries from Organization Islamic Cooperation (OIC) are in the process of completing the membership requirements.

ICIEC and the Russian Agency for Export Credit and Investment Insurance (EXIAR) have signed a reciprocal reinsurance agreement aimed at expanding mutual business opportunities. 

Under the agreement, the signatories will share the expertise and capabilities to improve and support various transactions in a wide range of sectors, and eventually becomes a platform for mutually beneficial cooperation in export credit and investment insurance between Russia and ICIEC’s member countries. The agreement foresees the promotion of Russian capital goods and services and investments into ICIEC’s member countries, as well as joint potential projects between and among ICIEC’s member countries, with Russian participation, in third markets.

The agreement was signed by Mr. Alexey Tyupanov, Chief Executive Officer of EXIAR and Mr. Oussama Kaissi, Chief Executive Officer of ICIEC, on the sidelines of Berne Union/Prague Club Annual General Meetings on November 2-6, 2015 in Shanghai.

Its worthmentioning that the Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in 2011 as an open joint-stock company. EXIAR's mission is to support Russian high-tech exports by insuring export credits against commercial and political risks, as well as Russian investments abroad against political risks. Vnesheconombank is the sole shareholder of EXIAR. The agency's charter capital is RUB 31 billion. Since November 2014 Eximbank of Russia, a Russian specialized government–owned export–import bank, has been a subsidiary of Russian Agency for Export Credit and Investment Insurance (EXIAR).

Moody's Investors Service, one of the leading rating agencies in the world, has recently reaffirmed the Aa3 Insurance Financial Strength Rating (IFSR) ICIEC for the 8th consecutive year.

In its report, Moody's noted that ICIEC's rating reflects both the stand-alone fundamentals as well as potential support from its shareholders/IDB Group member countries. Thus, despite the absence of explicit guarantees, in the context of its key role as facilitator of trade between Islamic countries, ICIEC's rating reflects the strong ability and potentially high willingness of ICIEC's main ultimate shareholders, and in particular the IDB (Aaa Stable), and its Member Countries, to support the company in times of financial distress.

Furthermore, the rating reflects ICIEC's legal structure and business nature as the only multilateral export credit and investment insurance corporation in the world that provides Shariah-compatible insurance and reinsurance products, as well as its enhanced regional knowledge through its experience gained by operating in the region. Furthermore, Moody's view positively ICIEC's full membership in Berne Union of export credit insurers, which ensures that ICIEC meets the legal, risk management and capitalisation requirements for full membership.

Oussama Abdul Rahman Kaissi, the Chief Executive Officer of ICIEC, commented "The affirmation of Aa3 rating by Moody's helps ICIEC’s efforts to continue supporting its 43 member countries in facing the world economic challenges to attract direct investments by providing the necessary risk mitigation tools for investors worldwide, especially to those who are willing to invest in the renewable energy sector in Africa”.

The Board of Directors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Member of the Islamic Development Bank (IDB) has appointed Mr. Oussama Abdel Rahman Kaissi as Chief Executive Officer of ICIEC starting from 8 September 2015.

Mr. Oussama Kaissi has over twenty eight years of diverse experience in the insurance and Takaful industry. Out of which 16 years are at the senior executive level. He is the founding CEO of the National Takaful Company, Watania, had also established and led Abu Dhabi National Takaful from inception till 2010. Prior to this he was the GM of ARIG, Bahrain, the MD of ALIG, Lebanon and the Senior Head of Operation in ARIG, Bahrain.

Graduated in 1987 from Indiana University, USA and having worked in USA, UAE, Bahrain and Lebanon both in conventional and Takaful companies, Mr. Kaissi has got vastly diversified exposure to different markets, cultures and business models.

ICIEC Export Credit and Investment Insurance Surges 29% in 1435H

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IDB), facilitated US$4.3 billion of exports and investments for its member countries in 1435H (2014), an increase of 29% compared to previous year 1434H (2013).

In its 22^nd Annual Meeting held in Maputo on Thursday (June 11, 2015), the ICIEC Board of Governors under the Chairmanship of His Excellency Mr. Adriano Alfonso Maleiane, Minister of Economy and Finance of the Republic of Mozambique, approved the Annual Report and financial results of the Corporation for 1435H.

Commenting on the results, Eng. Hani Salem Sonbol, Acting Chief Executive Officer of ICIEC, said “the business growth is a result of the strong collaboration with our partners in member countries, as well as the international players in making transactions happen during these critical situation in the region as well as in the world.”

The Board of Governors also approved the 10-year strategic plan of the Corporation as part of the 10 year IDB Group strategic framework, and selected the external financial auditors for 1437H (2016).

Under the patronage of the President of Mozambique H.E. Filipe Nyusi; the Board of Governors of the Islamic Corporation for the Insurance of Investments and Export Credit (ICIEC) is going to held its 22^nd Annual Meeting in Maputo, the capital of Mozambique on June 11, 2015; in conjunction with the 40^th Annual Meeting of the Islamic Development Bank. This year, Eng. Hani Salem Sonbol will lead Acting Chief Executive Officer of ICIEC will lead the delegation of the Corporation.

During the meeting, the Board of Governors will approve the financial results of the Corporation for 1435H (2014). Moreover, the Governors will the will approve the selection of the external auditors for the financial year 1437H (2016G).

Annual meetings are statutory occasions for Governors of IDB Group members, most of whom are finance ministers representing ICIEC member countries, to provide guidance on IDB administrative, financial, and as well as strategic operational directions.

In line with the official event, various activities will be organized on June 7-8, 2015, one of which is a private sector forum where ICIEC will present the importance of export credit and investment insurance in Africa.

In this regard, Eng. Hani Salem Sonbol “urges those who believe in Africa's potential to attend this seminar to know ICIEC’s tools in mitigating risks for short and long-term businesses, and to join hand to make Africa the best destination for doing business.”

The Board of Directors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IDB), cleared the Annual Report and the financial statements for 1435H, at its recent meeting held in Jeddah. The Board recommended that the financial results and the annual report be submitted for approval to the 22^nd meeting of the Board of Governors of ICIEC scheduled to be held in Maputo, Republic of Mozambique, on 11 June, 2015.

The Annual report shows a growth in export credit and political risk insurance business volume. During the year 1435H (2014), the Corporation facilitated $4.3 billion exports and investments for its member countries representing an increase of 29% compared to previous year.

The Board of Directors also endorsed the 10-year strategic framework of the Corporation, and appointed new external financial auditors for 1437H (2016).

Mr. Bert Bruning, the Managing Director of Atradius Dutch State Business N.V. (Atradius) – one of the leading Export Credit agencies in the world – paid a business visit to the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) in Jeddah, Saudi Arabia on April 13, 2015. The visit was a good opportunity for the two institutions to exchange ideas on enhancing the cooperation between them in order to support business between the Netherlands and ICIEC’s member countries. Atradius and ICIEC have already covered jointly projects in the last two years for over USD 2 billion, where ICIEC has reinsured Atradius for over USD 500 million. In particular, infrastructure related projects in Saudi Arabia and Egypt with high developmental impact have benefited from the ICIEC-Atradius partnership. The two institutions intend to continue this cooperation for the benefit of projects in other member countries in the near future.

Bert Bruning, Managing Director of Atradius states: “Atradius Dutch State Business is very pleased to cooperate with its strategic partner ICIEC to support projects that Dutch companies undertake in ICIEC’s member countries. The broad knowledge and experience of ICIEC is an important and valuable element of our ability to support such large transactions.”

ICIEC and Korea Trade Insurance Corporation (K-sure) concluded an MOU to support cross border projects between South Korea and ICIEC’s member countries. The agreement was signed on March 4, 2015 in the headquarters of ICIEC in Jeddah, Saudi Arabia.

The MOU aims to promote cooperation between ICIEC and K-sure through reinsurance, co-insurance and/or fronting to facilitate the access of ICIEC’s member countries to capital goods, high technology and the flow of investments from South Korea into ICIEC’s member countries. The agreement aims also to facilitate the exchange of information in the respective markets of the two institutions.

Mr. Kim Young-hak, President of K-sure, said “Korea and the Middle East are partners that share a history of over 50 years of economic relations. Both K-sure and ICIEC will explore areas of cooperation, in addition to the additional ones including energy and construction sectors.” He was optimistic for K-sure to build a “trade finance highway” that would take Korean firms to ICIEC’s member countries markets by working with multilateral Islamic financial institutions such as ICIEC.

Mr. Khemais El-Gazzah, Chief Operating Officer of ICIEC, who signed the MOU on behalf of ICIEC, said “the MOU with K-sure is in line with the priorities of ICIEC to enhance cooperation with export credit agencies in order to support our member countries, especially in promoting foreign direct investment and developmentally impactful cross-border projects.” Such cooperation should add a considerable value to both entities — Korea and ICIEC’s member countries, he further said.