Recently, ICIEC has provided US$ 80 million reinsurance support to the Overseas Private Investment Corporation (“OPIC”) for the latter’s political risk insurance policy to Apache Corporation (“Apache”). The policy was issued to Apache to cover its investment in the Arab Republic of Egypt against political risks for a tenor in excess of 5 years.

Apache’s project in Egypt (“Apache Egypt”) involves exploration of oil and gas under various concessions granted by the Government of Egypt in several locations in Egypt with main activities in the Western Desert. Apache’s commitment to Egypt began in 1994 with their first Qarun discovery well.

The Project provides employment opportunities for the locals in the country. As of the end of 2013, the total headcount of the joint ventures is approximately 10,000 staff, most of whom are local employees and contractors. Furthermore, the Project provides opportunities for developing the technical and managerial skills through daily operation and maintenance and through conducting training sessions for local employees.

Eng. Hani Salem Sonbol, the Acting Chief Executive Officer of ICIEC commented on this transaction and said that “ICIEC’s involvement in this transaction is in line with its strategy of supporting member countries with respect to retaining foreign direct investments in the country during this critical transitional period for Egypt”.

About OPIC

OPIC is the U.S. Government’s development finance institution which was established in 1971. OPIC achieves its mission by providing investors with financing, guarantees, political risk insurance and support for private equity investment funds. OPIC services are available for new and expanding business enterprises in more than 150 countries worldwide.

About Apache

Apache Corporation, formed in 1954, is among the world's largest independent exploration and production companies and is based in Houston, Texas. Apache currently has exploration and production interests in six countries: the United States, Canada, Australia, the United Kingdom North Sea, Argentina and Egypt.

ICIEC and OPIC join hands to support Oil and Gas investments in Egypt

February 8, 2015

Recently, ICIEC has provided US$ 80 million reinsurance support to the Overseas Private Investment Corporation (“OPIC”) for the latter’s political risk insurance policy to Apache Corporation (“Apache”). The policy was issued to Apache to cover its investment in the Arab Republic of Egypt against political risks for a tenor in excess of 5 years.

Apache’s project in Egypt (“Apache Egypt”) involves exploration of oil and gas under various concessions granted by the Government of Egypt in several locations in Egypt with main activities in the Western Desert. Apache’s commitment to Egypt began in 1994 with their first Qarun discovery well.

The Project provides employment opportunities for the locals in the country. As of the end of 2013, the total headcount of the joint ventures is approximately 10,000 staff, most of whom are local employees and contractors. Furthermore, the Project provides opportunities for developing the technical and managerial skills through daily operation and maintenance and through conducting training sessions for local employees.

Eng. Hani Salem Sonbol, the Acting Chief Executive Officer of ICIEC commented on this transaction and said that “ICIEC’s involvement in this transaction is in line with its strategy of supporting member countries with respect to retaining foreign direct investments in the country during this critical transitional period for Egypt”.

About OPIC

OPIC is the U.S. Government’s development finance institution which was established in 1971. OPIC achieves its mission by providing investors with financing, guarantees, political risk insurance and support for private equity investment funds. OPIC services are available for new and expanding business enterprises in more than 150 countries worldwide.

About Apache

Apache Corporation, formed in 1954, is among the world’s largest independent exploration and production companies and is based in Houston, Texas. Apache currently has exploration and production interests in six countries: the United States, Canada, Australia, the United Kingdom North Sea, Argentina and Egypt.

he Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group, and Sumitomo Mitsui Banking Corporation Europe Limited (SMBCE), a subsidiary of the Sumitomo Mitsui Banking Corporation (SMBC) of Japan, signed a Memorandum of Understanding (MOU) for cooperation.

The MOU is intended to strengthen the existing partnership between the SMBC Group and ICIEC and to enable SMBCE and Sumitomo Mitsui Banking Malaysia Berhad (SMBCMY), the Shariah-compliant arm of SMBC, to better meet the needs of their clients using various insurance programmes provided by ICIEC in the area of project and export finance on global basis. This is particularly pertinent for the SMBC Group in relation to its increasing number of infrastructure projects in ICIEC’s member countries in the Middle East, Africa and Asia.

The MOU was signed on behalf of ICIEC by Eng. Hani Salem Sonbol, the Acting Chief Executive Officer of ICIEC, whereas Mr. Masahiko Oshima, the Chief Executive Officer of SMBC Europe signed on behalf of SMBCE.

About ICIEC

With Aa3 rating by Moody’s, ICIEC provides investment and export credit insurance to facilitate cross border investments and to encourage trade transactions in its 42 member countries in the Middle East, Africa and Asia. ICIEC provides these credit and country risk mitigation instruments in line with the Shariah.


About SMBC

The SMBC Group currently provide Islamic finance service through SMBCE and SMBCMY, both wholly owned subsidiaries of SMBC. The latter obtained the approval for providing the Islamic finance service by the Malaysian authorities in March 2014.
 

ICIEC and SMBC Europe Ink an MOU to strengthen collaboration in ICIEC Member Countries

September 19, 2014

he Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group, and Sumitomo Mitsui Banking Corporation Europe Limited (SMBCE), a subsidiary of the Sumitomo Mitsui Banking Corporation (SMBC) of Japan, signed a Memorandum of Understanding (MOU) for cooperation.

The MOU is intended to strengthen the existing partnership between the SMBC Group and ICIEC and to enable SMBCE and Sumitomo Mitsui Banking Malaysia Berhad (SMBCMY), the Shariah-compliant arm of SMBC, to better meet the needs of their clients using various insurance programmes provided by ICIEC in the area of project and export finance on global basis. This is particularly pertinent for the SMBC Group in relation to its increasing number of infrastructure projects in ICIEC’s member countries in the Middle East, Africa and Asia.

The MOU was signed on behalf of ICIEC by Eng. Hani Salem Sonbol, the Acting Chief Executive Officer of ICIEC, whereas Mr. Masahiko Oshima, the Chief Executive Officer of SMBC Europe signed on behalf of SMBCE.

About ICIEC

With Aa3 rating by Moody’s, ICIEC provides investment and export credit insurance to facilitate cross border investments and to encourage trade transactions in its 42 member countries in the Middle East, Africa and Asia. ICIEC provides these credit and country risk mitigation instruments in line with the Shariah.


About SMBC

The SMBC Group currently provide Islamic finance service through SMBCE and SMBCMY, both wholly owned subsidiaries of SMBC. The latter obtained the approval for providing the Islamic finance service by the Malaysian authorities in March 2014.
 

The Chairman of the Board of Directors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Member of the Islamic Development Bank Group, has appointed Eng. Hani Salem Sonbol as Acting Chief Executive Officer of ICIEC, this is in addition to his current duties as the Deputy Chief Executive Officer of the International Islamic Trade Finance Corporation (ITFC). Eng. Hani is replacing Dr. Abdel-Rahman El-Tayeb Ali Taha, who retired after 20 years servicing as CEO of ICIEC and who has been instrumental in the evolution of ICIEC as the first world credit and political risk insurer operating in compliance with Islamic Shariah principles. Eng. Hani is a Saudi National, he joined the Islamic Development Bank Group in 1987, and has held a number of senior positions within the Group, including Regional Director of IDB Group in Kingdom of Morocco, and Director of the Trade Finance and Promotion Department (TFPD) in the IDB Group, taking up his current position as Deputy CEO of ITFC since January 2008.  Eng. Hani holds a Bachelor’s degree in Civil Engineering from Bluefield State University, West Virginia, USA, in 1984; and Master’s degree in Engineering Management with honors from George Washington University, USA, in 1987. He has attended several training courses among which is the Leadership Development Programme of Harvard University, USA.

Eng. Hani Salem Sonbol Appointed as the Acting Chief Executive Officer of ICIEC

October 16, 2014

The Chairman of the Board of Directors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Member of the Islamic Development Bank Group, has appointed Eng. Hani Salem Sonbol as Acting Chief Executive Officer of ICIEC, this is in addition to his current duties as the Deputy Chief Executive Officer of the International Islamic Trade Finance Corporation (ITFC). Eng. Hani is replacing Dr. Abdel-Rahman El-Tayeb Ali Taha, who retired after 20 years servicing as CEO of ICIEC and who has been instrumental in the evolution of ICIEC as the first world credit and political risk insurer operating in compliance with Islamic Shariah principles. Eng. Hani is a Saudi National, he joined the Islamic Development Bank Group in 1987, and has held a number of senior positions within the Group, including Regional Director of IDB Group in Kingdom of Morocco, and Director of the Trade Finance and Promotion Department (TFPD) in the IDB Group, taking up his current position as Deputy CEO of ITFC since January 2008.  Eng. Hani holds a Bachelor’s degree in Civil Engineering from Bluefield State University, West Virginia, USA, in 1984; and Master’s degree in Engineering Management with honors from George Washington University, USA, in 1987. He has attended several training courses among which is the Leadership Development Programme of Harvard University, USA.

ICIEC was voted as the “Best Export Credit Agency (ECA) in the Middle East and North Africa Region for 2014” by GTR (Global Trade Review) – the world’s leading news source, publisher and event organizer for global trade, commodity, export and supply chain finance industries magazine.
The recognition was conferred on ICIEC at the GTR MENA Leaders in Trade 2014 awards.
The ICIEC’s remarkable achievement over the last two decades compared with peer institutions catapulted the Jeddah, Saudi Arabia-based corporation to new heights, as shown by the success of its 14 products and policies in the field of trade, investment, and projects while at the same time providing trade and political risk reinsurance to member countries worth US$24.4 billion in decades.
ICIEC started its operations in 1995 with only three products – the Comprehensive Short-Term Policy (CSTP), Bank Master Policy (BMP), and Supplemental Medium-Term Policy (SMTP). As the membership grew from 15 countries in 1996 to 43 countries at present, the product mix likewise increased. Over two decades, ICIEC has been true to its vision and mission as a world-class multilateral insurer, playing a major role in the facilitation of trade and investment for member countries and a preferred partner for companies seeking access to new markets. As of 2014, ICIEC has facilitated over US$22 billion in trade transactions and US$4.3 billion in foreign direct investment in member countries, an increase of 29% compared to previous year.
It worth to note that, last year GTR changed the criteria in evaluating its leaders in trade winners, in which the magazine’s corporate readers were asked to vote in favour of the leading banks, financial institutions, insurers and brokers in the MENA trade finance market.

ICIEC named Best ECA in MENA Region for 2014

July 7, 2015

ICIEC was voted as the “Best Export Credit Agency (ECA) in the Middle East and North Africa Region for 2014” by GTR (Global Trade Review) – the world’s leading news source, publisher and event organizer for global trade, commodity, export and supply chain finance industries magazine.
The recognition was conferred on ICIEC at the GTR MENA Leaders in Trade 2014 awards.
The ICIEC’s remarkable achievement over the last two decades compared with peer institutions catapulted the Jeddah, Saudi Arabia-based corporation to new heights, as shown by the success of its 14 products and policies in the field of trade, investment, and projects while at the same time providing trade and political risk reinsurance to member countries worth US$24.4 billion in decades.
ICIEC started its operations in 1995 with only three products – the Comprehensive Short-Term Policy (CSTP), Bank Master Policy (BMP), and Supplemental Medium-Term Policy (SMTP). As the membership grew from 15 countries in 1996 to 43 countries at present, the product mix likewise increased. Over two decades, ICIEC has been true to its vision and mission as a world-class multilateral insurer, playing a major role in the facilitation of trade and investment for member countries and a preferred partner for companies seeking access to new markets. As of 2014, ICIEC has facilitated over US$22 billion in trade transactions and US$4.3 billion in foreign direct investment in member countries, an increase of 29% compared to previous year.
It worth to note that, last year GTR changed the criteria in evaluating its leaders in trade winners, in which the magazine’s corporate readers were asked to vote in favour of the leading banks, financial institutions, insurers and brokers in the MENA trade finance market.

Your Excellencies the Governors and Delegations of MCs, Honorable Guests, Brothers and Sisters, Al-salam Alaykom Warahmatallah

It gives me great pleasure to congratulate you and ourselves for the 40th anniversary of IDB which coincides with the 20th anniversary of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

ICIEC was the first private sector oriented autonomous entity established within the Islamic Development Bank Group following the recommendation of the Standing Committee on Commercial and Economic Cooperation of the OIC (COMCEC) in its 1989 meeting in Istanbul, and came into being in 1994, and commenced business a year later.

I have the pleasure today to highlight some of the key accomplishments of ICIEC during the last 20 years.

The First achievement  is the creation of a first class credit and political risk insurance organization, employing industry best practices, managed by well-trained and dedicated staff, enjoying AA3 rating and the recognition and respect and cooperation of the international and regional credit and PRI insurance and reinsurance industry.  Thus providing the Islamic Financial Services industry with its only Sharia-complaint risk mitigation and credit enhancement service.

The second and more important achievement is that ICIEC has delivered on its mandate using a small paid capital and accumulated reserves of ID 140 million.  The corporation managed to do more than $ 18 billion of insurance cover facilitating 24 billion of exports, imports and investments for member countries. This achievement is indeed remarkable in view of the deteriorating economic and political risk environment and the resulting high risks ICIEC was relied upon to cover. It is also important to realize that 40% of ICIEC insurance capacity was attracted from the international reinsurance market.  This would not have been possible without the AA3 rating and high reputation ICIEC was able to build in the market.

-         At the end of the day for the member countries what is important is that , ICIEC has been able to significantly add to IDB mission to positively affect lives across our member states, by supporting critical projects in infrastructure sector, providing, electricity, and clear water, creating new jobs, transferring skills and technology, supporting food security through supporting countries coming out of conflict; Many of the transactions and projects we insured would not have materialize without our insurance cover.

-         We should also not forget ICIEC contribution to the development of the export credit insurance industry in member countries through TA, reinsurance, and exchange of information with national export credit agencies under the umbrella of the Aman Union which ICIEC established in 2009.

-         Finally I would like to stress the fact despite the challenging business environment,  not only have ICIEC preserved its paid-up share capital, but was able to increase it through accumulating substantial reserves 27% resulting in a strong balance sheet and a sound financial position.

 Challenges and Obstacles

These achievements did not come easily. Formidable obstacles and challenges had to be surmounted and overcome.

The small capital base of the Corporation limiting ICIEC insurance capacity. Yesterday the utilization of insurance reached the alarming level of 96%. .  I take this opportunity to call upon the member countries to enhance the financial resources of the corporation by subscribing to the remaining part of the capital increase you approved three years ago,  to enable ICIEC to meet the increasing demand for its services by member countries during their difficult times.

Going forward the most critical challenges are those relating to the business strategy:

1.    Should ICIEC continue to focus on short term trade credit insurance business despite fierce competition and low premium rates, or focus more on the more lucrative developmental medium and long term business in which it has a competitive edge, but is riskier than short term business?

2.    How can the Corporation deal with the deteriorating political and economic environment in several member countries? Should it lead the market as insurer of last resort, as its mandate implies, or follow the market and adopt a risk-averse attitude?

3.    How can the Corporation improve its financial performance and at the meantime expand its business in view of the low premium income and high operating cost?

Finally, I genuinely believe that whatever the challenges faced by the Corporation, with your support, ICIEC has what it takes to come up with the appropriate solutions to enable it to develop and continue to deliver on its mandate in the service of its member countries.

===========

Speech of ICIEC’s CEO at BOG Meeting

June 26, 2014

Your Excellencies the Governors and Delegations of MCs, Honorable Guests, Brothers and Sisters, Al-salam Alaykom Warahmatallah

It gives me great pleasure to congratulate you and ourselves for the 40th anniversary of IDB which coincides with the 20th anniversary of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

ICIEC was the first private sector oriented autonomous entity established within the Islamic Development Bank Group following the recommendation of the Standing Committee on Commercial and Economic Cooperation of the OIC (COMCEC) in its 1989 meeting in Istanbul, and came into being in 1994, and commenced business a year later.

I have the pleasure today to highlight some of the key accomplishments of ICIEC during the last 20 years.

The First achievement  is the creation of a first class credit and political risk insurance organization, employing industry best practices, managed by well-trained and dedicated staff, enjoying AA3 rating and the recognition and respect and cooperation of the international and regional credit and PRI insurance and reinsurance industry.  Thus providing the Islamic Financial Services industry with its only Sharia-complaint risk mitigation and credit enhancement service.

The second and more important achievement is that ICIEC has delivered on its mandate using a small paid capital and accumulated reserves of ID 140 million.  The corporation managed to do more than $ 18 billion of insurance cover facilitating 24 billion of exports, imports and investments for member countries. This achievement is indeed remarkable in view of the deteriorating economic and political risk environment and the resulting high risks ICIEC was relied upon to cover. It is also important to realize that 40% of ICIEC insurance capacity was attracted from the international reinsurance market.  This would not have been possible without the AA3 rating and high reputation ICIEC was able to build in the market.

–         At the end of the day for the member countries what is important is that , ICIEC has been able to significantly add to IDB mission to positively affect lives across our member states, by supporting critical projects in infrastructure sector, providing, electricity, and clear water, creating new jobs, transferring skills and technology, supporting food security through supporting countries coming out of conflict; Many of the transactions and projects we insured would not have materialize without our insurance cover.

–         We should also not forget ICIEC contribution to the development of the export credit insurance industry in member countries through TA, reinsurance, and exchange of information with national export credit agencies under the umbrella of the Aman Union which ICIEC established in 2009.

–         Finally I would like to stress the fact despite the challenging business environment,  not only have ICIEC preserved its paid-up share capital, but was able to increase it through accumulating substantial reserves 27% resulting in a strong balance sheet and a sound financial position.

 Challenges and Obstacles

These achievements did not come easily. Formidable obstacles and challenges had to be surmounted and overcome.

The small capital base of the Corporation limiting ICIEC insurance capacity. Yesterday the utilization of insurance reached the alarming level of 96%. .  I take this opportunity to call upon the member countries to enhance the financial resources of the corporation by subscribing to the remaining part of the capital increase you approved three years ago,  to enable ICIEC to meet the increasing demand for its services by member countries during their difficult times.

Going forward the most critical challenges are those relating to the business strategy:

1.    Should ICIEC continue to focus on short term trade credit insurance business despite fierce competition and low premium rates, or focus more on the more lucrative developmental medium and long term business in which it has a competitive edge, but is riskier than short term business?

2.    How can the Corporation deal with the deteriorating political and economic environment in several member countries? Should it lead the market as insurer of last resort, as its mandate implies, or follow the market and adopt a risk-averse attitude?

3.    How can the Corporation improve its financial performance and at the meantime expand its business in view of the low premium income and high operating cost?

Finally, I genuinely believe that whatever the challenges faced by the Corporation, with your support, ICIEC has what it takes to come up with the appropriate solutions to enable it to develop and continue to deliver on its mandate in the service of its member countries.

===========

ICIEC Celebrates 20th Anniversary

In the occasion of its 20 years Anniversary. ICIEC held a seminar titled “The Future Role of ICIEC in Supporting Trade and Investments In Member Countries“ on Tuesday 24 June 2014 on the margin of its the Board of Governors’ 21st Annual Meeting, which was held on June 20th, 2014 in Hilton Hotel, Jeddah.

The event coincided with the 40th Anniversary of its parent Islamic Development Bank (IDB) which was inaugurated by HRH Prince Salman Bin Abdulaziz, the Crown Prince, Deputy Premier and Defense Minister of the Kingdom of Saudi Arabia, and the Board of Governors’ 39th Annual Meeting, which was held on June 25th, 2014.

The participants discussed the challenges that ICIEC and other providers of credit and political risk insurance need to overcome and the opportunities to take advantage of so that they cater to the ever-changing needs of their clients.

Dr. Abdel-Rahman Taha, the CEO of ICIEC, on the occasion commented “the seminar aimed at taking a forward-looking approach to ICIEC’s relevance to the economic aspirations of its member countries”.

The seminar was attended by representatives of a number of IDB/ICIEC Member Countries, relevant international institutions, experts in the field of export credit insurance, as well as client and potential client of ICIEC inside/outside Saudi Arabia.

The International Union of Credit & Investment Insurers (Berne Union), was also represented by its Vice President, Dr. Andreas Klasen, who delivered the keynote address. Peter Jones, Former Secretary General of Berne Union moderated the a panel discussion on “The Future Role of ICIEC- How can ICIEC best contribute to the developments of its Member Countries” ?

Two Decades of Success

June 24, 2014

ICIEC Celebrates 20th Anniversary

In the occasion of its 20 years Anniversary. ICIEC held a seminar titled “The Future Role of ICIEC in Supporting Trade and Investments In Member Countries“ on Tuesday 24 June 2014 on the margin of its the Board of Governors’ 21st Annual Meeting, which was held on June 20th, 2014 in Hilton Hotel, Jeddah.

The event coincided with the 40th Anniversary of its parent Islamic Development Bank (IDB) which was inaugurated by HRH Prince Salman Bin Abdulaziz, the Crown Prince, Deputy Premier and Defense Minister of the Kingdom of Saudi Arabia, and the Board of Governors’ 39th Annual Meeting, which was held on June 25th, 2014.

The participants discussed the challenges that ICIEC and other providers of credit and political risk insurance need to overcome and the opportunities to take advantage of so that they cater to the ever-changing needs of their clients.

Dr. Abdel-Rahman Taha, the CEO of ICIEC, on the occasion commented “the seminar aimed at taking a forward-looking approach to ICIEC’s relevance to the economic aspirations of its member countries”.

The seminar was attended by representatives of a number of IDB/ICIEC Member Countries, relevant international institutions, experts in the field of export credit insurance, as well as client and potential client of ICIEC inside/outside Saudi Arabia.

The International Union of Credit & Investment Insurers (Berne Union), was also represented by its Vice President, Dr. Andreas Klasen, who delivered the keynote address. Peter Jones, Former Secretary General of Berne Union moderated the a panel discussion on “The Future Role of ICIEC- How can ICIEC best contribute to the developments of its Member Countries” ?

ICIEC Organizes a Seminar on: “The Future Role of ICIEC in Supporting Trade and Investments In Member Countries”

This year, The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) celebrates its 20 years Anniversary which coincides with the 40th Anniversary of its parent Islamic Development Bank, and at the margin of the Board of Governors’ Annual General Meeting of the IDB Group, which will be held from 26th June 20th 2014, under the Patronage of the Custodian of the Two Holy Mosques King Abdullah Bin Abdulaziz, in Hilton Hotel, Jeddah, ICIEC will organize a seminar titled “The Future Role of ICIEC in Supporting Trade and Investments In Member Countries“ on Tuesday 24 June 2014 at the same venue. 

Dr. Abdel-Rahman Taha, the CEO of ICIEC, said “As its title indicates, the seminar seeks to take a forward-looking approach to ICIEC’s relevance to the economic aspirations of its member countries. In this respect, the seminar will discuss the challenges that ICIEC and other providers of credit and political risk insurance need to overcome and the opportunities to take advantage of so that they cater to the ever-changing needs of their clients.”

The seminar will gather representatives of a number of IDB/ICIEC Member Countries, relevant international institutions, experts in the field of export credit insurance, as well as client and potential client of ICIEC inside/outside Saudi Arabia. One day seminar will witness the participation of The International Union of Credit & Investment Insurers (Berne Union), will be represented by The Vice President, Dr. Andreas Klasen, who will deliver the keynote address.

20th Years’ Anniversary Celebration of ICIEC

June 19, 2014

ICIEC Organizes a Seminar on: “The Future Role of ICIEC in Supporting Trade and Investments In Member Countries”

This year, The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) celebrates its 20 years Anniversary which coincides with the 40th Anniversary of its parent Islamic Development Bank, and at the margin of the Board of Governors’ Annual General Meeting of the IDB Group, which will be held from 26th June 20th 2014, under the Patronage of the Custodian of the Two Holy Mosques King Abdullah Bin Abdulaziz, in Hilton Hotel, Jeddah, ICIEC will organize a seminar titled “The Future Role of ICIEC in Supporting Trade and Investments In Member Countries“ on Tuesday 24 June 2014 at the same venue. 

Dr. Abdel-Rahman Taha, the CEO of ICIEC, said “As its title indicates, the seminar seeks to take a forward-looking approach to ICIEC’s relevance to the economic aspirations of its member countries. In this respect, the seminar will discuss the challenges that ICIEC and other providers of credit and political risk insurance need to overcome and the opportunities to take advantage of so that they cater to the ever-changing needs of their clients.”

The seminar will gather representatives of a number of IDB/ICIEC Member Countries, relevant international institutions, experts in the field of export credit insurance, as well as client and potential client of ICIEC inside/outside Saudi Arabia. One day seminar will witness the participation of The International Union of Credit & Investment Insurers (Berne Union), will be represented by The Vice President, Dr. Andreas Klasen, who will deliver the keynote address.

Under the Chairmanship of H.E Dr. Ibrahim bin Abdulaziz bin Abdullah Al-Assaf, the Finance Minister and the Governor of the Islamic Development Bank (IDB) Group for Saudi Arabia, the Board of Governors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), member of the Group, approved in its 21st Annual Meeting, the Annual Report and the Financial Results for 1434H (2014) for the Corporation. The Annual Meeting was held at Hilton Hotel in Jeddah, Saudi Arabia, on 26th June 2014, in conjunction with the 39th IDB Annual Meeting. 

The annual report shows that the business insurance provided by ICIEC to its 41 member countries’ investors and exporters stood at USD 3.3 billion, a growth of 9% compared to 1434H (2013). Total indemnification paid by ICIEC to its clients amounted to US$ 1.6 million, while recovers registered  US$ 2.31 million, an increase of 9% over last year. 

Commenting on the overall results, Dr. Abdel-Rahman Eltayeb Taha, the CEO of the Corporation, said “Despite the continuing effect of the global financial crisis and the subsequent economic recession that caused a world-wide decline in trade and investment flows, ICIEC was able to support significant trade flows of member countries and key development projects in post-conflict and fragile member countries”. 

It is worth mentioning that at the margin of the Annual Meeting ICIEC celebrated its 20 years Anniversary which coincides with the 40th Anniversary of its parent Islamic Development Bank. As part of the celebration, ICIEC organized a seminar titled “The Future Role of ICIEC in Supporting Trade and Investments In Member Countries”. 

ICIEC’s BOG approves 1434H (2013) Results

July 29, 2014

Under the Chairmanship of H.E Dr. Ibrahim bin Abdulaziz bin Abdullah Al-Assaf, the Finance Minister and the Governor of the Islamic Development Bank (IDB) Group for Saudi Arabia, the Board of Governors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), member of the Group, approved in its 21st Annual Meeting, the Annual Report and the Financial Results for 1434H (2014) for the Corporation. The Annual Meeting was held at Hilton Hotel in Jeddah, Saudi Arabia, on 26th June 2014, in conjunction with the 39th IDB Annual Meeting. 

The annual report shows that the business insurance provided by ICIEC to its 41 member countries’ investors and exporters stood at USD 3.3 billion, a growth of 9% compared to 1434H (2013). Total indemnification paid by ICIEC to its clients amounted to US$ 1.6 million, while recovers registered  US$ 2.31 million, an increase of 9% over last year. 

Commenting on the overall results, Dr. Abdel-Rahman Eltayeb Taha, the CEO of the Corporation, said “Despite the continuing effect of the global financial crisis and the subsequent economic recession that caused a world-wide decline in trade and investment flows, ICIEC was able to support significant trade flows of member countries and key development projects in post-conflict and fragile member countries”. 

It is worth mentioning that at the margin of the Annual Meeting ICIEC celebrated its 20 years Anniversary which coincides with the 40th Anniversary of its parent Islamic Development Bank. As part of the celebration, ICIEC organized a seminar titled “The Future Role of ICIEC in Supporting Trade and Investments In Member Countries”. 

Qatar Development Bank’s export development agency, TASDEER, announced on 11 December 2013 the conclusion of the Fourth “Aman Union” Annual Meeting which gathered representatives of export risks insurance sector. The meeting was held at Renaissance Doha City Center in Qatar, from 9 to 11 December 2013, and was attended by a number of Aman Union members, in addition to senior officials, decision makers and international experts from related sectors such as Insurance and political risks, reinsurance, and banking and insurance information. The meeting aimed at discussing and highlighting the importance of promoting the insurance of commercial and non- commercial risks, the ways to benefit from this type of insurance and strengthening mutual commercial relationships between Qatar and participating countries. 

The meeting consisted of a number of talking sessions and seminars on recent issues and challenges faced by the credit and political risks insurance sector on different levels, means to develop procedures and systems in place to enhance relationships between stakeholders, and facilitating work flow. 

Commenting on the event, Mr. Abdulaziz Bin Nasser Al-Khalifa, CEO, Qatar Development Bank: “We are glad to announce that the Fourth Aman Union Annual Meeting was a huge success; it represented to us a unique opportunity to exchange experiences and talk about the most important issues and challenges in the risks insurance sector, in the presence of esteemed international experts in the industry. The meeting also enabled us to explore various methods that help growing and promoting of Qatari exports with participating countries”. 

“The importance of organizing such events lies in connecting all parties, keeping them informed about the ramifications and effects of global economic conditions on the insurance industry, and exploring new products and experiences in the sector. This will enable us all to expand the scope of mutual coordination, develop bi-lateral relationships, and strengthen joint cooperation between member states in the Union”, he added. 

Dr. Abdel Rahman El-Tayeb Taha, the Secretary General of the Aman Union, who is also the CEO of the Islamic Corporation for the insurance of Investment and Export Credit Insurance (ICIEC), expressed deep concern over the continuing cycle of sluggish global economic growth and the political instability in some member countries which could have negative impact on the industry. “The union is now holding its 4th Annual Meeting in difficult economic times that will require more effort in the industry to face these challenges”. "We are confident this is yearly gathering which assembles credit and political Risks Insurers and Reinsurers is playing an important role in bringing the industry leaders together to create a collective impact to further advance the future of the export credit insurance and reinsurance industry in Islamic and Arab Countries". stated Dr. Taha. Established in 2009, Aman Union is a specialized forum that gathers insurance organizations and agencies for commercial and non-commercial risks and exports reinsurance companies in the Middle East, Africa, Asia and Europe. The Union aims at promoting and developing commercial and non-commercial risks insurance sector among member states and enhancing their joint ties through a number of activities and initiatives, including: developing various agencies and exchange of information, data, and research studies in the sector. The Union comprises of 17 full members, 3 associate members and 9 observing members. 

About QDB
Qatar Development Bank provides, through its export development agency, TASDEER, private sector exporting companies with financial solutions, insurance credits and consultation services, in addition to support of companies to enable them in developing their exporting competencies, through participating in a wide range of exhibitions and events around the world, such as global exhibitions, joint programs, exports development and promotion, training workshops, and publishing of specialized guidelines such Trade Secrets and Qatari Exporters Guide. 

QDB Announces the Conclusion of AMAN Annual Meeting

December 11, 2013

Qatar Development Bank’s export development agency, TASDEER, announced on 11 December 2013 the conclusion of the Fourth “Aman Union” Annual Meeting which gathered representatives of export risks insurance sector. The meeting was held at Renaissance Doha City Center in Qatar, from 9 to 11 December 2013, and was attended by a number of Aman Union members, in addition to senior officials, decision makers and international experts from related sectors such as Insurance and political risks, reinsurance, and banking and insurance information. The meeting aimed at discussing and highlighting the importance of promoting the insurance of commercial and non- commercial risks, the ways to benefit from this type of insurance and strengthening mutual commercial relationships between Qatar and participating countries. 

The meeting consisted of a number of talking sessions and seminars on recent issues and challenges faced by the credit and political risks insurance sector on different levels, means to develop procedures and systems in place to enhance relationships between stakeholders, and facilitating work flow. 

Commenting on the event, Mr. Abdulaziz Bin Nasser Al-Khalifa, CEO, Qatar Development Bank: “We are glad to announce that the Fourth Aman Union Annual Meeting was a huge success; it represented to us a unique opportunity to exchange experiences and talk about the most important issues and challenges in the risks insurance sector, in the presence of esteemed international experts in the industry. The meeting also enabled us to explore various methods that help growing and promoting of Qatari exports with participating countries”. 

“The importance of organizing such events lies in connecting all parties, keeping them informed about the ramifications and effects of global economic conditions on the insurance industry, and exploring new products and experiences in the sector. This will enable us all to expand the scope of mutual coordination, develop bi-lateral relationships, and strengthen joint cooperation between member states in the Union”, he added. 

Dr. Abdel Rahman El-Tayeb Taha, the Secretary General of the Aman Union, who is also the CEO of the Islamic Corporation for the insurance of Investment and Export Credit Insurance (ICIEC), expressed deep concern over the continuing cycle of sluggish global economic growth and the political instability in some member countries which could have negative impact on the industry. “The union is now holding its 4th Annual Meeting in difficult economic times that will require more effort in the industry to face these challenges”. “We are confident this is yearly gathering which assembles credit and political Risks Insurers and Reinsurers is playing an important role in bringing the industry leaders together to create a collective impact to further advance the future of the export credit insurance and reinsurance industry in Islamic and Arab Countries”. stated Dr. Taha. Established in 2009, Aman Union is a specialized forum that gathers insurance organizations and agencies for commercial and non-commercial risks and exports reinsurance companies in the Middle East, Africa, Asia and Europe. The Union aims at promoting and developing commercial and non-commercial risks insurance sector among member states and enhancing their joint ties through a number of activities and initiatives, including: developing various agencies and exchange of information, data, and research studies in the sector. The Union comprises of 17 full members, 3 associate members and 9 observing members. 

About QDB
Qatar Development Bank provides, through its export development agency, TASDEER, private sector exporting companies with financial solutions, insurance credits and consultation services, in addition to support of companies to enable them in developing their exporting competencies, through participating in a wide range of exhibitions and events around the world, such as global exhibitions, joint programs, exports development and promotion, training workshops, and publishing of specialized guidelines such Trade Secrets and Qatari Exporters Guide. 

Dr. Abdel Rahman El-Tayeb Taha, the Secretary General of the Aman Union, who is also the Chief Executive Officer of the Islamic Corporation for the insurance of Investment and Export Credit Insurance (ICIEC), and Mr. Abdulaziz Bin Nasser Al-Khalifa, Chief Executive Officer of Qatar Development Bank Launched today the AMAN UNION Database. The Database was lunched in Doha, Qatar in the presence of more than 80 representatives from 20 countries representing national ECAs, Credit Information Agencies, Reinsurance, Brokers, Banks and Debt Collection Agencies, attending the 4th Annual Meeting of the AMAN UNION, hosted by Qatar Development Bank at the Renaissance Doha City Centre Hotel, Qatar from 9 – 11 December 2013. 

The Database is the first of its kind in the Arab and Islamic region, established for the benefit of national export credit insurance agencies in the region and will enable the Subscribers in the Database to share and purchase credit information reports, credit opinions on entities worldwide and to exchange their underwriting experience on buyers and banks.

 Dr. Abdel Rahman El-Tayeb Taha, the CEO of ICIEC, in his capacity as the Secretary General of the AMAN UNION said “We are happy that Qatar witnesses the official launching of the AMAN UNION Database, which we are confident that the Database will help solving the issue of reliability of credit information in the region”. Dr. Taha extended invitations to the Export Credit Agencies in OIC member countries who are not currently subscriber of the Database, to join the Database in order to benefit from its services. 

ABOUT AMAN UNION
The AMAN UNION was launched under the leadership of ICEIC, the Islamic Corporation for the insurance of Investment and Export Credit Insurance, an affiliate of the Islamic Development Bank based in Jeddah, and Dhaman, the Arab Investment and Export Credit Guarantee Corporation based in Kuwait. Thus, during the 1st Joint Meeting of Arab and Islamic ECAs held in Beirut, Lebanon on October 27-28, 2009. The Union is the first organization gathering investment and export credit agencies in the Arab and Islamic World under one umbrella, it aims at enhancing cooperation among Arab and Islamic export credit institutions and encouraging the development of investment and export credit insurance industry in its Member Countries. The Union also offers technical assistance to establish new agencies while also enhancing the insurance capacity of existing agencies. Including ICIEC and Dhaman, the Union currently has 17 members from more than 15 countries.  

AMAN UNION Launches its Database

December 10, 2013

Dr. Abdel Rahman El-Tayeb Taha, the Secretary General of the Aman Union, who is also the Chief Executive Officer of the Islamic Corporation for the insurance of Investment and Export Credit Insurance (ICIEC), and Mr. Abdulaziz Bin Nasser Al-Khalifa, Chief Executive Officer of Qatar Development Bank Launched today the AMAN UNION Database. The Database was lunched in Doha, Qatar in the presence of more than 80 representatives from 20 countries representing national ECAs, Credit Information Agencies, Reinsurance, Brokers, Banks and Debt Collection Agencies, attending the 4th Annual Meeting of the AMAN UNION, hosted by Qatar Development Bank at the Renaissance Doha City Centre Hotel, Qatar from 9 – 11 December 2013. 

The Database is the first of its kind in the Arab and Islamic region, established for the benefit of national export credit insurance agencies in the region and will enable the Subscribers in the Database to share and purchase credit information reports, credit opinions on entities worldwide and to exchange their underwriting experience on buyers and banks.

 Dr. Abdel Rahman El-Tayeb Taha, the CEO of ICIEC, in his capacity as the Secretary General of the AMAN UNION said “We are happy that Qatar witnesses the official launching of the AMAN UNION Database, which we are confident that the Database will help solving the issue of reliability of credit information in the region”. Dr. Taha extended invitations to the Export Credit Agencies in OIC member countries who are not currently subscriber of the Database, to join the Database in order to benefit from its services. 

ABOUT AMAN UNION
The AMAN UNION was launched under the leadership of ICEIC, the Islamic Corporation for the insurance of Investment and Export Credit Insurance, an affiliate of the Islamic Development Bank based in Jeddah, and Dhaman, the Arab Investment and Export Credit Guarantee Corporation based in Kuwait. Thus, during the 1st Joint Meeting of Arab and Islamic ECAs held in Beirut, Lebanon on October 27-28, 2009. The Union is the first organization gathering investment and export credit agencies in the Arab and Islamic World under one umbrella, it aims at enhancing cooperation among Arab and Islamic export credit institutions and encouraging the development of investment and export credit insurance industry in its Member Countries. The Union also offers technical assistance to establish new agencies while also enhancing the insurance capacity of existing agencies. Including ICIEC and Dhaman, the Union currently has 17 members from more than 15 countries.  

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