Tokyo—[19 August 2025] The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, is pleased to announce the signing of an amended Memorandum of Understanding (MoU) with Nippon Export and Investment Insurance (NEXI), Japan’s official Export Credit Agency. The signing ceremony was held in Tokyo on August 18, 2025, during a bilateral meeting between Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, and Mr. Atsuo Kuroda, Chairman and CEO of NEXI.

The amended MoU aims to broaden the scope of cooperation between ICIEC and NEXI, with a particular focus on innovative financing mechanisms such as blended finance. The agreement also seeks to enhance coordination in project development and risk mitigation, leveraging ICIEC’s deep regional expertise and mandate to support investment flows into member countries.

The partnership between ICIEC and NEXI was first formalized in 2019 during TICAD 7, where both parties recognized the urgent need for infrastructure development across the African continent and the potential for Japanese companies to play a catalytic role in that effort. Since then, the collaboration has evolved through several key initiatives, including the establishment of a reinsurance framework, the launch of a dedicated Japan Desk within ICIEC to facilitate engagement with Japanese enterprises, and joint support for strategic projects such as the Gas Power Plant Construction Project in Turkmenistan.

This renewed MoU coincides with the Ninth Tokyo International Conference on African Development (TICAD 9) in Yokohama and reflects the shared commitment of both institutions to advancing sustainable development and investment in Africa and other ICIEC member countries.Commenting on the occasion, Dr. Khalid Khalafalla, CEO of ICIEC, stated: “This renewed MoU with NEXI marks a significant milestone in our enduring partnership. By expanding our collaborative framework, we are better positioned to support transformative projects in our 50 Member Countries. We look forward to working closely with NEXI to mobilize financing, de-risk infrastructure initiatives, and foster inclusive growth across our member states”.

Jeddah – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, and Al Baraka Islamic Bank BSC Bahrain signed a Documentary Credit Insurance Policy (DCIP). The policy aims to strengthen support for Shariah-compliant trade finance, enabling greater security and confidence in the international trade ecosystem.

The agreement was signed by Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, and Dr. Adel Salem, Chief Executive Officer of Al Baraka Islamic Bank BSC Bahrain, in a joint effort to enhance the capacity of Islamic financial institutions to manage trade-related risks more effectively.

Under this partnership, ICIEC will provide insurance coverage for the confirmation of Letters of Credit (LCs) issued by Al Baraka Islamic Bank in connection with the import and export of eligible Shariah-compliant goods and services. This solution will help mitigate payment risks associated with cross-border trade while promoting sustainable growth in ICIEC’s member states.

Dr. Khalid Khalafalla, CEO of ICIEC, stated: “This strategic collaboration with Al Baraka Islamic Bank reflects ICIEC’s unwavering commitment to advancing intra-OIC trade and investment. By supporting Shariah-compliant trade finance through our Documentary Credit Insurance Policy, we are facilitating secure trade flows while empowering Islamic banks to broaden their offerings to clients. This partnership demonstrates the power of multilateral cooperation in achieving shared development goals.”

For his part, Dr. Adel Salem, CEO of Al Baraka Islamic Bank BSC Bahrain, stated: “We are delighted to partner with ICIEC on this pioneering Credit Insurance Policy, which empowers us to extend Shariah‑compliant trade finance to our clients, bolster Bahrain’s role as a regional hub for Islamic banking, and stimulate sustainable economic growth across member states worldwide. This collaboration underscores our unwavering commitment to innovation and robust risk management, giving the businesses we serve greater confidence to expand in global markets.”

The DCIP serves as a vital tool for Islamic banks, enhancing their ability to expand trade finance operations with reduced exposure to commercial and political risks. The policy also complements ICIEC’s broader mandate to promote economic resilience, financial inclusion, and private sector development in member countries.

Both institutions reaffirmed their shared dedication to expanding the reach of Islamic finance, strengthening risk mitigation tools, and contributing to inclusive and sustainable economic development.

Jeddah—[17 July 2025] The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, has marked another significant milestone with the reaffirmation of its "AA-" long-term issuer credit and financial strength rating by Standard & Poor's (S&P), with a stable outlook. This rating remains the highest within its peer group globally.

The reaffirmation underscores ICIEC’s solid credit profile with robust financial strength and low credit risk. S&P expects ICIEC to continue expanding its business operations while maintaining robust levels of capital adequacy, exceptional liquidity buffers, and steadily increasing profitability.

The rating report reconfirms ICIEC’s Enterprise Risk Profile (ERP) as ‘strong’ under S&P’s Multilateral Lending Institutions (MLIs) criteria, underpinned by the corporation’s supportive shareholder base, strong Preferred Creditor Treatment (PCT), and unique policy role of conducting all business in a Shariah-compliant manner.

Moreover, for the second year, S&P assesses ICIEC’s Financial Risk Profile (FRP) as ‘very strong’ under its insurance criteria, as ICIEC’s capital adequacy shows a significant buffer above the 99.99% confidence level, as measured by its insurers’ risk-based capital model. Additionally, the Corporation maintains exceptional liquidity, reaffirming its upscaled financial strength.

“ sincerely congratulate the Member States, His Excellency the Chairman and distinguished Members of the ICIEC Board of Directors, and the dedicated Staff for their unwavering commitment and sustained achievements." said Dr. Khalid Khalafalla, CEO of ICIEC. " Aligned with the IsDB Group’s strategic direction, we reaffirm our deep commitment to supporting Member States through advancement of Islamic finance and key development priorities, including green financing, ESG integration, and food security. ICIEC will continue to play an integral role in implementing the Group’s strategy in the years ahead." added Dr. Khalid.

The reaffirmation of the "AA-" highlights ICIEC's strong financial position, prudent risk management, and sound governance practices. It also underscores the Corporation's ability to navigate complex global challenges and its commitment to supporting sustainable economic development in member states.

Copenhagen, Denmark – 11 June 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 proud to announce that the Nakkaş-Başakşehir Motorway Project in Türkiye has been named TXF’s Social Infrastructure Deal of the Year 2024, awarded during the TXF Global Awards Ceremony held on 11 June 2025.

This landmark project involves EUR 1.044 billion in non-recourse financing for the development of a 35-kilometer greenfield motorway in Istanbul Province—the final section of the Northern Marmara Motorway, a 450-kilometer corridor connecting Türkiye’s Asian and European regions. The public-private partnership is expected to significantly reduce traffic congestion, improve trade logistics, and cut commute times by up to 40 minutes.

The project aligns with multiple UN Sustainable Development Goals (SDGs), notably SDG 8 (Decent Work), SDG 9 (Infrastructure), SDG 11 (Sustainable Cities), and SDG 17 (Partnerships), by creating jobs, modernizing transport infrastructure, and fostering international cooperation.

ICIEC played a pivotal role in the financial close by offering a comprehensive risk mitigation solution, including a EUR 74 million Non-Honoring of Sovereign Financial Obligations (NHSFO) policy to Standard Chartered and Deutsche Bank, and Equity Investment Insurance to Korean investors.

“This award reflects the strength of our partnership with the Government of Türkiye, our member institutions, and the private sector,” said Dr. Khalid Khalafalla, CEO of ICIEC. “We are particularly proud to have supported this project alongside other Export Credit Agencies and Multilateral Development Banks—most notably our parent institution, the Islamic Development Bank, and our sister entity, the Islamic Corporation for the Development of the Private Sector. Together, we leveraged synergies to mobilize Islamic finance and de-risk strategic infrastructure. Congratulations to all parties involved in delivering a project with lasting developmental impact.”This transaction exemplifies ICIEC’s mission to provide innovative risk mitigation solutions that enable impactful trade and infrastructure investment across its 50 member states.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, today signed an endorsement to the Non‑Honoring of Sovereign Financial Obligation (NHSFO) insurance policy with Standard Chartered (Hong Kong) Limited and others.

The endorsement supports an additional EUR 130 million Murabaha facility to the Ministry of Finance and Budget of the Republic of Côte d’Ivoire, building on the initial EUR 102 million previously insured by ICIEC. With this uplift, the total value of the insured Murabaha facility now stands at EUR 232 million.

The endorsement policy was signed by Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, and Mr. Sujithav Sarangi, Executive Director, Development & Agency Finance at Standard Chartered. The signing  took place on the sidelines of the 2025 IsDB Group Annual Meetings  in Algiers.

Under the arrangementment, ICIEC’s NHSFO policy covers the participating financial institutions with robust credit enhancement. The proceeds will fund the construction of “Tour F”- a flagship government office tower within Abidjan’s new Administrative City, designed to modernize public‑sector infrastructure and improve public service delivery across Côte d’Ivoire.

Dr. Khalid Khalafalla, CEO of ICIEC, said: “This policy exemplifies how ICIEC’s risk‑mitigation solutions unlock affordable, Shariah‑compliant capital for transformational public projects. Through this, ICIEC is supporting Côte d’Ivoire to realise a state‑of‑the‑art administrative hub that will boost efficiency, stimulate the local construction sector, and advance the country’s development agenda in line with the UN SDGs.”

Sujithav Sarangi, Executive Director, Development & Agency Finance, Standard Chartered says: “This collaboration with ICIEC is testament to our shared commitments to impact and advancement. We are thrilled to combine our expertise, and continue our long-standing partnership, with ICIEC to support this significant development in Côte d’Ivoire.”  

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, today signed a Non‑Honouring of Financial Obligations for Multilateral Development Banks (NHFO‑MDB) policy to secure a EUR250 million financing package arranged by Standard Chartered.

The agreement, concluded on the sidelines of the IsDB Group Annual Meetings 2025 in Algiers, was signed by Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC and Mr. Sujithav Sarangi, Executive Director, Development & Agency Finance at Standard Chartered Bank.

ICIEC’s NHFO‑MDB policy insures the financing provided by Standard Chartered (Hong Kong), Standard Chartered (Kenya) and DZ Bank to the Eastern and Southern African Trade and Development Bank (TDB). The funds will support an eligible portfolio of infrastructure, energy and trade‑finance initiatives in six common member states of ICIEC and TDB—Mozambique, Uganda, Comoros, Djibouti, Egypt and Senegal—by providing credit enhancement to the lenders and thereby unlocking critical capital for high‑impact projects.

Dr Khalafalla said, “By providing ICIEC’s NHFO-MDB insurance cover to this landmark facility, we are doing more than mitigating risk—we are fast‑tracking development. Such facility empowers TDB to accelerate infrastructure, energy and trade projects that will light homes, connect markets and create dignified jobs across six of our common member states. It is a clear demonstration of how Islamic finance can mobilize private resources for inclusive, sustainable growth.”

Sujithav Sarangi, Executive Director, Development & Agency Finance, Standard Chartered says: “We are proud to partner with ICIEC on yet another impactful project. The success of this project is rooted in the significant, and tangible, benefits this development will bring. Our enduring partnership with ICIEC exemplifies our shared mission to drive meaningful impact in the communities and markets we support.”

The transaction underscores ICIEC’s commitment to deploy innovative risk‑mitigation solutions that advance the IsDB Group’s objective of fostering inclusive, resilient and sustainable development across its member countries.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, today announced the signing of a EUR 37 million Non‑Honoring of Sovereign Financial Obligations (NHSFO) policy in support of an Islamic financing facility provided by Standard Chartered for the landmark Nakkaş‑Başakşehir Motorway Project in Türkiye.

The policy was signed on the sidelines of the IsDB Group Annual Meetings 2025 in Algiers by Dr. Khalid Khalafalla, CEO of ICIEC, together with Mr. Puneet Sharma, Executive Director, Development & Agency Finance, Standard Chartered.

Dr. Khalid Khalafalla, CEO, ICIEC, said: “ICIEC is proud to bolster strategic infrastructure in Türkiye by de‑risking this Shariah‑compliant financing for the Nakkaş‑Başakşehir Motorway. Our NHSFO policy support enables Standard Chartered to channel essential long‑term capital into a project that will enhance connectivity, spur economic activity, and create jobs.  This transaction exemplifies ICIEC’s mission to mobilize sustainable investment for our member states and to strengthen partnerships that drive inclusive growth.”

Mr. Puneet Sharma, Executive Director, Development & Agency Finance, Standard Chartered says: “We are thrilled to have played our part in this pivotal infrastructure project, which will enhance connectivity and establish efficient links between key destinations on the European side of Türkiye. Our participation in this project is a reflection of our commitment to driving growth in Türkiye and the strength of our partnership with ICIEC across the markets we serve. Standard Chartered acted as Sponsors Financial Advisor, Mandated Lead Arranger, ICIEC/ECA Covered Creditor, ICIEC Covered Tranche Investment Agent, Offshore Security Agent and Hedging Bank.”

Spanning the European side of Istanbul, the Nakkaş‑Başakşehir Motorway will reduce congestion, cut travel times, and improve logistics efficiency—benefits expected to ripple across Türkiye’s trade corridors and manufacturing hubs.  By complementing its existing Political Risk Insurance (PRI) cover to equity investors, ICIEC delivers a comprehensive risk‑mitigation package that promotes bankability, crowds in private capital.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank (IsDB) Group, announced —on the sidelines of the IsDB Group Annual Meeting 2025 in Algiers—the signing of a Specific Transaction Policy (STP) for Royal Boskalis (Boskalis), valued at USD 40 million.

The agreement, signed by Dr. Khalid Khalafalla, CEO of ICIEC, underpins a project critical to expanding Oman’s logistics capacity. By deepening navigation channels and enhancing jetty infrastructure these strategic developments will significantly increase SOHAR Port’s throughput capacity, attract high-value industrial investments, and solidify the Sultanate’s role as a leading regional maritime hub — all in alignment with Oman Logistics Strategy 2040.  Moreover, this will pave the way for a major energy milestone: the launch of the Middle East’s first LNG bunkering project, MARSA LNG, a joint venture between TotalEnergies and OQEP, positioning Oman at the forefront of clean maritime fuel.

Dr. Khalid Khalafalla, CEO of ICIEC, remarked: “By supporting Boskalis’ participation in the SOHAR Port and Freezone South Expansion Project, we are helping to secure the delivery of a project that will fortify Oman’s gateway to world trade, generate skilled employment and promote sustainable, diversified growth. ICIEC’s mission is to back the infrastructure that opens new trade corridors, deepens connectivity and broadens economic opportunity across our member states.”

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank (IsDB) Group, today announced the renewal of a reinsurance treaty arrangement with the Compagnie Algérienne d’Assurance et de Garantie des Exportations (CAGEX) for the 2025 underwriting year. The signing ceremony was held on the sidelines of the IsDB Group Annual Meetings 2025 in Algiers. The agreement was signed by Dr. Khalid Khalafalla, CEO of ICIEC, and Mr. Zouhair Laiche, CEO of CAGEX, with the aim of deepening cooperation in credit and investment insurance to accelerate trade and investment flows across ICIEC member countries .

“We are proud to renew our longstanding partnership with CAGEX here at the IsDB Group Annual Meetings. This agreement further highlights our commitment to serving as a strategic reinsurance partner for national ECAs. It also supports product development and technical cooperation and reaffirms our dedication to empowering ECAs as key drivers of sustainable trade and investment across OIC member states.” said Dr. Khalid Khalafalla, CEO of ICIEC.

ICIEC has partnered with CAGEX since 2008, cumulatively supporting insured business valued at approximately USD 2.967 billion through quota-share participation in both export and domestic credit insurance programs.

This agreement seeks to further extend reinsurance capacity to CAGEX, support product development and capacity building, facilitate technical exchanges, and promote best practices in risk management. With this renewal, ICIEC reaffirms its commitment to empowering national ECAs and fostering sustainable trade and investment flows among OIC member states.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank (IsDB) Group, is pleased to announce a landmark collaboration with the Nigerian Export-Import Bank (NEXIM). The two entities signed a Memorandum of Understanding (MoU) for cooperation during the IsDB Group Annual Meetings 2025, held in Algiers, Algeria.

The signing ceremony, attended by senior officials from both organizations, was led by Dr. Khalid Khalafalla, ICIEC CEO, and Mr. Abba Bello, Managing Director & CEO at NEXIM Bank. This MoU establishes a strategic framework aimed at deepening cooperation between ICIEC and NEXIM Bank, with a focus on key areas that will strengthen the export credit and investment insurance landscape. The collaboration seeks to promote financial and trade relations while driving economic growth across ICIEC’s member states and beyond.

The partnership will foster the exchange of expertise in export credit and investment insurance, joint marketing, and the development of tailored products for the export and investment markets. Capacity-building initiatives will ensure NEXIM is equipped to sustain long-term benefits. This strategic positioning will enable NEXIM to leverage its capacity effectively, supported by ICIEC, to achieve its ambitious goals. Additionally, NEXIM has joined the AMAN Union, further enhancing its outreach within the export credit insurers of the OIC Member States. 

Dr. Khalid Khalafalla, CEO of ICIEC, expressed his enthusiasm about the new partnership, stating, “This MoU represents a significant milestone in our commitment to supporting the export and investment sectors across our member states. By collaborating with NEXIM Bank, we are reinforcing the foundation for increased trade and investment flows, while providing enhanced risk mitigation tools for Nigerian exporters.”

This partnership aligns with ICIEC’s broader efforts to facilitate trade and investment across its member states and contribute to the realization of sustainable development goals through innovative insurance and reinsurance solutions. The cooperation between ICIEC and NEXIM will play a pivotal role in fostering economic stability and enhancing competitiveness for both entities and their respective stakeholders.