Jeddah, Kingdom of Saudi Arabia – The AMAN Union, the leading professional forum for commercial and non-commercial insurance and reinsurance companies across the member states of the Organization of Islamic Cooperation (OIC), will hold its 15th Annual Meeting from November 4 to 6, 2025.

The event will be hosted by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group, at its headquarters in Jeddah, Kingdom of Saudi Arabia.

The annual meeting will bring together senior professionals and experts in credit and investment insurance, information exchange, collections, and risk management. Participants will engage in in-depth discussions on strategies to strengthen credit insurance, promote trade exchange, develop partnerships, and explore new opportunities to enhance risk management and insurance services in the region — reflecting a shared commitment to fostering regional economic integration.

Dr. Khalid Khalafallah, CEO of ICIEC, stated: "We are honored to host the 15th Annual General Meeting of the AMAN Union in Jeddah. This gathering provides an exceptional platform for institutions and companies specializing in insurance and reinsurance against commercial and non-commercial risks across OIC member states, alongside the Arab Investment and Export Credit Guarantee Corporation (Dhaman), to exchange insights, experiences, and strategies aimed at strengthening credit insurance and trade exchange across Arab and Islamic countries. This year marks the fifteenth anniversary of the Union, which has played a pivotal role in fostering cooperation and innovation, benefiting its members and supporting regional economic integration."

Mr. Mourad Mizouri, Secretary General of the Aman Union, added: "Over the past fifteen years, the General Secretariat has advanced its services and institutional efficiency, supporting members through capacity-building initiatives, knowledge exchange, and specialized events. The AMAN Union has established itself as a premier professional platform, and we are pleased to announce that the General Secretariat will be transferred next year to the Saudi Export-Import Bank. This move marks a new phase of growth and development, further strengthening the Union’s role in promoting economic cooperation and integration among its members.".

The 2025 Annual General Meeting will feature keynote addresses, networking sessions, and specialized committee's meetings. Discussions will address key topics such as debt structuring, export credit, risk management, and the integration of artificial intelligence in the insurance sector. Participants will also examine the critical role of credit information in mitigating risks and optimizing trade credit recovery.

This event presents a unique opportunity for participants to engage with industry leaders, gain insights into emerging market trends, and identify innovative solutions to the sector’s challenges.

The AMAN Union remains steadfast in its commitment to promoting best practices, good governance, and capacity-building initiatives, thereby contributing to the sustainable development of the risk insurance industry across its member states.

Jeddah — [23 September 2025] Tripoli, Libya —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, announced the signing of a facultative reinsurance agreement with Takaful Libya during the IsDB Group Day in Libya scheduled on 23 September 2025. The agreement enhances Takaful Libya’s capacity to underwrite Shariah-compliant export credit risks, thereby supporting the growth of Libyan exporters and contributing to the country’s economic recovery.

Under the arrangement, ICIEC will provide facultative reinsurance to selected export transactions insured by Takaful Libya. This will enable Takaful Libya to extend broader coverage to exporting companies and banks involved in cross-border trade, strengthening their resilience against payment risks and facilitating access to new markets.

“This agreement reflects ICIEC’s mandate to de-risk trade across our Member States by empowering local partners,” said Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC. “By extending export credit reinsurance capacity and know-how to Takaful Libya, we will help Libyan exporters safeguard their receivables, strengthen their competitiveness in global markets, and contribute to rebuilding national trade flows in line with the development of Libyan external trade.” he added.

"There is no doubt that the services provided by ICIEC are of immense importance in supporting the economic development of member countries. One of the Corporation’s key missions is to strengthen and encourage exports by offering vital insurance coverage that empowers businesses to grow beyond borders. For Libya, this agreement represents more than just a financial arrangement—it is a new avenue of opportunity, a platform to boost and promote our exports, and a stepping stone toward greater economic growth. We are confident that this partnership will be a strong pillar in supporting Libya’s development journey, and we look forward to seeing more initiatives of this kind in the future, initiatives that do not only protect our economy but actively drive it forward." Stated Mr. Bashir Ali Khallat, General Manager, Takaful Insurance Company.

The partnership also paves the way for technical collaboration on key areas of underwriting, credit risk assessment, capacity building, and claims management. ICIEC’s support will allow Takaful Libya to strengthen its offerings to corporates and financial institutions while reinforcing prudential requirements.

The signing at IsDB Group Day highlights the Group’s commitment to building partnerships that mobilize trade and unlock opportunities across Member States. ICIEC and Takaful Libya will begin implementing the agreement immediately, with a focus on high-impact export sectors aligned with Libya’s national priorities.

Beijing, China — September 17, 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, and China Export & Credit Insurance Corporation (Sinosure) recently signed a Memorandum of Understanding at Sinosure's Beijing headquarters to expand cooperation in de-risking cross-border trade and mobilizing investment between China and ICIEC Member States, in alignment with national priorities of ICIEC’s Member States and the Belt and Road Initiative.

The MoU was signed by Dr. Khalid Khalafalla, CEO of ICIEC, and Mr. Sheng Hetai, President and Vice Chairman of Sinosure. The MoU aims to expand collaboration in risk management solutions including export credit insurance, political risk insurance, and investment protection, to facilitate cross border trade and investment flows.

The partnership frames collaboration in co-insurance and reinsurance for strategic transactions, coordinated underwriting and risk assessment, information exchange, and joint development of a pipeline across infrastructure, energy, transport, manufacturing, healthcare, and digital connectivity. It also envisages SME-oriented trade solutions and offerings aligned with ESG and Shariah principles, supported by knowledge sharing on underwriting, claims, and recoveries.

Dr. Khalid Khalafalla, CEO of ICIEC, said: "This partnership with Sinosure combines complementary strengths to unlock high-impact trade and investment flows between China and ICIEC Member States. By sharing risk and expertise, we can make more projects bankable, channel capital to priority sectors, and deliver sustainable development outcomes across our markets."

Under the new partnership framework, ICIEC and Sinosure will collaborate on co-insurance and reinsurance for strategic transactions, the joint development of risk-coverage solutions, and the exchange of market intelligence to strengthen underwriting and risk-management capabilities. The partnership will also advance capacity building and the facilitation of China’s outward investments into ICIEC Member States, cultivating a pipeline of projects in infrastructure, energy, transport, manufacturing, healthcare, and digital connectivity to drive sustainable growth and regional integration.

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.