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 Bank Master Policy (BMP) with Al Baraka Bank-Egypt, on the sidelines of the IsDB Group Annual Meetings 2025 in Algier. The policy was signed by Dr. Khalid Khalafalla, CEO of ICIEC, together with Mr Ahmed Atteya, Head of Financial Institutions Department, Al Baraka Bank-Egypt.

The insurance policy is expected to support Islamic trade finance transactions worth USD 50 million. It represents a key step toward the development of Islamic finance and enhancing its role in supporting SMEs in member countries.

 “We are delighted to partner with Al Baraka Bank – Egypt on this landmark Policy. This agreement underscores our shared commitment to facilitating reliable, Shariah-compliant trade finance solutions that foster sustainable economic growth and resilience across our member states,” said Dr. Khalid Khalafalla, CEO of ICIEC. “By mitigating transaction risks, we help our partners expand into new markets and promote development initiatives that benefit 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 signed a Documentary Credit Insurance Policy (DCIP) with Albaraka Bank Egypt, on the sidelines of the IsDB Group Annual Meetings 2025 in Algiers to support export transactions backed by Letters of Credit worth USD 50 Million.

The DCIP was signed by Dr. Khalid Khalafalla, CEO of ICIEC, and Mr Ahmed Atteya, Head of Financial Institutions at Al Baraka Bank Egypt. This underscores the critical role of tailored risk-mitigation instruments in de-risking and enabling cross border trade.

The insurance policy provides a comprehensive coverage for Al Baraka Bank’s documentary credit transactions by protecting the bank againt non-payment risk of overseas banks issing letters of credit (LCs). This enables to enlarge its LC confirmation business to support Egyptian exports.

Dr. Khalid Khalafalla, CEO of ICIEC, stated, “We are honored to partner with Al Baraka Bank – Egypt on this Documentary Credit Insurance Policy to de-risk Egyptian exports. This collaboration strengthens economic resilience and supports growth across our member states.”

Algiers - ICIEC honoured the winners of its flagship accolades at the IsDB Group Private Sector Forum 2025 Awards. The awards ceremony was held on the sidelines of the IsDB Group Annual Meetings 2025 in Algiers on 21 May, celebrating transactions that have translated Shariah compliant risk-sharing into measurable socio-economic benefits across the OIC Member States.

Mopane Securities Plc was honoured with the Best Trade Credit Insurance Deal of the Year Award for structuring a USD20 million medium-term credit facility for Uzbekistan’s JSC Aloqabank, arranged by Frontera Capital Group Limited. With 95% insurance coverage from ICIEC, the facility enables Aloqabank to extend fresh liquidity to a curated portfolio of Uzbek businesses—mobilizing cross-border capital without conventional collateral and directly advancing SDG 8 (Decent Work and Economic Growth) and SDG 9 (Industry, Innovation and Infrastructure).

Deutsche Bank received the Best Foreign Investment Insurance Deal of the Year Award for arranging a seven-year, EUR 149 million Commodity Murabaha term facility mandated by Côte d’Ivoire’s Ministry of Finance and Budget to finance regional hospitals in Kong and Odienne. ICIEC’s NHSFO policy covers 95% of principal and profit, de-risking the project and enabling the addition of 377 beds.

The award winners were selected by an independent panel of esteemed experts, following a rigorous evaluation process grounded in impact, innovation, and alignment with the Sustainable Development Goals (SDGs). This approach underscores the awards’ commitment to transparency, impartiality, and excellence in recognizing meaningful contributions to sustainable development.

Pioneering Shariah-Compliant Risk-Mitigation to Advance Sustainable Development

Algiers, Algeria, May 20, 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 (IsDB) Group, proudly announced today the winners of its flagship accolades at the IsDB Group Private Sector Forum 2025 Awards. The awards ceremony was held on the sidelines of the IsDB Group Annual Meetings 2025 in Algiers, celebrating transactions that have translated Shariah-compliant risk-sharing into measurable socio-economic benefits across the OIC member countries.

Mopane Securities Plc was honored with the Best Trade Credit Insurance Deal of the Year Award for structuring a USD 20 million medium-term credit facility for Uzbekistan’s JSC Aloqabank, arranged by Frontera Capital Group Limited. With 95 percent insurance coverage from ICIEC, the facility enables Aloqabank to extend fresh liquidity to a curated portfolio of Uzbek businesses—mobilizing cross-border capital without conventional collateral and directly advancing SDG 8 (Decent Work and Economic Growth) and SDG 9 (Industry, Innovation and Infrastructure).

Deutsche Bank received the Best Foreign Investment Insurance Deal of the Year award for arranging a seven-year, EUR 149 million commodity Murabaha term facility mandated by Côte d’Ivoire’s Ministry of Finance and Budget to finance regional hospitals in Kong and Odienne. ICIEC’s Non-Honouring of Sovereign Financial Obligation policy covers 95 percent of principal and profit, de-risking the project and enabling the addition of 377 beds.

“Congratulations to all the parties involved in the awarded deals for demonstrating the pivotal role of Shariah-based risk mitigation tools,” said Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC. “By unlocking strategic capital without relying on conventional collateral, these innovative deals have fortified supply chains, expanded critical infrastructure, and fostered inclusive growth. Together, we are not only safeguarding investments but also accelerating progress toward the United Nations Sustainable Development Goals for our member states.”

The award winners were selected by an independent panel of esteemed experts, following a rigorous evaluation process grounded in impact, innovation, and alignment with the Sustainable Development Goals (SDGs). This approach underscores the Awards’ commitment to transparency, impartiality, and excellence in recognizing meaningful contributions to sustainable development.

The award winning deals were selected by an independent panel of esteemed experts, following a rigorous evaluation process grounded in impact, innovation, and alignment with the Sustainable Development Goals (SDGs).

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 that its Board of Governors has formally approved the Annual Report and Audited Financial Statements for the year 2024 during the IsDB Group’s 2025 Annual Meetings in Algiers.

The 2024 report highlights that ICIEC has achieved USD 13 billion in business insured in the year 2024, bringing the cumulative Business Insured since inception to USD 121 billion, of which USD 96 billion is in export credit and USD 25 billion in investment. The Corporation facilitated USD 57 billion in intra-OIC trade and investment transactions and advanced its Third General Capital Increase to significantly enhance underwriting capacity and reinforce long-term financial stability.

To drive operational excellence, ICIEC refined its pricing framework and enhanced economic capital models, ensuring more sustainable, risk-adjusted growth. Strategic partnerships were deepened with development partners and the private sector to unlock critical capital flows in food security and infrastructure projects. The inclusion of the Togolese Republic as the 50th Member State further broadened ICIEC’s reach and bespoke insurance solutons to promote economic development across West Africa.

Under the IsDB Group Food Security Response Program (FSRP), ICIEC approved over USD 1 billion in food-related transactions to support Member States impacted by global food crises. In line with its climate commitment, the Board of Directors approved a dedicated Climate Change Policy, and 13% of 2024 Business Insured was allocated to climate-related initiatives.

ICIEC’s financial resilience was evident in its USD 24.9 million net result—a 4% improvement year-on-year—and its seventh consecutive year of technical surplus. Moody’s maintained ICIEC’s rating of Aa3 for the 17th consecutive year and S&P Global Ratings assigned ICIEC a first-time rating of AA- with a stable outlook.

“2024 was a testament to our unwavering commitment to support Member States through innovative, Shariah-compliant solutions,” said Dr. Khalid Khalafalla, CEO of ICIEC. “Insuring USD 13 billion in business last year and achieving a seventh consecutive year of technical surplus reflects our strong ability to navigate complex markets and deliver tangible value. Looking ahead, we remain committed to expanding our capacity to de-risk trade and investment, driving sustainable growth across our member countries.”

Khady Seye, and Miguel Kosasih, Country Managers for Senegal and Indonesia respectively, attended the Investing in African Mining Indaba 2025 which was held in Cape Town, South Africa in early February 2025. The theme of the Indaba was ‘Future-Proofing African Mining Today’ and highlighted the need for mining organisations to build resilience and operational endurance that not only drive profitability but also create value across the entire mining ecosystem.

The Indaba attracted participants from all over the continent and beyond. HE Khalid Saleh Al-Mudaifer, Saudi Arabia’s Vice-Minister for Mining Affairs, at the Ministry of Industry and Mineral Resources, gave a Leader Spotlight on ‘New Mineral Age Opportunities for Supply Nations to Drive Economic Growth.’

It was an incredible opportunity for ICIEC to be a part of these key events and engage with major players in the mining sector across the continent, says Khady Seye.

“We had highly productive meetings with mining companies, financial institutions, and insurance brokers to showcase our risk mitigation solutions. With our dual ratings from Moody’s and S&P, ICIEC is positioning itself as the partner of choice in the mining sector, which plays such a crucial role for our member countries,” added Ms Seye.

Bessem Soua, ICIEC’s Division Manager for Sub-Saharan Africa and Europe, attended the ExCred International 2025 conference in London, in which he also participated in a High-Level Panel Discussion.

The conference brings together the insurance, export credit agencies, multilateral insurers, banking institutions and other stakeholders to discuss global and regional macro-economic, financial and trade indicators, and the emerging manifold risks and their mitigation associated with these developments.

Key insights in Bessem Soua’s remarks included:

A. Africa’s Economic Landscape: Challenges, Opportunities, and Market Trends.

B. ICIEC’s Role in Trade and Investment: How our Solutions Drive Resilience.

C. Collaboration between multilaterals and the private sector: Strengthening partnerships through blended guarantees, strategic cooperation with regional DFIs, and mobilization of institutional investors to scale impact and unlock sustainable financing solutions.

A delegation headed by Dr. Khalid Khalafalla, CEO of ICIEC, and including Mr. Samer Elesawi, Head of IsDB Kuala Lumpur Centre of Excellence, and Mr. Mohd Ferdaus Mohd Khasim, Reinsurance Specialist, met with the senior management of EXIM Bank Malaysia during their visit to the member country in February 2025 to Malaysia.

ICIEC plays a vital role in strengthening EXIM Bank Malaysia’s capacity by providing risk mitigation, trade facilitation, investment protection, and Islamic finance solutions. Their strategic partnership reinforces Malaysia’s position as an Islamic finance and trade hub, supporting sustainable economic growth across OIC member countries and beyond.

“ICIEC is committed to offering comprehensive solutions that address risk mitigation and trade facilitation, support foreign direct investment, and promote Islamic finance. Through continued capacity building and knowledge exchange, we look forward to deepening our collaboration with EXIM Bank Malaysia to drive impactful, long-term development,” stressed Dr Khalafalla. Discussions also focused on fostering strategic collaboration to support sustainable trade and investment growth.

ICIEC CEO, Dr. Khalid Khalafalla, hosted an engaging and productive meeting with a distinguished delegation from UNIDO, focusing on strategic partnerships to accelerate sustainable industrial development in ICIEC member countries.

This collaboration reflects ICIEC’s commitment to fostering economic growth, innovation, and prosperity in OIC member states and beyond.

By leveraging our collective expertise and resources, we aim to create transformative solutions that drive regional economic integration and support industries in their sustainable growth journey— a promising step toward creating a more resilient and prosperous future.

A Senior delegation from the Ministry of Investment of Saudi Arabia (MISA) paid a fact-finding visit to ICIEC headquarters on 13 January 2025. During the visit, ICIEC senior managers gave presentations on the Corporation’s innovative insurance solutions and strategic development priorities to support incoming investments to the Kingdom.

The discussion between the Senior Ministry officials and ICIEC’s Business Development Department Director focused on collaborative opportunities to support and contribute to the Saudi Vision 2030 initiatives.