Riyadh, KSA - 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 delighted to announce a significant collaboration with Export-Import Bank of Malaysia Berhad (MEXIM). The two entities have signed a Memorandum of Retakaful Arrangement (MoA) during the IsDB Group Annual Meeting 2024 held in Riyadh, Saudi Arabia.

The MoA establishes a high-level, non-binding, and non-exclusive framework designed to foster cooperation between ICIEC and MEXIM . The partnership aims to enhance collaborative efforts on mutually agreed projects and objectives, further detailed in an upcoming Treaty Agreement upon confirmation of treaty collaboration.

The signing ceremony was marked by the presence of distinguished leaders from both organizations, including Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Wan Norazli Wan Suleiman, Head of Legal and Governance Division at MEXIM .

Mr. Kaissi expressed his enthusiasm about the new partnership, stating, "We are excited to embark on this journey with MEXIM , which marks a significant milestone in our mutual commitment to advancing economic growth and development through Shariah-based insurance solutions. This collaboration is poised to enhance our collective capabilities and meet our strategic objectives effectively."

This alliance underscores the shared vision and commitment of both ICIEC and MEXIM  to explore new horizons and leverage their strengths for the greater good of their communities and the economies they serve.

Riyadh, KSA — The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and esteemed member of the Islamic Development Bank (IsDB) Group, is proud to announce a landmark insurance agreement with the global financial services provider, Société Générale S.A. The agreement, focused on a Non-Honouring of a Sovereign Financial Obligation (NHFSO) insurance policy, was signed at the IsDB Group Annual Meeting 2024 in Riyadh.

This significant partnership will provide coverage for the EUR 259 million Murabaha financing facility extended by Société Générale. The funds are earmarked for  the construction of the Dakar-Tivaouane highway and the expansion of the Cyrnos-Seven Up road. These initiatives are set to dramatically enhance transportation networks within the country, promoting economic growth and regional connectivity.

ICIEC CEO Mr. Oussama Kaissi expressed his enthusiasm about the partnership, stating, "This collaboration with Société Générale underlines our commitment to facilitating sustainable economic development through strategic partnerships. The Dakar-Tivaouane and Cyrnos-Seven Up projects are more than infrastructure development; they are vital arteries that will invigorate trade and improve the quality of life for the people of Senegal."

The insurance support attests to ICIEC’s dedication to supporting member countries in their pursuit of infrastructure development that aligns with sustainable economic policies. By mitigating the risks associated with the underlying  financial obligations, ICIEC and Société Générale are ensuring that these pivotal projects move forward without financial impediments.

The developmental impact of the Dakar-Tivaouane and Cyrnos-Seven Up road projects cannot be overstated. Upon completion, these roads will significantly reduce travel time, facilitate smoother transportation of goods and services, and bolster economic activities across the region. They are also expected to create numerous jobs during and after construction, supporting local employment and skills development.

ICIEC remains steadfast  in its role as a catalyst for economic resilience and transformation within the Islamic world, contributing to the prosperity and well-being of its member states through the provision of risk mitigation tools and financial solutions.

Riyadh, KSA - The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and integral member of the Islamic Development Bank (IsDB) Group, is delighted to announce a new Memorandum of Understanding (MoU) with ZTE Corporation. This MoU was officially signed at the IsDB Group Annual Meeting 2024, held at the InterContinental Hotel in Riyadh, Saudi Arabia. Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Kevin Xiao, Director at ZTE, were the signatories of this strategic agreement.

This MoU focuses on leveraging ICIEC's insurance solutions to facilitate ZTE's supply of telecom network equipment and training to major telecom operators within ICIEC member states. ICIEC has a proven track record of facilitating critical telecom equipment supply through its specific transaction insurance solutions, as demonstrated by its successful collaboration with operators like Uzbektelecom in Uzbekistan. We are confident that this MoU will further enhance our ability to provide cutting-edge telecom infrastructure and connectivity to our member states .

Mr. Oussama Kaissi, CEO of ICIEC, stated: " We are thrilled to announce the expansion of our partnership with ZTE, a leading global provider of telecommunications equipment and network solutions. Through the signing of this MoU, we aim to further our joint efforts in bolstering the telecommunications infrastructure within ICIEC member states. Our collaboration will leverage ICIEC's insurance solutions and ZTE's expertise in the supply of telecom network equipment and knowledge transfer, to provide our member states with access to cutting-edge technological solutions that meet their evolving needs ."

Riyadh, KSA – April 30, 2024 – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) proudly announces the approval of its Annual Report and Audited Financial Statements for the year 2023 by the Board of Governors during the 2024 Annual Meetings of the Islamic Development Bank Group (IsDB) held in Riyadh, Saudi Arabia.

The ICIEC's Annual Report details a year of operational resilience and exceptional financial performance, showcasing a significant 14.4% year-on-year increase in insured trade and investment transactions, amounting to USD 13.3 billion. The Corporation also reported an increase in its Gross Written Premium, which soared by 6.4% to USD 98.3 million from USD 92.4 million in the previous year. 130% improvement in corporate net results reflects ICIEC’s ability to effectively manage policyholder commitments, enhanced value proposition and demonstrates fostering confidence of our member states.

2023 was a year of strategic market penetration and portfolio diversification for ICIEC. The Medium Term and Investment Insurance segment experienced a substantial growth of 49.3%, reaching USD 73.6 million. This growth underscores ICIEC’s commitment to expanding its footprint and enhancing client trust in its services.

ICIEC maintained its Moody's "Aa3" rating for the 16th consecutive year, affirming its position as a leading entity in the credit and political risk insurance industry. The year also marked the inclusion of Azerbaijan as ICIEC’s 49th member state, expanding the Corporation’s geographical coverage within the OIC member countries.

In a historic milestone, ICIEC’s cumulative insured business surpassed USD 108 billion over its 30-year history, significantly contributing to social and economic development across various sectors globally.

ICIEC expanded strategic partnerships, notably in sustainable energy and food security, with the signing of several MoUs. The Corporation's efforts in climate action were highlighted at COP28 and through initiatives like the Energy Transition Accelerator Financing Platform (ETAF) which is managed by The International Renewable Energy Agency (IRENA).

As part of the IsDB Group’s Food Security Response Program (FSRP), ICIEC approved USD 788 million to tackle global food security challenges, underlining its dedication to supporting sustainable development goals.

Mr. Oussama Kaissi, the CEO of ICIEC, commented, “2023’s achievements reflect our robust strategic initiatives and our resilience in the face of global economic and geopolitical challenges. Our continued success is a testament to the hard work of our team and the trust of our members and clients. We are dedicated to continuing our mission of fostering economic development and promoting cross-border investments in member countries.”

Riyadh, 27 April 2024 — In a significant stride towards enhancing regional economic cooperation, the 26th Meeting of the AMAN Union Executive Council was held in Riyadh, hosted by the Saudi EXIM Bank, on the sidelines of the IsDB Group Annual Meeting. The gathering marked a pivotal moment for discussing key developments and strategies that underpin the Union's commitment to bolstering economic growth and integration among member countries.

Mr. Oussama Kaissi, the Secretary-General of AMAN UNION, emphasized the vital role of the Union in fostering economic stability and growth through collaborative efforts. "Our meeting today not only addresses the crucial aspects of our existing programs but also sets the stage for welcoming new members into our Union. This expansion is a testament to our collective commitment to enhancing economic resilience and prosperity across the region," Mr. Kaissi stated.

Adding to this, His Excellency Eng Saad Alkhalb, CEO of Saudi EXIM Bank, expressed his delight: “We are glad to host this significant meeting and commend the Union Executive Council for their exemplary efforts. We eagerly welcome the invaluable contributions from all member ECAs as we discuss avenues to enhance cooperation and drive the development of Export Credit Insurance Industry at our region. This meeting is an important step for the local, regional & int'l connectivity of trade & transport networks among member countries. Saudi EXIM Bank is keen to put forward the integration agenda with all ECAs in the region and beyond”.

The meeting delved into several key areas, including the progress of the Union's initiatives in training and development, performance enhancement, and the strategic operations of its specialized committees. These discussions underscore the Union's proactive approach to addressing the dynamic needs of its membership and the broader economic landscape.

Further, the Executive Council laid out comprehensive plans for the upcoming Annual Meeting of the Union, scheduled for the fourth quarter of 2024. This event is expected to bring together top leaders and decision-makers to chart the future course of economic cooperation in the region.

Mr. Abdullah Alsabeeh, Director-General of Dhaman, Chairman of the AMAN Union Executive Council indicated that this meeting addressed several topics of high importance for the members of Aman Union. The meeting discussed Academic and professional training courses for the junior and middle management staff of our member ECAs, the upgrading of Aman Union Database as well as a plan for the establishment of a dedicated Secretariat General for the Union” said Mr. Alsabeeh.

Riyadh, KSA - The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and a member of the Islamic Development Bank (IsDB) Group, is thrilled to announce a newly signed Memorandum of Understanding (MoU) with Huawei Technologies Co., Ltd. This strategic memorandum was signed on the sidelines of the IsDB Group Annual Meeting 2024in Riyadh, Saudi Arabia, by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Silas Zhang, President of Financing Operation at Huawei Technologies.

This MoU strengthens the ongoing the ICIEC and Huawei. The goal is to enhance the telecommunications infrastructure across ICIEC member states. Under this arrangement, ICIEC will provide insurance solutions to support Huawei's provision of advanced telecom network equipment and training to key telecom operators within the ICIEC member states. Notably, ICIEC has already facilitated the supply of critical telecom equipment to significant operators such as Indosat in Indonesia and Uzbektelecom in Uzbekistan. This collaboration aims to improve connectivity and access to advanced telecommunications technology in the member states.

Mr. Oussama Kaissi, CEO of ICIEC, commented on the partnership, saying, " This MoU with Huawei represents a significant roadmap towards supporting the strengthening of critical telecommunications infrastructures in our member states. By combining Huawei’s technological expertise with ICIEC’s robust insurance solutions, we are setting the stage for transformative growth in the telecommunications sector. This collaboration is more than a partnership; it’s a pathway to greater connectivity and innovation, enabling our member states to harness the full potential of advanced telecommunications technology. "

Riyadh, KSA — The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a premier Shariah-based multilateral insurer and a member of the Islamic Development Bank (IsDB) Group, is thrilled to announce the signing of a Quota Share Retakaful Treaty with Indonesia Eximbank. The signing ceremony took place during the IsDB Group Annual Meeting 2024 in Riyadh, with ICIEC CEO Mr. Oussama Kaissi and H.E. Rijani Tirtoso, Executive Director/Chairman of Indonesia Eximbank, formalizing the agreement.

This strategic agreement provides retakaful expertise and capacity through a Quota Share Treaty, specifically designed to support the launch of Indonesia Eximbank's new Export Credit Takaful product/program. The business anticipated to be insured under this treaty for the year 2024 is estimated at USD 13 million.

ICIEC CEO Mr. Oussama Kaissi stated, "This partnership represents a significant advancement in our joint efforts to enhance export credit mechanisms through Shariah-compliant solutions. By leveraging our retakaful expertise with Indonesia Eximbank's robust financial services, we aim to empower exporters and drive economic growth in Indonesia and within the region. This partnership serves as a prime example of how strategic collaborations can lead to the development of innovative financial products that support sustainable economic development."

The agreement marks a milestone in the development of Islamic financial instruments and strengthens the economic ties between ICIEC and Indonesia, aiming to support exporters and contribute to economic stability and growth in the Islamic world.

Riyadh, KSA — The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and a member of the Islamic Development Bank (IsDB) Group, is delighted to announce the signing of a Memorandum of Understanding (MoU) with the Federation of Contractors from Islamic Countries (FOCIC). This  agreement was signed by ICIEC CEO Mr. Oussama Kaissi and Mr. Zakariyah AbdulRahman Al Abdulqadir, President, FOCIC during the IsDB Group Annual Meeting 2024 held in Riyadh.

This MoU has been established between ICIEC and FOCIC to create a comprehensive framework for collaboration in the areas of knowledge sharing and technical capacity for the parties within the insurance and contracting sectors.

 ICIEC's Chief Executive Officer, Mr. Oussama Kaissi, expressed that “the MoU established with FOCIC represents a profound dedication to promoting the comprehension and implementation of Islamic insurance throughout their member countries. By amalgamating their resources and proficiency, they are well-positioned to effectuate significant progress in the insurance and construction sectors, crucial for sustained economic expansion and advancement within their communities”.

Riyadh, Saudi Arabia, April 2024 – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) signed a new Memorandum of Understanding (MoU) with ZTE Corporation, a Chinese partially state owned technology company that specializes in telecommunication, on 29 April during the IsDB Group Annual Meeting 2024, held at the InterContinental Hotel in Riyadh, Saudi Arabia.

The MoU was signed by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Kevin
Xiao, Director at ZTE Corporation. The MoU focuses on leveraging ICIEC’s insurance solutions to facilitate ZTE’s supply of telecom network equipment and training to major telecom operators within ICIEC member states. ICIEC has a proven track record of facilitating critical telecom equipment supply through its specific transaction insurance solutions, as demonstrated by its successful collaboration with operators
like Uzbektelecom in Uzbekistan.

Mr. Oussama Kaissi, CEO of ICIEC, commented at the signing of the MoU: “We are confident that this MoU will further enhance our ability to provide cutting-edge telecom infrastructure and connectivity to our member states.

We are thrilled to announce the expansion of our partnership with ZTE, a leading global provider of telecommunications equipment and network solutions. Through this MoU, we aim to further
our joint efforts in bolstering the telecommunications infrastructure within ICIEC member states. Our collaboration will leverage ICIEC’s insurance solutions and ZTE’s expertise in the supply of telecom network equipment and knowledge transfer, to provide our member states with access to cutting-edge technological solutions that meet their evolving needs.

The International Credit Insurance & Surety Association (ICISA) and the forum assembling Commercial and Non-commercial Risks Insurers and Reinsurers in Member Countries of the Organization of Islamic Cooperation (OIC) and of the Arab Investment and Export Credit Guarantee Corporation “Dhaman”, commonly known as AMAN UNION, are proud to announce a Joint Strategic Collaboration aimed at fostering mutual cooperation and knowledge sharing in the realm of trade and investment insurance.

The MoU, symbolizing a pivotal step towards industry synergy and international cooperation, was officially signed by Mr. Richard Wulff, Executive Director of ICISA, and Mr. Oussama Kaissi, the Secretary-General of Aman Union and CEO of ICIEC. This partnership heralds a new era of collaborative endeavours aimed at fortifying trade and investment insurance frameworks globally.

ICISA, as a leading trade association representing trade credit insurance and surety companies internationally, serves as a platform for collaboration and the development of best practices. Meanwhile, AMAN UNION is dedicated to promoting and developing the commercial and non-commercial risks insurance industry in OIC-Member States, as well as strengthening mutual relationships among its members.

The collaboration between ICISA and AMAN UNION underscores a shared commitment to advancing the trade and investment insurance landscape, particularly within OIC Member States. By sharing their respective expertise and networks, the parties aim to facilitate enhanced knowledge exchanges and initiatives that contribute to the sustainable development of OIC Member States.

Key highlights of the Joint Strategic Collaboration include:

• Facilitating knowledge exchanges on trade and investment insurance initiatives
• Enhancing collaboration and development of best practices in the industry
• Strengthening mutual relationships among members of both associations

Mr. Richard Wulff, Executive Director of ICISA, commenting: "This momentous collaboration between ICISA and AMAN UNION represents a landmark in our shared commitment to strengthening the trade and investment insurance landscape. Through this strategic alliance, we are assured to unlock unprecedented opportunities and drive innovation within our respective spheres. The signing of this MoU signifies a transformative leap towards harmonizing our efforts and maximizing the potential for sustainable growth and prosperity on a global scale."

Mr. Oussama Kaissi, the Secretary-General of Aman Union and CEO of ICIEC, added: "This partnership signifies our collective dedication to enhancing the capabilities and opportunities within the trade and investment insurance sector. By pooling our resources and expertise, we can drive positive change and sustainable growth for our member countries."

Both ICISA and AMAN UNION recognize the significant potential for cooperation to drive positive outcomes in the trade and investment insurance sector. Through this collaboration, the parties reaffirm their dedication to fostering innovation, resilience, and sustainable development within OIC Member States and beyond.