Algiers, Algeria  – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-compliant multilateral insurer and a member of the Islamic Development Bank (IsDB) Group has entered into a Service Agreement with the Islamic International Trade Finance Corporation (ITFC), Jef Vincent, and ActorX GmbH to create a three-year business plan for the proposed Africa-Arab Guarantee Fund (AAGF). This collaboration is designed to strengthen trade and investment ties between the Arab and African regions, fostering economic integration and mutual growth. 

The agreement was finalized virtually in the last week of November. Mourad Mizouri, AMAN Union Project Manager and speaker during Session 4 of the 14th AMAN Union Annual General Meeting, announced the agreement during a session focused on unlocking trade opportunities between Arab and African regions, underscoring its strategic importance.

As the Coordinator of the Arab-Africa Guarantee Fund, ICIEC is joining forces with ITFC, which represents the Secretariat of the Arab-Africa Trade Bridges (AATB) Program. Together with Jef Vincent and ActorX GmbH, ICIEC aims to provide a clear roadmap for the establishment and operationalization of the Fund. The initiative will include comprehensive market analysis, consultations with stakeholders, and strategic recommendations to ensure that the Fund operates efficiently and sustainably. 

 The Africa-Arab Guarantee Fund is positioned as a transformative initiative under the AATB Program, aiming to close critical gaps in trade and investment facilitation between the two regions. By delivering innovative guarantee solutions, the Fund is expected to empower businesses and investors and significantly enhance economic opportunities across Arab and African nations. 

Commenting on the agreement, Dr. Khalid Khalafalla, Officer-in-Charge of ICIEC, said: 

“This agreement underscores ICIEC’s commitment to facilitating sustainable economic growth and fostering stronger trade and investment linkages between Arab and African countries. The Africa-Arab Guarantee Fund has the potential to transform trade and investment landscapes in both regions, and this collaboration is a crucial step toward realizing its full potential.”

As a leading multilateral institution providing Shariah-compliant insurance and reinsurance solutions, ICIEC’s role in this collaboration aligns closely with its mandate to promote trade and investment in Member Countries.

Algiers - AMAN UNION, the premier professional forum for commercial and non-commercial risk insurers and reinsurers within the member countries of the Organization of the Islamic Cooperation (OIC), is delighted to announce its 14^th Annual General Meeting to be hosted by the Algerian Export Insurance and Guarantees Company (CAGEX), and the event is scheduled to take place from December 1^st to 3^rd, 2024, in Algiers - Algeria.

This highly anticipated gathering will bring together leading professionals, experts, and stakeholders from the credit and political risk industry across the OIC member countries to discuss and deliberate on strategies to boost credit insurance and trade exchange, reflecting the shared commitment to fostering regional economic integration.

The Annual General Meeting will also serve as a platform for knowledge-sharing, fostering partnerships, and exploring new opportunities to enhance risk management and insurance services within the region.

Dr. Khalid Khalafalla, the Secretary-General of AMAN UNION stated: "We are pleased to host the 14^th Annual General Meeting in Algeria. This event provides a unique opportunity for our members to unite, share insights, and collaborate on strategies that will enhance credit insurance and promote trade exchange across Africa, the Arab, and Islamic countries, ensuring sustainable growth and resilience in the region. As we navigate an increasingly complex global landscape, the role of AMAN UNION in fostering cooperation and innovation is more critical than ever. We look forward to fruitful discussions and valuable insights that will benefit all our stakeholders."

The event will feature a comprehensive agenda, with keynote speeches and networking sessions, highlighting significant developments in AMAN UNION Member Institutions during 2023. Focus areas of the event include fostering regional cooperation for global sustainability, the role of credit insurance in promoting trade exchange and achieving SDGs, the importance of credit information in mitigating risks and maximizing trade credit recoveries, in addition to the role of Multilateral Development Institutions and Global Cooperation in unlocking Africa-Arab trade potential. The gathering also presents an opportunity for attendees to engage with peer industry leaders, gain insights into current market trends and future outlook, in addition to exploring innovative solutions to the challenges facing the sector.

AMAN UNION remains committed to its mission of promoting best practices, enhancing the capabilities of its members, and contributing to the sustainable development of the risk insurance industry in OIC member countries. The 14^th Annual General Meeting in Algeria promises to be a milestone event in achieving these goals.

For more information about the event and registration details, please visit the Aman Union website.

For more information about the event, please contact the Aman Union Secretariat at secretariat@amanunion.net or visit their website at www.amanunion.net.

Jeddah, Saudi Arabia – ICIEC had the honour of welcoming H.E. Ibrahim Mohamed Abdourazak, Minister of Finance, Budget, and Banking Sector of Union of Comoros and IsDB/ICIEC Governor, to its headquarters in September 2024.

Minister Abdourazak was accompanied by a delegation from the Ministry’s officials. The discussions focused on exploring opportunities for ICIEC to support investments in Comoros.

Dr. Khalid Khalafalla, Officer-in-Charge of ICIEC, highlighted the Corporation’s main activities in the underwriting of credit and investment insurance and its ability to facilitate investment inflows into member states through investment insurance, and identified potential areas for cooperation to bolster economic growth and development. The two sides look forward to a fruitful partnership that will contribute to the prosperity of Union of Comoros.

Seoul, Korea — 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, has signed a Memorandum of Understanding (MoU) with the Korea Overseas Infrastructure and Urban Development Corporation (KIND). This significant agreement, signed in Korea by Eng. Yasser Alaki, Director, Business Development Department at ICIEC, and by Mr. Byung Chul Won, Executive Vice President at KIND, aims to enhance collaboration on Public-Private Partnership (PPP) projects in ICIEC Member States and the Republic of Korea.

The MoU outlines the commitment of both parties to work together on various PPP projects, focusing on critical infrastructure, clean energy technologies, and the generation of renewable energy, as well as urban development initiatives within ICIEC Member States.

Eng. Yasser Alaki stated, “This partnership marks a pivotal step in strengthening the ties between our institutions and leveraging our collective expertise to address the pressing infrastructure and development needs of our Member States. By collaborating with KIND, we are committed to driving sustainable growth and innovation through public-private partnerships that can transform communities and economies.”

The collaboration under this MoU reflects ICIEC's commitment to facilitating investment and promoting sustainable development in its Member States. Both organizations look forward to realizing impactful projects that align with their shared objectives.

Jeddah, Saudi Arabia-AMAN Union, the leading professional forum for commercial and non-commercial risk insurers and reinsurers in member countries of the Organization of Islamic Cooperation (OIC), has signed a Corporate Training Services Agreement with RISC Institute DMCC, a renowned training institution specializing in talent development for the insurance, risk management, personal finance sectors, based in the United Arab Emirates and operating regionally. This collaboration is set to deliver professional training to the staff of AMAN Union members, aimed at advancing their capabilities in the insurance sector.

The agreement was signed by Dr. Khalid Khalafalla, Secretary-General of AMAN Union, and Mr. Silvan A. Said, Managing Director of RISC Institute DMCC.

The training initiative includes comprehensive courses for insurance professionals, with a particular focus on preparing candidates to achieve the globally recognized Certificate in Insurance (Cert. CII™), awarded by the Chartered Insurance Institute (CII). This core qualification equips insurance professionals with essential knowledge across all sectors of the insurance industry, enhancing their expertise and confidence in critical disciplines. The Cert. CII™ serves as a foundation for further specialized studies, allowing professionals to tailor their learning according to their career ambitions and the needs of their respective organizations.

In addition to the Cert. CII™ program, the collaboration will offer high-level workshops designed for senior professionals, focusing on key areas such as Governance, Risk, and Compliance. These workshops aim to enhance leadership skills and strategic understanding, helping senior professionals navigate complex challenges within the insurance industry.

Commenting on the agreement, Dr. Khalid Khalafalla, Secretary-General of AMAN Union, stated: "We are excited to embark on this partnership with RISC Institute DMCC. The insurance sector plays a critical role in driving economic stability and development across OIC member countries, and it is essential that our members have access to world-class training and certification. This initiative will empower our professionals with the skills and qualifications needed to excel in their roles and contribute to the continued growth of the insurance sector across the region."

On his part, Mr. Silvan Said stated “This partnership is another milestone in our mission to provide the learning opportunities and professional development for people working in the insurance, risk management and personal finance sectors. These sectors are among the most dynamic and rapidly growing industries globally. We are grateful to AMAN Union for choosing us as their partner for training and human resources development and we are committed to providing the excellent quality training that our institute is renowned for, and to provide the best opportunity for success to the trainees who choose to follow the programmes.”

This agreement marks a significant step forward in AMAN Union's commitment to fostering professional excellence and capacity-building among its members. By collaborating with leading training institutions like RISC Institute DMCC, AMAN Union aims to strengthen the insurance industry across OIC countries, ensuring that it remains resilient, competitive, and equipped to meet the evolving demands of global markets.

Jeddah, Saudi Arabia — 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, has signed a Memorandum of Understanding (MoU) with the Central Bank of the Republic of Azerbaijan (CBAR).

The MoU was signed by Dr. Khalid Khalafalla, Officer-in-Charge of ICIEC, and Mr. Taleh Kazimov, Governor of the Central Bank of the Republic of Azerbaijan. This agreement aims to provide a general framework to facilitate cooperation between the two parties to enhance and deepen Islamic insurance services in the Republic of Azerbaijan.

Under the MoU, both institutions are committed to exchanging expertise on Islamic insurance to foster mutual understanding and development. They will organize trainings and workshops to build capacity and share knowledge, as well as conduct mutual visits to strengthen the partnership and explore further areas of collaboration.

This cooperation is expected to contribute to the broader use of new financial tools in Azerbaijan, thereby accelerating investment inflows and fueling sustainable economic growth.

Riyadh, Saudi Arabia, 29 April 2024 – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Shariah-compliant multilateral insurer of the Islamic Development Bank (IsDB) Group, has published a comprehensive book, titled “30 Years of ICIEC Milestones – Covering Member States Credit and Political Risks” to mark the Pearl Jubilee anniversary of the unique risk mitigation and credit enhancement multilateral institution.

The book, according to ICIEC, tells a “Compelling Story” of three decades of transformative social and economic development impact through innovative risk mitigation and credit enhancement solutions. It traces the roots and rational of the Corporation’s perspicacious establishment in 1994, and its backstory in the context of the prevailing export credit and investment culture and playbook.

In this respect there are invaluable messages and interviews involving the found fathers of ICIEC including the Chairmen of the Boards and the two Chief Executive Officers; 30 years of cumulative achievements
in figures, charts and development impact case studies; and the uptake of ICIEC products and services by member states since inception.

Other chapters of profound interest include a Shariah perspective on Export Credit and Investment Insurance; an analysis of ICIEC’s three decades of progress, innovation and impact development; its impressive international linkages highlighting the value of partnerships as per the UN SDG Agenda; and its leadership of the AMAN UNION.

The book also looks ahead to the promise and potential of ICIEC in the next 30 years especially a stock take of the Current State of the Industry; Upscaling Market Awareness, Education, Technical Assistance, Credit Information and Advisory Services; Embracing Digitalization in credit and investment insurance; the Corporation’s Great Green Leap Forward; the Future of Intra-OIC Trade and Investment; Food Security; Engaging the Private Sector; Engaging Sovereign Wealth and Pension Funds (SWPFs) in the OIC Member States; and Upscaling ICIEC’s Sukuk Insurance policy.

The book finishes with an impressive flow diagram of 30-year History in Milestones. A Must Have publication for anyone interested in Shariah compliant credit and investment insurance, one of the few genuine alternative financial concepts and products to merge from the Global South!

Jeddah, Saudi Arabia – 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 proud to announce that the Togolese Republic has officially joined ICIEC as its 50th member state. This milestone not only reflects the growing trust and collaboration within the Organization of Islamic Cooperation (OIC) but also reinforces ICIEC's commitment to providing tailored insurance solutions that foster sustainable economic growth and investment opportunities across its member countries.

With the Togolese Republic’s membership, ICIEC now comprises 50 member states, marking a significant expansion of its global reach and influence in promoting trade and investment in OIC member countries.

On this occasion, Dr. Khalid Khalafalla, Officer-in-Charge of ICIEC, stated: "We are delighted to welcome the Togolese Republic as our 50th member state. This is a testament to the mutual confidence between ICIEC and the Togolese Republic, and we are committed to supporting their economic ambitions through our robust insurance and risk mitigation solutions. Together, we aim to drive sustainable development and economic resilience in the region."

As ICIEC continues to expand its membership and services, the organization remains dedicated to enhancing economic resilience and supporting its member states in attracting foreign direct investment (FDI) and fostering trade opportunities.

Jeddah, Saudi Arabia – 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, and the Japan Bank for International Cooperation (JBIC) have signed a landmark Memorandum of Understanding (MoU) to enhance cooperation and support the development of trade and investment flows between ICIEC’s member states and Japan.

This strategic MoU aims to establish  a solid collaboration between ICIEC and JBIC by leveraging ICIEC’s insurance services and JBIC’s financial facilities. The partnership will facilitate transactions involving Japanese companies as exporters, EPC contractors, or investors in projects that promote the development of ICIEC’s member states, with a particular focus on Central Asia.

The collaboration is set to significantly boost trade and investment between ICIEC member states and Japan, including initiatives focused on climate action projects such as renewable energy generation.

Dr. Khalid Khalafalla, Officer-in-Charge of ICIEC said “An MoU exists between the IsDB Group and JBIC since 2016. However, the one ICIEC signed with JBIC is linked to the existing Group-level one.  He added that “this MOU formalizes and strengthens the longstanding partnership between ICIEC and JBIC and aligns with our shared vision of promoting sustainable economic development in ICIEC member states. Dr. Khalafalla continued in stating that “By leveraging our respective expertise and resources, we can enhance trade and investment opportunities for the mutual benefit of our stakeholders”.

This agreement marks a significant milestone in ICIEC’s ongoing efforts to foster economic growth and development in its member countries through strategic international partnerships.

Jeddah, Saudi Arabia - 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 pleased to announce the appointment of Dr. Khalid Khalafalla as Officer-in-Charge, effective 19 May 2024.

Dr. Khalafalla brings a wealth of experience and expertise to this role, having served in various capacities within the Islamic Development Bank (IsDB) Group. Most recently, he was the Principal Executive Assistant to H.E. President of IsDB. Prior to that, he served as Lead Underwriter at ICIEC as well as Acting Head of the IsDB Group Investment Promotion Technical Assistance Program (ITAP).

The ICIEC family congratulates Dr. Khalafalla on his new appointment and looks forward to his leadership in advancing the Corporation's strategic goals.