Jeddah, March 24, 2024 – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a multilateral credit and political risk insurer and a member of the IsDB Group has achieved a significant milestone by attaining an "AA-" long-term issuer credit and financial strength rating from Standard & Poor's (S&P), with a stable outlook and the highest within its peer group globally.

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

Moreover, 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, as measured by its insurers’ new risk-based capital model, Additionally, the Corporation maintains exceptional liquidity, further affirming its upscaled financial strength.

"I extend my heartfelt congratulations to the Member States, the esteemed Members of the ICIEC Board of Directors, and dedicated Staff for their unwavering commitment and consistent success." said Mr. Oussama Kaissi, CEO of ICIEC. "In alignment with IsDB Group initiatives, we reaffirm our steadfast dedication to prioritizing the Group’s strategic objectives to support member states by contributing to the development of Islamic finance and key initiatives such as green financing, ESG engagement, and fostering food security." added Mr. Kaissi

The "AA-" rating from S&P reflects ICIEC's solid financial position, sound risk management and governance practices. It also underscores the Corporation's ability to navigate challenging economic environments and its commitment to supporting sustainable economic growth and development in member countries.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group, is co-organising the IsDB Group Private Sector Forum as a side event at the 49^th Annual Meetings of the Board of Governors of the IsDB on 27-30 April 2024 in Riyadh, Saudi Arabia. 

The theme of the High Level Panel Discussion (HLPD), which will be held from 11:15 am to 12:15 pm on 29th April at the InterContinintal in Riyadh, is "Gateway to Growth: Saudi Investments as a Catalyst for Development in ICIEC Member States”.

The HLPD will highlight the significant role of Saudi investments in driving economic development across ICIEC Member States, aligning with the national development agendas of these countries. It will also focus on fostering collaboration between Saudi investment bodies and ICIEC Member Countries, addressing emerging geopolitical risks, and exploring new markets and sectors for Saudi investors within ICIEC Member States.

The event will feature high level keynote speeches, panel discussions, and networking opportunities, bringing together key stakeholders including ministries and government officials, Saudi investors, international and regional organizations, multilateral and financial institutions, private equities, venture capitalists, and technology companies.

To secure your participation at these prestigious events, please register now via the link below: https://isdbg-psf.org/

Mr. Oussama Kaissi, CEO of ICIEC, stating, "This HLPD underscores the paramount importance of forging strategic partnerships to propel sustainable development within ICIEC Member Countries. We eagerly anticipate engaging in insightful discussions and fostering collaborations that will not only drive economic growth but also pave the way for prosperity in the region."

Jeddah, January 31, 2024 – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a multilateral credit and political risk insurer and a member of the IsDB Group and the African Development Bank, have signed a strategic risk sharing engagement aimed at fostering sustainable development in Côte d’Ivoire.

In this landmark collaboration, ICIEC has provided an insurance capacity of EUR 194 million, backstopping the EUR 400 million Partial Credit Guarantee (PCG) issued by the African Development Bank against the non-payment risk associated with a facility of EUR 533 million extended by Standard Chartered Bank (SCB), to the government of Côte d’Ivoire.

The facility will be used to finance a range of eligible environmental and social projects, including renewable energy, education, pollution prevention and control, terrestrial and aquatic biodiversity conservation, health infrastructure, as well as sustainable use of water and wastewater management, in accordance with Côte d’Ivoire’s Sustainable Framework.

African Development Bank’s partnership with ICIEC is pivotal to scaling up the Bank’s partial credit guarantee scheme to attract the needed financing by Standard Chartered. The Bank will retain a stake of EUR 206 million (51.5%) in the EUR 400 million PCG, while ICIEC will cover the remaining EUR 194 million. This arrangement not only optimizes the African Development Bank’s balance sheet by transferring a portion of the exposure to ICIEC, but also maintains a significant residual exposure, demonstrating a balanced risk-sharing approach.

The transaction marks a significant step by Côte d’Ivoire in enhancing its capacity to attract long-term, competitive financing dedicated to ESG projects. It is also a clear demonstration of the collaborative efforts of multilateral development institutions in supporting the sustainable development aspirations of their common member countries.

Oussama Kaissi, CEO of ICIEC, said: “We are proud to partner with the AfDB in this transformative initiative, which aligns with our mission to bolster sustainable and inclusive development in member states. By providing this insurance cover, we are not only supporting the Republic of Côte d’Ivoire in realizing its ambitious National Development Plan but also assisting in improving the country’s funding terms under challenging market conditions. This is a testament to our commitment to fostering economic resilience and progress in emerging markets. This is the first risk participation arrangement between both institutions, which lays the ground for more cooperation in common member states. Cooperation between Africa-focused risk mitigation providers to de-risk investments and mobilize financing for common member states in Africa is in line with the objectives of the Africa Co-Guarantee Platform, in which both ICIEC and the AfDB are founding participants.”

African Development Bank Vice President for Finance and Chief Financial Officer Hassatou N’Sele expressed her pride in the innovative solutions the Bank is providing. She described this as another strong example of collaboration with peer institutions to scale up lending in line with the G20 recommendations on capital adequacy.

“We are delighted with the closing of this risk participation with ICIEC, a member of the Africa Co-Guarantee Platform housed at the African Development Bank, which brings together Africa’s risk mitigation providers to better collaborate for the benefit of our respective member countries.” She added, “This loan facilitated by the AfDB and ICIEC will help Cote d’Ivoire make further significant progress towards contributing to the SDGs and improving the quality of life of the Ivorian people given the myriad of global and regional challenges Africa is currently facing.”

Dubai, UAE, December 02, 2023: The Islamic Development Bank (IsDB), and its multilateral credit and political risk insurer “The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), signed a Collaborative Partnership Agreements with The International Renewable Energy Agency (IRENA) on December 2nd, 2023, on the sidelines of COP28’s celebrations. These significant agreements solidify IsDB and ICIEC's commitment to advancing the global energy transition and supporting sustainable development goals.

The partnership entails IsDB and ICIEC's membership in the Energy Transition Accelerator Financing Platform (ETAF), a multi-stakeholder climate finance solution managed by IRENA. ETAF aims to drive the global energy transition across IRENA's diverse membership, facilitating the implementation of Nationally Determined Contributions aligned with the Paris Agreement objectives and United Nations Sustainable Development Goals.

Through membership in ETAF, the IsDB looks forward to proactively contributing to the deployment of renewable energy solutions throughout its 57 member countries that span four continents within the USD 1 billion ETAF capital mobilization target by 2030. Furthermore, the IsDB Group is joining ETAF at two ends – financing and de-risking.

In his remarks during the signing ceremony, H.E Dr. Muhammad Al Jasser, Chairman of the IsDB Group, said: “The Bank’s membership and its pledge of USD 250 million for ETAF, as well as ICIEC’ membership, which is the credit and political risk insurance arm of the IsDB Group, reflect the Group’s resolve to accelerate climate finance and provide much needed de-risking, which is key to attracting private capital to this domain in the economic South.”

ICIEC will contribute its credit and political risk insurance solutions to support the (co-)financing of renewable energy projects recommended by ETAF for the benefit of common member countries. The collaboration capitalizes on ICIEC's expertise in credit and political risk insurance and its synergies with the broader reinsurance market.

Expressing his enthusiasm about the collaboration, Mr. Oussama Kaissi, CEO of ICIEC, stated, "This partnership with IRENA through the Energy Transition Accelerator Financing Platform marks a significant step towards realizing our commitment to fostering sustainable development in our member states. By leveraging our experience in credit and political risk insurance, we aim to support and accelerate the financing of renewable energy projects crucial for achieving global climate and development goals."

IRENA Director-General Francesco La Camera said, "To achieve climate and development targets, we must acknowledge that financing approaches vary by region, each with unique needs and criteria. By partnering with ETAF, IsDB and ICIEC are playing an important role in enhancing the platform's inclusivity, expanding its available tools and resources, and enabling more effective project support to be tailored to the distinct needs of more developing countries."

IsDB and ICIEC's collaboration with IRENA reflects a shared commitment to addressing climate challenges, promoting sustainable energy practices, and contributing to the broader global agenda. The partnership is poised to unlock financial support for renewable energy initiatives across the IsDB member states.

Jeddah, Saudi Arabia, December 10, 2023 , Moody's Investor Services (Moody’s) affirmed ICIEC’s Aa3 Insurance Financial Strength Rating (IFSR) with a stable outlook for the 16^th consecutive year. The affirmation of the rating reflects the strong fundamentals- ICIEC’s financial position, risk governance and continued support from its parent - the Islamic Development Bank (IsDB) and multiple sovereign members of the Organization of the Islamic Cooperation (OIC).

Moody’s highlighted the continuation of strengthening of the standalone credit quality of ICIEC over the recent past years as evidenced by the improved profitability, strong core market positions, diversified operation, very liquid invested portfolio and sufficient capital level.

ICIEC’s profitability remained resilient in 2022, with a combined ratio of 37.3% and net income of Islamic Dinar 8.2 million, benefitting from enhanced business-coverage, reduced risk and business/client concentrations, efficiency gains and substantial investment income.

Moody’s has assigned ICIEC’s ESG Credit Impact Score as neutral-to-low (CIS-2), for the second time, reflecting a limited impact from environmental and social factors on the rating. The Corporation's strong governance and predominant focus on credit and political risk insurance with its diversified portfolio help mitigate its exposure to ESG risks.

H.E. Oussama KAISSI, CEO of ICIEC, extends heartfelt congratulations to the Member Countries, esteemed ICIEC Board Members, and dedicated Staff for their unwavering commitment and consistent success. In alignment with IsDB Group initiatives, he reaffirms the management's steadfast dedication to prioritizing strategic objectives to support member countries by contributing to the development of Islamic finance and top initiatives such as green financing, ESG engagement, and fostering food security.

The CEO expresses gratitude and assures stakeholders that ICIEC is well-positioned to navigate the escalating instability in the international geopolitical arena, pledging to uphold financial stability and solvency throughout these challenges.

Dubai, December 04, 2023 – In a landmark event during COP 28, The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a multilateral credit and political risk insurer and a member of the IsDB Group and GE Energy Financial Services, Inc (GE Vernova) formalized their collaboration through a Memorandum of Understanding (MOU), aimed to bolster sustainable development and climate action across ICIEC's 49 member states.

The MOU, signed by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Nomi Ahmad, President & CEO of GE Energy Financial Services, Inc, establishes a cooperative framework to leverage ICIEC's suite of insurance and credit enhancement solutions, alongside GE Vernova's expertise in energy sectors with focus on renewable energy. It is envisaged that this collaboration will accelerate the deployment of capital, goods, and services necessary for sustainable energy projects in ICIEC member states.

In a statement highlighting the developmental potential of this cooperation, Mr. Oussama Kaissi, CEO of ICIEC, emphasized, "Our collaboration with GE Vernova is a significant stride towards fulfilling our mandate of promoting sustainable development and climate action. By combining our strengths, we are uniquely positioned to advance the Sustainable Development Goals and support our member states in meeting their commitments under the Paris Agreement. This partnership reflects our dedication to fostering economic growth while adhering to the principles of Shariah and upholding the highest environmental and social standards."

ICIEC and GE Vernova share a mutual aspiration of empowering economies and enhancing the quality of life through sustainable energy solutions.

Dubai, UAE, December 02, 2023: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a multilateral credit and political risk insurer and a member of the IsDB Group, proudly announces the unveiling of its Climate Change Policy and Environmental, Social, and Governance (ESG) Framework during COP28. The momentous launch was graced by H.E. Dr. Muhammad Sulaiman Al Jasser, the President of the Islamic Development Bank and Chairman of the Board of Directors of ICIEC, H.E. Francesco La Camera, the Director-General of International Renewable Energy Agency (IRENA), and Mr. Oussama Kaissi, the CEO of ICIEC.

The ICIEC Climate Change Policy reinforces our unwavering commitment to combatting climate change and serves as a blueprint for ICIEC’s to increase ICIEC’s intervention in sustainable projects and programs. Anchored on this policy, ICIEC pledges to upscale its support to initiatives aimed at reducing carbon emissions, safeguarding nature, and fostering sustainable economic growth.

To advance the role of climate action, ICIEC commits to assisting Member States in meeting their obligations under the Paris Agreement and champion investment and trade opportunities that enhance resilience and increase adaptability to climate change.

The ICIEC ESG Framework is a holistic tool showcasing our strong dedication to ESG principles. The framework emphasizes embedding ESG principles to ICIEC's operations, developing ESG-centric products and services, incorporating ESG imperatives into risk assessment and underwriting. Measures are implemented to promote sustainability throughout internal processes, including sourcing and resource usage practices.

In a statement, Mr. Oussama Kaissi, CEO of ICIEC, affirmed, "The launch of our Climate Change Policy & ESG Framework reflects ICIEC's commitment to sustainability. We aim to drive positive change, contribute to global climate objectives, and set new benchmarks for ESG excellence in insurance and development."

This significant initiative reaffirms ICIEC's policy thrust in promoting sustainable development and resilience in the face of climate challenges.

Dubai, UAE, 2 December 2023- The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a multilateral credit and political risk insurer and a member of the IsDB Group, and the Global Green Growth Institute (GGGI), forged a transformative partnership by signing a Memorandum of Understanding (MoU) during COP 28. The MoU was signed by ICIEC CEO Oussama Kaissi and Dr. Frank Rijsberman, Director General of GGGI.

The collaborative efforts between ICIEC and GGGI are poised to make a significant impact on sustainable economic development. The partnership encompasses linking ICIEC's credit and political risk insurance tools to funds, transactions, and projects in common Member and Partner States. A key focus is on scaling up climate-resilient agriculture and catalyzing the transformation of food systems in Africa and the Middle East, through the Africa and Middle East SAFE Initiative. Additionally, the two entities will jointly engage Member States to support their Nationally Determined Contributions, utilizing ICIEC's de-risking capabilities alongside multilateral and private sector financing. The collaboration extends further to providing thought leadership and support for the development of scalable risk mitigation structures, solidifying the commitment to fostering a greener and more resilient future. Furthermore, the partnership will include capacity building, knowledge product development, and the exchange of technical expertise in Climate Risk and Vulnerability Assessment.

Oussama Kaissi, CEO of ICIEC, emphasized the significance of the collaboration, stating, "This strategic partnership with GGGI underscores our unwavering commitment to sustainable economic development. By connecting ICIEC's insurance solutions to projects in Member States, we aspire to bring about a tangible impact, with a specific focus on the expansion of climate-resilient agriculture and the transformation of food systems in Africa and the Middle East. Our de-risking capabilities, in conjunction with active engagement in achieving climate goals and the creation of scalable risk mitigation structures, demonstrate our steadfast dedication to nurturing a greener and more resilient future. Going beyond financial instruments, our comprehensive approach encompasses capacity building, knowledge development, and the exchange of technical expertise in Climate Risk and Vulnerability Assessment."

Dr. Frank Rijsberman, Director General of GGGI, highlighted the collective impact of the collaboration. "There is a real opportunity to bring transformative change to the food systems in both the Africa and the Middle East regions," Dr. Rijsberman said. "De-risking and private sector financing will be key to realizing the potential and benefiting millions of people whose lives and livelihoods are under threat due to the climate crisis. Through this collaboration, we aim to develop scalable risk mitigation structures for a greener, more climate-resilient future," Dr. Rijsberman added.

ICIEC and GGGI play a pivotal role in advancing sustainable economic development, addressing climate challenges, and achieving global environmental goals.

Dubai, December 02, 2023 – In a significant move at COP 28, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a leading multilateral credit and political risk insurer, and the West African Development Bank (BOAD) have inked a Memorandum of Understanding (MOU). This collaboration marks a milestone in promoting economic integration and sustainable development in West Africa.

The MOU, signed by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Serge EKUE, President of BOAD, lays the groundwork for a synergistic partnership facilitating large-scale investments and bolstering economic and social development across common member states of ICIEC and BOAD. The core focus of the partnership is to address key areas such as climate change adaptation and communication projects.

This collaboration has been strengthened by the alignment of BOAD's mission to advance existing infrastructure and contribute to the economic integration of West Africa with ICIEC’s objective of enlarging trade transactions and investment flows. Both institutions aim to leverage this partnership to encourage direct investments and enhance the economic landscape of their common member states.

Speaking on this momentous occasion, Mr. Oussama Kaissi, CEO of ICIEC, stated, "This MOU with BOAD is a significant stride towards upscaling our shared goal of promoting economic growth and sustainable development in our common membership in West Africa. Our collaboration is set to unlock new avenues for investment and trade, enhancing our capacity to support impactful initiatives. By working together, we are not just aiming for economic growth but also nurturing a resilient and sustainable future for our member states."

Mr. Serge EKUE, President of BOAD highlighted "The focus will be on ICIEC providing insurance and credit enhancement solutions in common member states and supporting BOAD's financing operations. Additionally, a capacity-building plan related to credit insurance, particularly within ICIEC's proposed solutions, is a key component of this collaboration."

Dubai, UAE, December 01, 2023 — At the COP 28 event in the United Arab Emirates, a significant partnership was forged through the signing of a Non-Honoring of Sovereign Financial Obligation (NHSFO) agreement between The Islamic Corporation for the Insurance of Investment and Export Credits (ICIEC), a multilateral credit and political risk insurer and a member of the IsDB Group and Standard Chartered, a leading international cross-border bank. This pivotal agreement represents a major step in sustainable development and will support the funding of a key project for the Senegal government’s Ministry of Finance aimed at procuring and installing50,000 off-grid solar powered streetlamps across Senegal’s rural areas signifying substantial progress in the nation’s pursuit of renewable energy.

The agreement was officially signed by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Sunil Kaushal, CEO of Standard Chartered, Africa and the Middle East. This ambitious project, valued at EUR 103 million, aims to harness solar energy to power streetlights across Senegal's rural areas, improving the quality of life, and supporting economic activities reliant on consistent energy access. It promises enhanced safety and security through well-lit streets, extending business hours, encouraging community gatherings, and fostering local economic growth. Environmentally, the project underscores the importance of reducing carbon emissions and adopting eco-friendly energy practices.

Reflecting on the agreement, the CEO of ICIEC stated, "Our collaboration with Standard Chartered for the solar streetlight project in Senegal is a testament to our commitment to sustainable development in our member states. This initiative is not just about illuminating streets; it's about empowering communities, enhancing safety, and sparking economic growth in rural areas. By harnessing the power of solar energy, we are taking a significant step towards energy independence and security in Senegal, aligning perfectly with Sustainable Development Goals 7, 11, 10, and 17."

Mr. Sunil Kaushal, CEO of Standard Chartered Africa and Middle East, said, “Our continued partnership with ICIEC has supported strategic infrastructure projects in Senegal, making it the first Green Loan provided by the Bank to the Republic. The installation of solar-powered streetlamps will uplift the lives of local communities while supporting the Senegalese government’s climate goals. The Bank will continue to drive the development of the AME region by identifying financing opportunities for key infrastructure projects across a range of sectors” highlighted”