Jeddah, Saudi Arabia - The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Shariah-based multilateral insurer and member of the Islamic Development Bank (IsDB) Group, successfully concluded the 2024 Annual Meetings, having signed thirteen significant agreements and MoUs totaling US$ 689 million. These commitments with fifteen member countries and business partners span a broad spectrum of operations and projects across various sectors, further reinforcing ICIEC's dedication to sustainable economic development.

Under the theme "Cherishing our Past, Charting our Future: Originality, Solidarity, and Prosperity," the meetings featured ICIEC's active participation in the 2024 Private Sector Forum. This included the ICIEC’s High-Level Panel Discussion that highlighted the transformative role of Saudi investments in fostering economic growth across ICIEC Member States, in alignment with their national development agendas. The event brought together stakeholders from government, international organizations, financial institutions, and the tech industry to discuss strategies for navigating emerging geopolitical risks and exploring new investment opportunities.

Key agreements during the meeting included Reinsurance Treaty arrangements with Indonesia Eximbank and the Export-Import Bank of Malaysia Berhad, MoUs with AZPROMO of Azerbaijan for investment promotion, and substantial credit insurance and financing arrangements with Societe Generale and Deutsche Bank to support infrastructure and healthcare projects in Senegal and Côte d'Ivoire, respectively.

Moreover, ICIEC has expanded its collaborations  through new partnerships across various sectors. A cooperative framework with The Saudi Agricultural Development Fund (ADF) aims to enhance strategic initiatives, while a framework with the Federation of Contractors from Islamic Countries (FOCIC) focuses on knowledge sharing and capacity building within the insurance and contracting sectors. Additionally, agreements with Huawei Technologies Co., Ltd. and ZTE Corporation are set to strengthen telecommunications infrastructure across Member States, enhancing connectivity and access to modern technology. MoUs with the National Infrastructure Fund of Saudi Arabia (INFRA) aim to align efforts to support infrastructure projects with developmental impact and foster institutional cooperation. Furthermore, a significant partnership with Joint Stock Commercial Bank “Agrobank” and Standard Chartered Bank explores a long-term financing partnership to bolster economic development in Uzbekistan through Islamic financing products.  This is expected to yield EUR 150 million in support of SMEs in Uzbekistan.

These initiatives not only reflect ICIEC's strategic efforts to leverage Islamic finance for global development but also demonstrate a proactive approach to cultivating meaningful partnerships that supports  the economic objectives of our member states .

Mr. Oussama Kaissi, the CEO of ICIEC, emphasized the significance of these collaborations: "This year's Annual Meetings mark a defining moment for ICIEC as we celebrate three decades of dedicated service towards economic resilience and prosperity of our Member States. The agreements signed here span a diverse array of sectors and are a testament to our commitment to leveraging Islamic finance to foster sustainable development. Our discussions at the Private Sector Forum have underscored the critical role of Saudi investments in propelling growth across our Member States, exploring new horizons in emerging markets, and reinforcing our theme of cherishing our past while charting a prosperous future in a sustainable way."

As ICIEC celebrates its 30th anniversary, its role as the only Shariah-based multilateral export credit and investment insurance provider continues to be crucial in facilitating over USD 108 billion in trade and investments, promoting growth, and development in its Member States.

Riyadh, KSA - The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and key member of the Islamic Development Bank (IsDB) Group, is excited to announce the signing of a strategic Memorandum of Understanding (MoU) with the Export and Investment Promotion Agency of the Republic of Azerbaijan "AZPROMO".

This MoU was signed on the sidelines of the IsDB Group Annual Meeting 2024, in Riyadh, Saudi Arabia, by Mr. Oussama Kaissi, CEO of ICIEC, and and Mr. Yusif Abdullayev, Executive Director of AZPROMO.  The signing ceremony was witnessed by H.E. Mikayil Jabbarov, Minister of Economy of Azerbaijan and IsDB/ICIEC Governor, and H.E. Dr. Muhammad Al Jasser, Chairman of the Board of Directors of ICIEC.

This partnership aims to leverage the strengths of both organizations to create new opportunities for growth and prosperity. By working together, ICIEC and AZPROMO are committed to unlocking the full potential of Azerbaijan's economy and paving the way for a impactful investments and a brighter future.

Mr. Oussama Kaissi commented on the partnership, stating, " We are filled with optimism to announce our partnership with AZPROMO, an initiative that promises to revolutionize the economic landscape of Azerbaijan. This MoU serves as a testament to our mutual dedication to promoting sustainable development and economic diversification through the facilitation of foreign investment and the promotion of exports. We eagerly anticipate a productive collaboration that will undoubtedly yield substantial benefits for Azerbaijan ."

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 pleased to announce the signing of a Memorandum of Understanding (MoU) with the Agricultural Development Fund (Saudi Arabia). The signing took place on the sidelines of the IsDB Group Annual Meeting 2024 at  in Riyadh, Saudi Arabia. The MoU was signed by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Adel bin Abdullah Al-Jumaa, Chief Strategy Officer,  Agricultural Development Fund.

The MoU establishes a cooperative framework between ICIEC and the Agricultural Development Fund, designed to enhance mutual interests through strategic initiatives. These initiatives include capacity building on Islamic insurance, export credit insurance, and foreign investment insurance in to benefit the agricultural value chain in the Kingdom and other ICIEC member states. The MoU, in addition to strengthening the Fund’s employees’ understanding of ICIEC’s business model and services, will also facilitate its affiliations with relevant unions or professional associations to bolster professional development and cooperation.

Mr. Oussama Kaissi expressed his enthusiasm about this new partnership, stating, "Our partnership with the Saudi Agricultural Development Fund marks a significant advancement in our ongoing efforts to support economic growth through bespoke insurance solutions. We remain steadfast in our commitment to fostering a comprehensive understanding of our insurance models and cultivating a collaborative environment that will yield tangible benefits for the agricultural sectors within the Kingdom of Saudi Arabia and our member states ."

Riyadh, Saudi Arabia — In a landmark move to support the burgeoning Uzbek economy, 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 entered into a significant cooperation agreement with Joint Stock Commercial Bank Agrobank and Standard Chartered Bank. This collaboration was formally announced at the IsDB Group Annual Meeting 2024, held  in Riyadh.

The agreement, signed by ICIEC CEO Mr. Oussama Kaissi and Mr. Azamet Turaev, Deputy Chairman, Agrobank and Mr. Mazen Bunyan, CEO Saudi Arabia, Standard Chartered Bank, commits to exploring a long-term financing partnership designed to bolster economic development in Uzbekistan. It entails providing financing upwards of EUR 150 million, plus transaction costs, aimed at enhancing JSCB Agrobank’s capabilities to offer new Islamic financing products to its retail and other customers.

ICIEC CEO, Mr. Oussama Kaissi, announced that “the agreement represents a significant advancement in promoting economic growth and financial inclusivity through the use of Islamic finance. By combining their expertise and resources, ICIEC, JSCB Agrobank, and Standard Chartered are poised to deliver substantial economic benefits and innovative financial solutions to Uzbekistan, thereby contributing to the country's long-term economic resilience and prosperity”.

Riyadh, 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, has announced new financial collaborations with Sumitomo Mitsui Banking Corporation (SMBC), DIFC Branch. These non-payment insurance contracts support the export capabilities of member states, reinforcing ICIEC’s commitment to economic development through strategic partnerships.

During the IsDB Group Annual Meeting 2024 held  in Riyadh, ICIEC CEO Mr. Oussama Kaissi and Mr. Hideo Kawafune, CEO, SMBC Bank International plc, Managing Executive Officer and Head of EMEA Division SMBC Group, signed two insurance contracts. The first involves a US$50 million non-payment insurance-Bank Master Policy issued to SMBC to facilitate the financing of agricultural commodities exported from Saudi Arabia to ETC Agri Inputs FZE in the UAE. The second agreement extends a US$25 million insurance coverage for ICIEC member states’ exports to ETC Group, Mauritius, further supporting the agricultural sector’s growth across regions.

Mr. Oussama Kaissi expressed his excitement about the partnerships, stating, "These agreements with SMBC are not just financial transactions, but a testament to ICIEC’s role in fostering sustainable economic growth and food security within our Member States. By providing reliable insurance solutions, we are facilitating smoother trade flows and strengthening the ties between key players in the  agri-business value chain."

The new financial engagements are expected to significantly impact the agricultural sectors of the involved countries, promoting greater economic integration and cooperation among ICIEC member states. Through such strategic initiatives, ICIEC continues demonstrating its commitment to advancing economic development and trade facilitation underpinned by Islamic financial principles.

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 a significant insurance agreement with Deutsche Bank AG. This partnership was cemented with the signing of a Non-Honouring of a Sovereign Financial Obligation (NHFSO) insurance policy during the IsDB Group Annual Meeting 2024 in Riyadh. The signing was officiated by ICIEC CEO Mr. Oussama Kaissi and Mrs. Irina Dudkina, Head of Structuring at Deutsche Bank.

The NHFSO Insurance Policy facilitated a EUR 161.4 million financing arrangement by Deutsche Bank for the Government of the Republic of Côte d’Ivoire, represented by the Ministry of Economy and Finance. This strategic funding is earmarked for the construction of new general and regional hospitals in the cities of Kong and Odienne, significantly boosting the healthcare infrastructure in Côte d’Ivoire.

ICIEC CEO, Mr. Oussama Kaissi, remarked that “the partnership with Deutsche Bank represents a significant advancement in healthcare for Côte d’Ivoire. The strategic financing will facilitate essential infrastructure development and bolster the region's healthcare resilience, exemplifying ICIEC's commitment to fostering sustainable development through impactful collaborations”.

This initiative is part of ICIEC's broader strategy to support vital social infrastructure projects across its member states, promoting sustainable development and enhancing the quality of life for communities through improved healthcare facilities.

Riyadh, KSA - The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a leading Shariah-based multilateral insurer and esteemed member of the Islamic Development Bank (IsDB) Group, is proud to announce the signing of a Memorandum of Understanding (MoU) with the National Infrastructure Fund of Saudi Arabia (INFRA). This pivotal MoU was signed during the IsDB Group Annual Meeting 2024, which took place in Riyadh, Saudi Arabia, by ICIEC's CEO, Mr. Oussama Kaissi, and Eng. Esmail Alsallom, CEO of INFRA and witnessed by H.E. Dr. Muhammad Al Jasser, Chairman of the Board of Directors of ICIEC.

This MoU establishes a framework for cooperation between ICIEC and INFRA. Key initiatives include exploration of opportunities of mutual interest within the Kingdom in line with its developmental objectives, institutional cooperation and knowledge exchange through  continuation of dialogue and participation in relevant events. Additionally, the parties will coordinate participation in field-related activities and foster affiliations with relevant entities or professional associations to strengthen collaborative ties. Through this collaboration, ICIEC will support INFRA’s efforts to accelerate strategic infrastructure projects in the Kingdom, contributing to the goals of Saudi Vision 2030.

Mr. Oussama Kaissi, the CEO of ICIEC, expressed his pleasure about the agreement, stating, "We are delighted to enter into this collaboration with INFRA. Our joint efforts will focus on strengthening the economic frameworks within our member states. This MoU sets the tone of our shared commitment to promoting sustainable development through enhanced understanding and cooperation in insurance solutions and infrastructure development in the Kingdom."

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 ."