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.

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.”