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”

Jeddah, Saudi Arabia: 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, is set to take center stage at COP28, as it announces the launch of its groundbreaking Climate Change Policy & ESG Framework and an agreement to join the Energy Transition Accelerator Financing (ETAF) Platform, managed by International Renewable Energy Agency (IRENA). In addition to these significant milestones, ICIEC will host two compelling side events that will address crucial issues in climate finance and mitigation.

During COP28, ICIEC is set to host two prestigious high-level events that will delve deep into critical aspects of climate finance and mitigation.

The first event will be held on December 1st, 2023, titled "Aggregation and Scalability in Accelerating Climate Finance for Development", and will provide an in-depth exploration of the vital themes of aggregation and scalability within climate finance. Esteemed panelists and experts will offer valuable insights and strategies aimed at expediting climate finance for sustainable development.

The second high-level event, to be held on December 2^nd, 2023, named "The Vital Challenges of De-risking in Bridging the Climate Finance Gap for Mitigation," will shine a spotlight on the pivotal significance of de-risking in addressing the substantial climate finance gap for mitigation efforts. Our esteemed panel of experts will not only shed light on the complexities of mitigating climate risks but will also present innovative solutions to facilitate climate finance on a larger scale.

Mr. Oussama Kaissi, CEO of ICIEC, stated, “ ICIEC's engagement at COP28 marks a momentous occasion in the global fight against climate change. The launch of the Climate Change Policy & ESG Framework, the commitment to ETAF, and the hosting of two influential side events exemplify ICIEC's proactive role in fostering sustainability and resilience worldwide”.

Marrakesh, Morrocco: In a significant step toward strengthening local currency financing solutions, 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 Currency Exchange Fund N.V (TCX) ceremoniously inked a Memorandum of Understanding (MoU). This landmark alliance was solidified in the vibrant city of Marrakesh on the sidelines of the Annual Meetings of the World Bank Group and the IMF.

This strategic collaboration aims to provide alternative financing solutions in local currency to ICIEC Member States. It underscores both entities' commitment to enhancing the economic landscape of these states by offering blended insurance and hedging structures to ICIEC policyholders consistent with Islamic principles.

"This collaboration marks a pivotal moment in our ongoing efforts to support our Member States. By joining forces with TCX, we can offer more comprehensive solutions, blending insurance with currency risk hedging, ensuring sustainable and transparent financial growth in our regions," said Mr. Oussama Kaissi, Chief Executive Officer of ICIEC.

Under this MoU, both parties will actively share information and insights, driving mutual projects that can benefit from their collective support. They will jointly foster local currency financing to be provided by ICIEC Policyholders and hedged by TCX. Additionally, training sessions and workshops will be organized in relevant countries to raise awareness about local currency financing and hedging solutions.

The signing of this MoU not only fortifies the commitment of both ICIEC and TCX to their foundational objectives but also paves the way for a more resilient and inclusive financial ecosystem in the Member States.

Jeddah, Saudi Arabia: 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, is poised to play a prominent role in the highly anticipated 2023 London Sukuk Summit. This year's summit, themed "The Future of Sukuk Innovation through ESG & Green Sukuk - The Mitigation of Risks Against the Backdrop of Volatile Markets," promises to be a significant event for the exchange of groundbreaking ideas and insights within the realm of Islamic capital markets. With a particular emphasis this year on ESG (Environmental, Social, and Governance) considerations, green finance, and risk mitigation, the Summit holds even greater relevance given the current global market volatility.

During the Summit, Mr. Oussama Kaissi, CEO of ICIEC, will deliver a Keynote Address titled "The Importance of Credit Rating & Risk Mitigation Tools for Sukuk Issuance." His speech is anticipated to offer invaluable insights into the pivotal role of credit rating and risk mitigation tools in the dynamic landscape of Sukuk issuance. ICIEC’s profound expertise in the field positions it as a distinguished authority in Islamic finance and risk management.

In addition, ICIEC will host a significant side event titled " Credit Enhancement of Sovereign Sukuk - the Case of ICIEC’s Sukuk Insurance Policy "scheduled for Wednesday, November 1st, 2023, at 13:50 (GMT+1). The panel discussion will address the critical issue of mitigating default risks associated with sovereign Sukuk amidst today's fluctuating financial climate, offering valuable insights given the current unpredictabilities influencing Sukuk's performance.

Mr. Kaissi, stated, "The 2023 London Sukuk Summit is a testament to the ever-evolving landscape of Islamic finance. ICIEC's presence signifies our dedication to advancing Islamic finance and supporting our member states' economic growth and stability. Our innovative product, the 'Sovereign Sukuk Insurance Policy,' is a groundbreaking solution designed to insure sovereign Sukuk issued by ICIEC Member States. It facilitates access to Shariah-compliant financing from international capital markets, thereby supporting the funding of essential developmental projects."