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.

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 ."