Istanbul, Türkiye: From September 26 to September 28, 2023, the Hilton Istanbul Maslak hosted a groundbreaking event that brought together more than 80 distinguished attendees to explore the pivotal role of information sharing and business intelligence in supporting trade and investment decisions in the member states of the Organization of Islamic Cooperation (OIC). Organized as a capacity-building program for users of the OIC Business Intelligence Centre (OBIC), the event was co-organized by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, the IsDB’s Cooperation and Capacity Development (CCD) Department, and the IsDB Regional Hub Istanbul. Additionally, the event was co-sponsored by The Participation Banks Association of Türkiye (TKBB) and Turk Eximbank.

The event included an opening session featuring insightful speeches by key figures in the industry:

• Mr. Oussama KAISSI, the CEO of ICIEC, emphasized the significance of digitalization and automation for fostering development through trade and investment. He highlighted the opportunities presented by data abundance and technological advancements and stressed the importance of building robust information-sharing platforms.
• Dr. Walid Abdelwahab, Director of IsDB Regional Hub Türkiye, shared his perspective on the importance of information sharing and digital transformation in supporting economic growth within the OIC member states.
• The Participation Banks Association of Türkiye (TKBB) and the COMCEC Coordination Office (CCO) also provided valuable insights into the event's overarching theme.

One of the highlights of the event was a presentation and video showcasing the OIC Business Intelligence Centre (OBIC), shedding light on its mission to provide valuable information and analysis for enhancing economic cooperation and development among OIC member states.

A panel discussion on "How Digitalization and Business Intelligence Can Support Trade and Investment" further delved into the transformative potential of digitalization for economic growth and investment promotion. Presentations by ICIEC, ICCIA, and CCD/IsDB offered comprehensive insights into the fundamentals of business intelligence, digital transformation roadmaps for SMEs, and the digitalization of investment promotion services.

The second day of the event explored the theme of "Credit Information and the Importance of Information Sharing." Presentations by ICIEC, Creditreform, and Afrieximbank highlighted the significance of credit reporting, information sharing, and digital IDs in fostering financial inclusion and trade promotion.

On the third day, the focus shifted to the "Efficient Utilization of Statistical Sources of Information on Credit, Trade, and Investment." Presentations by SESRIC and ICDT introduced attendees to the collection and analysis of investment data, investment outlook in OIC member countries, and the efficient utilization of statistical resources for trade and investment information.

The event served as a platform for fruitful discussions, knowledge exchange, and the forging of valuable partnerships among attendees. It underscored the joint efforts of ICIEC, RH Türkiye, and IsDB’s Cooperation and Capacity Development Department in driving economic growth, promoting financial inclusion, and enhancing trade and investment decisions in the OIC member states.

The event's proceedings are expected to translate into tangible actions that contribute to the economic development of OIC member countries, further strengthening their role on the global economic stage.

As a testament to the event's success, Mr. Oussama KAISSI, the CEO of ICIEC emphasized, "Our collaborative efforts hold the transformative potential to usher in a new era in which information sharing and business intelligence will play a pivotal role in bolstering trade and investment within the member states of the Organization of Islamic Cooperation (OIC). This event stands as a defining milestone in our relentless journey, one where our unwavering commitment lies in nurturing economic cooperation and igniting the flames of sustainable development throughout the region."

Dr. Walid Abdelwahab, Director of IsDB Regional Hub Türkiye, elaborated “The partnership between IsDB and ICIEC in organizing this workshop will help to foster knowledge sharing and capacity development among OIC member countries in utilizing Business Intelligence for trade and investment decisions. By equipping participants with Business intelligence skills, IsDB Group contributes to building skills to drive economic growth and attract investments that will, in turn, lead to job creation, technology transfer, and further overall economic development of the IsDB Member Countries and the broader Islamic finance industry”.

Jeddah, Saudi Arabia
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, is delighted to announce the second version of its Capacity Building Program for the Users of the OIC Business Intelligence Center (OBIC). The event is scheduled for 26-28 September 2023 in the beautiful city of İstanbul, Türkiye, and the program revolves around the theme: "Role of Information Sharing & Business Intelligence in Supporting Trade & Investment Decisions."

The carefully curated program promises a deep dive into the significance of Digitalization and Business Intelligence in bolstering Trade and Investment. Among the notable technical topics to be covered by Speakers will be the relevance of Business Intelligence and Digital Transformation in shaping Business Decisions, understanding the pivotal role of Credit Information, and the imperative nature of information sharing. Furthermore, there will be a keen emphasis on effectively harnessing statistical data sources pertinent to Credit, Trade, and Investment.

Oussama Kaissi, CEO of ICIEC, expressed his enthusiasm about the initiative, stating, "The landscape of trade and investment is continuously evolving, and information sharing and digital intelligence stand as its bedrock. This program is a testament to ICIEC's dedication to fostering a future where decisions are grounded in knowledge and innovation."

The immersive three-day experience boasts an agenda filled with enlightening presentations, hands-on workshops, and invigorating discussions spearheaded by industry mavens. Attendees can look forward to real-world case studies and tangible examples that resonate with current market scenarios.

Jeddah, Saudi Arabia - In a significant move to foster collaboration and bolster trade and investment flows, The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group and a leading Shariah-compliant multilateral insurer, and Saudi Pak Industrial and Agriculture Investment Company Limited (SAPICO) announced the signing of a Memorandum of Understanding (MoU) for cooperation.

Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Rizwan Ahmed, CEO of SAPICO, signed the MoU, setting the stage for a strategic partnership that aims to facilitate trade and investment initiatives within the SAPICO joint venture.

Outlined in the MoU are extensive areas of collaboration, which encompass regular exchanges of crucial information, endeavors to boost proficiency in promoting trade and investment, and mutual backing in curating educational seminars and workshops. Furthermore, the MoU highlights a commitment to enhancing food security, broadening the scope of intervention, and directing support towards investments that fuel the creation of climate-resilient, renewable energy infrastructure in the country.

Reflecting on this collaboration, Mr. Oussama Kaissi, CEO of ICIEC, stated, "This MoU is a testament to our dedication to bolstering intra-trade and intra-investment between our member states, Saudi Arabia and Pakistan. By consolidating our resources, expertise, and strengths, we set the stage for enhanced trade and investment avenues with the potential to bring about significant positive transformations to both economies. Our alliance with SAPICO is a source of great enthusiasm, and our resolve to achieve shared success in our collaborative efforts is steadfast."

This partnership aligns with both parties' shared vision of fostering international trade and economic development and enhancing cooperation between the respective countries.

Jeddah, KSA- The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Insurance arm of the Islamic Development Bank (IsDB) Group, received a prestigious global award from the Global Brand Magazine as the "Leading Digital Economic Transformation Initiative" for its groundbreaking initiative for establishing OIC Business Intelligence Center (OBIC).

The award-winning initiative reflects ICIEC's commitment to embracing innovative technologies and fostering economic growth within the Organization of Islamic Cooperation (OIC) member states. By establishing the OBIC, which was endorsed by the Standing Committee for Economic and Commercial Cooperation of the Organization of the Islamic Cooperation (COMCEC) and the OIC Member States, ICIEC aims to drive digital transformation in economic ecosystems, ultimately contributing to sustainable development.

Mr. Oussama KAISSI, Chief Executive Officer of ICIEC, stating: “ICIEC is pleased to receive this prestigious award, which is a great recognition for the efforts made by ICIEC toward addressing the problem of obtaining reliable credit and business information in the OIC Member States, an obstacle that faces credit insurance and financing institutions, investors, investment promotion agencies and all related industries”. “While working on the implementation of the OIC Business Intelligence, ICIEC, as a multilateral institution, aims at leveraging digital innovation and not only set new industry standards but also to contribute to the growth and development and maturity of credit reporting ecosystems in the OIC Member States”.

Jeddah /Tashkent

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group and a leading Shariah-compliant multilateral insurer, has signed a Memorandum of Understanding (MoU) with the State Assets Management Agency of the Republic of Uzbekistan (UzSAMA).

The MoU, virtually signed by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Akmalkhon Ortikov, Director of UzSAMA, establishes a framework of cooperation towards strengthening trade and investment flows into the Republic of Uzbekistan.

Through the MoU, ICIEC and UzSAMA will collaborate in exchanging experiences in the privatization process to improve the managerial and technical skills of personnel at UzSAMA. This will foster close bilateral relations in various fields. Both parties have committed to advancing their cooperation to attract potential investors for privatized state assets in Uzbekistan.

Mr. Kaissi commented on the partnership: "We are thrilled to work with UzSAMA to enhance trade and investment ties between Uzbekistan and international markets. This MoU will support the Republic of Uzbekistan in achieving its national development plan for economic growth, diversification of revenue streams, and job creation."

In another development, Mr. Oussama Kaissi more recently also led a high-level ICIEC delegation to attend the Foreign Investors' Council Forum held in Tashkent, Uzbekistan, during which several key policy initiatives were unveiled and discussed including the New Investment Law, Single e-Window for Investors and Businesses, Tax Administration Matters, and the exciting Tashkent International Financial Centre Project.

“As a member of the IsDB Group and the only Shariah-compliant multilateral insurer in the world,” emphasised Mr Oussama Kaissi, “ICIEC is aligned with the vision to facilitate sustainable economic growth and development in Uzbekistan. Our comprehensive trade and investment insurance solutions serve as essential instruments to reduce risk and foster investor confidence and certainty. We believe that initiatives like these will shape the economic landscape of Uzbekistan, making it more appealing and secure for both domestic and foreign investors. We look forward to continued partnerships and collaborative efforts to bring prosperity and development to Uzbekistan and beyond.”

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group and a leading Shariah-compliant multilateral insurer, is set to launch a special book titled, "Senegal and ICIEC - Empowering Real Economy, Driving Development Impact," offering a unique insight into the successful collaboration between ICIEC and Senegal. The launch of the Book will take place on the 7th of July 2023 on the sidelines of the "Invest in Senegal Forum", scheduled to take place during the period of 6-8 July 2023 in Diamniadio, Dakar.

The launch ceremony will be inaugurated by H.E. Mme Oulimata Sarr, Minister of Economy, Planning and Cooperation of Senegal and IsDB/ICIEC Governor, and Mr Oussama Kaissi, CEO of ICIEC along with other high-level dignitaries and ICIEC partners.

The publication highlights the outlook for the Senegalese economy, the potential role of Islamic finance and Sukuk in the nation's economic landscape, the challenges ahead, and various case studies showcasing the positive impact of ICIEC operations across different economic sectors.

Over the past several years, ICIEC has supported numerous landmark transactions and projects in Senegal with an investment totaling US$3.6 billion through risk mitigation and credit enhancement solutions. Notable projects include Blaise Diagne International Airport (AIBD SA), Stade du Sénégal (Abdoulaye Wade Stadium), Dakar Expo Center, the Market of National Interest, Hann-Fann Wastewater Collector, and the Dakar Truck Station.

Senegal has been a member of ICIEC since 19 September 1995, and since then, there has been a deep and mutual partnership supporting the nation's development goals through th use of ICIEC’s risk mitigation products and services.

In conjunction with the launch, the CEO of ICIEC will conduct site visits to some notable projects supported by ICIEC in Diamniadio and Dakar to showcase the organization's achievements, positive impact and successful partnerships.

ICIEC CEO, Mr. Oussama Kaissi, said, "We are proud of the vital role that ICIEC plays in facilitating financial and insurance solutions that support sustainable and inclusive economic growth in Senegal. The launch of this booklet not only demonstrates our commitment to Senegal's development but also highlights the significant impact our partnership hashad so far. We eagerly anticipate further collaboration and innovation with Senegal to meet both the nation's development goals and market needs."

Jeddah, KSA- The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group, and the Joint-Stock Commercial Bank "Microcreditbank" (MKBANK) have signed a Memorandum of Understanding (MoU) to bolster collaboration aimed at supporting trade, exports and investments in the Republic of Uzbekistan.

The MoU was signed by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Jumaniyazov Ikram, Deputy Chairman of the Management Board of MKBANK.

Under the arrangement, both parties will work closely to identify potential areas for collaboration, provide technical assistance, and design and implement trade and investment initiatives.

The partnership aims to further develop the Islamic financial landscape and encourage sustainable development investments in Uzbekistan. Mr. Kaissi expressed his enthusiasm for the cooperation, saying, "ICIEC is committed to strengthening the ties between our two organizations, fostering sustainable growth and boosting trade and investment in Uzbekistan. This MoU allows us to combine our efforts and expertise to promote economic development in the country."

The Memorandum of Understanding marks a new chapter in the partnership between ICIEC and MKBANK and paves the way for a stronger, more prosperous Uzbekistan.

Jeddah, KSA

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 pleased to announce the signing of a US$42 million Facultative Reinsurance Agreement with the Saudi EXIM Bank (Saudi EXIM) for a Documentary Credit Insurance Sub-Policy Limit in favour of Riyad Bank with a tenor of up to 12 months.

The signing ceremony was held at the Ritz Carlton Hotel in Jeddah, Saudi Arabia, on the sidelines of the IsDB Group Annual Meetings, by Mr. Oussama Kaissi, CEO of ICIEC, and  Mr. Mohammed Al-Besher, Director General of the Insurance Department of Saudi Exim Bank. The Sub-Plicy comes under the master Facultative Reinsurance Agreements (FRA) signed by the two entities in 2021. Under the FRA, ICIEC will provide Shariah-compliant reinsurance covering up to 70% of Saudi Eximbank’s exposure under a Documentary Credit Insurance Policy Commercial and Political Risks (Multi Risk) issued to the Original Insured up to the agreed Credit Amount Limit.

The Sub-policy enables coverage of LCs confirmed by Ryiad Bank for  several Saudi commercial banks. It will also provide additional headroom capacity for the confirmation of LCs to support trade transactions by commercial banks in Saudi Arabia and ICIEC Member States. ICIEC’s cooperation with Saudi EXIM Bank has steadily grown over the years, with a current reinsurance agreement worth some US$140 million. This year, Saudi EXIM was named the winner of the ICIEC Awards for the Category of “Export Credit Agency of the Year 2023.” It marks Saudi EXIM’s critical support towards diversifying the Kingdom’s export base and contribution to intra-OIC trade. With a gross volume of financing and insurance services provided to exporters exceeding US$2.5 billion as at end of 2022, the contribution of Saudi EXIM to achieving the objectives of Saudi Vision 2023 is highly commendable.

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 pleased to announce the signing of a US$4 million Facultative Reinsurance Agreement (FRA) with KAZAKHEXPORT Insurance Company JSC.

The signing ceremony was held at the Ritz Carlton Hotel in Jeddah, Saudi Arabia, on the sidelines of the IsDB Group Annual Meetings, by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Aslan Kaligazin, CEO of KAZAKHEXPORT.

The transaction involves the financial leasing of TE33A ‘Evolution’ type mainline locomotives to Azerbaijan Railways for a tenor of 36 months. ICIEC is supporting KAZAKHEXPORT with a 70% reinsurance coverage of the total insurance limit of US$5.6 million.

The FRA covers the commercial risk of the project under the relevant leasing agreement.

The Annual Report and Audited Financial Statements for the year 2022 of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)  were approved by the Meeting of its Board of Governors held on 5/13/2023 during the 2023 Annual Meetings of the Islamic Development Bank Group (IsDB) at the Ritz-Carlton Hotel in Jeddah, Saudi Arabia.

ICIEC’s Annual Report reveals the Corporation's commitment to operational resilience despite the prevailing global challenges, delivering outstanding results for clients, partners, and shareholders. The Report showed a 19% year-on-year increase in the volume of insured trade and investment transactions for 2022, reaching USD 11.6 billion. Additionally, the Report announces a surge in business, with commitments increasing by 27% from the previous year, totaling USD 4.0 billion. The 2022 Annual Report also shows the ICIEC's support of post-pandemic and recovery efforts of MSs, with USD 1.4 billion, composed of USD 528 million of support to the healthcare sector, USD 824 million support to imported essential commodities, and USD 62 million support to SMEs for pandemic's economic impacts.

The Report also indicates that ICIEC was able to maintain its position as a top-rated institution in the Credit and Political Risk Insurance industry with its Moody's "Aa3" rating for 15 consecutive years. Additionally, the Corporation prioritized food security and energy transition as urgent and potential areas of the business to be added to the achievements made during 2022, where a business worth of USD 3.26 billion was insured in Africa, USD 6.01 billion in Asia, USD 1.96 billion in Europe, USD 0.4 billion in the Americas, and USD 0.01 billion in Oceania.

As part of increasing its membership and geographic coverage in the OIC, ICIEC welcomed the Maldives as a new member state. It is worth noting that ICIEC's membership grew to 48 member states in 2022.

Mr. Oussama Kaissi, CEO of ICIEC, said, "To overcome the complex global challenges we face, we must come together and combine diverse skills and resources, including socially responsible projects that contribute to achieving the UN SDGs. ICIEC's tireless efforts to support post-pandemic recovery and forge new partnerships while insuring trade and investment in our MSs, demonstrate a commitment to growth and regeneration in the new paradigm."