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, today signed a memorandum of understanding (MoU) with the Arab Contractors (AC).
The MoU was signed by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Sayed Abd ElKhalek, Board Member of the AC, under the aegis of the IsDB Group Private Sector Forum themed ‘Partnerships to Fend Off Crises’ at the 30th Annual Meetings of ICIEC held in conjunction with the 48th Annual Meetings of the Board of Governors of the IsDB on 10-13 May 2023 at the Ritz-Carlton Hotel in Jeddah, Saudi Arabia.

The MoU aims to provide a general framework to facilitate co-operation between ICIEC and the Arab Contractors in promoting green, resilient and sustainable infrastructure. It will also focus on multi-modal transport, social infrastructure, urban development and water sanitation; agriculture and rural development as well as ICT and digitalization in Egypt and other ICIEC Member States.

Riyadh, KSA 

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, is proud to announce that it is the recipient of the prestigious Global Trade Review (GTR) Leaders in Trade Award for Islamic Finance in Trade. This esteemed accolade was presented to ICIEC during the GTR Saudi Arabia awards ceremony on May 9, 2023. 

The GTR Leaders in Trade Awards celebrate innovation, excellence, and growth in the trade, commodity, supply chain, and export finance markets, with a specific emphasis on Islamic finance. This award underscores ICIEC's unwavering commitment to supporting and promoting trade within the Islamic world, fostering economic development, and driving sustainable growth. 

ICIEC CEO, Mr. Oussama Kaissi, expressed appreciation for the recognition, stating, "It is with immense pleasure that we receive the GTR Leaders in Trade Award for Islamic Finance in Trade. This award serves as recognition for ICIEC's dedication to providing our member states with comprehensive, world-class Islamic insurance and risk management services. We remain committed to driving transformative change in the sector, and we thank GTR for acknowledging our efforts in championing Islamic finance in trade." 

Since its establishment, ICIEC has been actively involved in its member states' economic growth and development by offering Shariah-compliant insurance and reinsurance solutions, reducing trade and investment risks, and promoting the expansion of trade within the Organization of Islamic Cooperation countries. The GTR Leaders in Trade Award cements ICIEC's position as a leader and pioneer in the Islamic finance industry. 

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 co-organising the IsDB Group Private Sector Forum as a side event at the 48^th Annual Meetings of the Board of Governors of the IsDB on 10-13 May 2023 in Jeddah, Saudi Arabia.  

The theme of the High Level Panel Discussion (HLPD), which will be held from 10:00 am to 13:30 pm on 11^th May at the Ritz- Carlton Hotel in Jeddah, is “Partnerships to Fend Off Crises”.  ICIEC CEO, Mr Oussama Kaissi, will give the opening remarks, which will be followed by three sessions. 

The HLPD will comprise three sessions – one showcasing four country presentations from Indonesia, Azerbaijan, Jordan and Mauritania highlighting investment opportunities in renewable energy, food security, and tourism and the other two panel discussions – the first one on renewable energy, food security, and tourism aims to address the current challenges in financing initiatives and projects in various sectors, including food security, enhancing sustainable tourism, and growth of the Green Economy in the above countries. And the second one will discuss the importance of FDI attractiveness, especially in making projects and financing bankable to enhance investors’ confidence and certainty with the help of ICIEC’s de-risking solutions in investing in the relevant countries in the vital food security, tourism and Green Economy sectors in the above countries. 

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, commented: “We are delighted to partner once again with our sister entities in the IsDB Group to participate in this annual IsDB Group Private Sector Forum, which has proven to be popular, rewarding and incisive for the 2,000-plus delegates that usually attend. ICIEC has a strong record of engaging with the private sector and other partners, as the various case studies have shown of our involvement in providing guarantees, reinsurance capacity and credit and investment insurance for transactions in several of our Member States”. 

“Since inception ICIEC has insured US$95 billion in trade and investment, including US$75.8 billion for trade and US$19.2 billion for investment. Renewable energy, food security, and tourism are core sectors for ICIEC activities. We are committed to continuing our support to our 49 Member States through impactful smart, and win-win partnerships in helping them achieve their respective development agendas in line with the UN SDGs and ensuring that no one is left behind, especially in these challenging and uncertain times.” 

Jeddah, The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, is pleased to organize a Capacity Building Program for the Users of the OIC Business Intelligence Center (OBIC), targeted at Supporting Credit and Investment Decisions.

The program is titled: The Role of Credit Information Sharing and Business Intelligence in Supporting Trade and Investment Decisions, and it is a unique opportunity for the participants in the program to increase their knowledge and understanding about the OBIC, its core business areas, and the services it will be offering. Participants will gain insight into how to effectively use the OBIC platform as an improved credit risk management tool that also facilitates access to finance for trade and investment, as well as the mitigation of risks related to those activities. Moreover, the OBIC will contribute to the development and enhancing the maturity of credit reporting ecosystems in the OIC Member States.

The program will focus on the importance of credit information and data sharing when it comes to decision-making with regard to the evaluation of the environments for potential investments, the flow of intra-trade, and boosting the export sector to other parts of the world.  This is in addition to supporting Member States in the development and implementation of their business intelligence strategies.

The three-day program will feature presentations, workshops, and interactive discussions with industry experts, along with real-life case studies and examples.

This is an exceptional opportunity for the potential users of the OBIC to gain a better understanding of credit information, data sharing, and business intelligence, and will serve to equip them with the tools and knowledge to make credit and investment decisions.

Jeddah, Kingdom of Saudi Arabia- The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group, is pleased to announce that its Board of Directors (BOD), during its 121st meeting, has approved   to appoint Dr. Khalid Khalafalla as the new Chief Executive Officer (CEO) of ICIEC, effective 16 December 2024.

In his tenure within the IsDB Group, which began when he joined as a Young Professional in 2005, Dr. Khalafallah has held multiple senior roles. These include serving as ICIEC Officer-in-Charge since May 2024,   Principal Executive Assistant in the IsDB President’s Office, and contributing extensively to ICIEC’s operations in various capacities from 2007 to 2017.

Commenting on his new role, Dr. Khalid Khalafalla said:  “I am honored to serve as the Chief Executive Officer of ICIEC. It is a privilege to lead an institution that has a long-standing legacy of supporting sustainable development, facilitating trade and investment, and promoting inclusive growth in its member states. I look forward to working closely with our exceptional team, the Board of Directors, and our valued partners as we continue to advance ICIEC’s mission and amplify its positive impact in global markets.”

The Chairman of the Board of Directors congratulates Dr. Khalafalla on his appointment and extends its full support as he assumes leadership. Under his leadership, ICIEC is poised to strengthen its strategic partnerships, enhance product offerings, and reinforce its position as a global leader in facilitating secure and sustainable trade and investment flows.

ICIEC takes great pride in nurturing its leadership skills internally and has run a series of leadership transformation workshops. This is an unusual, even non-traditional, path to really boost internal leadership skills and help ICIEC to develop the way it delivers its important mission.

The program, which started in October 2021 and ran through until February 2023, aimed to help leaders – and potential leaders – to master the skills and competencies for effective performance in the digital world with a modern approach to enhancing positive working practices and an upbeat and enthusiastic working atmosphere.

In practical terms, the leadership transformation workshops included a series of both group and individual activities and experiences to boost performance. This included identifying and developing the competencies required for good leadership, increasing staff morale, motivation, and productivity, promoting heightened decision-making, creating and building better teams and training leaders on how to become transformational of those teams.

Through six leadership workshop modules, ICIEC management explored how to understand their role as a leader, develop executive presence, become transformational leader, lead and managing change, and build a results-oriented culture while cultivating effective communication and collaboration.

Jeddah, KSA

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, and the Libyan Export Promotion Center (LEPC) signed a Memorandum of Understanding (MoU) to facilitate cooperation between both parties in mutually agreed areas.

The agreement was signed by Mr. Oussama Kaissi, Chief Executive Officer of ICIEC, and Mr. Mohammed Ali Al-Deeb, Director General, of the LEPC.

The MoU between ICIEC and LEPC is a major step forward in providing export credit and investment insurance facilities to Libyan institutions and companies. The MoU covers a broad range of activities, such as organizing introductory seminars for Islamic insurance, export credit and investment insurance; providing technical support to local insurers; introducing foreign investments into Libyans’ export projects; participating in related activities organized by other parties; exchanging information on exporters based in Libya looking for export credit insurance. This partnership will help create an environment that encourages businesses to invest more confidently while expanding the scope of their operations abroad.

Commenting on the MoU Mr. Oussama Kaissi said “We are delighted to announce our new partnership with the Libyan Export Promotion Center! This agreement will increase and diversify Libyan exports, strengthening our efforts in export credit reinsurance. We believe this will provide much-needed support for businesses in Libya during these challenging times”.

The Libyan Export Promotion Center is a government entity affiliated with the Ministry of Economy and Trade, Libya. It was established with the aim of encouraging, developing and diversifying Libyan non-oil exports, spreading the culture of export among the parties related to its activity, and providing the necessary technical, administrative and financial support to Libyan and export institutions to facilitate the access of their products to global markets.

Jeddah, KSA

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has been honoured with the Islamic Finance News Award in the prestigious IFN Indonesia Deal of the Year 2022 for its " Sidra Capital's US$ 80 million ICIEC Insurance Cover ". ICIEC will receive the award during the IFN Dubai Awards Ceremony, Conrad Dubai, to be organized on the 16^th of March, 2023.

ICIEC was named the recipient of the IFN Deal of the Year for its US$ 80 million political risk insurance cover extended to SIDRA Capital, which supported SIDRA Capital in securing a Shariah-compliant loan facility to PT MCT (Asia Trading) in Indonesia. The facility is used to fund transactions involving suppliers and operators in the mining and nickel trading sectors, specifically, to help SME mines have access to finance, assisting local mining companies in bridging the current financing gap.

The facility also promotes Islamic Finance in Indonesia and is an important source for foreign direct investment and foreign exchange for Indonesian companies, and is a good route towards economic integration between the OIC Member States. ICIEC’s cover for SIDRA Capital’s political risk of the financing aims to help underpin and support UN Sustainable Development Goals (SDGs), mainly towards decent work, economic growth and responsible consumption and production.

Mr. Oussama KAISSI, Chief Executive Officer of ICIEC, expressed his appreciation to Islamic Finance News for the IFN Indonesia Deal of the Year 2022, noting that this is an opportunity to present ICIEC's strength in providing support for major and meaningful development initiatives. He noted that this award illustrates the great potential of Islamic Finance and is proud that ICIEC is part of this expanding industry.

The IFN Awards ceremony is one of the most distinguished events in the Islamic finance industry, bringing together financial institutions and intermediaries from around the world to celebrate the accomplishments of law firms, financial service providers, fintech companies, and banks. The awards honour industry leaders and highlight the growing influence of Islamic financial services.

ICIEC, a member of the Islamic Development Bank (IsDB) Group, is committed to helping support the growth and reduce uncertainties in the member states and the world during a time of unparalleled risk and uncertainty. ICIEC's steady and reliable contribution to the economic growth of its member states is acknowledged and praised, even during unpredictable times, proving itself as a resilient force for impactful development.

Abu Dhabi, UAE

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, today signed a wide-ranging Memorandum of Understanding (MoU) with Abu Dhabi Future Energy Company (Masdar) which is set to give a major boost to the transition to renewable and clean energy in markets of mutual interest to both entities.

The MoU was signed by Mr. Oussama Kaissi, Chief Executive Officer of ICIEC, and Mr. Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, during the Abu Dhabi Sustainability Week, held between 15-19 January 2023.

Under the MoU, the two parties agree to co-operate “in promoting joint action in the origination, financing, and execution of renewable energy projects through ICIEC’s insurance support in its member states.”

Among ICIEC’s mandate is to promote the flow of foreign investments among and into its member states and enlarge the scope of trade transactions between them. This includes support for transitioning to clean energy through the generation of electricity from renewable non-emitting sources and, eventually the transition to a Green Economy whilst ensuring sustainable economic growth.

Masdar is similarly mandated to develop commercially viable renewable energy projects in the Middle East & North Africa (MENA) and international markets. In December 2021, Masdar launched a global clean energy powerhouse partnership with ADNOC, Mubadala and Taqa intended to spearhead the drive to net-zero carbon by 2050.

The partnership will have a combined current, committed, and exclusive capacity of over 23 Gigawatts (GW) of renewable energy, with the expectation of reaching over 50GW total capacity by 2030. The expanded Masdar entity will become one of the largest clean energy companies of its kind and be well-positioned to lead the industry on a global scale.

Masdar and ICIEC share a common interest in contributing to the growth of renewable energy in ICIEC member states, including in the MENA region, and to the international climate finance architecture. ICIEC is positioned to play a key role in private sector engagement through the credit enhancement its policies provide to financial institutions on the one hand and the access it has to its Member State national and sub-national bodies who are the custodians of the relevant Climate Action projects and transactions.

Mr. Oussama Kaissi, CEO of ICIEC, welcomed the signing of this landmark MoU. “Co-operation between ICIEC and Masdar would bring about better co-ordination and more efficient implementation of their respective activities to the benefit of renewable energy production in ICIEC Member States. At ICIEC, each of our insurance policies, whether the policyholder is a financial institution, specialized company, or contractor, that offers cover against political and commercial risks, can contribute to the flow of Climate Action-related investment, specialized technology and equipment or services into its Member States thereby contributing to the goals of the Paris Climate Agreement and UN SDG Agenda.”

The Islamic Corporation for the Insurance of Investment & Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group, welcomes the accession of the Republic of Azerbaijan as its 49^th member state.  

ICIEC insurance solutions catalyze strategic projects and improve its member states' investment attractiveness.

ICIEC will work closely with the Government of Azerbaijan to support economic and social infrastructure projects in trade, agriculture, energy, water, sanitation, and urban services and with the private sector to improve access to finance. ICIEC supports Azerbaijan's 2030 National Priorities for Socio-Economic Development by achieving sustainable economic growth and high social welfare and their priority for a clean environment and a country of "green growth". ICIEC's presence as an investment partner provides a measure of reassurance and encouragement to other potential investors seeking opportunities in Azerbaijan. The investment projects often provide employment, enhanced, modern and efficient infrastructure, and better quality of life for citizens. Mr Oussama Kaissi, CEO of ICIEC, welcomed Azerbaijan, stating: "The Republic of Azerbaijan's membership opens the door for its private and public sectors to benefit from risk mitigation and credit enhancement solutions offered by ICIEC to expand their exports and promote foreign direct investment inflow. Similarly, it allows exporters, banks and investors from other member and non-member states, to cover political and commercial risks related to their operations in Azerbaijan."