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.