Cairo, Egypt

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has signed a Memorandum of Understanding (MoU) with the Federation of Afro-Asian Insurers and Reinsurers (FAIR) to foster greater cooperation to encourage business collaboration among their members.

Under the MoU, there will be greater cooperation between FAIR and ICIEC on sharing insurance and reinsurance information, regulatory guidelines, emerging insurance needs, and market gaps, ICIEC’s added value in risk mitigation, and credit enhancement for the benefits of common countries of coverage/operations.

The MoU was signed by Oussama A. Kaissi, CEO of ICIEC, and Mo’men Mukhtar, the Secretary-General of FAIR.

Oussama Kaissi, CEO of ICIEC, said the MoU will help garner a more holistic approach to business collaboration for both parties. He added: “This framework is a landmark agreement because it will promote greater cooperation between members of FAIR and ICIEC, including fostering increased technical assistance, training and capacity building.”