The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the International Federation of Islamic Takaful and Insurance Companies (IFTI) signed today a ground-breaking Memorandum of Understanding (MOU) in a move designed to boost the development of the Islamic insurance sector.

The MoU was signed by Mr Oussama KAISSI, the Chief Executive Officer of ICIEC, and Mr Reda Amin Dahbour, the Chairman of IFTI.

Under the terms of the MoU, ICIEC, being the insurance arm of the Islamic Development Bank Group, and IFTI, an umbrella entity for Islamic Takaful and insurance companies around the world, have agreed on a general framework to facilitate cooperation on their common goals, and on a range of collaborative initiatives and programs.

One of the main objectives of the MOU is to promote the Islamic insurance industry and support the member institutions of the Federation in providing the best solutions and services while strengthening the technical capabilities of the workforce in the field of Islamic insurance. ICIEC, through IFTI, will support member institutions and companies operating in the Islamic insurance domain and encourage them to introduce and promote export credit insurance as new products among their offerings.

Under the broader terms of the MoU, both institutions agree to cooperate in organizing seminars and courses for employees and providing coordinated technical support. ICIEC avails its reinsurance services to IFTI for export credit insurance. The MoU explicitly encourages the rest of the OIC companies to introduce export credit and foreign investment insurance products as new.

Oussama KAISSI, CEO of ICIEC, welcomed the signing of the MoU. “There are excellent synergies between our organizations. We are looking forward to working together with IFTI to promote our common objectives in contributing to the promotion of Islamic insurance, supporting institutions and companies in introducing Export Credit insurance, and encouraging more operators to introduce them as new products.”