Jeddah, March 24, 2024 – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a multilateral credit and political risk insurer and a member of the IsDB Group has achieved a significant milestone by attaining an “AA-” long-term issuer credit and financial strength rating from Standard & Poor’s (S&P), with a stable outlook and the highest within its peer group globally.

The rating report considers ICIEC’s Enterprise Risk Profile (ERP) as ‘strong’ under S&P’s Multilateral Lending Institutions (MLI) criteria, underpinned by the Corporation’s supportive shareholder base, strong Preferred Creditor Treatment (PCT), and unique policy role of conducting all business in Shariah-compliant manner.

Moreover, S&P assesses ICIEC’s Financial Risk Profile (FRP) as ‘very strong’ under its insurance criteria, as ICIEC’s capital adequacy shows a significant buffer above the 99.99% confidence, as measured by its insurers’ new risk-based capital model, Additionally, the Corporation maintains exceptional liquidity, further affirming its upscaled financial strength.

“I extend my heartfelt congratulations to the Member States, the esteemed Members of the ICIEC Board of Directors, and dedicated Staff for their unwavering commitment and consistent success.” said Mr. Oussama Kaissi, CEO of ICIEC. “In alignment with IsDB Group initiatives, we reaffirm our steadfast dedication to prioritizing the Group’s strategic objectives to support member states by contributing to the development of Islamic finance and key initiatives such as green financing, ESG engagement, and fostering food security.” added Mr. Kaissi

The “AA-” rating from S&P reflects ICIEC’s solid financial position, sound risk management and governance practices. It also underscores the Corporation’s ability to navigate challenging economic environments and its commitment to supporting sustainable economic growth and development in member countries.