Riyadh, Saudi Arabia — the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and a member of the Islamic Development Bank (IsDB) Group, has announced new financial collaborations with Sumitomo Mitsui Banking Corporation (SMBC), DIFC Branch. These non-payment insurance contracts support the export capabilities of member states, reinforcing ICIEC’s commitment to economic development through strategic partnerships.

During the IsDB Group Annual Meeting 2024 held  in Riyadh, ICIEC CEO Mr. Oussama Kaissi and Mr. Hideo Kawafune, CEO, SMBC Bank International plc, Managing Executive Officer and Head of EMEA Division SMBC Group, signed two insurance contracts. The first involves a US$50 million non-payment insurance-Bank Master Policy issued to SMBC to facilitate the financing of agricultural commodities exported from Saudi Arabia to ETC Agri Inputs FZE in the UAE. The second agreement extends a US$25 million insurance coverage for ICIEC member states’ exports to ETC Group, Mauritius, further supporting the agricultural sector’s growth across regions.

Mr. Oussama Kaissi expressed his excitement about the partnerships, stating, “These agreements with SMBC are not just financial transactions, but a testament to ICIEC’s role in fostering sustainable economic growth and food security within our Member States. By providing reliable insurance solutions, we are facilitating smoother trade flows and strengthening the ties between key players in the  agri-business value chain.”

The new financial engagements are expected to significantly impact the agricultural sectors of the involved countries, promoting greater economic integration and cooperation among ICIEC member states. Through such strategic initiatives, ICIEC continues demonstrating its commitment to advancing economic development and trade facilitation underpinned by Islamic financial principles.