Marrakesh

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group, hosted its Annual Meeting on April 4th, 2019 at the Palmeraie Resort in Marrakesh, Morocco in celebration of its 25th Anniversary. 

The event was generously hosted by the Government of Morocco. Mr. Zouhair Chorfi, Secretary General of the Ministry of Economy and Finance of Morocco congratulated ICIEC on reaching this important milestone.  

The event marked 25 years of consistent support from ICIEC in contributing to sustainable economic development among its Member Countries. ICIEC is the only multilateral export credit and investment insurance corporation in the world that provides Shariah-compatible insurance and reinsurance products. Since its establishment, ICIEC has facilitated over USD $42 billion in trade transactions and USD $10 billion in foreign direct investments in Member Countries. 

The celebration was attended by Islamic Development Bank (IsDB) Group sister organizations, representatives of ICIEC’s 45 members countries, and partners from within and outside the OIC. The evening provided an opportunity to celebrate the Corporation’s economic impact in supporting exporters, investors, financial institutions and export credit agencies. 
The efforts of the organization’s management and staff, both past and present, were recognized as a key contributor to its success. ICIEC’s Chief Executive Officer, Mr. Oussama Kaissi, recounted the humble beginnings of the organization, “Beginning with just 7 applications in 1416H (1995) for export credit insurance policies, ICIEC now plays a meaningful role in contributing to the development of, and economic cooperation among, its Member Countries.”

The evening also presented an ideal opportunity to highlight the organization’s current successes and its promising future. Today, ICIEC is an award-winning, global trade insurance institution with an Aa3 credit rating by Moody’s. It is a co-founder of the Aman Union, a forum for OIC risk insurers and reinsurers, as well as a member of the Berne Union, the leading global association for the export credit and investment insurance industry. In 2018, ICIEC launched the second Annual Development Effectiveness Report (ADER), which highlights the organization’s role in supporting the sustainable development goals (SDGs) of Member Countries. Mr. Kaissi emphasized the importance of sustainability to ICIEC, stating, “We are committed to achieving the UN’s 2030 Agenda and the 17 Sustainable Development Goals (SDGs), which are fully aligned with the IsDBG’s long-term priority to promote progress and prosperity in Member Countries.”

As ICIEC celebrates this important occasion, it stands ready to meet the challenges of the future. President Hajjar encouraged ICIEC and its partners, saying, “our meeting today takes place amid a new set of challenges and strained economic, social and political conditions. We must ready ourselves to respond to these challenges and take advantage of the opportunities that await.”