Riyadh, KSA — The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a premier Shariah-based multilateral insurer and a member of the Islamic Development Bank (IsDB) Group, is thrilled to announce the signing of a Quota Share Retakaful Treaty with Indonesia Eximbank. The signing ceremony took place during the IsDB Group Annual Meeting 2024 in Riyadh, with ICIEC CEO Mr. Oussama Kaissi and H.E. Rijani Tirtoso, Executive Director/Chairman of Indonesia Eximbank, formalizing the agreement.

This strategic agreement provides retakaful expertise and capacity through a Quota Share Treaty, specifically designed to support the launch of Indonesia Eximbank’s new Export Credit Takaful product/program. The business anticipated to be insured under this treaty for the year 2024 is estimated at USD 13 million.

ICIEC CEO Mr. Oussama Kaissi stated, “This partnership represents a significant advancement in our joint efforts to enhance export credit mechanisms through Shariah-compliant solutions. By leveraging our retakaful expertise with Indonesia Eximbank’s robust financial services, we aim to empower exporters and drive economic growth in Indonesia and within the region. This partnership serves as a prime example of how strategic collaborations can lead to the development of innovative financial products that support sustainable economic development.”

The agreement marks a milestone in the development of Islamic financial instruments and strengthens the economic ties between ICIEC and Indonesia, aiming to support exporters and contribute to economic stability and growth in the Islamic world.