Algiers – ICIEC signed a strategic Quota Share Retakaful Agreement (QSRA) with the Export-Import Bank of Malaysia Berhad (MEXIM) to provide Export Trade Credit Risk Takaful on a global scale.

The agreement was signed during the Annual General Meeting of the AMAN UNION in Algiers, Algeria on December 2024. The Agreement was signed by Dr. Khalid Khalafalla, CEO of ICIEC, and Ms. Nurbayu Kasim Chang, Acting President and Chief Executive Officer of MEXIM.

This strategic partnership through the signing of a QSRA, stress the two parties is aimed at providing comprehensive export credit risk protection on a global scale, empowering businesses and exporters to navigate the uncertainties of international trade, particularly in emerging and non-traditional markets. It also highlights the strong commitment both institutions have, to fostering sustainable economic growth. By leveraging the underwriting capabilities of ICIEC, this initiative strengthens our shared mission of promoting growth across member states.

The partnership enables both ICIEC and MEXIM to share risks more effectively, ensuring financial stability and supporting the continued expansion of trade and investment activities worldwide. This Retakaful agreement is a significant step forward in reinforcing the two entities are committed to safeguarding exporters against commercial and political risks, boosting confidence in global trade, and creating stronger synergies that will benefit all stakeholders.

“We are immensely proud to enter into this pivotal Retakaful partnership with MEXIM,” stressed Dr. Khalid Khalafalla, CEO of ICIEC. “This alliance significantly enhances our collective capabilities in providing comprehensive trade credit risk Takaful and reaffirms our steadfast commitment to facilitating sustainable economic growth across our member states. By integrating our resources and expertise, we aim to elevate the confidence of exporters and investors on a global scale, all while maintaining strict adherence to Shariah principles.”

Ms. Nurbayu similarly commented: “It is our privilege to partner with ICIEC in this collaborative Retakaful initiative. By leveraging ICIEC’s underwriting capacity, we are better positioned to safeguard Malaysian exporters against the uncertainties of commercial and political risks, particularly in exploring emerging and non-traditional markets. MEXIM is committed to fostering the growth of Malaysian exporters and currently offering tailored financial solutions and comprehensive coverage options facilitating business transactions in more than 50 countries across five continents. Hence, as a member of the AMAN UNION, this collaborative initiative with ICIEC will create stronger synergies, enabling comprehensive export protection to Malaysian exporters.”

This strategic partnership aims to bolster the global trade ecosystem by providing enhanced risk mitigation solutions for international trade. The Quota Share Retakaful Agreement allows both institutions to share risks more effectively, promoting financial stability and fostering increased trade and investment activities on a global scale.