On June 9, 2022, Cairo, Egypt. The Board of Governors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) approved an ID600 million (around $805 million) increase in capital for the Shariah-compliant multilateral insurer during its 29th Annual Meeting held in Sharm El Sheikh, Egypt on June 4 2022.

On June 5, 2022, Jeddah, KSA. ICIEC signed a wide-ranging Memorandum of Understanding (MoU) with Export Bahrain, in which ICIEC will provide export credit insurance services in support of small and medium-sized enterprises (SMEs) in the country. The MoU was signed by Oussama KAISSI, CEO of ICIEC, and Mrs Safaa Abdulkhaliq, Acting CEO of Export Bahrain. Under the MoU, ICIEC will use its expertise and knowledge of local and global markets, especially OIC member countries, to provide institutional support to Export Bahrain in developing and enhancing the export capabilities of Bahraini SMEs to these markets. The parties agreed to exchange economic and trade information and statistics regularly and for ICIEC to organize technical training courses relating to the export credit and investment insurance ecosystem for Bahraini officials, exporters and allied services.

On June 4, 2022, Sharm El Sheik, Egypt. The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Insurance arm of the (IsDB) Group, has released its Annual Report and Audited Financial Statements for 2021 upon approval from its Board of Governors on June 4, 2022. ICIEC has once more demonstrated resilience in a year of unprecedented risks, shifting priorities and continuing global impacts of the Pandemic. In 2021, ICIEC insured a near-record of $9.8 billion, with corporate net results equally strong at $9.3 million, significantly surpassing targets. Since its inception, ICIEC has supported exports, imports, and foreign direct investments with a total of $83.3 billion.

On June 3, 2022, Cairo, Egypt. ICIEC has signed a Memorandum of Understanding (MoU) with the Federation of Afro-Asian Insurers and Reinsurers (FAIR) to foster greater cooperation to encourage business collaboration among their members. Under the MoU, there will be greater cooperation between FAIR and ICIEC on sharing insurance and reinsurance information, regulatory guidelines, emerging insurance needs, market gaps, ICIEC’s added value in risk mitigation, and credit enhancement for the benefits of common countries of coverage/operations. The MoU was signed by Oussama Kaissi, CEO of ICIEC, and Mo’men Mukhtar, Secretary-General of FAIR.

On June 3, 2022, Sharm El Sheik, Egypt. ICIEC has signed a Memorandum of Understanding (MoU) to cooperate with one of Egypt’s most prominent companies to accelerate climate action in the ICIEC Member States. The MoU between ICIEC and El-Sewedy Electric provides a framework for joint action in promoting climate action and water projects, in line with the ICIEC Climate Action Guidelines and El-Sewedy Electric’s Sustainability Strategy 2020-2023. The MoU was signed by Oussama KAISSI, CEO of ICIEC, and Ahmed El-Sewedy, Chairman and CEO of El-Sewedy Electric.

On June 3, 2022, Sharm El Sheikh, Egypt. ICIEC and Saudi EXIM Bank signed reinsurance agreements during the Islamic Development Bank Group’s Private Sector Forum (PSF), which will help facilitate trade finance flow into and out of the Kingdom of Saudi Arabia. The Facultative Reinsurance Agreement will see ICIEC provide reinsurance to Saudi EXIM Bank coverage of confirmed documentary credits. The agreement encompasses documentary credits confirmed by Bank AlBilad and Arab National Bank – the original policyholders – and will create additional capacity for Saudi EXIM Bank to support exporters and importers of essential goods and services in Saudi Arabia. Under the agreement, ICIEC’s reinsurance will protect against commercial and political risks of issuing banks in the ICIEC Member States. The combined approved limit for the reinsurance agreements is $138 million over a 12-month tenure.

On June 3, 2022, Sharm El Sheik, Egypt.  ICIEC and UAE-headquartered Tabarak Investment Capital have signed an insurance policy that will provide tailored insurance cover for exporting and importing Sharia-compliant goods and services.

On June 3, 2022, Sharm El Sheik, Egypt. ICIEC and the Arab Republic of Egypt, represented by the Ministry of Trade and Industry and two other partners of the Arab-Africa Trade Bridges (AATB) Program, have signed a Framework Agreement to increase economic integration and support sustainable growth in all Arab and African countries.

On June 3, 2022, Sharm El Sheik, Egypt. The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has signed a Memorandum of Understanding (MoU) with the Arab Republic of Egypt and the Federation of Egyptian Industries (FEI) to facilitate cooperation and promote trade and investment opportunities for Egyptian industries.

On May 19, 2022.  ICIEC and the International Federation of Islamic Takaful and Insurance Companies (IFTI) signed a ground-breaking Memorandum of Understanding (MOU) in a move designed to boost the development of the Islamic insurance sector. The MoU was signed by Oussama KAISSI, the CEO of ICIEC, and Reda Amin Dahbour, the Chairman of IFTI. Under the agreement, ICIEC, as the insurance arm of the Islamic Development Bank Group, and IFTI, an umbrella entity for Islamic Takaful and insurance companies around the world, have a general framework to facilitate cooperation on their common goals and a range of collaborative initiatives and programs.