The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development Bank (IsDB) Group. ICIEC was established on 1st August 1994 (24 Safar 1415H), as an international institution with full juridical personality.
The idea for the establishment of an entity to provide investment and export credit insurance for Islamic States originated from the Agreement for the Promotion, Protection and Guarantee of Investment among Member States of the Organization of the Islamic Cooperation (OIC Investment Agreement).
Article 15 of the OIC Investment Agreement authorised the Islamic Development Bank, to establish an Islamic Institution for the Guarantee of Investments operating under Shari’ah principles, to provide insurance products for investments and export credits.
Following the OIC Investment Agreement, the Board of Governors of IsDB Group, at its 16th Annual Meeting held in Tripoli, Libya, in Sha’ban 1412H (February 1992), approved the Articles of Agreement of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), declaring its establishment.
The mandate of the Corporation is to promote trade transactions in its member countries and to facilitate the flow of foreign direct investment into these member countries in order to contribute to the socio-economic development of its member countries. The Corporation fulfils these objectives by providing Shari’ah-compliant credit and political risk mitigation and credit enhancement insurance and reinsurance solutions.
Article 15 of the OIC Investment Agreement authorised the Islamic Development Bank, to establish an Islamic Institution for the Guarantee of Investments operating under Shari’ah principles, to provide insurance products for investments and export credits.
Following the OIC Investment Agreement, the Board of Governors of IsDB Group, at its 16th Annual Meeting held in Tripoli, Libya, in Sha’ban 1412H (February 1992), approved the Articles of Agreement of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), declaring its establishment.
The mandate of the Corporation is to promote trade transactions in its member countries and to facilitate the flow of foreign direct investment into these member countries in order to contribute to the socio-economic development of its member countries. The Corporation fulfils these objectives by providing Shari’ah-compliant credit and political risk mitigation and credit enhancement insurance and reinsurance solutions.
The driving ambition behind the OIC Investment Agreement as a whole and the creation of ICIEC was to strengthen the economic relations among the Member States of the OIC on the basis of Islamic Shari’ah.
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