logo
Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) to organize OIC Business Intelligence Centre (OBIC) Capacity Building Program on Business Intelligence and Information Sharing in Jakarta

Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) to organize OIC Business Intelligence Centre (OBIC) Capacity Building Program on Business Intelligence and Information Sharing in Jakarta

Zawya17-02-2025

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (https://ICIEC.ISDB.org), a Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group is proud to announce the organization of its upcoming event the Capacity-Building Programme for Users of the OIC Business Intelligence Centre (OBIC), scheduled during the period 18-20 February 2025 Jakarta, Indonesia.
This pivotal event will bring together leading experts and practitioners in credit information and business intelligence to explore the role of information sharing and business intelligence in supporting trade and investment decisions across OIC member states.
The event will focus on OBIC's vision and the importance of information sharing for trade and investment, while the Technical Sessions will address digital transformation and business intelligence trends and outlook, emphasizing topics such as the digitalization of SMEs and Investment Promotion Agencies (IPAs) services, with the examples of some platforms like the AMAN Union Database Centre. Additionally, discussions will cover the use of statistical resources for credit, trade, and investment data, along with investment outlooks in OIC countries and data collection and analysis.
Dr. Khalid Khalafalla, CEO of ICIEC, stated, "The OBIC initiative is a transformative step in strengthening the business intelligence landscape across the OIC region. It fosters enhanced information sharing and builds the capacity of member states, laying the foundation for more informed trade and investment decisions. The Jakarta event represents a significant milestone in realizing our vision to create a sustainable, data-driven ecosystem that supports the growth and development of OIC member states."
Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
Media Contact :
Rania Binhimd,
Strategic Planning and Communications Division|
Email: Rbinhimd@isdb.org
Follow us on:
X : https://apo-opa.co/4gHhvzr
Facebook : https://apo-opa.co/4gKehvb
LinkedIn : https://apo-opa.co/4i0VH2L
YouTube : https://apo-opa.co/42YazL2
Instagram : https://apo-opa.co/4gEWJAF
About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):
ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is uniquely the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 50 Member States. ICIEC, for the 17th consecutive year, maintained an "Aa3" insurance financial strength credit rating from Moody's, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. Additionally, ICIEC has been assigned a First-Time 'AA-' long-term Issuer Credit Rating by S&P with Stable Outlook. ICIEC's resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 121 billion in trade and investment. ICIEC activities are directed to several sectors - energy, manufacturing, infrastructure, healthcare, and agriculture.
For more information, visit: https://ICIEC.ISDB.org

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Qatar Islamic Bank Partners with Visa to Boost Cross-Border B2B Payments
Qatar Islamic Bank Partners with Visa to Boost Cross-Border B2B Payments

Fintech News ME

time2 days ago

  • Fintech News ME

Qatar Islamic Bank Partners with Visa to Boost Cross-Border B2B Payments

Qatar Islamic Bank (QIB) has partnered with Visa to enhance cross-border business-to-business (B2B) transactions. The collaboration involves the integration of the Visa B2B Connect platform, which will enable corporate clients to transfer funds from Qatar to 120 countries in a secure and streamlined manner. The platform is designed to support businesses in conducting international transactions more efficiently, aiming to improve the reliability and security of cross-border payments. QIB's adoption of Visa B2B Connect aligns with its broader strategy to strengthen international payment corridors and provide clients with cost-effective and consistent transfer services. Tarek Fawzi, General Manager, Wholesale Banking Group at QIB, said: 'By leveraging cutting-edge technology and digital advancements, we're able to process account-to-account transfers promptly, helping businesses stay competitive and contributing to the broader economic landscape.' QIB is the first Islamic bank in Qatar to adopt the Visa B2B Connect platform, adding to its existing international money transfer services and expanding its digital payment capabilities. Shashank Singh, Visa's Vice President and General Manager for Qatar and Kuwait, said: 'Visa B2B Connect provides seamless, secure and efficient global money movement solutions for financial institutions and their corporate clients. The solution also supports the Qatar government's efforts to drive digital innovation in the financial and business sector.' International money transfers often involve complexities, but this new network aims to improve transparency and predictability. These features may support better financial planning and strategic decision-making for businesses operating across borders.

Saudi Digital Bank D360 Eyes Series A in 2025, Targets Global Investors
Saudi Digital Bank D360 Eyes Series A in 2025, Targets Global Investors

Fintech News ME

time4 days ago

  • Fintech News ME

Saudi Digital Bank D360 Eyes Series A in 2025, Targets Global Investors

Saudi Arabia's digital bank D360, backed by the Public Investment Fund (PIF), is in preliminary discussions with potential global investors as it prepares for a Series A funding round slated for the second half of 2025. The Shariah-compliant bank, which began operations in December, aims to complete the fundraising in the first quarter of 2026, according to Chief Executive Officer Eze Szafir in an interview with Bloomberg. This follows D360's successful raising of approximately US$500 million from existing shareholders, including the PIF and Derayah Financial Co. Szafir did not specify the size of the upcoming round but said the funds would support efforts to expand services to small and medium-sized enterprises (SMEs), in line with Saudi Arabia's economic diversification objectives under Vision 2030. 'We're looking for new investors in the international landscape, most probably from Europe or the US, with the same quality we have here with the PIF and Derayah,' Szafir told Bloomberg. The bank also plans to launch comprehensive lending services for individuals and SMEs later this year. To prepare for the funding round, D360 has appointed former JPMorgan Chase & Co. banker Mohammed Nazer as Chief Financial Officer to oversee the process. Nazer said the bank expects to appoint advisers to manage the Series A round by the end of July. D360 is among the first institutions to receive a digital banking licence in Saudi Arabia and currently serves over 1 million users. It is targeting 4 million account holders ahead of a potential public listing within the next four years. By leveraging data-driven strategies and modern technologies, the bank aims to support the development of Saudi Arabia's digital financial infrastructure in alignment with Vision 2030. The move comes as the Saudi Central Bank (SAMA), continues to update regulatory frameworks to facilitate digital transformation in the financial sector. SAMA has prioritised innovation and financial inclusion by licensing new digital banking players as part of efforts to modernise the Kingdom's banking system and bolster financial resilience. This regulatory push has contributed to electronic payments accounting for 79% of all retail transactions in Saudi Arabia in 2024, up from 70% in 2023, according to SAMA. The central bank also reported that non-cash retail transactions totalled 12.6 billion in 2024, compared with 10.8 billion the year before, reflecting ongoing growth and adoption of digital payments nationwide.

International Islamic Trade Finance Corporation (ITFC)'s 2024 Annual Report Highlights Record Trade Support, Empowering Organisation of Islamic Cooperation (OIC) Economies and Expanding Global Impact
International Islamic Trade Finance Corporation (ITFC)'s 2024 Annual Report Highlights Record Trade Support, Empowering Organisation of Islamic Cooperation (OIC) Economies and Expanding Global Impact

Zawya

time4 days ago

  • Zawya

International Islamic Trade Finance Corporation (ITFC)'s 2024 Annual Report Highlights Record Trade Support, Empowering Organisation of Islamic Cooperation (OIC) Economies and Expanding Global Impact

The International Islamic Trade Finance Corporation (ITFC) ( a member of the Islamic Development Bank (IsDB) Group, is proud to announce the release of its 2024 Annual Report, titled 'Reaching New Frontiers.' The report captures a landmark year showcasing a period of transformative growth, expanded geographic reach, record trade finance approvals, and strengthened commitments to sustainable and inclusive development across its Member Countries. In 2024, ITFC demonstrated agility and resilience amidst persistent geopolitical and economic challenges, prioritizing trade finance, facilitation, and trade development to support member countries' national development agendas. Highlights from the 2024 Annual Report Record Trade Finance Approvals In 2024, ITFC approved a total of US$ 7.3 billion in trade finance across 110 operations in 26 countries. Of this amount, US$ 6.7 billion was successfully disbursed Notably, 38% of the approved financing was directed toward Least Developed Member Countries (LDMCs), underscoring ITFC's commitment to inclusive development Furthermore, 41% of the total portfolio, equivalent to US$ 3 billion, was allocated to non-energy sectors such as agriculture, healthcare, and financial services ITFC successfully mobilized US$ 4.2 billion through Islamic syndications in 2024, representing 57% of its total trade finance approvals. Accelerating Intra-OIC Trade A total of US$ 4.85 billion was dedicated to promoting trade among OIC member countries, marking a 6.5% increase compared to 2023 These intra-OIC trade approvals accounted for 67% of ITFC's total trade finance operations, reinforcing the Corporation's role in fostering regional economic integration and cooperation Strengthening the Private Sector In a continued effort to support private sector growth, ITFC provided US$ 1.2 billion in financing, reflecting a 14% increase over the previous year This support reached 47 financial institutions and included engagements with 19 new clients across Africa, the Middle East, and Central Asia Delivering on Food Security Commitments To address food insecurity, ITFC approved US$ 1.75 billion in financing for agriculture and food-related operations across 10 OIC countries Since the launch of the IsDB Group's Food Security Response Program (FSRP) in 2022, ITFC has mobilized US$ 4.73 billion in food security financing, exceeding its initial commitment of US$ 4.5 billion. ITFC financing has helped Member Countries secure stable supplies of essential food commodities, reduce price volatility, and support agricultural resilience. In Tajikistan alone, ITFC's food security financing contributed to reaching over 200,000 households—benefiting nearly 900,000 individuals—by ensuring access to staple goods such as wheat, sugar, and edible oil. Sustainability Milestone ITFC launched its first Environmental and Social (E&S) Policy in October 2024 The policy rollout included a 10-year E&S action plan, a 5-year carbon reduction strategy, and strengthened governance to embed ESG principles across all operations The report also highlights that the Corporation was ranked at the top as Mandated Lead Arranger and Bookrunner in global Islamic syndications by both Refinitiv and Bloomberg, a reflection of its global leadership and strong investor confidence. Additionally, the 2024 Annual Report spotlights the achievements of ITFC's flagship programs: The Arab Africa Trade Bridges (AATB) Program actively supported the development of regional value chains by hosting targeted B2B meetings and launching Africa's first textile and leather standards program, paving the way for improved quality and competitiveness across the continent The Aid for Trade Initiative for the Arab States (AfTIAS 2.0) Program saw the implementation progress on 21 ongoing projects across Arab States, with a strategic focus on job creation, trade facilitation, and export development. These initiatives continue to empower local economies and enhance regional trade capacity Trade Connect Central Asia+ (TCCA+): ITFC advanced regional integration among six Central Asian countries through projects that promote agri-business development, investment attraction, and food security, strengthening economic ties and resilience in the region The Global SMEs Program expanded its footprint in West Africa and officially launched in Cameroon, enhancing access to trade finance and advisory services for small and medium-sized enterprises and fostering inclusive economic growth In addition to its flagship programs, ITFC delivered a diverse range of integrated trade solutions and targeted interventions in 2024 that reflect its holistic development approach. Through tailored capacity-building programs, reverse linkage initiatives, and trade facilitation tools, ITFC addressed specific needs across sectors such as energy, agriculture, finance, and trade policy. Highlights include the Indonesian Coffee Export Development Program enhancing sustainable farming practices; capacity-building workshops on Islamic finance in Nigeria, Tajikistan, and Azerbaijan; technical support to Togo and Mali's electricity sectors; and the rollout of electronic Certificates of Origin to boost cross-border trade in West Africa. With an eye on the future, ITFC remains steadfast in its commitment to addressing the evolving priorities of its Member Countries. By driving innovation, strengthening strategic partnerships, and delivering high-impact trade finance solutions, the Corporation is poised to chart new frontiers and accelerate progress toward sustainable and inclusive development across the OIC region. Read the full English version here- Read the full Arabic version here- Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC). Contact Us: Tel: +966 12 646 8337 Fax: +966 12 637 1064 E-mail: ITFC@ Social Media: Twitter: @ ITFCCORP Facebook: @ ITFCCorp LinkedIn: International Islamic Trade Finance Corporation (ITFC) ( About the International Trade Finance Corporation (ITFC) : The International Islamic Trade Finance Corporation (ITFC) is the trade finance arm of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socio-economic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$83 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries' needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store