Latest news with #DocumentaryCreditInsurancePolicy
Leaders
4 days ago
- Business
- Leaders
ICIEC, Al Baraka Bank Sign Shariah-Compliant Trade Insurance Deal
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-compliant multilateral insurer and member of the Islamic Development Bank Group, has signed a Documentary Credit Insurance Policy (DCIP) with Al Baraka Islamic Bank BSC Bahrain. This partnership is aimed at enhancing support for Shariah-compliant trade finance by increasing security and confidence within international trade transactions. Mitigating Risk in Cross-Border Trade Through the agreement, ICIEC will provide insurance coverage for the confirmation of Letters of Credit (LCs) issued by Al Baraka Islamic Bank. Moreover, these LCs are connected to the import and export of Shariah-compliant goods and services. The DCIP is designed to help reduce payment risks in cross-border trade while encouraging sustainable economic development across ICIEC member states. Dr. Khalid Khalafalla, CEO of ICIEC, emphasized the strategic value of the collaboration: 'This strategic collaboration with Al Baraka Islamic Bank reflects ICIEC's commitment to advancing intra-OIC trade and investment. By supporting Shariah-compliant trade finance through our Documentary Credit Insurance Policy, we are facilitating secure trade flows while empowering Islamic banks to broaden their offerings to clients.' Dr. Adel Salem, CEO of Al Baraka Islamic Bank BSC Bahrain, highlighted the significance for the bank and the broader economy: 'We are delighted to partner with ICIEC on this pioneering credit insurance policy, which empowers us to extend Shariah-compliant trade finance to our clients, bolster Bahrain's role as a regional hub for Islamic banking, and stimulate sustainable economic growth across member states worldwide. This collaboration underscores our commitment to innovation and robust risk management, giving the businesses we serve greater confidence to expand in global markets.' Advancing Islamic Finance, Economic Inclusion The DCIP is an essential tool for Islamic banks, enabling them to expand trade finance activities while minimizing commercial and political risk exposure. Additionally, this policy aligns with ICIEC's broader mission to promote economic resilience, financial inclusion, and private sector growth in its member countries. Both ICIEC and Al Baraka reaffirmed their shared commitment to advancing Islamic finance, enhancing risk mitigation solutions, and contributing to inclusive and sustainable development across the OIC member states. Finally, this partnership marks a forward step in leveraging Shariah-compliant financial tools for global trade and economic growth. Related Topics : ICIEC, SAPICO Announce Strategic Partnership to Boost Trade, Investment Opportunities Saudi Arabia Announces Plan to Invest in Meat Self-Sufficiency Saudi Family Forum Launches National Framework for Children's Online Safety Board of Grievances Attains ISO 20000 Certification for IT Service Management Short link : Post Views: 8
Zawya
02-03-2025
- Business
- Zawya
Insurance of Investment & Export Credit (ICIEC) and International Islamic Trade Finance Corporation (ITFC) Sign Documentary Credit Insurance Policy to Boost Trade Facilitation for the Benefit of Member Countries
In a significant development for synergy and cooperation, the Islamic Corporation for the Insurance of Investment&Export Credit (ICIEC) ( and the International Islamic Trade Finance Corporation (ITFC) both members of the Islamic Development Bank (IsDB) Group signed a Documentary Credit Insurance Policy (DCIP). This strategic cooperation marks a robust step forward in managing and mitigating risks associated with Letters of Credit (LC) transactions involving Shariah compliant goods and services across OIC member countries and beyond, helping strengthen the economic resilience of these member countries. The policy will provide critical coverage for ITFC transactions, enhancing trade confidence and facilitating smoother financial operations in global trade involving Shariah compliant products and services, thereby benefiting the broader economic landscape of the member countries. It is designed to provide ITFC with a comprehensive risk management tool to safeguard its LCs Confirmation transactions. The initiative seeks to address inherent risks associated with international trade and these robust risk mitigation measures are poised to support increased trade volumes among member countries, thereby contributing to the enhancement of intra-OIC trade as well as international trade. Increased trade strengthens the bonds between these countries, ensuring that risks are managed adeptly and contributing to sustainable development and overall regional prosperity. Speaking on the occasion, Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said: 'This policy is a testament to our commitment to fostering secure and robust trade finance solutions, in perfect synergy with our fellow IsDB Group member, ITFC. With the DCIP, we are not only strengthening ITFC's ability to manage inherent risks in LC transactions but also uniting our efforts to promote smoother and more reliable trade flows among Shariah compliant markets, ultimately benefiting all our member countries.' Nazeem Noordali, Officer-in-Charge CEO of ITFC, added: 'This Documentary Credit Insurance Policy is a crucial step in fortifying trade resilience across our member countries. By mitigating risks associated with Letters of Credit transactions, ITFC is reinforcing its commitment to fostering secure and seamless trade flows that support economic stability and sustainable development. Our collaboration with ICIEC ensures that businesses and financial institutions have the confidence and security needed to expand their trade activities, ultimately driving economic development and greater prosperity for our Member Countries'. 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@ Contact: Tel: +966 12 646 8337 Fax: +966 12 637 1064 E-mail: ITFC@ Follow us on: X: Facebook: LinkedIn: YouTube: Instagram: Twitter: @ITFCCORP Facebook: @ITFCCORP LinkedIn: International Islamic Trade Finance Corporation (ITFC) About ICIEC: ICIEC commenced operations in 1994 to strengthen economic relations between OIC member countries 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 member countries. 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: About ITFC: The International Islamic Trade Finance Corporation is a member 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 socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided over 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.
Zawya
02-03-2025
- Business
- Zawya
ICIEC and ITFC sign documentary credit insurance policy to boost trade facilitation for the benefit of member countries
Jeddah, Kingdom of Saudi Arabia: In a significant development for synergy and cooperation, the Islamic Corporation for the Insurance of Investment & Export Credit (ICIEC) and the International Islamic Trade Finance Corporation (ITFC) both members of the Islamic Development Bank (IsDB) Group signed a Documentary Credit Insurance Policy (DCIP). This strategic cooperation marks a robust step forward in managing and mitigating risks associated with Letters of Credit (LC) transactions involving Shariah compliant goods and services across OIC member countries and beyond, helping strengthen the economic resilience of these member countries. The policy will provide critical coverage for ITFC transactions, enhancing trade confidence and facilitating smoother financial operations in global trade involving Shariah compliant products and services, thereby benefiting the broader economic landscape of the member countries. It is designed to provide ITFC with a comprehensive risk management tool to safeguard its LCs Confirmation transactions. The initiative seeks to address inherent risks associated with international trade and these robust risk mitigation measures are poised to support increased trade volumes among member countries, thereby contributing to the enhancement of intra-OIC trade as well as international trade. Increased trade strengthens the bonds between these countries, ensuring that risks are managed adeptly and contributing to sustainable development and overall regional prosperity. Speaking on the occasion, Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said: 'This policy is a testament to our commitment to fostering secure and robust trade finance solutions, in perfect synergy with our fellow IsDB Group member, ITFC. With the DCIP, we are not only strengthening ITFC's ability to manage inherent risks in LC transactions but also uniting our efforts to promote smoother and more reliable trade flows among Shariah compliant markets, ultimately benefiting all our member countries.' Nazeem Noordali, Officer-in-Charge CEO of ITFC, added: 'This Documentary Credit Insurance Policy is a crucial step in fortifying trade resilience across our member countries. By mitigating risks associated with Letters of Credit transactions, ITFC is reinforcing its commitment to fostering secure and seamless trade flows that support economic stability and sustainable development. Our collaboration with ICIEC ensures that businesses and financial institutions have the confidence and security needed to expand their trade activities, ultimately driving economic development and greater prosperity for our Member Countries'. About ICIEC ICIEC commenced operations in 1994 to strengthen economic relations between OIC member countries 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 member countries. 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: , follow us on X | Facebook | LinkedIn | YouTube | Instagram Media Contact: Rania Binhimd, Strategic Planning and Communications Division| Email:Rbinhimd@ About ITFC The International Islamic Trade Finance Corporation is a member 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 socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided over 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. Contact: Twitter: @ITFCCORP Facebook: @ITFCCORP LinkedIn: International Islamic Trade Finance Corporation (ITFC) E-mail: ITFC@
