Latest news with #ICIEC
Zawya
27-05-2025
- Business
- Zawya
ICIEC pledges to support Nigeria's economic agenda
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), has pledged to support Nigeria's economic agenda by de-risking major infrastructure investments and unlocking financing for private sector-led development. The Director of Legal Affairs of ICIEC, Mr Hassan Idris, reaffirmed ICIEC's commitment to supporting Nigeria's economic agenda, when he led a high-level delegation from the Corporation to visit the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, on Monday in his office in Abuja. Idriss highlighted ICIEC's readiness to provide credit and political risk guarantees that can catalyse both domestic and international capital flows into projects that drive growth and job creation. Earlier, Edun explained the Federal Government's economic blueprint as part of efforts to deepen financial collaboration and accelerate the delivery of priority infrastructure across the country. The Minister emphasised the importance of leveraging risk mitigation tools to crowd in private investment, particularly in sectors such as energy, transportation, and housing. Mr. Edun said, 'We appreciate ICIEC's continued support for initiatives that directly improve productivity and livelihoods. By backing commercially viable, socially impactful infrastructure, ICIEC is helping Nigeria build a more inclusive economy, one where the private sector is empowered to create jobs and drive innovation'. Mohammed Manga, Director, Information and Public Relations, said the visit marks a renewed commitment to aligning financial instruments with President Bola Ahmed Tinubu's infrastructure priorities and signals stronger cooperation in mobilising resources that deliver real, measurable benefits to the Nigerian people.
Zawya
26-05-2025
- Business
- Zawya
ICIEC secures 9 strategic deals and agreements worth more than $700mln to spur development across its member states
Concluded under the Annual Meeting theme 'Diversifying Economies, Enriching Lives,' the signings reinforce ICIEC's role as a catalyst for trade and investment across its 50 Member States ALGIERS, Algeria, -- The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) ( a Shariah-based multilateral insurer and member of the Islamic Development Bank (IsDB) Group, closed the IsDB Group Annual Meetings in Algiers (19‑22 May 2025) on a high note, finalising 9 agreements and Memoranda of Understanding (MoU) valued at more than USD 700 million. Concluded under the Annual Meeting theme 'Diversifying Economies, Enriching Lives,' the signings reinforce ICIEC's role as a catalyst for trade and investment across its 50 Member States. They cover a wide spectrum of strategic sectors, including food‑security supply chains, reinsurance, trade finance, energy, transport, infrastructure, and investment promotion—illustrating the breadth of the Corporation's mandate to de‑risk development projects with Shariah‑compliant insurance and reinsurance solutions. Highlights include an inward quota‑share treaty with Algeria's CAGEX that supports Algerian exports; partnership frameworks with Nigeria's NEXIM Bank; and Non‑Honouring of Financial Obligations policies, backing more than EUR 518 million of structured financings arranged by Standard Chartered. These policies secure projects such as Côte d'Ivoire's landmark Tour F government complex, Türkiye 's Nakkaş‑Başakşehir Motorway, financing to Eastern and Southern Africa Trade Development Bank (TDB) to support developmental projects in common member countries. A USD 40 million insurance cover supports dredging works at Oman's expanding Sohar Port. Two insurance policies were signed with Al Baraka Bank Egypt to support funded and unfunded trade finance transactions to the tune of USD 100 million. Held within the 13th Private Sector Forum, ICIEC's High‑Level Panel Discussion—'Unlocking Trade Potential among Africa, Arab Countries, and Algeria: The Role of Risk‑Mitigation Tools in Promoting Trade and Investment' convened roughly 300 high‑profile participants, including senior Algerian officials, C‑suite executives from regional and international companies, investors, and representatives of trade‑promotion agencies and development finance institutions. The session positioned Algeria as a strategic bridge between the Arab world and Africa while demonstrating how Shariah‑compliant risk‑management instruments can unlock cross‑border capital and accelerate sustainable development across member states. Dr. Khalid Khalafalla, CEO of ICIEC, said: 'These agreements epitomise ICIEC's mission: turning risk into opportunity so our Member States can diversify their economies, fortify food and energy security, and unlock sustainable growth. By providing more than USD 700 million in Shariah‑compliant insurance and forging new partnerships with leading export‑credit agencies, we are extending ICIEC's cumulative development impact—already over USD 121 billion in insured trade and investment—while directly supporting the Sustainable Development Goals.' Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). Contact: Email: ICIEC-Communication@ Follow us on: X: Facebook: LinkedIn: YouTube: Instagram: About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC): ICIEC commenced operations in 1994 with a mission to strengthen economic relations between OIC Member States and promote intra-OIC trade and investment through credit and investment insurance. The Corporation is the World's only Islamic multilateral insurer in the world and has been at the forefront of delivering a comprehensive suite of risk mitigation tools to support cross-border trade and investments for its 50 Member States. For the 17th consecutive year, ICIEC maintained an "Aa3" insurance financial strength credit rating (IFSR) from Moody's, positioning the Corporation among the leaders in the Credit and Political Risk Insurance (CPRI) Industry. In addition, ICIEC was assigned a first-time 'AA-' long-term Issuer Credit Rating with a Stable Outlook by S&P. ICIEC's resilience is anchored in its prudent underwriting practices, robust reinsurance arrangements, and sound risk management framework. Since inception, ICIEC has cumulatively insured over USD 121 billion in trade and investment, supporting key sectors such as energy, manufacturing, infrastructure, healthcare, and agriculture. For more information: visit: SOURCE Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)
Zawya
26-05-2025
- Business
- Zawya
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Secures 9 Strategic Deals and Agreements worth more than USD 700 Million to Spur Development across its Member States at the 2025 Islamic Development Bank (IsDB) Group Annual Meetings
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) ( a Shariah-based multilateral insurer and member of the Islamic Development Bank (IsDB) Group, closed the IsDB Group Annual Meetings in Algiers (19‑22 May 2025) on a high note, finalising 9 agreements and Memoranda of Understanding (MoU) valued at more than USD 700 million. Concluded under the Annual Meeting theme ' Diversifying Economies, Enriching Lives,' the signings reinforce ICIEC's role as a catalyst for trade and investment across its 50 Member States. They cover a wide spectrum of strategic sectors, including food‑security supply chains, reinsurance, trade finance, energy, transport, infrastructure, and investment promotion—illustrating the breadth of the Corporation's mandate to de‑risk development projects with Shariah‑compliant insurance and reinsurance solutions. Highlights include an inward quota‑share treaty with Algeria's CAGEX that supports Algerian exports; partnership frameworks with Nigeria's NEXIM Bank; and Non‑Honouring of Financial Obligations policies, backing more than EUR 518 million of structured financings arranged by Standard Chartered. These policies secure projects such as Côte d'Ivoire's landmark Tour F government complex, Türkiye 's Nakkaş‑Başakşehir Motorway, financing to Eastern and Southern Africa Trade Development Bank (TDB) to support developmental projects in common member countries. A USD 40 million insurance cover supports dredging works at Oman's expanding Sohar Port. Two insurance policies were signed with Al Baraka Bank Egypt to support funded and unfunded trade finance transactions to the tune of USD 100 million. Held within the 13th Private Sector Forum, ICIEC's High‑Level Panel Discussion —'Unlocking Trade Potential among Africa, Arab Countries, and Algeria: The Role of Risk‑Mitigation Tools in Promoting Trade and Investment ' convened roughly 300 high‑profile participants, including senior Algerian officials, C‑suite executives from regional and international companies, investors, and representatives of trade‑promotion agencies and development finance institutions. The session positioned Algeria as a strategic bridge between the Arab world and Africa while demonstrating how Shariah‑compliant risk‑management instruments can unlock cross‑border capital and accelerate sustainable development across member states. Dr. Khalid Khalafalla, CEO of ICIEC, said: ' These agreements epitomise ICIEC's mission: turning risk into opportunity so our Member States can diversify their economies, fortify food and energy security, and unlock sustainable growth. By providing more than USD 700 million in Shariah‑compliant insurance and forging new partnerships with leading export‑credit agencies, we are extending ICIEC's cumulative development impact—already over USD 121 billion in insured trade and investment—while directly supporting the Sustainable Development Goals.' Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). Contact: Email: ICIEC-Communication@ Follow us on: X: Facebook: LinkedIn: YouTube: Instagram: About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC): ICIEC commenced operations in 1994 with a mission to strengthen economic relations between OIC Member States and promote intra-OIC trade and investment through credit and investment insurance. The Corporation is the World's only Islamic multilateral insurer in the world and has been at the forefront of delivering a comprehensive suite of risk mitigation tools to support cross-border trade and investments for its 50 Member States. For the 17th consecutive year, ICIEC maintained an "Aa3" insurance financial strength credit rating (IFSR) from Moody's, positioning the Corporation among the leaders in the Credit and Political Risk Insurance (CPRI) Industry. In addition, ICIEC was assigned a first-time 'AA-' long-term Issuer Credit Rating with a Stable Outlook by S&P. ICIEC's resilience is anchored in its prudent underwriting practices, robust reinsurance arrangements, and sound risk management framework. Since inception, ICIEC has cumulatively insured over USD 121 billion in trade and investment, supporting key sectors such as energy, manufacturing, infrastructure, healthcare, and agriculture. For more information: visit:
Zawya
26-05-2025
- Business
- Zawya
ICIEC achieved $13bln in business insured in 2024
ALGIERS: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, today announced that its Board of Governors has formally approved the Annual Report and Audited Financial Statements for the year 2024 during the IsDB Group's 2025 Annual Meetings in Algiers. The 2024 report highlights that ICIEC has achieved US$ 13 billion in business insured in the year 2024, bringing the cumulative business Insured since inception to US$ 121 billion, of which US$ 96 billion is in export credit and US$ 25 billion in investment. The Corporation facilitated US$ 57 billion in intra-OIC trade and investment transactions and advanced its Third General Capital Increase to significantly enhance underwriting capacity and reinforce long-term financial stability. Under the IsDB Group Food Security Response Programme (FSRP), ICIEC approved over US$ 1 billion in food-related transactions to support Member States impacted by global food crises. In line with its climate commitment, the Board of Directors approved a dedicated Climate Change Policy, and 13% of 2024 business insured was allocated to climate-related initiatives. ICIEC's financial resilience was evident in its US$ 24.9 million net result—a 4% improvement year-on-year—and its seventh consecutive year of technical surplus. Moody's maintained ICIEC's rating of Aa3 for the 17th consecutive year and S&P Global Ratings assigned ICIEC a first-time rating of AA- with a stable outlook. '2024 was a testament to our unwavering commitment to support Member States through innovative, Shariah-compliant solutions,' said Dr. Khalid Khalafalla, CEO of ICIEC. 'Insuring US$ 13 billion in business last year and achieving a seventh consecutive year of technical surplus reflects our strong ability to navigate complex markets and deliver tangible value. Looking ahead, we remain committed to expanding our capacity to de-risk trade and investment, driving sustainable growth across our member countries.'
Zawya
25-05-2025
- Business
- Zawya
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Board of Governors Approves 2024 Annual Report and Audited Financial Statements – USD 13 Billion in Business Insured in 2024
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) ( a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, today announced that its Board of Governors has formally approved the Annual Report and Audited Financial Statements for the year 2024 during the IsDB Group's 2025 Annual Meetings in Algiers. The 2024 report highlights that ICIEC has achieved USD 13 billion in business insured in the year 2024, bringing the cumulative Business Insured since inception to USD 121 billion, of which USD 96 billion is in export credit and USD 25 billion in investment. The Corporation facilitated USD 57 billion in intra-OIC trade and investment transactions and advanced its Third General Capital Increase to significantly enhance underwriting capacity and reinforce long-term financial stability. To drive operational excellence, ICIEC refined its pricing framework and enhanced economic capital models, ensuring more sustainable, risk-adjusted growth. Strategic partnerships were deepened with development partners and the private sector to unlock critical capital flows in food security and infrastructure projects. The inclusion of the Togolese Republic as the 50th Member State further broadened ICIEC's reach and bespoke insurance solutons to promote economic development across West Africa. Under the IsDB Group Food Security Response Program (FSRP), ICIEC approved over USD 1 billion in food-related transactions to support Member States impacted by global food crises. In line with its climate commitment, the Board of Directors approved a dedicated Climate Change Policy, and 13% of 2024 Business Insured was allocated to climate-related initiatives. ICIEC's financial resilience was evident in its USD 24.9 million net result—a 4% improvement year-on-year—and its seventh consecutive year of technical surplus. Moody's maintained ICIEC's rating of Aa3 for the 17th consecutive year and S&P Global Ratings assigned ICIEC a first-time rating of AA- with a stable outlook. ' 2024 was a testament to our unwavering commitment to support Member States through innovative, Shariah-compliant solutions,' said Dr. Khalid Khalafalla, CEO of ICIEC. 'Insuring USD 13 billion in business last year and achieving a seventh consecutive year of technical surplus reflects our strong ability to navigate complex markets and deliver tangible value. Looking ahead, we remain committed to expanding our capacity to de-risk trade and investment, driving sustainable growth across our member countries.' Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). Contact: Email: ICIEC-Communication@ Follow us on: X: Facebook: LinkedIn: YouTube: Instagram: 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 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 17 th 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 USD 121 billion in trade and investment. ICIEC activities are directed to several sectors - energy, manufacturing, infrastructure, healthcare, and agriculture. For more information; visit:
