Latest news with #IsDBGroup
Leaders
3 days ago
- Automotive
- Leaders
TGA Carries Out Over 219,000 Transport Inspections in Makkah, Madinah Ahead of Hajj
The Transport General Authority (TGA), in coordination with relevant entities, has intensified inspection efforts in Makkah and Madinah as part of preparations for the upcoming Hajj season. From the start of Dhu al-Qi'dah to the beginning of Dhu al-Hijjah, TGA teams conducted more than 219,772 inspections of transport services. These inspections led to the detection of over 20,429 violations, with an additional 5,996 violations recorded through automated monitoring systems. The initiative underscores the TGA's commitment to ensuring safe, efficient, and regulation-compliant transportation for pilgrims during Hajj. Violations identified included unlicensed drivers, failure to adhere to official uniform standards, unauthorized passenger transport, and the operation of freight vehicles without valid operating cards. The TGA encourages the public to report complaints or concerns related to transportation services by calling the unified number 19929 or reaching out via the X platform. Related Topics : Saudi Arabia Showcases Latest Industrial Innovations at Hannover Messe 2025 Saudi Arabia to Spotlight Industrial Innovation at Hannover Messe 2025 Industrial Transformation Saudi Arabia 2025 to Kick Off in December IsDB Group Commemorates Golden Jubilee Celebration Short link : Post Views: 32 Related Stories
Zawya
25-05-2025
- Business
- Zawya
ICIEC extends EUR 232mln insurance policy to Standard Chartered & others to support financing for Côte d'Ivoire's landmark Tour F Development
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 Group, today signed an endorsement to the Non‑Honoring of Sovereign Financial Obligation (NHSFO) insurance policy with Standard Chartered (Hong Kong) Limited and others. The endorsement supports an additional EUR 130 million Murabaha facility to the Ministry of Finance and Budget of the Republic of Côte d'Ivoire, building on the initial EUR 102 million previously insured by ICIEC. With this uplift, the total value of the insured Murabaha facility now stands at EUR 232 million. The endorsement policy was signed by Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, and Mr. Sujithav Sarangi, Executive Director, Development & Agency Finance at Standard Chartered. The signing took place on the sidelines of the 2025 IsDB Group Annual Meetings in Algiers. Under the arrangementment, ICIEC's NHSFO policy covers the participating financial institutions with robust credit enhancement. The proceeds will fund the construction of 'Tour F'- a flagship government office tower within Abidjan's new Administrative City, designed to modernize public‑sector infrastructure and improve public service delivery across Côte d'Ivoire. Dr. Khalid Khalafalla, CEO of ICIEC, said: 'This policy exemplifies how ICIEC's risk‑mitigation solutions unlock affordable, Shariah‑compliant capital for transformational public projects. Through this, ICIEC is supporting Côte d'Ivoire to realise a state‑of‑the‑art administrative hub that will boost efficiency, stimulate the local construction sector, and advance the country's development agenda in line with the UN SDGs.' Sujithav Sarangi, Executive Director, Development & Agency Finance, Standard Chartered says: 'This collaboration with ICIEC is testament to our shared commitments to impact and advancement. We are thrilled to combine our expertise, and continue our long-standing partnership, with ICIEC to support this significant development in Côte d'Ivoire.' 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 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 USD 121 billion in trade and investment. ICIEC activities are directed to several sectors - energy, manufacturing, infrastructure, healthcare, and agriculture. For more information, visit: SOURCE: Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)
Zawya
24-05-2025
- Business
- Zawya
Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Al Baraka Bank Egypt Sign a Documentary Credit Insurance Policy to Support Export Transactions Backed by Letters of Credit Worth USD 50 Million
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 signed a Documentary Credit Insurance Policy (DCIP) with Albaraka Bank Egypt, on the sidelines of the IsDB Group Annual Meetings 2025 in Algiers to support export transactions backed by Letters of Credit worth USD 50 Million. The DCIP was signed by Dr. Khalid Khalafalla, CEO of ICIEC, and Mr Ahmed Atteya, Head of Financial Institutions at Al Baraka Bank Egypt. This underscores the critical role of tailored risk-mitigation instruments in de-risking and enabling cross border trade. The insurance policy provides a comprehensive coverage for Al Baraka Bank's documentary credit transactions by protecting the bank againt non-payment risk of overseas banks issing letters of credit (LCs). This enables to enlarge its LC confirmation business to support Egyptian exports. Dr. Khalid Khalafalla, CEO of ICIEC, stated, 'We are honored to partner with Al Baraka Bank – Egypt on this Documentary Credit Insurance Policy to de-risk Egyptian exports. This collaboration strengthens economic resilience and supports growth across our member states.' 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 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 USD 121 billion in trade and investment. ICIEC activities are directed to several sectors - energy, manufacturing, infrastructure, healthcare, and agriculture. For more information; visit:
Leaders
23-05-2025
- Business
- Leaders
THIQAH Signs Two MoUs in Algiers to Strengthen Private Sector Investment
The Islamic Development Bank (IsDB) Group Business Forum, THIQAH, has signed two memoranda of understanding (MoUs) aimed at boosting private-sector investment during the Private Sector Forum held alongside the 2025 IsDB Group Annual Meetings in Algiers. The first MoU, signed with the Algerian Chamber of Commerce and Industry (CACI), aims to promote the exchange of information on trade and investment opportunities, encourage joint participation in economic events, and support the exchange of business delegations. This agreement is designed to stimulate economic growth and deepen private-sector collaboration between Algeria and other IsDB member countries. The second MoU, signed with the Arab African Center for Investment and Development (CAAID), focuses on strengthening cooperation in investment and development. It outlines plans to co-organize regional and international conferences, facilitate business exchanges, and share expertise to enhance global economic engagement. These partnerships reflect THIQAH's ongoing commitment to advancing national and regional cooperation, attracting private-sector investment, and supporting the IsDB Group's broader goals of inclusive and sustainable development. Related Topics: THIQAH, KAUST Present Revolutionary Research Paper at ArabicNLP 2024 KAUST Accelerates Scientific Research with 67 Projects in AI, Cybersecurity, Bioinformatics IsDB Participates in Roundtable on Partnerships for Impact in Washington Saudi Arabia's nominee for IsDB Group president receives unanimous approval Short link : Post Views: 5
Zawya
23-05-2025
- Business
- Zawya
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Al Baraka Bank–Egypt Signed a Bank Master Policy to Support Funded Islamic Trade Finance Transactions Worth USD50 Million
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 signed a Bank Master Policy (BMP) with Al Baraka Bank-Egypt, on the sidelines of the IsDB Group Annual Meetings 2025 in Algier. The policy was signed by Dr. Khalid Khalafalla, CEO of ICIEC, together with Mr Ahmed Atteya, Head of Financial Institutions Department, Al Baraka Bank-Egypt. The insurance policy is expected to support Islamic trade finance transactions worth USD 50 million. It represents a key step toward the development of Islamic finance and enhancing its role in supporting SMEs in member countries. 'We are delighted to partner with Al Baraka Bank – Egypt on this landmark Policy. This agreement underscores our shared commitment to facilitating reliable, Shariah-compliant trade finance solutions that foster sustainable economic growth and resilience across our member states, ' said Dr. Khalid Khalafalla, CEO of ICIEC. 'By mitigating transaction risks, we help our partners expand into new markets and promote development initiatives that benefit 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:
