Latest news with #IslamicDevelopmentBank
Arab News
5 hours ago
- Business
- Arab News
ICIEC and Al-Baraka Islamic Bank Bahrain sign credit insurance policy
The Islamic Corporation for the Insurance of Investment and Export Credit, a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, and Al-Baraka Islamic Bank Bahrain signed a documentary credit insurance policy. The policy will strengthen support for Shariah-compliant trade finance, enabling greater security and confidence in the international trade ecosystem. Under this partnership, ICIEC will provide insurance coverage for the confirmation of letters of credit issued by Al-Baraka Islamic Bank in connection with the import and export of eligible Shariah-compliant goods and services. This solution will help mitigate payment risks associated with cross-border trade while promoting sustainable growth in ICIEC's member states. CEO of ICIEC Dr. Khalid Khalafalla said: '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.' CEO of Al-Baraka Islamic Bank Bahrain Dr. Adel Salem said: '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.' The documentary credit insurance policy serves as a vital tool for Islamic banks, enhancing their ability to expand trade finance operations with reduced exposure to commercial and political risks. The policy also complements ICIEC's broader mandate to promote economic resilience, financial inclusion, and private sector development in member countries.
Zawya
2 days ago
- Business
- Zawya
S&P reaffirms ICIEC's AA- financial strength and issuer credit rating with Stable outlook
Jeddah — 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, has marked another significant milestone with the reaffirmation of its "AA-" long-term issuer credit and financial strength rating by Standard & Poor's (S&P), with a stable outlook. This rating remains the highest within its peer group globally. The reaffirmation underscores ICIEC's solid credit profile with robust financial strength and low credit risk. S&P expects ICIEC to continue expanding its business operations while maintaining robust levels of capital adequacy, exceptional liquidity buffers, and steadily increasing profitability. The rating report reconfirms ICIEC's Enterprise Risk Profile (ERP) as 'strong' under S&P's Multilateral Lending Institutions (MLIs) criteria, underpinned by the corporation's supportive shareholder base, strong Preferred Creditor Treatment (PCT), and unique policy role of conducting all business in a Shariah-compliant manner. Moreover, for the second year, S&P assesses ICIEC's Financial Risk Profile (FRP) as 'very strong' under its insurance criteria, as ICIEC's capital adequacy shows a significant buffer above the 99.99% confidence level, as measured by its insurers' risk-based capital model. Additionally, the Corporation maintains exceptional liquidity, reaffirming its upscaled financial strength. ' sincerely congratulate the Member States, His Excellency the Chairman and distinguished Members of the ICIEC Board of Directors, and the dedicated Staff for their unwavering commitment and sustained achievements." said Dr. Khalid Khalafalla, CEO of ICIEC. " Aligned with the IsDB Group's strategic direction, we reaffirm our deep commitment to supporting Member States through advancement of Islamic finance and key development priorities, including green financing, ESG integration, and food security. ICIEC will continue to play an integral role in implementing the Group's strategy in the years ahead." added Dr. Khalid. The reaffirmation of the "AA-" highlights ICIEC's strong financial position, prudent risk management, and sound governance practices. It also underscores the Corporation's ability to navigate complex global challenges and its commitment to supporting sustainable economic development in member states. About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC): As a member of the 'AAA' rated Islamic Development Bank (IsDB), 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 to deliver 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, S&P has reaffirmed ICIEC's 'AA-' long-term Issuer Credit and Financial Strength Rating for the second year with a stable outlook. ICIEC's resilience is underpinned by its sound underwriting, global reinsurance network, and strong 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 Follow us on: X | Facebook | LinkedIn | YouTube | Instagram Email: ICIEC-Communication@
Gulf Today
7 days ago
- Business
- Gulf Today
ITFC signs $513 million financing with Pakistan
The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, signed a $513 million Syndicated Murabaha Financing Facility with the Islamic Republic of Pakistan, represented by the Ministry of Economic Affairs, to support the country's critical energy sector needs. The signing ceremony was witnessed by Dr. Muhammad Al-Jasser, President of the Islamic Development Bank (IsDB), and the agreement was signed by Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, and Dr. Kazim Niaz, Federal Secretary for Economic Affairs, on behalf of the Government of Pakistan. This milestone facility marks the largest syndicated financing arranged by ITFC for Pakistan over the last three years, reaching $513 million, which was significantly oversubscribed, with the final amount raised being more than double the initial target, reflecting strong interest and confidence from investors. The proceeds of the financing will be used for the import of crude oil, petroleum products, and liquefied natural gas (LNG) to meet Pakistan's energy needs. This milestone facility stands as the largest syndicated operation led by ITFC for Pakistan in recent years, with the final amount raised being more than double the initial target, underscoring the strong confidence and demand from the market. This latest financing reflects ITFC's continued efforts to provide impactful, Shari'ah-compliant trade solutions that address the urgent needs of member countries. WAM
Zawya
7 days ago
- Business
- Zawya
ITFC signs landmark $513mln syndicated Murabaha financing with the Government of Pakistan to support energy imports
JEDDAH, Kingdom of Saudi Arabia -- The International Islamic Trade Finance Corporation (ITFC) ( a member of the Islamic Development Bank (IsDB) Group, signed a US$513 million Syndicated Murabaha Financing Facility with the Islamic Republic of Pakistan, represented by the Ministry of Economic Affairs, to support the country's critical energy sector needs. The signing ceremony was witnessed by H.E. Dr. Muhammad Al-Jasser, President of the Islamic Development Bank (IsDB), and the agreement was signed by Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, and Hon. Dr. Kazim Niaz, Federal Secretary for Economic Affairs, on behalf of the Government of Pakistan. This milestone facility marks the largest syndicated financing arranged by ITFC for Pakistan over the last three years, reaching US$513 million, which was significantly oversubscribed, with the final amount raised being more than double the initial target, reflecting strong interest and confidence from investors. The proceeds of the financing will be used for the import of crude oil, petroleum products, and liquefied natural gas (LNG) to meet Pakistan's energy needs. This milestone facility stands as the largest syndicated operation led by ITFC for Pakistan in recent years, with the final amount raised being more than double the initial target, underscoring the strong confidence and demand from the market. On this occasion, Eng. Adeeb Y. Al-Aama, CEO of ITFC, stated: 'This syndicated financing is a clear vote of confidence by the market in both the ITFC capabilities and Pakistan's economic trajectory. It demonstrates the growing trust of our financing partners and ITFC's steadfast commitment to supporting energy security in Pakistan. Since 2008, our strategic partnership with the Government of Pakistan has resulted in the approval of more than US$8.1 billion in trade finance, reflecting our longstanding commitment to the country's economic growth. This agreement represents a continuation in that partnership, as we remain dedicated to mobilizing Shari'ah-compliant resources that support Pakistan's development priorities and strengthen its trade resilience." Commenting on the signing, Hon. Dr. Kazim Niaz, Federal Secretary for Economic Affairs, added that "This significant financing from the International Islamic Trade Finance Corporation (ITFC) underscores the growing confidence of international capital markets and development partners in Pakistan's economic trajectory. We are witnessing positive trends in our macroeconomic indicators, reflecting the resilient efforts towards economic recovery and stability. This facility will further bolster our trade capabilities and contribute to sustained growth. Pakistan remains committed to fostering an environment conducive to robust partnerships and enhanced economic cooperation. The Government of Pakistan is grateful for the continuous support extended by the ITFC'. This latest financing reflects ITFC's continued efforts to provide impactful, Shari'ah-compliant trade solutions that address the urgent needs of member countries. By supporting Pakistan's energy sector, the facility contributes to broader goals of economic stability, sustainable development, and enhanced trade integration across the OIC region. Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC). Contact us: E-mail: ITFC@ Social media: Twitter: Facebook: LinkedIn: International Islamic Trade Finance Corporation (ITFC) ( About the International Islamic 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. SOURCE: International Islamic Trade Finance Corporation (ITFC)
Zawya
14-07-2025
- Business
- Zawya
International Islamic Trade Finance Corporation (ITFC) Signs Landmark US$513 Million Syndicated Murabaha Financing with the Government of Pakistan to Support Energy Imports
The International Islamic Trade Finance Corporation (ITFC) ( a member of the Islamic Development Bank (IsDB) Group, signed a US$513 million Syndicated Murabaha Financing Facility with the Islamic Republic of Pakistan, represented by the Ministry of Economic Affairs, to support the country's critical energy sector needs. The signing ceremony was witnessed by H.E. Dr. Muhammad Al-Jasser, President of the Islamic Development Bank (IsDB), and the agreement was signed by Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, and Hon. Dr. Kazim Niaz, Federal Secretary for Economic Affairs, on behalf of the Government of Pakistan. This milestone facility marks the largest syndicated financing arranged by ITFC for Pakistan over the last three years, reaching US$513 million, which was significantly oversubscribed, with the final amount raised being more than double the initial target, reflecting strong interest and confidence from investors. The proceeds of the financing will be used for the import of crude oil, petroleum products, and liquefied natural gas (LNG) to meet Pakistan's energy needs. This milestone facility stands as the largest syndicated operation led by ITFC for Pakistan in recent years, with the final amount raised being more than double the initial target, underscoring the strong confidence and demand from the market. On this occasion, Eng. Adeeb Y. Al-Aama, CEO of ITFC, stated: 'This syndicated financing is a clear vote of confidence by the market in both the ITFC capabilities and Pakistan's economic trajectory. It demonstrates the growing trust of our financing partners and ITFC's steadfast commitment to supporting energy security in Pakistan. Since 2008, our strategic partnership with the Government of Pakistan has resulted in the approval of more than US$8.1 billion in trade finance, reflecting our longstanding commitment to the country's economic growth. This agreement represents a continuation in that partnership, as we remain dedicated to mobilizing Shari'ah-compliant resources that support Pakistan's development priorities and strengthen its trade resilience." Commenting on the signing, Hon. Dr. Kazim Niaz, Federal Secretary for Economic Affairs, added that " This significant financing from the International Islamic Trade Finance Corporation (ITFC) underscores the growing confidence of international capital markets and development partners in Pakistan's economic trajectory. We are witnessing positive trends in our macroeconomic indicators, reflecting the resilient efforts towards economic recovery and stability. This facility will further bolster our trade capabilities and contribute to sustained growth. Pakistan remains committed to fostering an environment conducive to robust partnerships and enhanced economic cooperation. The Government of Pakistan is grateful for the continuous support extended by the ITFC'. This latest financing reflects ITFC's continued efforts to provide impactful, Shari'ah-compliant trade solutions that address the urgent needs of member countries. By supporting Pakistan's energy sector, the facility contributes to broader goals of economic stability, sustainable development, and enhanced trade integration across the OIC region. 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: Facebook: LinkedIn: International Islamic Trade Finance Corporation (ITFC) ( About the International Islamic 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.
