Latest news with #KhalidKhalafalla
Zawya
25-05-2025
- Business
- Zawya
ICIEC and Al Baraka Bank Egypt sign a documentary credit insurance policy
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) 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 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: SOURCE Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)
Zawya
25-05-2025
- Business
- Zawya
ICIEC issues EUR 37mln insurance policy backing Islamic financing for Türkiye's Nakkaş‑Başakşehir Motorway
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 announced the signing of a EUR 37 million Non‑Honoring of Sovereign Financial Obligations (NHSFO) policy in support of an Islamic financing facility provided by Standard Chartered for the landmark Nakkaş‑Başakşehir Motorway Project in Türkiye. The policy was signed on the sidelines of the IsDB Group Annual Meetings 2025 in Algiers by Dr. Khalid Khalafalla, CEO of ICIEC, together with Mr. Puneet Sharma, Executive Director, Development & Agency Finance, Standard Chartered. Dr. Khalid Khalafalla, CEO, ICIEC, said: 'ICIEC is proud to bolster strategic infrastructure in Türkiye by de‑risking this Shariah‑compliant financing for the Nakkaş‑Başakşehir Motorway. Our NHSFO policy support enables Standard Chartered to channel essential long‑term capital into a project that will enhance connectivity, spur economic activity, and create jobs. This transaction exemplifies ICIEC's mission to mobilize sustainable investment for our member states and to strengthen partnerships that drive inclusive growth.' Mr. Puneet Sharma, Executive Director, Development & Agency Finance, Standard Chartered says: 'We are thrilled to have played our part in this pivotal infrastructure project, which will enhance connectivity and establish efficient links between key destinations on the European side of Türkiye. Our participation in this project is a reflection of our commitment to driving growth in Türkiye and the strength of our partnership with ICIEC across the markets we serve. Standard Chartered acted as Sponsors Financial Advisor, Mandated Lead Arranger, ICIEC/ECA Covered Creditor, ICIEC Covered Tranche Investment Agent, Offshore Security Agent and Hedging Bank.' Spanning the European side of Istanbul, the Nakkaş‑Başakşehir Motorway will reduce congestion, cut travel times, and improve logistics efficiency—benefits expected to ripple across Türkiye's trade corridors and manufacturing hubs. By complementing its existing Political Risk Insurance (PRI) cover to equity investors, ICIEC delivers a comprehensive risk‑mitigation package that promotes bankability, crowds in private capital. 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 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 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
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:
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:
