The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (www.ICIEC.ISDB.org) proudly announces the approval of its Annual Report and Audited Financial Statements for the year 2023 by the Board of Governors during the 2024 Annual Meetings of the Islamic Development Bank Group (IsDB) held in Riyadh, Saudi Arabia.

The ICIEC’s Annual Report details a year of operational resilience and exceptional financial performance, showcasing a significant 14.4% year-on-year increase in insured trade and investment transactions, amounting to USD 13.3 billion. The Corporation also reported an increase in its Gross Written Premium, which soared by 6.4% to USD 98.3 million from USD 92.4 million in the previous year. 130% improvement in corporate net results reflects ICIEC’s ability to effectively manage policyholder commitments, enhanced value proposition and demonstrates fostering confidence of our member states.

2023 was a year of strategic market penetration and portfolio diversification for ICIEC. The Medium Term and Investment Insurance segment experienced a substantial growth of 49.3%, reaching USD 73.6 million. This growth underscores ICIEC’s commitment to expanding its footprint and enhancing client trust in its services.

ICIEC maintained its Moody’s “Aa3” rating for the 16th consecutive year, affirming its position as a leading entity in the credit and political risk insurance industry. The year also marked the inclusion of Azerbaijan as ICIEC’s 49th member state, expanding the Corporation’s geographical coverage within the OIC member countries.

In a historic milestone, ICIEC’s cumulative insured business surpassed USD 108 billion over its 30-year history, significantly contributing to social and economic development across various sectors globally.

ICIEC expanded strategic partnerships, notably in sustainable energy and food security, with the signing of several MoUs. The Corporation’s efforts in climate action were highlighted at COP28 and through initiatives like the Energy Transition Accelerator Financing Platform (ETAF) which is managed by The International Renewable Energy Agency (IRENA).

As part of the IsDB Group’s Food Security Response Program (FSRP), ICIEC approved USD 788 million to tackle global food security challenges, underlining its dedication to supporting sustainable development goals.

Mr. Oussama Kaissi, the CEO of ICIEC, commented, “2023’s achievements reflect our robust strategic initiatives and our resilience in the face of global economic and geopolitical challenges. Our continued success is a testament to the hard work of our team and the trust of our members and clients. We are dedicated to continuing our mission of fostering economic development and promoting cross-border investments in member countries.”

Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

Media Contact:
Rania Binhimd
Communication Department
Email : Rbinhimd@isdb.org

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 49 Member States, including Documentary Credit Insurance Cover, Credit Insurance Cover, Bank Master Policy, Non-Honouring of Sovereign Financial Obligation, and Investment Insurance Products. ICIEC, for the 16th 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. ICIEC also has achieved a significant milestone by attaining an “AA-” long-term issuer credit and financial strength rating from Standard&Poor’s (S&P), with a stable outlook and the highest within its peer group globally. ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 108bn in trade and investment. ICIEC activities are directed to specific sectors – energy, manufacturing, infrastructure, healthcare, and agriculture.

For more information, visit: http://ICIEC.ISDB.org      
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The Basketball Africa League (BAL) (BAL.NBA.com) today announced the lineup of artists and entertainers who will headline the entertainment acts at the Dakar Arena when the BAL Sahara Conference group phase tips off on May 4 in Dakar, Senegal. The list of entertainers include: Daara J Family, Mia Guissé, VJ, DJ Beenouch, DJ Dollar among others.

Fan Zone

The Fan Zone, situated at the Dakar Arena parking lot, will be open to fans on game days from 2:00 p.m. to 9.30 p.m. and during weekends from 12:30 p.m. to 8:00 p.m. GMT.  The Fan Zone will offer a range of activities for both the young and adults, including 3-on-3 basketball games, food trucks, a photo booth, and musical performances by Afroelektra.

In-Arena Entertainment

The Sahara Conference fan in-arena experience will feature pre-game and halftime performances by music artists, dancers, drummers, and dunk teams. Fans can expect the biggest Senegalese artists on stage and curated music experience from DJs such as DJ Dollar, DJ Beenouch and DJ Chanel. Starting May 4, every game will showcase diverse performers catering to all age groups; Daara J Family, VJ, New Generation crew, l’Equipe Sacrée and DJ Dollar will perform during the opening weekend.  Dip Doundou Guiss and Jeeba will close the conference with halftime performances during the closing weekend May 11-12, 2024.

Tickets are now on sale at BAL.NBA.com and Teewtickets (https://apo-opa.co/4a1S08T). Single game tickets start at 2500 XOF.  Fans can save up to 35% off single game ticket prices for group packages by emailing BalTickets@thebal.com, and up to 20% off tournament pass tickets during the Sahara conference group phase by selecting two, four or all games.  Fans who purchase tickets will also have free access to the BAL Fan Zone at the arena in each market. 

ENTERTAINMENT SCHEDULE:

DATE

PERFORMANCES

4 May

Game One Halftime: Ngaaka Blindé
Game two Halftime: Daara J Family

Timeout: Power Crew
 

5 May

Game One Halftime: Step Lord
Game Two Halftime: VJ
Timeout : Step lord&DUNKERS
 

7 May

Game One Halftime: New Generation Crew 
Game Two Halftime: Mia Guissé
Timeout : New Generation Crew

9 May

Game One Halftime : L’equipe Sacree 
Game Two Halftime : Iss814 Beats
Timeout :  L’equipe Sacree

11 May

Game One Halftime: Step Lord
Game Two Halftime :Dip Doundou Guiss
Timeout: Step Lord 

12 May

Game One Halftime: Power Crew
Game Two Halftime: Jeeba 
Timeout: Power Crew 

Distributed by APO Group on behalf of Basketball Africa League (BAL).

In the recent Global Trade Review (GTR) awards announcement, RMB (www.RMB.co.za) has been awarded as the Best Trade Finance Bank in Southern Africa and for the Best Trade Finance Deal in Africa for the Sovereign Trade Finance transaction – a collaboration with the Multilateral Investment Guarantee Agency (MIGA) and the Ministry of Economy and Finance for Côte d’Ivoire, to facilitate a trade-backed facility to support crucial trade related initiatives.

Said Ben Bechet from RMB’s Trade and Working Capital, Head of Structured Solutions team: “While RMB has a proud history of supporting sovereigns on the continent, this is a first of its kind facility for an African sovereign and brings a new, sizable liquidity pool into play. This transaction will pave the way for further short-term trade facilities across the continent to assist with developmental initiatives, critical projects and the importation of crucial goods such as food, fertilizer and medicines alongside other resources.”

“Through the strong anchoring of the facility structure, positive Environmental, Social and Governance (“ESG”) reporting track record and market support on this transaction, subsequent to deal closure and announcement last year, RMB have been working with the Ministry of Economy and Finance of Côte d’Ivoire to increase the size of the facility. This not only highlights the confidence the market has in the Republic of Cote’ D’Ivoire, but also the positive impact the facility has made as a sustainable and cost-effective solution within the Ministries funding mix. Although we have been recognized as the best Trade Finance bank in Southern Africa for the past 3 years, this best deal award demonstrates our reach and impact covers the entire continent.”

RMB has over the years, been providing various solutions to the African Sovereign market, from syndicated lending facilities, Green Bonds, Eurobonds and more recently short-term structured solutions to provide budgetary support. This collaboration with MIGA continues RMB’s proud history of providing new and innovative solutions for our clients on the continent and further entrenches our position as one of the leading trade finance banks in Africa. 

Mergan Naidoo, Head of Trade at RMB commented: “This deal was a demonstration of intentional collaboration with purpose. Africa is in desperate need of sustainable solutions that create value for the continent by accessing global credit appetite and packaging it in a simple, cost effective and, most importantly, meaningful way. This milestone transaction took time, perseverance and ‘grit’ that forged relationships geared toward accelerated scalability, linear to the value returned to the continent.”

“We are delighted to have won both these awards, and that this is the 6th consecutive year we have won the award for Best Trade Finance Bank Southern Africa. These awards are proof of RMB’s trade finance capabilities and success in forging partnerships with insurance, guarantee and export credit agency providers to extend meaningful funding support to our clients across Africa. Collaboration with development financial institutions and multilaterals remains key to truly unlocking new opportunities to support our clients,” concluded Bechet.

Distributed by APO Group on behalf of Rand Merchant Bank.

Next-generation financial services platform Mukuru (www.Mukuru.com), one of the most recognisable fintech brands on the continent, has announced that it is sponsoring Zimbabwe’s national rugby team as it seeks to achieve Rugby World Cup qualification, the first since 1991.

With the hopes of a nation on their shoulders, the Sables, as the national team is known, will run out against Zambia on 4 May sporting Mukuru’s branding on the beloved national jersey for the first time.

The Sables are admired in Zimbabwe and around the continent, known for their attacking style of play, technical acuity and sportsmanship. The team, blessed with talent and a rejuvenated system, is confident of its prospects of qualifying for the 2027 Rugby World Cup. Mukuru, which has over 16-million customers in 50 countries, can trace its roots back to Zimbabwe, which remains a crucial and important market for the multinational fintech.

Brandon Mncube, Chief Marketing Officer at Mukuru, says the sponsorship of the Sables made sense as the team displays the same passion and love for the country as Mukuru. “We are incredibly excited to be sponsoring Zimbabwe’s national rugby team. The Sables are eyeing World Cup qualification and with their revitalised systems in place and the formidable talent at their disposal, we wanted to give them the best possible chance of living up to their potential,” he says.

“The Sables embody the same passion that has seen Mukuru grow exponentially across the continent. Just as we are passionately driven to provide relevant and competitive financial services products that delight our customers in Zimbabwe and abroad, one gets a real sense of the confidence in this team – all the way down from administrators, to the coaches and of course, the players. Mukuru is backing the Sables to achieve their goal.”

Rugby fans have a great season of excitement in store, as the Sables are set to take on formidable opponents such Zambia, Uganda and the Netherlands over the next few months.

Commenting on the team’s new sponsorship, Sables Head Coach Pieter Benade had the following to say: “We are delighted that a financial company as big as Mukuru recognised our commitment and passion to deliver the kind of rugby success that Zimbabweans deserve. Their sponsorship will go a long way towards enabling our journey to achieve our goal of 2027 World Cup qualification.”

Distributed by APO Group on behalf of Mukuru.

About Mukuru: 
Mukuru is a leading next generation financial services platform in Southern Africa that offers affordable and reliable financial services to a customer base of over 16 million+  across Africa, Asia and Europe.
With over 100 million transactions to date, our core was built providing international money transfers and from this base, we’ve developed a set of services to address the broader financial needs of our customers. We now operate in over 60 countries and across over 500 remittance corridors.
We are a business that puts the customer at the centre of everything we do, and for that reason, we serve clients across physical and digital channels, by various payment methods (cash, card, wallet) as well as a range of engagement platforms including WhatsApp, USSD, contact centre, App, website, agents and a branch and booth network.
Mukuru has, for the fifth consecutive year, been listed as one of the top 100 Cross Border Payments businesses in the world in the 2024 FXC Intelligence Top 100 Cross-Border Payment Companies, one of only six African companies to receive this accolade.
In 2023, Mukuru officially ranked sixth on the LinkedIn Top Companies List in South Africa.
Mukuru was celebrated for innovation and excellence at the 2023 Africa Tech Festival Awards, receiving the Fintech Innovation of the Year Award – an acknowledgment of the transformative power of financial technology in driving economic growth, financial inclusion, and digital transformation.
Further information can be found at https://www.Mukuru.com.