The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (http://ICIEC.IsDB.org), a Shariah-based multilateral insurer and a member of the Islamic Development Bank (IsDB) Group, is delighted to announce a significant insurance agreement with Deutsche Bank AG. This partnership was cemented with the signing of a Non-Honouring of a Sovereign Financial Obligation (NHFSO) insurance policy during the IsDB Group Annual Meeting 2024 in Riyadh. The signing was officiated by ICIEC CEO Mr. Oussama Kaissi and Mrs. Irina Dudkina, Head of Structuring at Deutsche Bank.

The NHFSO Insurance Policy facilitated a EUR 161.4 million financing arrangement by Deutsche Bank for the Government of the Republic of Côte d’Ivoire, represented by the Ministry of Economy and Finance. This strategic funding is earmarked for the construction of new general and regional hospitals in the cities of Kong and Odienne, significantly boosting the healthcare infrastructure in Côte d’Ivoire.

ICIEC CEO, Mr. Oussama Kaissi, remarked that “the partnership with Deutsche Bank represents a significant advancement in healthcare for Côte d’Ivoire. The strategic financing will facilitate essential infrastructure development and bolster the region’s healthcare resilience, exemplifying ICIEC’s commitment to fostering sustainable development through impactful collaborations”.

This initiative is part of ICIEC’s broader strategy to support vital social infrastructure projects across its member states, promoting sustainable development and enhancing the quality of life for communities through improved healthcare facilities.

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

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Rania Binhimd
Communication Department
Email: Rbinhimd@isdb.org

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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. 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. 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 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

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (http://ICIEC.IsDB.org), a Shariah-based multilateral insurer and integral member of the Islamic Development Bank (IsDB) Group, is delighted to announce a new Memorandum of Understanding (MoU) with ZTE Corporation. This MoU was officially signed at the IsDB Group Annual Meeting 2024, held at the InterContinental Hotel in Riyadh, Saudi Arabia. Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Kevin Xiao, Director at ZTE, were the signatories of this strategic agreement.

This MoU focuses on leveraging ICIEC’s insurance solutions to facilitate ZTE’s supply of telecom network equipment and training to major telecom operators within ICIEC member states. ICIEC has a proven track record of facilitating critical telecom equipment supply through its specific transaction insurance solutions, as demonstrated by its successful collaboration with operators like Uzbektelecom in Uzbekistan. We are confident that this MoU will further enhance our ability to provide cutting-edge telecom infrastructure and connectivity to our member states .

Mr. Oussama Kaissi, CEO of ICIEC, stated: “We are thrilled to announce the expansion of our partnership with ZTE, a leading global provider of telecommunications equipment and network solutions. Through the signing of this MoU, we aim to further our joint efforts in bolstering the telecommunications infrastructure within ICIEC member states. Our collaboration will leverage ICIEC’s insurance solutions and ZTE’s expertise in the supply of telecom network equipment and knowledge transfer, to provide our member states with access to cutting-edge technological solutions that meet their evolving needs .”

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

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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. 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. 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 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   

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (http://ICIEC.IsDB.org), a leading Shariah-based multilateral insurer and esteemed member of the Islamic Development Bank (IsDB) Group, is proud to announce the signing of a Memorandum of Understanding (MoU) with the National Infrastructure Fund of Saudi Arabia (INFRA). This pivotal MoU was signed during the IsDB Group Annual Meeting 2024, which took place in Riyadh, Saudi Arabia, by ICIEC’s CEO, Mr. Oussama Kaissi, and Eng. Esmail Alsallom, CEO of INFRA.

This MoU establishes a framework for cooperation between ICIEC and INFRA. Key initiatives include exploration of opportunities of mutual interest within the Kingdom in line with its developmental objectives, institutional cooperation and knowledge exchange through  continuation of dialogue and participation in relevant events. Additionally, the parties will coordinate participation in field-related activities and foster affiliations with relevant entities or professional associations to strengthen collaborative ties. Through this collaboration, ICIEC will support INFRA’s efforts to accelerate strategic infrastructure projects in the Kingdom, contributing to the goals of Saudi Vision 2030.

Mr. Oussama Kaissi, the CEO of ICIEC, expressed his pleasure about the agreement, stating, “We are delighted to enter into this collaboration with INFRA. Our joint efforts will focus on strengthening the economic frameworks within our member states. This MoU sets the tone of our shared commitment to promoting sustainable development through enhanced understanding and cooperation in insurance solutions and infrastructure development in the Kingdom.”

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

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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. 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. 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 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       

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (http://ICIEC.IsDB.org), a Shariah-based multilateral insurer and a member of the Islamic Development Bank (IsDB) Group, has announced new financial collaborations with Sumitomo Mitsui Banking Corporation (SMBC), DIFC Branch. These non-payment insurance contracts support the export capabilities of member states, reinforcing ICIEC’s commitment to economic development through strategic partnerships.

During the IsDB Group Annual Meeting 2024 held  in Riyadh, ICIEC CEO Mr. Oussama Kaissi and Mr. Hideo Kawafune, CEO, SMBC Bank International plc, Managing Executive Officer and Head of EMEA Division SMBC Group, signed two insurance contracts. The first involves a US$50 million non-payment insurance-Bank Master Policy issued to SMBC to facilitate the financing of agricultural commodities exported from Saudi Arabia to ETC Agri Inputs FZE in the UAE. The second agreement extends a US$25 million insurance coverage for ICIEC member states’ exports to ETC Group, Mauritius, further supporting the agricultural sector’s growth across regions.

Mr. Oussama Kaissi expressed his excitement about the partnerships, stating, “These agreements with SMBC are not just financial transactions, but a testament to ICIEC’s role in fostering sustainable economic growth and food security within our Member States. By providing reliable insurance solutions, we are facilitating smoother trade flows and strengthening the ties between key players in the  agri-business value chain.”

The new financial engagements are expected to significantly impact the agricultural sectors of the involved countries, promoting greater economic integration and cooperation among ICIEC member states. Through such strategic initiatives, ICIEC continues demonstrating its commitment to advancing economic development and trade facilitation underpinned by Islamic financial principles.

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

Follow us on: 
X: https://apo-opa.co/3xZ0397
Facebook: https://apo-opa.co/3y6MFzx
LinkedIn: https://apo-opa.co/44n9Wt5
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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. 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. 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 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