The Islamic Corporation for Insurance of Investments and Export Credits (ICIEC) has signed a Memorandum of Understanding (MoU) with the Federation of Afro-Asian Insurers and Reinsurers (FAIR) to foster greater cooperation in order to encourage business collaboration among their members.
Under the MoU, there will be greater cooperation between FAIR and ICIEC on insurance and reinsurance information sharing, regulatory guidelines, emerging insurance needs and market gaps. market, the added value of ICIEC in mitigating risk and improving credit for the benefit of common countries of coverage/operations.
The MoU was signed by Oussama A. Kaissi, CEO of ICIEC, and Mo’men Mukhtar, Secretary General of FAIR.
Oussama Kaissi, CEO of ICIEC, said the MoU will help achieve a more holistic approach to business collaboration for both parties. He added, “This framework is a landmark agreement as it will foster greater cooperation between FAIR and ICIEC members, including by fostering increased technical assistance, training and capacity building.”
The Islamic Corporation for Insurance of Investments and Export Credits (ICIEC) is the insurance branch of the Islamic Development Bank Group (IDB). The Company is the largest Shariah-compliant multilateral insurer in the world and has led the way in providing a comprehensive range of insurance solutions to businesses and parties in its 48 member states. ICIEC was established in 1994 with a mandate to enhance economic relations among OIC member countries and promote intra-OIC trade and investment by providing risk mitigation tools and financial solutions in line with Sharia. ICIEC has been awarded an “Aa3” insurance credit rating by Moody’s for the 14th consecutive year, ranking the Company among the best in the credit and political risk insurance (CPRI) industry. ICIEC’s resilience is underpinned by its strong underwriting, reinsurance and risk management policies. Cumulatively, ICIEC secured more than $83 billion in trade and investment and $2.2 billion in FDI support by the end of 2021. Its activities were directed to specific sectors, including banking, l energy, manufacturing, infrastructure, health and agriculture.
For more information visit: http://iciec.isdb.org
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Rania Binhimd, Communications Planner
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