SHARM EL SHEIKH, Egypt, June 11, 2022/ — The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (http://ICIEC.IsDB.org) has signed a Memorandum of Understanding (MoU) with the Federation of Afro-Asian Insurers and Reinsurers (FAIR) to foster greater cooperation to encourage business collaboration among their members.
Under the MoU, there will be greater cooperation between FAIR and ICIEC on sharing insurance and reinsurance information, regulatory guidelines, emerging insurance needs, and market gaps, ICIEC’s added value in risk mitigation, and credit enhancement for the benefits of common countries of coverage/operations.
The MoU was signed by Oussama A. Kaissi, CEO of ICIEC, and Mo’men Mukhtar, the Secretary-General of FAIR.
Oussama Kaissi, CEO of ICIEC, said the MoU will help garner a more holistic approach to business collaboration for both parties. He added: “This framework is a landmark agreement because it will promote greater cooperation between members of FAIR and ICIEC, including fostering increased technical assistance, training, and capacity building.”
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About ICIEC:
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is the insurance arm of the Islamic Development Bank (IsDB) Group. The Corporation is uniquely the largest Shariah-compliant multilateral insurer in the world and has led from the front in providing a comprehensive suite of insurance solutions to companies and parties in its 48 Member States.
ICIEC was established in 1994 with the mandate to strengthen economic relations between OIC member countries and to promote intra-OIC trade and investments by providing Shariah-compliant risk mitigation tools and financial solutions.
ICIEC has for the 14th consecutive year earned 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’s resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 83bn in trade and investment and US$2.2 bn in support of FDI at end of 2021. Its activities were directed to specific sectors including banking, energy, manufacturing, infrastructure, healthcare, and agriculture.
For more information, visit: http://ICIEC.IsDB.org
