The Islamic Company for the Insurance Coverage of Financial Investment and Export Credit Score (ICIEC) (http://ICIEC.IsDB.org), the Shariah-based multilateral insurance firm and participant of the Islamic Advancement Financial Institution (IsDB) Team, effectively wrapped up the 2024 Yearly Conferences, having actually authorized thirteen considerable contracts and MoUs completing US$ 689 million. These dedications with fifteen participant nations and organization companions extend a wide range of procedures and tasks throughout numerous industries, additionally strengthening ICIEC’s devotion to lasting financial growth.
Under the motif “Cherishing our Past, Charting our Future: Creativity, Uniformity, and Success,” the conferences included ICIEC’s energetic engagement in the 2024 Economic Sector Online Forum. This consisted of the ICIEC’s High-Level Panel Conversation that highlighted the transformative function of Saudi financial investments in promoting financial development throughout ICIEC Participant States, abreast with their nationwide growth schedules. The occasion combined stakeholders from federal government, global companies, banks, and the technology sector to talk about approaches for browsing arising geopolitical threats and checking out brand-new financial investment chances.
Trick contracts throughout the conference consisted of Reinsurance Treaty plans with Indonesia Eximbank and the Export-Import Financial Institution of Malaysia Berhad, MoUs with AZPROMO of Azerbaijan for financial investment promo, and considerable credit score insurance coverage and funding plans with Societe Generale and Deutsche Financial institution to sustain framework and health care tasks in Senegal and Côte d’Ivoire, specifically.
Furthermore, ICIEC has actually increased its partnerships with brand-new collaborations throughout numerous industries. A participating structure with The Saudi Agricultural Advancement Fund (ADF) intends to improve tactical efforts, while a structure with the Federation of Professionals from Islamic Nations (FOCIC) concentrates on understanding sharing and capability structure within the insurance coverage and having industries. Furthermore, contracts with Huawei Technologies Co., Ltd. and ZTE Company are readied to reinforce telecoms framework throughout Participant States, boosting connection and accessibility to modern-day innovation. MoUs with the National Facilities Fund of Saudi Arabia (INFRA) objective to straighten initiatives to sustain framework tasks with developing effect and foster institutional participation. Additionally, a substantial collaboration with Joint Supply Commercial Financial Institution “Agrobank” and Common Chartered Financial institution discovers a long-lasting funding collaboration to strengthen financial growth in Uzbekistan with Islamic funding items. This is anticipated to generate EUR 150 million on behalf of SMEs in Uzbekistan.
These efforts not just mirror ICIEC’s tactical initiatives to take advantage of Islamic money for worldwide growth however additionally show an aggressive method to growing purposeful collaborations that sustains the financial purposes of our participant mentions.
Mr. Oussama Kaissi, the Chief Executive Officer of ICIEC, highlighted the relevance of these partnerships: “This year’s Yearly Conferences note a specifying minute for ICIEC as we commemorate 3 years of devoted solution in the direction of financial strength and success of our Participant States. The contracts authorized right here extend a varied selection of industries and are a testimony to our dedication to leveraging Islamic money to cultivate lasting growth. Our conversations at the Economic sector Discussion forum have actually highlighted the important function of Saudi financial investments in thrusting development throughout our Participant States, checking out brand-new perspectives in arising markets, and strengthening our motif of valuing our past while charting a flourishing future in a lasting method.”
As ICIEC commemorates its 30th wedding anniversary, its function as the only Shariah-based multilateral export credit score and financial investment insurance coverage carrier remains to be essential in assisting in over USD 108 billion in profession and financial investments, advertising development, and growth in its Participant States.
Dispersed by APO Team in behalf of Islamic Company for the Insurance Coverage of Financial Investment and Export Credit Score (ICIEC).
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Rania Binhimd
Communication Department
Email: Rbinhimd@isdb.org
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About The Islamic Company for the Insurance Coverage of Financial Investment and Export Credit Score (ICIEC):
ICIEC began procedures in 1994 to reinforce financial connections in between OIC Participant States and advertise intra-OIC profession and financial investments by supplying threat reduction devices and monetary services. The Company is distinctly the only Islamic multilateral insurance firm worldwide. It has actually led from the front in supplying an extensive collection of services to business and events in its 49 Participant States. ICIEC, for the 16th successive year, kept an “Aa3” insurance coverage monetary toughness credit score ranking from Moody’s, placing the Company amongst the top of the Credit rating and Political Threat Insurance Coverage (CPRI) Market. Furthermore, ICIEC has actually been designated a Novice AA- lasting Provider Credit rating Score by S&P with Secure Expectation. ICIEC’s strength is underpinned by its audio underwriting, reinsurance, and threat monitoring plans. Cumulatively, ICIEC has actually guaranteed greater than US$ 108bn in profession and financial investment. ICIEC tasks are routed to details industries– power, production, framework, health care, and farming.
To learn more, see: http://ICIEC.IsDB.org
