The Islamic Firm for the Insurance Policy of Financial Investment and Export Credit Rating (ICIEC) (www.ICIEC.ISDB.org) happily reveals the authorization of its Yearly Record and Audited Financial Statements for the year 2023 by the Board of Governors throughout the 2024 Yearly Conferences of the Islamic Advancement Financial Institution Team (IsDB) kept in Riyadh, Saudi Arabia.
The ICIEC’s Yearly Record information a year of functional durability and outstanding economic efficiency, showcasing a substantial 14.4% year-on-year boost in insured profession and financial investment deals, totaling up to USD 13.3 billion. The Firm likewise reported a boost in its Gross Created Costs, which skyrocketed by 6.4% to USD 98.3 million from USD 92.4 million in the previous year. 130% enhancement in business internet outcomes mirrors ICIEC’s capacity to properly handle insurance holder dedications, improved worth recommendation and shows cultivating self-confidence of our participant states.
2023 was a year of calculated market infiltration and profile diversity for ICIEC. The Tool Term and Financial investment Insurance coverage section experienced a significant development of 49.3%, getting to USD 73.6 million. This development emphasizes ICIEC’s dedication to broadening its impact and improving customer rely on its solutions.
ICIEC kept its Moody’s “Aa3” ranking for the 16th successive year, verifying its setting as a leading entity in the credit scores and political danger insurance coverage market. The year likewise noted the addition of Azerbaijan as ICIEC’s 49th participant state, broadening the Firm’s geographical protection within the OIC participant nations.
In a historical landmark, ICIEC’s collective insured organization went beyond USD 108 billion over its 30-year background, substantially adding to social and financial growth throughout different fields worldwide.
ICIEC broadened calculated collaborations, especially in lasting power and food safety and security, with the finalizing of numerous MoUs. The Firm’s initiatives in environment activity were highlighted at COP28 and with campaigns like the Power Change Accelerator Funding System (ETAF) which is handled by The International Renewable Resource Company (IRENA).
As component of the IsDB Team’s Food Protection Reaction Program (FSRP), ICIEC accepted USD 788 million to deal with worldwide food safety and security obstacles, highlighting its devotion to sustaining lasting growth objectives.
Mr. Oussama Kaissi, the Chief Executive Officer of ICIEC, commented, “2023’s accomplishments mirror our durable calculated campaigns and our durability despite worldwide financial and geopolitical obstacles. Our proceeded success is a testimony to the effort of our group and the trust fund of our participants and customers. We are devoted to proceeding our goal of cultivating financial growth and advertising cross-border financial investments in participant countries.”
Distributed by APO Team in support of Islamic Firm for the Insurance Policy of Financial Investment and Export Credit Rating (ICIEC).
Media Get In Touch With:
Rania Binhimd
Communication Department
Email: Rbinhimd@isdb.org
About The Islamic Firm for the Insurance Policy of Financial Investment and Export Credit Rating (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 danger reduction devices and economic services. The Firm is distinctly the only Islamic multilateral insurance provider worldwide. It has actually led from the front in providing an extensive collection of services to business and celebrations in its 49 Participant States, consisting of Docudrama Debt Insurance coverage Cover, Credit Rating Insurance Policy Cover, Financial Institution Master Plan, Non-Honouring of Sovereign Financial Commitment, and Financial Investment Insurance Policy Products. ICIEC, for the 16th successive year, kept an “Aa3” insurance coverage economic toughness credit report ranking from Moody’s, rating the Firm amongst the top of the Debt and Political Danger Insurance Policy (CPRI) Market. ICIEC likewise has actually attained a substantial landmark by achieving an “AA-” long-lasting provider credit scores and economic toughness ranking from Requirement&& Poor’s (S&P), with a steady expectation and the greatest within its colleagues worldwide. ICIEC’s durability is underpinned by its audio underwriting, reinsurance, and danger monitoring plans. Cumulatively, ICIEC has actually guaranteed greater than US$ 108bn in profession and financial investment. ICIEC tasks are routed to particular fields– power, production, framework, health care, and farming.
To find out more, check out: http://ICIEC.ISDB.org
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