Riyadh, Saudi Arabia, May 2, 2024/ — The Islamic Corporation for Insurance of Investments and Export Credits, a Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IDB) Group, announced new financial collaborations with Sumitomo Mitsui Banking Corporation (SMBC) , a subsidiary of DIFC. These non-payment risk insurance contracts support the export capabilities of member countries, thereby strengthening ICIEC’s commitment to their economic development through strategic partnerships.
At the 2024 IDB Group Annual Meeting held in Riyadh, ICIEC CEO Mr. Oussama Kaissi and Mr. Hideo Kawafune, CEO of SMBC Bank International plc and Head of the Group’s EMEA Division SMBC, have signed two insurance contracts. The first involves an insurance policy issued to SMBC to facilitate the financing of agricultural products exported from Saudi Arabia to ETC Agri Inputs FZE in the UAE. The second agreement extends US$25 million of insurance coverage insuring exports from ICIEC member countries to the ETC Group in Mauritius, further supporting the growth of the agricultural sector across the region.
Mr. Oussama Kaissi expressed his enthusiasm for these partnerships: “These agreements with SMBC are not just financial transactions, but truly demonstrate the role that ICIEC plays in promoting food security and sustainable economic growth within our member countries. By providing reliable insurance solutions, we facilitate trade flows and strengthen links between the main players in the agri-food value chain.
These new financial commitments are expected to have a significant impact on the agricultural sectors of the countries concerned, promoting greater economic integration and increased cooperation between ICIEC member countries. Through such initiatives, ICIEC continues to demonstrate its commitment to the advancement of economic development and trade facilitation, based on Islamic financial principles.
About ICIEC:
ICIEC started its operations in 1994 to strengthen economic relations among OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Company is the world’s only Islamic multilateral insurer. It has led the way in providing a comprehensive suite of solutions to businesses and parties across its 49 member states, including documentary credit insurance coverage, credit insurance coverage, bank master policy, non-compliance with sovereign financial obligations and investment insurance products. ICIEC has maintained, for the 16th consecutive year, an “Aa3” insurance financial strength credit rating from Moody’s, ranking the Company among the best in the credit and political risk insurance (CPRI) industry ). ICIEC also achieved an important milestone by obtaining an “AA-” long-term issuer credit and financial strength rating from Standard & Poor’s (S&P), with a stable outlook and the highest of its peer group at world. ICIEC’s resilience is underpinned by its robust underwriting, reinsurance and risk management policies. Cumulatively, ICIEC has insured over $108 billion in Trade and Investment. ICIEC’s activities are directed towards specific sectors – Energy, Manufacturing, Infrastructure, Healthcare and Agriculture.
