ICIEC ups export loan insurance in member countries by 60 percent
Azerbaijan, Baku, April 7 / Trend A. Badalova /
The Board of Governors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), member of Islamic Development Bank (IDB) Group, approved in its 19th Annual Meeting, held today in Khartoum, Republic of Sudan, the Annual Report and the Financial Results for 1432H (2011) said today.
The Annual Report shows that the insurance business provided by ICIEC to member countries' investors and exporters stood at over $ 3.2 billion, an increase of 59% compared to 1431H (2010),while its financial results were positive despite the increase in credit and political risks results from the continuing global financial and economic difficulties.
Commenting on these results the CEO of ICIEC, Dr. Abdel-Rahman Eltayeb Taha, said that this growth in business was as a result of the increased awareness among exporters and banks in our member countries of the importance of credit and political risk insurance as an affective risk mitigant, especially during these turbulent times. It is also a consequence of the responsiveness of ICIEC to the demand of its clients by introducing more flexibility in its product offering.
ICIEC, the Aa3 rated multilateral credit and country risks insurer is a member of the Islamic Development Bank (IDB) Group. It was established in August 1994G as a specialized international institution with full juridical personality with a mandate to encourage the exports of member countries and help attract foreign direct investment to them, through providing Sharia compliant credit and political risk insurance products.
Azerbaijan has been a member of the Islamic Development Bank since 1992. The share of the country's participation in the bank's capital amounts to 0.13 percent.