GIFA honors Islamic Corporation for the Insurance of Investment and Export Credit with ‘Global Islamic Export Credit and Political Risk Insurance' Award 2021

GIFA honors Islamic Corporation for the Insurance of Investment and Export Credit with ‘Global Islamic Export Credit and Political Risk Insurance' Award 2021

The Global Islamic Finance Awards (GIFA), now in its 11th Year, today honored The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, with the ‘Global Islamic Export Credit and Political Risk Insurance Award 2021.

Accepting the honor in The Virtual Awards Ceremony, Mr Oussama Kaissi, CEO of ICIEC, thanked the promoters of GIFA 2021 for bestowing this well-deserved recognition on the Corporation.

“This Award,” he emphasized, “is a boost for the Shariah-compliant credit and political risk insurance industry in helping our member countries recover during the ongoing Covid-19 pandemic. It is also a recognition of the hard work, creativity and resilience of our management and staff in helping our member countries build back better in the aftermath of the pandemic by ensuring the flow of essential medicines, medical equipment and food supplies. It will also help us redouble our efforts in delivering our mandate.”

As the leading Shariah-compliant credit and political risk insurer in the world, ICIEC strives towards promoting export development and investment in its 48 member countries through the provision of innovative risk mitigation solutions. Whether it is export promotion, facilitation of imports, lines of financing and impactful investments in member countries, ICIEC’s pioneering suite of risk mitigation solutions are innovative, bespoke and proven, especially in an evolving post-Covid economic recovery.

Cumulatively, ICIEC has insured, over 27 years, US$78 billion in trade and investment, with the latter accounting for US$15.6 billion in various ICIEC member countries. ICIEC contributed US$643 million in insurance coverage towards the implementation of the IsDB Group’s US$2.3 billion Covid mitigation Strategic Preparedness and Response Program (SPRP), guided by the 3 Rs (Respond, Restore, Restart) initiative. ICIEC and IsDB jointly also launched the US$2 billion COVID-19 Guarantee Facility (CoGF) which is specifically aimed at supporting the private sector, in particular COVID hit industries in member countries, and to attract cross-border investments.

In its citation, the GIFA Awards Committee emphasized that “the Global Islamic Export Credit and Political Risk Insurance Award is presented to a leading institution in the field of export credit and political risk insurance, offering innovative diverse Shariah-compliant services and solutions that cater to the multifaceted needs of customers and business partners around the globe while promoting export credit, investments and innovative risk mitigation solutions. The fact that ICIEC won the Award yet again is a testament to the Corporation’s important mission to support its 48 member countries.”

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development Bank (IsDB) Group, effectively its export credit and investment insurance and reinsurance provider. ICIEC was established in 1994 as a multilateral institution to strengthen the economic relations between member countries of the OIC. ICIEC’s vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in Member Countries. Its mission is to facilitate trade and investment between member countries and the world by providing Shariah-compliant risk mitigation tools and financial solutions. For more information, visit: http://iciec.isdb.org

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