The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, signed a landmark Reinsurance Agreement (RA) with the Compania Espanola de Seguros de Creditito a la Exportacion, S.A., Compania de Seguros y Reaseguros SME (CESCE), the official Spanish export credit agency (ECA).
The Agreement was signed by Mr Oussama Kaissi, Chief Executive Officer of ICIEC, Ms Beatrix Reguero Naredo, Chief Operating Officer, State Account Business, CESCE, in a virtual ceremony on 18 February 2022.
Under the Reinsurance Agreement, ICIEC will provide Shariah-compliant reinsurance solutions covering CESCE’s exposure in ICIEC Member Countries originating from Spanish companies/banks transactions.
“This agreement,” emphasizes Mr Oussama Kaissi, CEO of ICIEC, “consolidates our long-standing partnership with CESCE in supporting export development and Foreign Direct Investment (FDI) in ICIEC Member Countries in which Spanish companies/banks are located in or involved with. We look forward to consolidating our relationship with CESCE, especially during this period when the world is recovering from the ongoing impacts of the COVID-19 pandemic and as our member countries are in the midst of building back fairer in their economies and societies on the way also towards achieving the transition to Net Zero and the UN Sustainable Development Goals (SDGs).”
Among ICIEC’s mandate is also to promote the flow of foreign investments among and into its Member Countries and enlarge the scope of trade transactions between them and their third-party partners.
Mr Oussama Kaissi, CEO of ICIEC, welcomed the signing of this landmark Agreement. “Co-operation between ICIEC and CESCE would bring about better coordination and more efficient implementation of their respective activities to the benefit of partners in ICIEC Member Countries.
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is the insurance arm of the Islamic Development Bank (IsDB) Group. The Corporation is uniquely the largest Shariah-compliant multilateral insurer in the world and has led from the front in providing a comprehensive suite of solutions to companies and parties in its 48 Member Countries including Documentary Credit Insurance Policy, Credit Insurance Products, Bank Master Policy, Non-Honoring of Sovereign Financial Obligations Policy, Sovereign Sukuk Insurance Policy, and Investment Insurance Products. ICIEC was established in 1994 with the mandate to strengthen economic relations between OIC member countries and to promote intra-OIC trade and investments by providing Shariah-compliant risk mitigation tools and financial solutions. The uncertainties presented by the ongoing pandemic, the challenges relating to climate change and adaptation, and a host of other risks demand greater resilience from players in the trade and investment spectrum.
ICIEC has for the 14th consecutive year earned an “Aa3” insurance financial strength credit rating from Moody’s, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and risk management policies.
Cumulatively, ICIEC has insured more than US$ 83bn in trade and investment and US$2.2 bn in support of FDI at end of 2021. Its activities were directed to specific sectors including US$31.7bn to energy, US$25bn to manufacturing, US$5.3bn to infrastructure, US$2bn to healthcare, and US$1.4bn to agriculture.