BAKU, Azerbaijan, Oct. 5
Trend:
On the 17th of August 2020, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) signed a Memorandum of Understanding (MoU) for cooperation with the United Kingdom’s Export Credit Agency, which operates under the name UK Export Finance (UKEF).
The MoU allows for both entities to enter into co-insurance, reinsurance or cooperation agreements to engage in strategic joint projects that support exports and investments from the United Kingdom into ICIEC’s 47 member countries.
The partnership is beneficial for both institutions as they each offer Shariah compliant financing through the provision of Islamic Sukuk and share an interest in promoting and supporting Islamic finance transactions. There is also potential for UKEF to risk-share with ICIEC and leverage on the Corporation’s preferred creditor status, across key international markets for UKEF’s support including UAE, Oman and Bahrain – all ICIEC member countries.
“This cooperation agreement strengthens the existing relationship the Corporation has with UKEF,” says ICIEC CEO Mr. Oussama Kaissi. “Despite, or perhaps due to the troubling times we’re living in, demand is growing for guarantees in OIC markets where credit and political risks pose a greater challenge. Having this partnership between two leading ECAs allows both institutions to take on larger projects with greater impact – better serving the citizens of ICIEC member countries.”
Richard Simon Lewis, | Director & Head of Business Development, Marketing & Communications said “UKEF is committed to the development of new relationships across new sectors, markets and regions which will expand the reach of its world class finance. I therefore look forward to working with the ICIEC as we continue to help UK companies reach their full exporting potential by helping them to win, fulfil and get paid for international opportunities.’’
About ICIEC
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development Bank (IsDB) Group. ICIEC was established in 1994 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 through the provision of Shariah compliant risk mitigation tools and financial solutions.
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Rania Binhimd