Jeddah, KSA: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group, today signed an comprehensive non-payment insurance contractywith the Islamic Corporation for the Development of the Private Sector (ICD), the private sector funding arm of the IsDB Group, whereby ICIEC will provide credit insurance cover through its Bank Master Policy (BMP) to ICD clients to cover the non-payment risk of trade-based obligors in IsDB Group member states.

The BMP was signed by Mr. Oussama Kaissi, CEO of ICIEC, and Eng. Hani Salem Sonbol, Acting CEO of ICD, under the aegis of the IsDB Group Private Sector Forum themed ‘Partnerships to Fend Off Crises’ at the 48th Annual Meetings of the Board of Governors of the IsDB on 10-13 May 2023 at the Ritz-Carlton Hotel in Jeddah, Saudi Arabia. 

At the signing of this BMP, ICIEC and ICD also concluded the first policy approval under the BMP of €10 million to cover ICD’s financing to Banque Malienne de Solidarite (Mali) under a Wakala structure wrapped with 12 months Murabaha facility. The BMP is a general framework agreement which will be governing the partnership between ICD and ICIEC in the coming years.

About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)

ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is uniquely the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 49 Member States, including Documentary Credit Insurance Cover, Credit Insurance Cover, Bank Master Policy, Non-Honouring of Sovereign Financial Obligations, and Investment Insurance Products. ICIEC, for the 15th consecutive year, maintained 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$ 95bn in trade and investment. ICIEC activities are directed to specific sectors - energy, manufacturing, infrastructure, healthcare, and agriculture.