Riyadh, KSA - The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank (IsDB) Group, is delighted to announce a significant collaboration with Export-Import Bank of Malaysia Berhad (MEXIM). The two entities have signed a Memorandum of Retakaful Arrangement (MoA) during the IsDB Group Annual Meeting 2024 held in Riyadh, Saudi Arabia.

The MoA establishes a high-level, non-binding, and non-exclusive framework designed to foster cooperation between ICIEC and MEXIM. The partnership aims to enhance collaborative efforts on mutually agreed projects and objectives, further detailed in an upcoming Treaty Agreement upon confirmation of treaty collaboration.

The signing ceremony was marked by the presence of distinguished leaders from both organizations, including Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Wan Norazli Wan Suleiman, Head of Legal and Governance Division at MEXIM .

Mr. Kaissi expressed his enthusiasm about the new partnership, stating, "We are excited to embark on this journey with MEXIM , which marks a significant milestone in our mutual commitment to advancing economic growth and development through Shariah-based insurance solutions. This collaboration is poised to enhance our collective capabilities and meet our strategic objectives effectively."

This alliance underscores the shared vision and commitment of both ICIEC and MEXIM  to explore new horizons and leverage their strengths for the greater good of their communities and the economies they serve.

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. ICIEC, for the 16th 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. Additionally, ICIEC has been assigned a First-Time AA- long-term Issuer Credit Rating by S&P with Stable Outlook.  ICIEC's resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 108bn in trade and investment. ICIEC activities are directed to specific sectors - energy, manufacturing, infrastructure, healthcare, and agriculture.

For more information, visit: http://iciec.isdb.org      
Follow us on X | Facebook | LinkedIn | YouTube

Media Contact
Rania Binhimd, Communication Department
Email: Rbinhimd@isdb.org