The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (http://ICIEC.IsDB.org) and UAE-headquartered Tabarak Investment Capital have signed an insurance policy that will provide greater insurance cover for the export and import of Shariah-compliant goods and services.
The documentary credit insurance policy will apply to the confirmation of Irrevocable Letters of Credit (ILC) by Tabarak Investment Capital in the ICIEC Member States. The policy will cover the commercial and political risks of the issuing banks, thereby enhancing the capacity of Tabarak to expand its trade finance support in the United Arab Emirates.
The approved limit for the policy is $100 million over a 12-month tenure.
The insurance policy was signed by Mr Oussama Kaissi, Chief Executive Officer of ICIEC, who praised the partnership's goal of "fuelling trade finance by giving confidence to banks that commercial and political risks will be covered".
Rania Binhimd, Communications Planner
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The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is the insurance arm of the Islamic Development Bank (IsDB) Group. The Corporation is uniquely the largest Shariah-compliant multilateral insurer in the world and has led from the front in providing a comprehensive suite of insurance solutions to companies and parties in its 48 Member States. ICIEC was established in 1994 with the mandate to strengthen economic relations between OIC member countries and to promote intra-OIC trade and investments by providing Shariah-compliant risk mitigation tools and financial solutions. ICIEC has for the 14th consecutive year earned an "Aa3" insurance financial strength credit rating from Moody's, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. ICIEC's resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 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 banking, energy, manufacturing, infrastructure, healthcare, and agriculture.For more information, visit:http://ICIEC.IsDB.org