The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group, announces its 26th Annual Meeting on April 6th, 2019 at the Palmeraie Resort in Marrakesh, Morocco in celebration of their 25th Anniversary.
The gathering will mark 25 years of consistent support in promoting sustainable economic development to its Member Countries. ICIEC provides unique solutions in multilateral export credit and investment insurance and is the only Shariah-compliant insurance provider globally. Since its establishment, it has facilitated over USD $51 billion in trade transactions and USD $9 billion in foreign direct investments in Member Countries.
In conjunction with the Annual Meeting, the Islamic Development Bank Group (IsDBG) entities will participate in the IsDBG Private Sector Forum on April 4th, 2019. The main objective of the Forum is to highlight IsDB Group activities, services and initiatives in member countries. The program will include a High-Level Panel Discussion on “Remapping the ECAs’ Strategic Mind-set through Business Intelligence Ecosystem.” This panel session will explore the innovative concept of the OIC Business Intelligence Center, spearheaded by ICIEC. The center would focus on addressing the scarcity of reliable credit information in OIC member countries, which serves as a major obstacle to both financing institutions and credit and insurance providing institutions – a significant barrier to economic development.
Chief Executive Officer of ICIEC, Mr. Oussama Kaissi, highlighted the initiative, stating “It is fortuitous that this panel discussion takes place during the celebration of ICIEC’s 25th Anniversary. Since its inception, ICIEC has served as an innovator in Islamic Trade Finance, and we continue in this role today.”
The Annual Meeting also provides an opportunity to affirm that the Corporation’s 2018 Annual Report and financial statements were approved by the Board of Governors, and to celebrate a milestone year in ICIEC’s journey. In 2018, ICIEC launched the Annual Development Effectiveness Report (ADER) which highlights the organization’s role in supporting the development goals of member countries. For the eleventh consecutive year, ICIEC has maintained the Aa3 rating by Moody’s with a stable outlook. This year ICIEC was also recognized with multiple prestigious awards for its role in financing innovative projects that will both accelerate member country economies and protect the environment.
In celebrating the milestones of the past quarter century and embarking on future successes, ICIEC promises to continue covering political and economic risks and support exporters and investors in a way that generates meaningful, sustainable development impact in Member Countries.
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development (IsDB) Group. The driving ambition behind the creation of ICIEC was to strengthen the economic relations between member countries of the OIC on the basis of Islamic Shariah. The ICIEC 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 Sharia-compliant risk mitigation tools.