Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and International Federation of Islamic Takaful and Insurance Companies (IFTI) Sign Ground-Breaking MoU to Boost the Islamic Insurance Sector – African Business
The Islamic Corporation for the Insurance of Investment and Export Credits, (ICIEC), (https://ICIEC.IsDB.org) and the International Federation of Islamic Takaful and Insurance Companies (IFTI) signed a ground-breaking Memorandum of Understanding (MOU) in a move designed to boost the development of the Islamic insurance sector.
The MoU was signed in London by Mr Oussama KAISSI (the Chief Executive Officer of ICIEC) and Mr Reda Amin Dahbour (the Chairman of IFTI).
The MoU outlines that ICIEC (the insurance arm of Islamic Development Bank Group) and IFTI (an umbrella entity for Islamic Takaful as well as insurance companies around world) have agreed on a framework to facilitate their cooperation on common goals and a range of programs and initiatives.
The MOU’s main objective is to promote Islamic insurance and support member institutions of Federation in providing the best solutions. It also strengthens the technical capabilities of the workforce in Islamic insurance. ICIEC will support member companies and institutions in the Islamic insurance sector through IFTI and encourage them to offer export credit insurance.
The MoU provides that both institutions agree to work together in the organization of seminars and courses for employees as well as providing technical support. ICIEC offers its reinsurance services and technical support to IFTI for export-credit insurance. The MoU specifically encourages OIC companies and other OIC companies, to introduce new products for foreign investment and export credit insurance.
Oussama KAISSI is the CEO of ICIEC and he was delighted to sign the MoU. “There are excellent synergies between our organizations. We are looking forward to working together with IFTI to promote our common objectives in contributing to the promotion of Islamic insurance, supporting institutions and companies in introducing Export Credit insurance, and encouraging more operators to introduce them as new products.”
Distributed by APO Group, on behalf of Islamic Corporation of the Insurance of Investment and Export Credit.
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The Islamic Corporation for the Insurance of Investment and Export Credit is the insurance arm of the Islamic Development Bank Group. The Corporation is uniquely the world’s only Shariah-compliant multilateral insurer and leads from the front in providing a comprehensive suite of insurance solutions to companies and parties in its 48 Member States. ICIEC was founded in 1994 to promote intra-OIC trade, investments and economic relations. It provides financial solutions and risk mitigation tools that are Shariah-compliant. 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. ICIEC had insured more than US$ 82bn of trade and investment in total as of 2021. For more information, please visit: http://ICIEC.IsDB.org
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