Saturday, May 10, 2025
LBNN
  • Business
  • Markets
  • Politics
  • Crypto
  • Finance
  • Energy
  • Technology
  • Taxes
  • Creator Economy
  • Wealth Management
  • Documentaries
No Result
View All Result
LBNN

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Boosts Agri-Commodity Exports in Member States with US$75 Million Insurance Coverage

Simon Osuji by Simon Osuji
May 2, 2024
in Telecoms
0
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Boosts Agri-Commodity Exports in Member States with US$75 Million Insurance Coverage
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


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

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

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (http://ICIEC.IsDB.org), a Shariah-based multilateral insurer and a member of the Islamic Development Bank (IsDB) Group, has announced new financial collaborations with Sumitomo Mitsui Banking Corporation (SMBC), DIFC Branch. These non-payment insurance contracts support the export capabilities of member states, reinforcing ICIEC’s commitment to economic development through strategic partnerships.

During the IsDB Group Annual Meeting 2024 held  in Riyadh, ICIEC CEO Mr. Oussama Kaissi and Mr. Hideo Kawafune, CEO, SMBC Bank International plc, Managing Executive Officer and Head of EMEA Division SMBC Group, signed two insurance contracts. The first involves a US$50 million non-payment insurance-Bank Master Policy issued to SMBC to facilitate the financing of agricultural commodities exported from Saudi Arabia to ETC Agri Inputs FZE in the UAE. The second agreement extends a US$25 million insurance coverage for ICIEC member states’ exports to ETC Group, Mauritius, further supporting the agricultural sector’s growth across regions.

Mr. Oussama Kaissi expressed his excitement about the partnerships, stating, “These agreements with SMBC are not just financial transactions, but a testament to ICIEC’s role in fostering sustainable economic growth and food security within our Member States. By providing reliable insurance solutions, we are facilitating smoother trade flows and strengthening the ties between key players in the  agri-business value chain.”

The new financial engagements are expected to significantly impact the agricultural sectors of the involved countries, promoting greater economic integration and cooperation among ICIEC member states. Through such strategic initiatives, ICIEC continues demonstrating its commitment to advancing economic development and trade facilitation underpinned by Islamic financial principles.

Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

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

Follow us on: 
X: https://apo-opa.co/3xZ0397
Facebook: https://apo-opa.co/3y6MFzx
LinkedIn: https://apo-opa.co/44n9Wt5
YouTube: https://apo-opa.co/4diTJZZ

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       



Source link

Related posts

EAD issues new regulation on environmental emergency preparedness, response in Abu Dhabi

EAD issues new regulation on environmental emergency preparedness, response in Abu Dhabi

May 10, 2025
Nigeria’s Senate passes tax reform bills to boost government revenue

Nigeria’s Senate passes tax reform bills to boost government revenue

May 10, 2025
Previous Post

Macron Floats Ukraine Troop Deployment if Frontline Breached

Next Post

Apple: pay attention to emerging markets, not falling China sales

Next Post
Apple: pay attention to emerging markets, not falling China sales

Apple: pay attention to emerging markets, not falling China sales

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Saudi Arabia’s Ministry of Media launches Horizon documentary on Netflix, about wildlife in the Kingdom

Saudi Arabia’s Ministry of Media launches Horizon documentary on Netflix, about wildlife in the Kingdom

1 year ago
Naval Group to Integrate Thales, KNDS Effectors With Modular Multi-Purpose Launch System

Naval Group to Integrate Thales, KNDS Effectors With Modular Multi-Purpose Launch System

6 months ago
New camera technology use facial cues to detect drunk drivers

New camera technology use facial cues to detect drunk drivers

11 months ago
Research challenges idea that bias is a technical flaw

Research challenges idea that bias is a technical flaw

2 months ago

POPULAR NEWS

  • Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    0 shares
    Share 0 Tweet 0
  • When Will SHIB Reach $1? Here’s What ChatGPT Says

    0 shares
    Share 0 Tweet 0
  • Matthew Slater, son of Jackson State great, happy to see HBCUs back at the forefront

    0 shares
    Share 0 Tweet 0
  • Dolly Varden Focuses on Adding Ounces the Remainder of 2023

    0 shares
    Share 0 Tweet 0
  • US Dollar Might Fall To 96-97 Range in March 2024

    0 shares
    Share 0 Tweet 0
  • Privacy Policy
  • Contact

© 2023 LBNN - All rights reserved.

No Result
View All Result
  • Home
  • Business
  • Politics
  • Markets
  • Crypto
  • Economics
    • Manufacturing
    • Real Estate
    • Infrastructure
  • Finance
  • Energy
  • Creator Economy
  • Wealth Management
  • Taxes
  • Telecoms
  • Military & Defense
  • Careers
  • Technology
  • Artificial Intelligence
  • Investigative journalism
  • Art & Culture
  • Documentaries
  • Quizzes
    • Enneagram quiz
  • Newsletters
    • LBNN Newsletter
    • Divergent Capitalist

© 2023 LBNN - All rights reserved.