Jeddah, Saudi Arabia – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and a member of the Islamic Development Bank (IsDB) Group, is proud to announce that the Togolese Republic has officially joined ICIEC as its 50th member state. This milestone not only reflects the growing trust and collaboration within the Organization of Islamic Cooperation (OIC) but also reinforces ICIEC’s commitment to providing tailored insurance solutions that foster sustainable economic growth and investment opportunities across its member countries.
With the Togolese Republic’s membership, ICIEC now comprises 50 member states, marking a significant expansion of its global reach and influence in promoting trade and investment in OIC member countries.
On this occasion, Dr. Khalid Khalafalla, Officer-in-Charge of ICIEC, stated: “We are delighted to welcome the Togolese Republic as our 50th member state. This is a testament to the mutual confidence between ICIEC and the Togolese Republic, and we are committed to supporting their economic ambitions through our robust insurance and risk mitigation solutions. Together, we aim to drive sustainable development and economic resilience in the region.”
As ICIEC continues to expand its membership and services, the organization remains dedicated to enhancing economic resilience and supporting its member states in attracting foreign direct investment (FDI) and fostering trade opportunities.
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 50 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$ 114 billion 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
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Media Contact
Rania Binhimd,
Strategic Planning and Communications Division|
Email:Rbinhimd@isdb.org
