The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (www.ICIEC.IsDB.org), a Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group, is pleased to announce that a Highway Project in Senegal, supported by ICIEC, has been recognized with two prestigious Islamic Finance News (IFN) Awards 2024:
- IFN Sovereign&Multilateral Deal of the Year 2024 – Republic of Senegal EUR Tawarruq Financing
- IFN Africa Deal of the Year 2024 – Republic of Senegal’s EUR Tawarruq Financing
The awards acknowledge ICIEC’s crucial role as the Guarantor of Islamic Finance Tranche for the landmark EUR 259 million Murabaha facility extended by Société Générale. The facility, provided under ICIEC’s Non-Honouring of a Sovereign Financial Obligation (NHSFO) insurance policy, supports the construction of key road projects in Senegal, including the Dakar-Tivaouane Highway and the expansion of the Cyrnos-Seven Up Road.
This Takaful cover agreement demonstrates ICIEC’s commitment to facilitating impactful infrastructure projects that bolster economic growth, regional connectivity, and sustainable development. By significantly reducing travel times, cutting carbon emissions, and streamlining the movement of goods, these road projects will elevate Senegal’s transport infrastructure and enhance the quality of life for local communities. Moreover, they are expected to generate substantial employment opportunities both during construction and in the long term.
Commenting on the recognition, Dr. Khalid Khalafalla, CEO of ICIEC said:“We are honored that the Highway and Road Project in Senegal has received these two distinguished IFN awards. This acknowledgment reaffirms ICIEC’s commitment to delivering Shariah-compliant risk mitigation solutions that spur economic transformation and resilience in our member states. It also underscores the power of strategic partnerships in fostering sustainable development and improving lives.”
As part of its mandate, ICIEC continues to serve as a catalyst for socioeconomic progress in the Organization of Islamic Cooperation (OIC) countries. By leveraging innovative insurance and credit enhancement tools, ICIEC remains dedicated to supporting member states in their journeys toward prosperity and well-being.
Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
Media Contact:
Rania Binhimd,
Strategic Planning and Communications Division
Email: Rbinhimd@isdb.org
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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 17th 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 USD 121 billion in trade and investment. ICIEC activities are directed to several sectors – energy, manufacturing, infrastructure, healthcare, and agriculture.
