PRESSR: ICIEC and Federation of Contractors from Islamic Countries sign MoU
Riyadh, KSA — 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 delighted to announce the signing of a Memorandum of Understanding (MoU) with the Federation of Contractors from Islamic Countries (FOCIC). This agreement was signed by ICIEC CEO Mr. Oussama Kaissi and Mr. Zakariyah AbdulRahman Al Abdulqadir, President, FOCIC during the IsDB Group Annual Meeting 2024 held in Riyadh.
This MoU has been established between ICIEC and FOCIC to create a comprehensive framework for collaboration in the areas of knowledge sharing and technical capacity for the parties within the insurance and contracting sectors.
ICIEC's Chief Executive Officer, Mr. Oussama Kaissi, expressed that “the MoU established with FOCIC represents a profound dedication to promoting the comprehension and implementation of Islamic insurance throughout their member countries. By amalgamating their resources and proficiency, they are well-positioned to effectuate significant progress in the insurance and construction sectors, crucial for sustained economic expansion and advancement within their communities”.
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
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