The Islamic Corporation for Insurance of Investments and Export Credits (ICIEC) and the International Federation of Islamic Takaful and Insurance Companies (IFTI) sign a groundbreaking Memorandum of Understanding to boost the insurance industry Islamic

The Islamic Corporation for Insurance of Investments and Export Credits (ICIEC) (https://ICIEC.IsDB.org) and the International Federation of Islamic Takaful and Insurance Companies (IFTI) have signed a memorandum of groundbreaking agreement into an initiative to boost the development of the Islamic insurance industry.

The Memorandum of Understanding was signed by Mr. Oussama KAISSI, Director General of ICIEC, and Mr. Reda Amin Dahbour, President of IFTI.

Under the terms of the MoU, ICIEC, as the insurance arm of the Islamic Development Bank Group, and IFTI, an apex body for Islamic takaful and insurance companies around the world, agreed on a general framework to facilitate cooperation on their common goals, and on a range of collaborative initiatives and programs.

One of the main objectives of the MoU is to promote the Islamic insurance industry and help member institutions of the Federation to provide the best solutions and services while building the technical capacity of the workforce. works in the field of Islamic insurance. ICIEC, through IFTI, will support member institutions and companies operating in the field of Islamic insurance and encourage them to introduce and promote export credit insurance as new products among their offers.

Under the broader terms of the memorandum of understanding, the two institutions agree to cooperate in the organization of seminars and courses for employees and to provide coordinated technical support. ICIEC offers its reinsurance services to IFTI for export credit insurance. The MoU explicitly encourages the rest of the OIC enterprises to introduce export credit and foreign investment insurance products as new.

Oussama KAISSI, CEO of ICIEC, welcomed the signing of the memorandum of understanding. “There are excellent synergies between our organizations. We look forward to working with IFTI to promote our common goals by contributing to the promotion of Islamic insurance, supporting institutions and companies in the introduction of export credit insurance and encouraging further operators to introduce them as new products.
Rania Binhimd
Communications Planner
Email: [email protected]

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About ICIEC:
The Islamic Corporation for Insurance of Investments and Export Credits (ICIEC) is the insurance arm of the Islamic Development Bank Group (IsDBG). The Company is the world’s only sharia-compliant multilateral insurer and is at the forefront of providing a full range of insurance solutions to companies and parties in its 48 member states. ICIEC was established in 1994 to strengthen economic relations among OIC Member States and promote intra-OIC trade and investment by providing risk mitigation tools and Shariah-compliant financial solutions. The ICIEC has, for the 14th consecutive year, obtained an “Aa3” insurance credit rating from Moody’s, ranking the Company among the best in the credit and political risk insurance (CPRI) industry. ICIEC’s resilience is underpinned by its strong underwriting, reinsurance and risk management policies. Cumulatively, the ICIEC has insured over $82 billion in trade and investment by the end of 2021. For more information, visit: http://ICIEC.IsDB.org
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