The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral credit and political risk insurer and member of the Islamic Development Bank Group, concluded its participation in the IsDB Group Annual Meetings 2026 in Baku in Azerbaijanwith the signing of seven agreements, memoranda of understanding, and insurance policies valued at more than $1bn.
Held from 16 to 19 June under the theme “Regional Integration for Sustainable Prosperity,” the Annual Meetings provided a strategic platform for ICIEC to advance partnerships, support bankable projects, and reinforce its role in enabling trade and investment across its 51 Member States.
The agreements signed, during the Private Sector Forum (PSF) at the Annual Meetings, covered key areas including infrastructure, trade finance, export development, banking cooperation, and investment facilitation. They included support for strategic transactions in Nigeria, Turkiye, Uganda, and other Member Countries, alongside partnerships with financial institutions aimed at expanding access to Shariah-compliant risk mitigation and trade finance solutions.
ICIEC CEO Dr Khalid Khalafalla said, “ICIEC’s achievements in Baku demonstrate the vital role of risk mitigation in turning regional integration ambitions into bankable opportunities. The agreements concluded during the Annual Meetings will support infrastructure delivery, trade flows, investment mobilisation, and private sector growth across our Member States. ICIEC remains committed to providing the confidence and protection needed to move strategic projects from concept to implementation.”
The agreements and MoUs signed by ICIEC include:
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a Bank Master Policy under a Comprehensive Islamic Finance framework with the Arab Trade Financing Programme (ATFP)
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a EUR100m ($114m) financing facility extended by ING Bank (Germany) and SMBC Bank International (United Kingdom) to the Export Credit Bank of Türkiye (Türk Eximbank).
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a Framework Reinsurance Agreement with Oesterreichische Kontrollbank Aktiengesellschaft (OeKB), acting as agent of the Republic of Austria
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a Memorandum of Understanding (MoU) with Bank of Huzhou to strengthen cooperation in supporting trade and investment flows across ICIEC Member States.
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provision of insurance support for the construction of the Akii-Bua Olympic Stadium in Uganda.