Jeddah-headquartered Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-compliant multilateral insurer and a member of the Islamic Development Bank (IsDB) Group, has entered into several agreements at the AMAN Union's 14th Annual General Meeting in Algiers held on 1-3 December.
ICIEC announced that it had signed a strategic Quota Share Retakaful Agreement with Export-Import Bank of Malaysia (MEXIM) to provide Export Trade Credit Risk Takaful on a global scale.
The agreement allows both institutions to share risks more effectively, promoting financial stability and fostering increased trade and investment activities on a global scale.
ICIEC has also signed a landmark reinsurance agreement with Compagnie Algérienne d’Assurance et de Garantie des Exportations (CAGEX), Algeria's national export credit agency.
This partnership aims to bolster export credit insurance capacity, facilitating greater support for exporters and investors navigating the global market.
As part of this important initiative, ICIEC will collaborate closely with CAGEX to offer comprehensive reinsurance solutions. This collaboration aims to enhance CAGEX's capacity to underwrite larger volumes of export credit insurance, thereby empowering Algerian exporters to confidently expand into new markets.
Delegates from OIC member countries attend AMAN Union meetings to discuss strategies to boost credit insurance and trade exchange, reflecting the shared commitment to fostering regional economic integration.
The focus areas at this year’s AMAN Union meeting included fostering regional cooperation for global sustainability, the role of credit insurance in promoting trade exchange and achieving sustainable development goals, the importance of credit information in mitigating risks and maximising trade credit recoveries, and the role of multilateral development institutions in unlocking Africa-Arab trade potential.
ICIEC commenced operations in 1994 to strengthen economic relations between member states of the Organisation of Islamic Cooperation (OIC) and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions.