The Islamic Company for the Insurance coverage of Funding and Export Credit score (ICIEC) (http://ICIEC.IsDB.org), the Insurance coverage arm of the (IsDB) Group, has launched its Annual Report and Audited Monetary Statements for 2021, upon approval from its Board of Governors on 04th June 2022.
The Company, a member of the Islamic Improvement Financial institution Group (IsDB) Group, has as soon as extra demonstrated resilience in a yr of unprecedented dangers, shifting priorities and persevering with international impacts of the pandemic. In 2021, ICIEC insured a near-record of USD 9.8 billion with Company Web-Outcomes equally sturdy at USD 9.3 million considerably surpassing targets. Since its inception, ICIEC has supported exports, imports, and overseas direct investments with a cumulative quantity of USD 83.3 billion.
ICIEC can be proud to report that its membership grew to 48 Member States in 2021, welcoming Maldives to the ICIEC group.
Primarily based on its efficiency, ICIEC has maintained, for the 14th consecutive yr, an Aa3 ranking by Moody’s – which is without doubt one of the strongest within the Export Credit score and Political Threat Insurance coverage trade. Our sturdy credit standing displays our resilience, standalone fundamentals, in addition to the sturdy willingness of our key shareholders, together with the IsDB (AAA steady) and our Member States, to help ICIEC in instances of economic misery.
In 2021, ICIEC supported a mixed USD 4.5 billion of intra-trade and intra- funding amongst OIC nations, representing an 11% lower as in comparison with the earlier yr. Of that, USD 3.7 billion represented intra-OIC commerce amongst OIC nations, and USD 0.8 billion represented intra-investment amongst OIC nations. ICIEC help for commerce and funding has helped MSs to realize long-term sustainable improvement. ICIEC catalyzes affect by supporting transactions and tasks that contribute to the SDGs. By means of these SDGs, a name to motion has been established to eradicate poverty, shield the atmosphere, and enhance the lives of everybody on Earth. Of the 17 SDGs, ICIEC is prominently dedicated to six objectives which can be instantly associated to its mandate.
Releasing the 2021 Annual Report, the Chief Govt Officer of ICIEC, Mr. Oussama KAISSI, expressed optimism concerning the Company’s prospects for 2022, stating “like all profitable organizations, we’ve got core priorities that give focus to our operations and allow our success. ICIEC priorities embrace the supply of improvement affect, enabling Islamic finance, the event of value-based partnerships, and enabling excellence in each our employees and trade. In instances of issue and volatility, we stand firmly behind our member states as the one Shari’ah-compliant multilateral export credit score and funding insurance coverage supplier on the planet”.
Mr. KAISSI went on to say “I wish to take this chance to thank the devoted ICIEC group, whose onerous work has been the spine of its continued success. I might additionally prefer to thank His Excellency the Chairman, together with the Honorable Members of the Board of Governors and Board of Administrators. They’ve been integral in offering steerage by means of their unparalleled knowledge and expertise to navigate by means of its most difficult yr for ICIEC. Their dedication to our success continues to encourage us and our decision-making in pursuit of delivering the very best improvement options to our Member States”.
Distributed by APO Group on behalf of Islamic Company for the Insurance coverage of Funding and Export Credit score (ICIEC).
Rania Binhimd, Communications Planner
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The Islamic Company for the Insurance coverage of Funding and Export Credit score (ICIEC) is the insurance coverage arm of the Islamic Improvement Financial institution (IsDB) Group. The Company is uniquely the biggest Shariah-compliant multilateral insurer on the planet and has led from the entrance in offering a complete suite of insurance coverage options to corporations and events in its 48 Member States. ICIEC was established in 1994 with the mandate to strengthen financial relations between OIC member nations and to advertise intra-OIC commerce and investments by offering Shariah-compliant threat mitigation instruments and monetary options. ICIEC has for the 14th consecutive yr earned an “Aa3” insurance coverage monetary power credit standing from Moody’s, rating the Company among the many high of the Credit score and Political Threat Insurance coverage (CPRI) Business. ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and threat administration insurance policies. Cumulatively, ICIEC has insured greater than US$ 83bn in commerce and funding and US$2.2 bn in help of FDI at finish of 2021. Its actions had been directed to particular sectors together with banking, vitality, manufacturing, infrastructure, healthcare, and agriculture. For extra info, go to: http://ICIEC.IsDB.org
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