The Islamic Company for the Insurance coverage of Funding and Export Credit score (ICIEC) (http://ICIEC.IsDB.org) and UAE-headquartered Tabarak Funding Capital have signed an insurance coverage coverage that can present larger insurance coverage cowl for the export and import of Shariah-compliant items and companies.
The documentary credit score insurance coverage coverage will apply to the affirmation of Irrevocable Letters of Credit score (ILC) by Tabarak Funding Capital within the ICIEC Member States. The coverage will cowl the business and political dangers of the issuing banks, thereby enhancing the capability of Tabarak to increase its commerce finance assist within the United Arab Emirates.
The authorized restrict for the coverage is $100 million over a 12-month tenure.
The insurance coverage coverage was signed by Mr Oussama Kaissi, Chief Government Officer of ICIEC, who praised the partnership’s purpose of “fuelling commerce finance by giving confidence to banks that business and political dangers can be lined”.
Distributed by APO Group on behalf of Islamic Company for the Insurance coverage of Funding and Export Credit score (ICIEC).
Rania Binhimd, Communications Planner
E mail: [email protected]
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The Islamic Company for the Insurance coverage of Funding and Export Credit score (ICIEC) is the insurance coverage arm of the Islamic Improvement Financial institution (IsDB) Group. The Company is uniquely the biggest Shariah-compliant multilateral insurer on the planet and has led from the entrance in offering a complete suite of insurance coverage options to corporations and events in its 48 Member States. ICIEC was established in 1994 with the mandate to strengthen financial relations between OIC member nations and to advertise intra-OIC commerce and investments by offering Shariah-compliant danger mitigation instruments and monetary options. ICIEC has for the 14th consecutive 12 months earned an “Aa3” insurance coverage monetary power credit standing from Moody’s, rating the Company among the many high of the Credit score and Political Threat Insurance coverage (CPRI) Trade. ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and danger administration insurance policies. Cumulatively, ICIEC has insured greater than US$ 83bn in commerce and funding and US$2.2 bn in assist of FDI at finish of 2021. Its actions have been directed to particular sectors together with banking, power, manufacturing, infrastructure, healthcare, and agriculture. For extra data, go to: http://ICIEC.IsDB.org
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