Islamic Corporation for Insurance of Investment & Export Credit Signs US$15m DCIP Agreement with Saudi National Bank

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) signed a US$15 million Documentary Credit Insurance Policy (DCIP) with the Saudi National Bank (SNB).

 The DCIP agreement signing between the ICIEC, the Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group, and the SNB took place at the Ritz Carlton Hotel in Jeddah, on the sidelines of the IsDB Group Annual Meeting.

 The CEO of ICIEC, Oussama Kaissi, and SNB Head of Financial Institutions Ayman Basmaih signed the DCIP agreement.

 The DCIP, one of the fundamental policies of ICIEC’s unique suite of underwriting solutions, supports the potential of the SNB to provide confirmation lines to various issuing banks in the Kingdom of Saudi Arabia or the ICIEC member states for bilateral trade transactions.

 The DCIP is a comprehensive non-payment insurance policy against the default of issuing banks to meet their obligations under an irrevocable letter of credit.

 The ICIEC started its operations in 1994 to enhance the economic relations between its 49-member states in the Organization of Islamic Cooperation (OIC) and boost intra-trade and investments by providing risk mitigation tools and financial solutions.

 Meanwhile, the ICIEC is the world’s only multilateral Islamic insurance company and offers a comprehensive range of solutions to companies and parties in its member states.

 Solutions provided by the ICIEC include documentary credit insurance cover, bank master policy, credit insurance cover, non-compliance with sovereign financial obligations, and investment insurance products.

 For the 15th year, the ICIEC has maintained its Aa3 Insurance Financial Strength Rating (IFSR) from Moody’s, making it among the best companies in the credit political risk insurance (CPRI) industry.

 The corporation’s flexibility is based on its underwriting, reinsurance, and risk management policies. The ICIEC has secured and insured over US$95 billion in trade and investment.

 The corporation’s investment and export credit insurance activities are directed to the specific sectors of energy, manufacturing, infrastructure, healthcare, and agriculture.