Insurance of Investment & Export Credit (ICIEC) and International Islamic Trade Finance Corporation (ITFC) Sign Documentary Credit Insurance Policy to Boost Trade Facilitation for the Benefit of Member Countries
In the significant development of collaboration and cooperation, Islamic companies’ Investment and Export Credit Insurance Corporation (ICIEC) (ICIEC) () () (http://iciec.isdb.org) and two members of the International Islamic Trade Finance Corporation (ITFC) Islamic Development Bank (ISDB) group signed Documentary Credit Insurance Policy (DCIP). This strategic cooperation marks a powerful step in managing and mitigating risks associated with letters of credit (LC) transactions involving goods and services that are in line with Islamic teachings in other regions, helping to strengthen economic resilience in these member states.
The policy will provide critical coverage for ITFC transactions, enhance trade confidence, and promote smooth financial operations in global trade of products and services involving Islamic teachings, thus benefiting the broader economic landscape of member states. It aims to provide ITFC with comprehensive risk management tools to protect its LCS confirm trade. The initiative aims to address inherent risks associated with international trade, which are expected to support increased trade between member states, thus helping to enhance internal and international trade in OOIC. Increased trade strengthens the bonds between these countries, ensuring that risks are managed well and contributing to sustainable development and overall regional prosperity.
ICIEC CEO Dr. Khalid Khalafalla said during this period: “This policy demonstrates our commitment to fully collaborate with ITFC, our ISDB team member, to promote secure and robust trade financing solutions. With DCIP, we not only enhance ITFC’s ability to manage risks inherent in LC transactions, but also unite our efforts to promote smoother and more reliable trade flows in markets that are consistent with Islam, ultimately benefiting all of our member states.”
ITFC chief official Nazeem Noordal added: “This documentary credit insurance policy is a key step in strengthening trade resilience across member states. By mitigating the risks associated with letter of credit transactions, ITFC is strengthening its commitment to promoting safe and seamless trade flows to support economic stability and sustainable development. Our partnership with ICIEC ensures that businesses and financial institutions have the confidence and security needed to expand their trade activities, ultimately driving economic development and greater member state prosperity.”
Distributed by Apo Group on behalf of Islamic companies for investment and export credit insurance (ICIEC).
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About ICIEC:
ICIEC began operations in 1994 to strengthen economic relations among OIC member states and to promote internal trade and investment by providing risk-reducing tools and financial solutions. The company is the only Islamic multilateral insurance company in the world. It leads from a positive perspective, providing comprehensive solutions to companies and political parties in its member states. ICIEC maintains Moody’s’s “AA3” insurance financial advantage credit rating for the 17th consecutive year, citing the company as the top in the credit and political risk insurance (CPRI) industry. Additionally, ICIEC has been assigned to the first “AA-” long-term issuer credit rating by Standard & Poor’s (S&P) and stable Outlook. ICIEC’s resilience is the basis of its reasonable underwriting, reinsurance and risk management policies. Cumulatively, ICIEC insured more than $121 billion in trade and investment. ICIEC activities target multiple sectors – energy, manufacturing, infrastructure, healthcare and agriculture.
For more information, visit: http://iciec.isdb.org
About ITFC:
International Islamic Trade Finance Corporation is a member of the Islamic Development Bank (ISDB) group. It is built on the main goal of promoting trade between European foreign member states and will ultimately contribute to the overall goal of improving the socio-economic status of people around the world. ITFC, which began operations in January 2008, has provided more than $83 billion in financing to OIC member states, making it a provider of trade solutions for those member states to demand. To be a mission to be a catalyst for trade development in OIC member states and elsewhere, the company helps member state entities to obtain better trade financing and provides them with trade-related capacity-building tools that will enable them to successfully compete in global markets.
