Islamic Corporation for the Insurance of Investment and Export Credit’s (ICIEC) supported Highway and Road Program in Senegal Wins Two Islamic Finance News (IFN) Awards 2024
Islamic Corporate Investment and Export Credit Insurance (ICIEC) (ICIEC) (ICIEC) (ICIEC) (www.iciec.isdb.org), a member of the Sharia law-compliant multilateral insurance company and an Islamic Development Bank (ISDB) group, It is pleased to announce that a road project in Senegal, supported by ICIEC, has won two prestigious Islamic Financial News (IFN) awards; the 2024 award.
- IFN Monarch and Multilateral Agreement 2024 – Tawaruk, European Republic of Senegal
- IFN Africa Transactions in 2024 – European tawarruq financing in the Republic of Senegal
The award recognizes ICIEC as a guarantee of the commander of Islamic finance, the landmark of the 259 million euro Murabha facility, expanded by Sociétégénérale. The facility is provided under the ICIEC Non-Use Sovereign Financial Obligation (NHSFO) insurance policy, which supports the construction of major road projects in Senegal, including the Dakar-Tivaouane Highway, as well as the expansion of Cyrnos and the expansion of the highway.
This cover agreement like this demonstrates that ICIEC is committed to promoting influential infrastructure projects to grow economic growth, regional connectivity and sustainable development. By greatly reducing travel time, reducing carbon emissions and simplifying the flow of goods, these road projects will enhance Senegal’s transportation infrastructure and improve the quality of life in local communities. In addition, they are expected to bring a lot of jobs during construction and in the long run.
Commenting on this recognition, Dr. Khalid Khalafalla, CEO of ICIEC, said: “We are honored that Senegal’s road and road projects have received these two outstanding IFN awards. This recognition reaffirms ICIEC’s commitment to providing solutions to risks that are consistent with Islamic teachings. Programmes, these solutions stimulate economic transformation and resilience in our member countries. It also highlights the power of strategic partnerships in promoting sustainable development and improving lives.”
As part of its mandate, ICIEC continues to be a catalyst for socio-economic progress in the Organization of Islamic Cooperation (OIC) national organizations. By leveraging innovative insurance and credit enhancement tools, ICIEC remains committed to supporting member countries’ journeys to achieve prosperity and well-being.
Distributed by Apo Group on behalf of Islamic companies for investment and export credit insurance (ICIEC).
Media Contact:
Rania Binhimd,
Strategic Planning and Communication Department
e-mail: rbinhimd@isdb.org
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About Islamic Companies Investment and Export Credit Insurance (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 and provides comprehensive solutions to companies and political parties in its 50 member states. ICIEC, 17Th For one year in a row, Moody’s “AA3” insurance financial quality credit rating has been maintained, ranking the company into 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.
