The Board of Governors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), member of Islamic Development Bank (IDB) Group, approved in its 19th Annual Meeting, in Khartoum, Sudan, the Annual Report and the Financial Results for 1432H (2011).
The Annual Report shows that the insurance business provided by ICIEC to member countries’ investors and exporters stood at over US$ 3.2 billion, an increase of 59% compared to 1431H (2010),while its financial results were positive despite the increase in credit and political risks results from the continuing global financial and economic difficulties. Commenting on these results the CEO of ICIEC, Dr. Abdel-Rahman Eltayeb Taha, said this is “ we proud that the Corporation has managed to increase its volume of business with exceptionally low claims ration and to maintain its strong financial position under such difficult circumstances. ICIEC’s strength has been underscored by the confirmation of the Aa3 rating assigned to the Corporation for the fourth consecutive year by Moody’s Investors Service”.
Dr. Taha added that they are “This growth in business was as a result of the increased awareness among exporters and banks in our member countries of the importance of credit and political risk insurance as an affective risk mitigant, especially during these turbulent times. It is also a consequence of the responsiveness of ICIEC to the demand of its clients by introducing more flexibility in its product offering, and offering new products such as the “non-Honoring of Sovereign Obligations” and “Contract Frustration Policies.
ICIEC, the Aa3 rated multilateral credit and country risks insurer is a member of the Islamic Development Bank (IDB) Group. It was established in August 1994G as a specialized international institution with full juridical personality with a mandate to encourage the exports of member countries and help attract foreign direct investment to them, through providing Sharia compliant credit and political risk insurance products.
