Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Signs Facultative Reinsurance Agreement with Uzbekinvest to Support Export Development

The agreement was signed by Mr Oussama Kaissi, Chief Executive Officer of ICIEC, and Mr. Rustam Khalikov, First Deputy Director General, Uzbekinvest.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) , the insurance arm of the Islamic Development Bank (IsDB) Group, and Uzbekinvest Export-Import Insurance Company signed a Master Reinsurance Agreement to support exports of Uzbekistan.The agreement was signed by Mr Oussama Kaissi, Chief Executive Officer of ICIEC, and Mr. Rustam Khalikov, First Deputy Director General, Uzbekinvest.Under the agreement, ICIEC will provide reinsurance services to Uzbekinvest for exports of goods and services from Uzbekistan to all over the world, this will enhance the underwriting capacity of Uzbekinvest, hence increasing the country’s exports. ICIEC has been extending similar reinsurance support to other Member States’ export credit agencies (ECA) and Eximbanks.Commenting on the agreement Mr Oussama Kaissi said “ICIEC welcomes this partnership with Uzbekinvest which will strengthen our efforts in providing reinsurance in export credits, especially in the CIS region. It is believed that there is strong demand for export credit insurance from business communities, especially after the economic crises and political turbulence in certain countries”.

About ICIEC:

ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is uniquely the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 49 Member States, including Documentary Credit Insurance Cover, Credit Insurance Cover, Bank Master Policy, Non-Honouring of Sovereign Financial Obligations, and Investment Insurance Products. ICIEC, for the 15th consecutive year, maintained an “Aa3” insurance financial strength credit rating from Moody’s, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 95bn in trade and investment. ICIEC activities are directed to specific sectors – energy, manufacturing, infrastructure, healthcare, and agriculture.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button