In a major growth for synergy and cooperation, the Islamic Company for the Insurance coverage of Funding&Export Credit score (ICIEC) ( and the Worldwide Islamic Commerce Finance Company (ITFC) each members of the Islamic Growth Financial institution (IsDB) Group signed a Documentary Credit score Insurance coverage Coverage (DCIP). This strategic cooperation marks a strong step ahead in managing and mitigating dangers related to Letters of Credit score (LC) transactions involving Shariah compliant items and providers throughout OIC member international locations and past, serving to strengthen the financial resilience of those member international locations.
The coverage will present vital protection for ITFC transactions, enhancing commerce confidence and facilitating smoother monetary operations in international commerce involving Shariah compliant services, thereby benefiting the broader financial panorama of the member international locations. It’s designed to supply ITFC with a complete danger administration instrument to safeguard its LCs Affirmation transactions. The initiative seeks to handle inherent dangers related to worldwide commerce and these strong danger mitigation measures are poised to help elevated commerce volumes amongst member international locations, thereby contributing to the enhancement of intra-OIC commerce in addition to worldwide commerce. Elevated commerce strengthens the bonds between these international locations, making certain that dangers are managed adeptly and contributing to sustainable growth and general regional prosperity.
Talking on the event, Dr. Khalid Khalafalla, Chief Govt Officer of ICIEC, mentioned: “This coverage is a testomony to our dedication to fostering safe and strong commerce finance options, in excellent synergy with our fellow IsDB Group member, ITFC. With the DCIP, we aren’t solely strengthening ITFC’s potential to handle inherent dangers in LC transactions but additionally uniting our efforts to advertise smoother and extra dependable commerce flows amongst Shariah compliant markets, in the end benefiting all our member international locations.”
Nazeem Noordali, Officer-in-Cost CEO of ITFC, added: “This Documentary Credit score Insurance coverage Coverage is a vital step in fortifying commerce resilience throughout our member international locations. By mitigating dangers related to Letters of Credit score transactions, ITFC is reinforcing its dedication to fostering safe and seamless commerce flows that help financial stability and sustainable growth. Our collaboration with ICIEC ensures that companies and monetary establishments have the arrogance and safety wanted to broaden their commerce actions, in the end driving financial growth and better prosperity for our Member Nations”.
Distributed by APO Group on behalf of Islamic Company for the Insurance coverage of Funding and Export Credit score (ICIEC).
Media Contact: Rania Binhimd, Strategic Planning and Communications Division| E-mail:Rbinhimd@isdb.org
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About ICIEC:ICIEC commenced operations in 1994 to strengthen financial relations between OIC member international locations and promote intra-OIC commerce and investments by offering danger mitigation instruments and monetary options. The Company is uniquely the one Islamic multilateral insurer on this planet. It has led from the entrance in delivering a complete suite of options to corporations and events in its member international locations. ICIEC, for the seventeenth consecutive 12 months, maintained an “Aa3” insurance coverage monetary power credit standing from Moody’s, rating the Company among the many high of the Credit score and Political Danger Insurance coverage (CPRI) Business. Moreover, ICIEC has been assigned a First-Time “AA-“ long-term Issuer Credit score Ranking by S&P with Steady Outlook. ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and danger administration insurance policies. Cumulatively, ICIEC has insured greater than US$121 billion in commerce and funding. ICIEC actions are directed to a number of sectors – power, manufacturing, infrastructure, healthcare, and agriculture.
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About ITFC: The Worldwide Islamic Commerce Finance Company is a member of the Islamic Growth Financial institution (IsDB) Group. It was established with the first goal of advancing commerce amongst OIC member international locations, which might in the end contribute to the overarching purpose of bettering the socioeconomic situations of the individuals internationally. Commencing operations in January 2008, ITFC has offered over US$83 billion of financing to OIC member international locations, making it the main supplier of commerce options for these member international locations’ wants. With a mission to develop into a catalyst for commerce growth for OIC member international locations and past, the Company helps entities in member international locations achieve higher entry to commerce finance and offers them with the required trade-related capacity-building instruments, which might allow them to efficiently compete within the international market.
