Global Courant 2023-05-13 16:18:20
The Islamic Investment and Export Credit Insurance Company (ICIEC) (www.ICIEC.IsDB.org), the Sharia-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group, is pleased to announce the signing of a US$15 million Documentary Credit Insurance Policy (DCIP) with the Saudi National Bank (SNB).
The signing ceremony was held at the Ritz Carlton Hotel in Jeddah, Saudi Arabia, on the sidelines of the IsDB Group Annual Meeting, by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Ayman Basmaih, Head of Financial Institutions, Saudi National Bank.
The Documentary Credit Insurance Policy, one of the flagship policies of ICIEC’s unique suite of risk mitigation insurance solutions, supports Saudi National Bank’s latitude and capacity to provide lines of confirmation to various issuing banks in Saudi Arabia or in ICIEC member countries for bilateral trade transactions. The DCIP is a comprehensive non-payment insurance policy against the failure of issuing banks to meet their obligations under an irrevocable Letter of Credit.
Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
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Rania Binhimd
Communications department
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About the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):
ICIEC started operations in 1994 to strengthen economic relations between OIC member countries and promote trade and investment within the OIC through risk mitigation tools and financial solutions. The Corporation is uniquely the only Islamic multilateral insurer in the world. It has led from the frontline in providing a comprehensive suite of solutions to businesses and parties in its 49 member countries, including documentary credit insurance coverage, credit insurance coverage, bank master policies, government default on financial obligations, and investment insurance products. ICIEC maintained an “Aa3” insurance financial strength credit rating from Moody’s for the 15th consecutive year, placing the company among the top in the credit and political risk insurance industry (CPRI). ICIEC’s resilience is supported by its solid underwriting, reinsurance and risk management policies. Cumulatively, ICIEC has secured more than $95 billion in trade and investment. ICIEC activities are focused on specific sectors: energy, manufacturing, infrastructure, healthcare and agriculture.
For more information visit: www.ICIEC.IsDB.org
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