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Jeddah - Moody's Investors Service, one of the leading rating agencies in the world, has recently reaffirmed the Aa3 Insurance Financial Strength Rating (IFSR) of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group, for the 8th consecutive year.
In its report, Moody's noted that ICIEC's rating reflects both the stand-alone fundamentals as well as potential support from its shareholders/IDB Group member countries. Thus, despite the absence of explicit guarantees, in the context of its key role as facilitator of trade between Islamic countries, ICIEC's rating reflects the strong ability and potentially high willingness of ICIEC's main ultimate shareholders, and in particular the IDB (Aaa Stable), and its Member Countries, to support the company in times of financial distress.
Furthermore, the rating reflects ICIEC's legal structure and business nature as the only multilateral export credit and investment insurance corporation in the world that provides Shariah-compatible insurance and reinsurance products, as well as its enhanced regional knowledge through its experience gained by operating in the region. Furthermore, Moody's view positively ICIEC's full membership in Berne Union of export credit insurers, which ensures that ICIEC meets the legal, risk management and capitalisation requirements for full membership.
Oussama Abdul Rahman Kaissi, the Chief Executive Officer of ICIEC, commented "The affirmation of Aa3 rating by Moody's helps ICIEC's efforts to continue supporting its 43 member countries in facing the world economic challenges to attract direct investments by providing the necessary risk mitigation tools for investors worldwide, especially to those who are willing to invest in the renewable energy sector in Africa".
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IDB) Group, is a pioneer in the field of Shaiah compliant credit and political risk insurance and reinsurance. ICIEC is based in Jeddah, KSA and has representative offices in Dubai, Istanbul, and Dakar. Its shareholders are the "AAA" rated IDB and 43 countries, which are members of the Organization of the Islamic Cooperation (OIC). Since 2008, ICIEC has been assigned a rating of Aa3 by Moody's.
ICIEC was established with the objective to increase the scope of trade transactions of its member countries, and to facilitate foreign direct investments into these countries. ICIEC fulfills these objectives by providing appropriate Islamic Shariah compatible credit and country risk insurance and reinsurance instruments.
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Contact:
ICIEC
Jamel eddine Naga
Promotion & International Relations Unit,
E-mail : jnaga@isdb.org
© Press Release 2015
