26 May 2013
With the support of the Tajikistan president, 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 the annual report and the financial results for 2012 at its 20th annual meeting held recently in Dushanbe.
The year was of continued economic headwinds, globally as well as in ICIEC member countries, coupled with the prolonged unfolding political change in a number of member countries, and the corporation continued to enhance the support it provides for exports from and investments into its member countries. Despite these challenges, the corporation's business insured numbers remained strong at $ 3.07 billion, which is comparable to the business insured numbers achieved last year.
Commenting on these results, ICIEC's COO Khemais El-Gazzeh said: "The year was a stand-out one for ICIEC's political risk insurance (PRI) program. Business Insured under ICIEC's PRI program stood at a record high of $ 825 million during the year (an increase of 167 percent) -- a testament to the increased awareness of the importance of involving multilaterals like ICIEC in new investment programs. A significant part of this increase in the PRI numbers can also be attributed to the growing relationship ICIEC is building with the Multilateral Investment Guarantee Agency of the World Bank, which views ICIEC as a strategic reinsurance partner in its member countries."
ICIEC, the Aa3 rated multilateral credit and country risks insurer is a member of the IDB Group.
With the support of the Tajikistan president, 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 the annual report and the financial results for 2012 at its 20th annual meeting held recently in Dushanbe.
The year was of continued economic headwinds, globally as well as in ICIEC member countries, coupled with the prolonged unfolding political change in a number of member countries, and the corporation continued to enhance the support it provides for exports from and investments into its member countries. Despite these challenges, the corporation's business insured numbers remained strong at $ 3.07 billion, which is comparable to the business insured numbers achieved last year.
Commenting on these results, ICIEC's COO Khemais El-Gazzeh said: "The year was a stand-out one for ICIEC's political risk insurance (PRI) program. Business Insured under ICIEC's PRI program stood at a record high of $ 825 million during the year (an increase of 167 percent) -- a testament to the increased awareness of the importance of involving multilaterals like ICIEC in new investment programs. A significant part of this increase in the PRI numbers can also be attributed to the growing relationship ICIEC is building with the Multilateral Investment Guarantee Agency of the World Bank, which views ICIEC as a strategic reinsurance partner in its member countries."
ICIEC, the Aa3 rated multilateral credit and country risks insurer is a member of the IDB Group.
It was established in August 1994 as a specialized international institution with full juridical personality with an authorized capital of 400 million Islamic dinars (around $ 620 million). The cumulative business insured by ICIEC since its inception stood at $ 16.39 billion.
© Arab News 2013
