Riyadh, KSA - The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and esteemed member of the Islamic Development Bank (IsDB) Group, is pleased to announce the signing of a Memorandum of Understanding (MoU) with the Qatar Development Bank (QDB). The signing took place on the sidelines of the IsDB Group Annual Meeting 2024 at  in Riyadh, Saudi Arabia. The MoU was signed by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Abdulrahman Hesham Alsowaidi, CEO, QDB.

This landmark collaboration is set to provide a comprehensive range of services, including Takaful insurance, ReTakaful re-insurance, and co-insurance for short-term, medium-term, and long-term facilities. This strategic alliance also encompasses technical support in key areas such as business development, insurance underwriting, policy drafting, claims, and recovery, paving the way for a new era of economic cooperation and growth.

Mr. Oussama Kaissi, CEO of ICIEC, remarked, "This MoU is a milestone for both organizations as we work together to mitigate risks and enhance the business ecosystem for our clients. Our joint endeavors will undoubtedly pave the way for more robust economic cooperation and development between Qatar and ICIEC Member States."

This partnership marks a pivotal moment for both institutions as they seek to leverage their expertise and resources to foster economic growth and stability in the region. The collaboration between ICIEC and QDB is expected to have a positive impact on the business landscape of both entities, ultimately contributing to greater economic diversification and prosperity.

About The Islamic Corporation for the Insurance of Investment and Export Credit (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. ICIEC, for the 16th 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. Additionally, ICIEC has been assigned a First-Time AA- long-term Issuer Credit Rating by S&P with Stable Outlook.  ICIEC's resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 108bn in trade and investment. ICIEC activities are directed to specific sectors - energy, manufacturing, infrastructure, healthcare, and agriculture.

For more information, visit: http://iciec.isdb.org      
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Media Contact
Rania Binhimd, Communication Department
Email: Rbinhimd@isdb.org
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