Jedah, The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Insurance arm of the Islamic Development Bank (IsDB) Group, organized on 20-22 March in Jeddah, Saudi Arabia, the 1st Capacity Building Program for the Users of the OIC Business Intelligence Center (OBIC), targeted at Supporting Credit and Investment Decisions.

The program was organized under the title: The Role of Credit Information Sharing and Business Intelligence in Supporting Trade and Investment Decisions, and was an opportunity for 32 participants representing 10 OIC member states to increase their knowledge and understanding about the OBIC, its core business areas, and the services it will be offering. Participants gained also an insight into how to effectively use the OBIC platform as an improved Credit Risk Management tool that will facilitate access to finance for Trade and Investment, as well as the mitigation of risks related to those activities.

During its different working sessions that continued for three days, the program focused on the importance of the Role of Business Intelligence & Digital Transformation in Supporting Business Decisions,  credit information and data sharing when it comes to decision-making with regard to the evaluation of the environments for potential investments, in addition to the efficient utilization of Statistical Sources of Information on Credit, Trade, and Investment.  The session also highlighted the importance of supporting Member States in their development plans and the implementation of their business intelligence strategies.

The program lasted for three days and included presentations and open discussions, where participants were actively engaged during interactive and networking sessions with peer from other instutions and industry experts to gain insights from the case studies and real-life examples presented.

The Chief Executive Officer of ICIEC, H.E. Mr. Oussama KAISSI in his closing remarks urged the participants on the importance of the digitalisation & Business Intelligence in today’s business environment, and stressed on the important role planned for the OBIC. He also  indicated the importance of working towards gaining the required understanding and skills in the areas of credit information and data sharing, digitalization and business intelligence in order to be able to make informed trade and investment decisions, especially with the availability of the capacity building and advisory services as part of the bundle of services to be offered by the OBIC.

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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, including Documentary Credit Insurance Cover, Credit Insurance Cover, Bank Master Policy, Non-Honouring of Sovereign Financial Obligations, and Investment Insurance Products. ICIEC, for the 15th 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. ICIEC's resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 95bn in trade and investment. ICIEC activities are directed to specific sectors - energy, manufacturing, infrastructure, healthcare, and agriculture.

About OIC Business Intelligence Center (OBIC)

The OBIC is an initiative created by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) to provide OIC Member States with a platform for sharing business information, compiling and coordinating data, and offering advisory services and capacity development programmes. It aims to accelerate trade with and investment into OIC states by providing businesses with a detailed picture of OIC business performance and creditworthiness. The OBIC's four strategic pillars support OIC States in developing and enhancing their credit reporting ecosystems, building a comprehensive OIC-wide business intelligence infrastructure, developing OIC States' capacity related to credit reporting, and catalyzing a sustainable business model for itself.

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Media Contact
Rania Binhimd, Communication Department