Jeddah, KSA: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has been honoured with the Islamic Finance News Award in the prestigious IFN Indonesia Deal of the Year 2022 for its " Sidra Capital's US$ 80 million ICIEC Insurance Cover ". ICIEC will receive the award during the IFN Dubai Awards Ceremony, Conrad Dubai, to be organized on the 16th of March, 2023.
ICIEC was named the recipient of the IFN Deal of the Year for its US$ 80 million political risk insurance cover extended to SIDRA Capital, which supported SIDRA Capital in securing a Shariah-compliant loan facility to PT MCT (Asia Trading) in Indonesia. The facility is used to fund transactions involving suppliers and operators in the mining and nickel trading sectors, specifically, to help SME mines have access to finance, assisting local mining companies in bridging the current financing gap.
The facility also promotes Islamic Finance in Indonesia and is an important source for foreign direct investment and foreign exchange for Indonesian companies, and is a good route towards economic integration between the OIC Member States. ICIEC’s cover for SIDRA Capital’s political risk of the financing aims to help underpin and support UN Sustainable Development Goals (SDGs), mainly towards decent work, economic growth and responsible consumption and production.
Mr. Oussama KAISSI, Chief Executive Officer of ICIEC, expressed his appreciation to Islamic Finance News for the IFN Indonesia Deal of the Year 2022, noting that this is an opportunity to present ICIEC's strength in providing support for major and meaningful development initiatives. He noted that this award illustrates the great potential of Islamic Finance and is proud that ICIEC is part of this expanding industry.
The IFN Awards ceremony is one of the most distinguished events in the Islamic finance industry, bringing together financial institutions and intermediaries from around the world to celebrate the accomplishments of law firms, financial service providers, fintech companies, and banks. The awards honour industry leaders and highlight the growing influence of Islamic financial services.
ICIEC, a member of the Islamic Development Bank (IsDB) Group, is committed to helping support the growth and reduce uncertainties in the member states and the world during a time of unparalleled risk and uncertainty. ICIEC's steady and reliable contribution to the economic growth of its member states is acknowledged and praised, even during unpredictable times, proving itself as a resilient force for impactful development.
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.
Rania Binhimd, Communication Department