ISFIN consolidates its capacity in the Islamic markets with a partnership Islamic Development Bank (IDB) Group cooperation

Jeddah, 22 May 2014.

The ISFIN Middle East office has the honor to announce that ISFIN has agreed on a MoU partnership with the number one insurance and export credit organization in the GCC.

As a creation of the Islamic Bank of Development (IDB), ICIEC has been established in 1994 with its headquarters located in Jeddah. ICIEC is a leading South-South Development Finance institution working with 56 member countries of the Organization of the Islamic Conference (OIC) that span across the Middle East, Africa, Asia and Europe.

ICIEC is rated AAA by the three major Rating Agencies (Standard & Poor's, Moody's, and Fitch) and has been designated as a Zero Risk Weighted Multilateral Developmental Bank (MDB) by the Basel Committee on Banking Supervision and the Commission of the European Communities.

"This Agreement established between ISFIN and the organisation of Islamic countries (OIC), through the ICIEC and the Islamic Development Bank, provides Islamic Insurance and credit risk operating under Shariah principles" says Laurent Marlière, ISFIN CEO. "The driving ambition behind the Agreement as a whole, and the creation of ICIEC, is to strengthen the economic relations between member countries of the OIC.

ISFIN professional firms present in some 65 countries will be able to assist ICIEC on sophisticated legal and accounting issues on one side and recommend to their local corporate environment the use of ICIEC's services - "The objective of ICIEC is to be the internationally recognized Leader in Shariah compatible Export Credit and Investment Insurance and Reinsurance in Member Countries and we can certainly help them in this ambitious endeavor" Adds Marlière.

ISFIN wants to encourage exports from ICIEC Member Countries to the ISFIN partners countries and to encourage the flow of capital and investments from ISFIN partners countries to the markets where ICIEC is active.

-Ends-

For more information about ICIEC:
www.iciec.com

Contact Information:
Allaa RIDOUAN, International Sales Manager ISFIN

© Press Release 2014