The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Islamic Centre for Development of Trade (ICDT) jointly organized a Webinar on the “Impact of COVID-19 on the Insurance of Investment and Export Credit for Strengthening Intra-OIC Trade and Investment”, on Monday July 13th 2020.
This Event, which was hosted by Dr. Oussama Abdel-Rahman Kaissi - CEO of ICIEC and Mrs Latifa Elbouabdellaoui - Director General of ICDT, witnessed the participation of Mr Tarig Khalil Osman (Chairman of United Insurance Company of Sudan), Mr Enis Gultekin (DG of Turk Eximbank), Sheikh Khalil Al Harthy (CEO of ECGA of Oman),and Mr. Massimo Falcioni, CEO of Etihad Credit Insurance (ECI of United Arab Emirates) as the Moderator of the Webinar.
During this high-level virtual forum, participants discussed the role and experiences of insurance and export credit agencies (ECAs) in OIC countries along with the insurance sector response to the COVID-19 pandemic, while highlighting the importance of the investment and export credit insurance sector in covering risks for countries, local companies, and international trade partnerships.
“ICIEC is pleased to take part in this webinar with ICDT,” said Mr. Kaissi. “It’s critical that institutions with the mandate and means to support the response to COVID-19, are active in their efforts to do so as trade tensions are only worsened when credit insurance becomes more constrained. Credit insurance was designed to be a risk mitigation tool during times of economic uncertainty. ICIEC stands in solidarity with our partners and member countries - focusing immediate efforts on supporting their urgent needs”.
The Event ended with the concluding remarks of Mrs Latifa Elbouabdellaoui, Director General of ICDT.
For more details, please accede to the Briefing Note on the Webinar via the link below:
About the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):
Established in 1994 as a multilateral institution and member of the Islamic Development Bank Group, ICIEC was tasked to promote cross-border trade and foreign direct investments (FDI) in its Member Countries. To fulfill its mandate, ICIEC provides risk mitigation solutions to Member Country exporters. By protecting them from commercial and political risks, exporters are enabled to sell their products and services across the world. The multilateral credit insurer also provides risk protection to investors from across the world that seeks to invest in ICIEC’s Member Countries. To promote the sustainable economic development of its Member Countries, ICIEC – on a limited basis – can also support international exporters selling capital goods or strategic commodities to ICIEC’s Member Countries. In addition to its core business, ICIEC also offers technical assistance to Member Countries’ Export Credit Agencies. ICIEC’s mission is to make trade and investment between Member Countries and the world more secure through the Shariah-compliant risk mitigation tool. Its vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in Member Countries. ICIEC is the only multilateral export credit and investment insurance corporation in the world that provides Shariah-compliant insurance and reinsurance solutions. Today, ICIEC supports trade and investment flows in 47 Member Countries spanning across Europe, Asia, Middle East and Africa. Its target clients are corporates (both exporters and investors), banks and financial institutions as well as Export Credit Agencies and insurers.
ICDT: More than 35 Years at the Service of Trade and Investments Promotion among the OIC Member States
The Islamic Centre for Development of Trade (ICDT), established in Casablanca since 1984, is the Subsidiary Organ of the OIC entrusted with the mission of promoting Trade & Investments in OIC Countries. The creation of the Centre and the inception of the Standing Committee for Economic and Commercial Cooperation (COMCEC) during the 3rd Islamic Summit in Makkah Al Mukarramah in February 1981 was the starting point of the OIC action in the economic field. Since then, the Centre has throughout the years highly contributed to the development of Trade within the OIC Region by organizing numerous trade events such as fairs and exhibitions, training seminars as well as conferences and forums and by providing technical assistance to Member countries in the economic field. Those efforts combined to those of the OIC General Secretariat and other Islamic Institutions such as the Islamic Development Bank Group contribute to the achievement of the objectives of the Ten-Year Program of Action 2016-2025 in the economic field, aiming at raising Intra-OIC trade up to 25% in 2025. Mrs Latifa Elbouabdellaoui, Director General of ICDT, took office on February 2020. She was previously Director of International Trade Relations at the Ministry of Industry, Trade and Green and Digital Economy of the Kingdom of Morocco.
© Press Release 2020