Abu Dhabi, UAE:
Etihad Credit Insurance (ECI), the UAE Federal export credit company, has signed a Memorandum of Understanding (MoU) with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group, to boost export trade through the promotion of Shariah-compliant export credit and investment insurance instruments.
The MoU was signed by Massimo Falcioni, Chief Executive Officer of ECI, and Oussama Abdel Rahman Kaissi, Chief Executive Officer of ICIEC in a ceremony held today in Jumeirah at Etihad Towers, Abu Dhabi.
With the aim of establishing a long lasting relationship for mutual cooperation in trade credit insurance, as well as exchange of information and knowledge between ECI and ICIEC, the MoU will support the UAE’s trade and export industry and, likewise, serve as a means for seeking mutual cooperation in promoting Halal industry worldwide.
Falcioni said: “The MoU reflects the close co-operation between ECI and ICIEC in supporting small and medium enterprises operating in the United Arab Emirates, encouraging them to export and providing solutions to meet the funding problems. Under the memorandum, ICIEC will provide reinsurance capacity and Shariah compliant export credit insurance solutions aimed at promoting the UAE’s non-oil exports, trade and strategic sectors development. It will be instrumental to advance and sustain UAE’s national economic non-oil diversification programmes, as well as support the export and re-export of UAE goods, services, and the foreign investments of the UAE businesses, by providing a range of export credit, financing and investment insurance products.”
Kaissi said: The signing of this MoU comes within the framework of ICIEC’s mandate to support the development of its member countries by providing export credit and political risk insurance for trade and investment projects. Through this collaboration, ECI and ICIEC will further strengthen the facilitation of trade and investment between member countries and the world, through Shariah compliant risk mitigation tools.”
The ICIEC, the insurance arm of the Islamic Development Bank (IDB) Group, was established in 1994 with a mandate to promote exports from, and foreign investment into, its Islamic member countries by providing and encouraging the use of Shariah-compatible export credit and investment insurance as credit and country risk mitigation instruments.
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About Etihad Credit Insurance
Etihad Credit Insurance (PJSC) was established in 2015 by UAE Federal Government and its founders, the governments of Abu Dhabi, Dubai, Ras Al Khaimah, Fujairah and Ajman. Tasked to accelerate and sustain national economic diversification as well as support the export and re-export of UAE goods, works, services, and the foreign investments of the UAE businesses, ECI provides a range of export credit, financing and investment insurance products. ECI plays a catalyst role in the promotion of UAE’s non-oil exports, trade, investments and strategic sectors development, in line with UAE Vision 2021 agenda.
To provide UAE businesses with solutions that meet their growth objectives locally and internationally, ECI builds a comprehensive platform of strategic partnerships across government, insurers, re-insurers, brokers, banks and lenders, regional and international ECAs, governments and trade promotion agencies in addition to world organisations for economic development.
For media inquiries, please contact:
Abeer Al Mutawa
Director Marketing & Communications
Etihad Credit Insurance
+971 4 4096824
abeer.almutawa@eci.gov.ae
Angeline Rivera
Business Unit Head
New Perspective Media
+971 4 2449597
angeline@newperspectivemedia.com
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