Jeddah: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has released its Annual Report and financial statements for 2019, upon approval from its Board of Governors on 29 May 2020.
The Corporation, a member of the Islamic Development Bank Group (IsDBG), has once more demonstrated its resilience through a year of general volatility. Despite 2019 being marked by the intensification of trade tensions, political instability, and weak global growth, the Corporation raised its business insured by 20% to reach USD 10.86 billion - the highest in the past decade. Over its 26 years of existence, ICIEC has cumulatively insured more than USD 64 billion in support of global trade and investments.
Based on its performance, ICIEC has maintained, for the 12th consecutive year, an Aa3 rating by Moody’s - which is one of the strongest in the Export Credit and Political Risk Insurance industry.
The Corporation saw an increase of more than 28% over the previous year in total intra-OIC business, having insured a total of USD 5.4 billion, involving 36 member countries. These results contribute to the OIC’s goal of reaching a 25% intra-OIC trade share by 2025.
Releasing the 2019 Annual Report, the Chief Executive Officer of ICIEC, Mr. Oussama KAISSI, expressed optimism at the Corporation’s prospects for 2020, stating “We are well positioned to weather the effects of the ongoing coronavirus pandemic and continue our strong business performance as a direct result of the robust pipeline developed in 2019”.
Mr. KAISSI went on to say, “These results demonstrate ICIEC’s growth and continued commitment to delivering on its mandate of supporting trade and investment in our 47 member countries - assisting in their economic development, diversification and prosperity. Considering the significant growth, our Corporation is on track to reach its 2019-2020 Business Plan targets for business insured”.
ICIEC attributes the impressive 2019 results to various operational initiatives, including: underwriting improvements, risk management and technical reserving practices, a strong commitment to continuous professional development, as well as our partnership with international players in the industry.
About ICIEC
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development Bank (IsDB) Group. ICIEC was established in 1994 to strengthen the economic relations between member countries of the OIC. ICIEC’s vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in Member Countries. Its mission is to facilitate trade and investment between member countries and the world through the provision of Shariah compliant risk mitigation tools and financial solutions.
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For media inquiries, please contact:
Rania Binhimd
Rbinhimd@isdb.org
© Press Release 2020
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