ICIEC and Credendo Sign Memorandum of Understanding to Enhance Risk-Sharing Capacity for Multinational Corporations in OIC Markets

Strategic Insights -

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Credendo have signed a Memorandum of Understanding (MoU) to enhance cooperation in credit insurance and reinsurance. The MoU aims to develop new risk-sharing schemes that enable larger trade transactions for multinational corporations operating in ICIEC Member States.

The MoU establishes a framework for cooperation, including the development of new risk-sharing schemes, joint underwriting capacity, shared retention models, and coordination through a Joint Working Group. The agreement also ensures confidentiality and remains non-binding.

Dr. Khalid Khalafalla, CEO of ICIEC, stated that partnering with Credendo strengthens their ability to de-risk trade and investment flows across member states. Mr. Jean-Paul Steenbeke, Deputy General Manager at Credendo, expressed excitement about the partnership and its potential for supporting businesses in ICIEC Member States.

Key Takeaways:

  • ICIEC and Credendo signed a Memorandum of Understanding (MoU) to enhance cooperation in credit insurance and reinsurance.
  • The MoU aims to develop new risk-sharing schemes for larger trade transactions in ICIEC Member States.
  • The agreement includes joint underwriting capacity, shared retention models, and coordination through a Joint Working Group.
  • The MoU ensures confidentiality and remains non-binding.
  • Dr. Khalid Khalafalla, CEO of ICIEC, emphasized the partnership's potential for de-risking trade and investment flows.
  • Mr. Jean-Paul Steenbeke, Deputy General Manager at Credendo, expressed enthusiasm for the partnership's potential to support businesses in ICIEC Member States.

Statistics:

  • Since its inception in 1994, ICIEC has cumulatively insured over USD 121 billion in trade and investment.
  • ICIEC maintained an "Aa3" insurance financial strength credit rating (IFSR) from Moody's for the 17th consecutive year.
  • ICIEC was assigned a first-time "AA-" long-term Issuer Credit Rating with a Stable Outlook by S&P.
  • ICIEC has 50 member states, with operations spanning key sectors such as energy, manufacturing, infrastructure, healthcare, and agriculture.

Sources:

  • "M2 PRESSWIRE - May 20, 2025 -, Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Credendo Sign Memorandum of Understanding (MoU) to Expand Risk-Sharing Capacity for Trade Transactions of Multinational Comapnies in OIC Markets."