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ICIEC and Credendo Strengthen Trade and Investment in Member States

Strategic Insights

— 1 min read

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has partnered with Credendo to enhance cooperation in credit insurance and reinsurance. The Memorandum of Understanding (MoU) seeks to develop new risk-sharing schemes for multinational corporations operating in ICIEC Member States, reinforcing joint underwriting capacity, introducing shared retention models, and formalizing coordination through a Joint Working Group.

The MoU aims to enable larger trade transactions for multinational corporations operating in ICIEC Member States, thereby promoting economic growth and development. This partnership is expected to support cross-border trade and investments, as well as reinforce ICIEC's mission to strengthen economic relations between OIC Member States.

Key Takeaways:

  • ICIEC and Credendo signed a Memorandum of Understanding (MoU) to enhance cooperation in credit insurance and reinsurance.
  • The MoU establishes a framework to develop new risk-sharing schemes for multinational corporations operating in ICIEC Member States.
  • The partnership seeks to reinforce joint underwriting capacity, introduce shared retention models, and formalize coordination through a Joint Working Group.
  • The MoU is expected to support larger trade transactions for multinational corporations operating in ICIEC Member States, promoting economic growth and development.
  • ICIEC's Chief Executive Officer, Dr. Khalid Khalafalla, commented on the partnership, stating that it strengthens the Corporation's ability to de-risk trade and investment flows across its member states.
  • Credendo's Deputy General Manager, Mr. Jean-Paul Steenbeke, mentioned that the partnership has supported businesses in ICIEC Member States, fostering trade growth and economic development.

Statistics:

  • ICIEC has cumulatively insured over USD 121 billion in trade and investment since inception.
  • ICIEC maintained an "Aa3" insurance financial strength credit rating for the 17th consecutive year, positioning the Corporation among the leaders in the Credit and Political Risk Insurance (CPRI) Industry.
  • ICIEC was assigned a first-time "AA-" long-term Issuer Credit Rating with a Stable Outlook by S&P.

Sources:

  • Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (https://ICIEC.IsDB.org)
  • Contify.com

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