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ICIEC backing goes above $3bn

More than $3bn in export credit insurance has been provided over the past year to member countries by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

This was revealed at its recent annual meeting in Khartoum. The annual report showed that this was an increase of 59 per cent compared to 2010, and financial results were positive despite the increase in credit and political risks resulting from continuing global financial and economic difficulties.

Commenting on this, the CEO of ICIEC, Dr Abdel-Rahman Eltayeb Taha, said, “We are proud that the corporation has managed to increase its volume of business with exceptionally low claims ratio and to maintain its strong financial position under such difficult circumstances. ICIEC’s strength has been underscored by the confirmation of the Aa3 rating assigned to the Corporation for the fourth consecutive year by Moody’s Investors Service.”

He added, “This growth in business was as a result of the increased awareness among exporters and banks in our member countries of the importance of credit and political risk insurance as an affective risk mitigant, especially during these turbulent times. It is also a consequence of the responsiveness of ICIEC to the demand of its clients by introducing more flexibility in its product offering, and offering new products.”

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