Press Release: October 02, 2016
JAKARTA — The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group (IDBG), is endowed with the acclaimed “Global Islamic Export Credit and Political Insurance Award 2016” in the annual Global Islamic Finance Awards (GIFA) ceremony held here (Jakarta) on September 29, 2016 under the auspices of Otoritas Jasa Keuangan (OJK) or the Financial Services Authority of Indonesia.
Now in its sixth year, GIFA celebrates excellence and outstanding contributions of institutions and individuals towards the development of Islamic banking and finance industry.
Commenting on the award having been conferred on ICEIC, its Chief Executive Officer Oussama Abdel Rahman Kaissi said that since ICIEC’s establishment in 1994 as a Shariah-compliant multilateral investment and export credit insurance institution with full juridical personality, the Jeddah, Saudi Arabia-based Corporation has metamorphosed into a highly-innovative institution providing diverse solutions that cater to manifold needs of customers in its 44 member countries and around the globe comprising the ICIEC and their business engagements with global networks.
The Corporation has witnessed and is witnessing sustained growth from then onwards, the CEO of ICIEC added, noting that it has sustained growth in insurance operations for the year 1436H (2015G) in spite of strenuous worldwide conditions, with business insurance operations registering a 22% increase to reach US$5.29 billion from US$4.32 billion in 1435H.
“Our excellent performance did not go unnoticed globally, with no less than the Moody’s Investors Service affirming the Aa3 insurance financial strength rating (IFSR) for ninth year in a row in 2016 which recognizes our greater financial and operating leverage,” he pointed out.
“Receiving the Global Islamic Export Credit and Political Insurance Award 2016” will all the more strengthen our resolve to build on this trend in the next year and beyond,” Mr. Kaissi further said, “as this achievement reflects the fruition of our hard work and commitment to excellence in the delivery of our authentic Islamic financial services, and continued quest for innovation in the promotion of our products despite the difficult global environment as well as the unenviable situation in some member countries. Moreover, let us assure you that ICIEC will not rest on its laurels, for we know that this distinction emboldens us further to attain even better performance in meeting new challenges.”
Over the last 5 years, GIFA have honored more than 120 governments, institutions and individuals who have demonstrated strong commitment and leadership in Islamic finance. Previous GIFA Awards ceremonies were held in Muscat (2011), Kuala Lumpur (2012), Dubai (2013 & 2014) and Bahrain (2015).
“GIFA prides itself on being the most authentic market-led awards in the global Islamic financial services industry,” said Professor Humayon Dar, Founding Chairman of GIFA. “Since the first awards ceremony in Oman in 2011, GIFA has become the most prestigious Islamic finance awards program in the world, respected and sought after by leading political personalities and countries involved in Islamic banking and finance.”
ICIEC is a multilateral export credit and political risk insurer rated Aa3 with a stable outlook by Moody’s. ICIEC was established in 1994 by the IDB and member countries of the Organization of Islamic Cooperation (OIC), with an objective to encourage exports from and between member countries as well as to facilitate the flow of foreign direct investment into them by providing and encouraging the use of Shariah-Compliant export credit and investment insurance/reinsurance solutions.