Press Release: May 19, 2016
JAKARTA — The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group (IDBG), and PT Asuransi Asei Indonesia (“Asuransi Asei”) signed an Agency Agreement on the sidelines of the IDB Group’s 41st Annual Meeting, which was held in Jakarta, Indonesia.
The Agency Agreement will enable Asuransi Asei to offer ICIEC’s Medium-term Export Credit and Foreign Investment Insurance products to eligible exporters and investors doing business in or from Indonesia. This Agreement is part of ICIEC’s push to scale up its intervention in Indonesia, specifically on the Foreign Investment Insurance and Capital Equipment import fronts.
Mr. Oussama A. Kaissi, Chief Executive Officer of ICIEC noted, “Asuransi Asei is a valued partner for ICIEC. By leveraging on their local knowledge and contacts in the Indonesia market, we aim at supporting projects in Indonesia which will have a meaningful developmental impact in the country. Working with Member Country ECA’s is also in line with our mandate to develop the Export Credit and Foreign Investment Insurance Market in our Member Countries”
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.
About Asuransi Asei:
PT Asuransi Asei Indonesia, hereafter referred to as “Asuransi Asei”, is a subsidiary of Indonesia-Re or PT Reasuransi Indonesia Utama (Persero) which was officially announced on October 9, 2014 by the Deed Establishment No. 8/2014. As a part of its services, it provides an integrated range of insurance products including Export Insurance, Credit Insurance, General Insurance, Surety Bonds, and Sharia Insurance.