Jeddah, 06 April 2017
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) – a member of the Islamic Development Bank Group– and The Export Credit Guarantee Agency of Oman (ECGA), collaborate to further promote ICIEC’s insurance investment products to promote investment inflows and outflows related to Sultanate of Oman.
ICIEC Chief Executive Officer, Mr. Oussama A. Kaissi and acting CEO of ECGA Dr. Khalid Al Amri signed the Agency Agreement on April 4, 2017, which enables ECGA to make available to eligible investors and suppliers ICIEC’s insurance policies.
Commenting on the Agreement, Mr. Kaissi said “the signing of this Agreement with ECGA comes within the framework of consolidating the role of the Corporation as a strategic partner of the Export Credit Agencies of ICIEC Member Countries”, adding that “in the end, it contributes to strengthening their capacity to increase the volume of national exports and attracting investments.”
Moreover, he said investment Insurance products provided by ICIEC are not unlike those provided by most similar organizations as it offers three foreign investment insurance policies such as an equity investment insurance policy; a financing facility investment insurance policy; and a loan guarantees investment insurance policy which have the effect of providing long-term insurance cover against the classic country risks for foreign investment flows into member countries, irrespective of their country of origin.
Dr. Al Amri commended the local agency agreement signed with ICIEC, and noted that “this agreement will encourage foreign investors to invest in Oman and help Omani investment abroad facilitate export transactions through the use of ICIEC’s Shariah-compliant export credit and investment insurance/reinsurance solutions.”
“the Agreement comes in the right time since ECGA Oman is preparing a new strategy aiming at promoting new services to Omani eligible clients (exporters, SMEs, banks and investors)”, Dr. Al Amri added.
The Export Credit Guarantee Agency (ECGA) commenced its export credit insurance, guarantee and financing activities in servicing Omani exporters since 1991. ECGA operates as national export credit agency of the Sultanate of Oman. It is an independent legal entity that is closely held company fully funded by the Government of the Sultanate of Oman which enables it to cover its financial needs and to build up the necessary reserves in meeting its obligations. It played a catalyst role in the promotion of the Omani non-oil exports. During more than 24 years of its existence, it has continued to meet its dual objectives of promoting Omani non-oil exports through its valuable credit insurance, guarantee and financing services and also remaining self-sustaining.
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.