ICIEC and EXIAR sign a reinsurance framework agreement
Shanghai, 10 November 2015 – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Russian Agency for Export Credit and Investment Insurance (EXIAR) have signed a reciprocal reinsurance agreement aimed at expanding mutual business opportunities.
Under the agreement, the signatories will share the expertise and capabilities to improve and support various transactions in a wide range of sectors, and eventually becomes a platform for mutually beneficial cooperation in export credit and investment insurance between Russia and ICIEC’s member countries. The agreement foresees the promotion of Russian capital goods and services and investments into ICIEC’s member countries, as well as joint potential projects between and among ICIEC’s member countries, with Russian participation, in third markets.
The agreement was signed by Mr. Alexey Tyupanov, Chief Executive Officer of EXIAR and Mr. Oussama Kaissi, Chief Executive Officer of ICIEC, on the sidelines of Berne Union/Prague Club Annual General Meetings on November 2-6, 2015 in Shanghai.
The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in 2011 as an open joint-stock company. EXIAR’s mission is to support Russian high-tech exports by insuring export credits against commercial and political risks, as well as Russian investments abroad against political risks. Vnesheconombank is the sole shareholder of EXIAR. The agency’s charter capital is RUB 31 billion. Since November 2014 Eximbank of Russia, a Russian specialized government–owned export–import bank, has been a subsidiary of Russian Agency for Export Credit and Investment Insurance (EXIAR).
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IDB) Group, is a pioneer in the field of Shaiah compliant credit and political risk insurance and reinsurance. Its shareholders are the “AAA” IDB and 43 countries, which are members of the Organization of the Islamic Cooperation (OIC). Since 2008, ICIEC has been assigned a standalone rating of Aa3 by Moody’s.
ICIEC was established with the objective to increase the scope of trade transactions of its, and to facilitate foreign direct investments into these countries. ICIEC fulfills these objectives by providing appropriate Islamic Shariah compatible credit and country risk insurance and reinsurance instruments.