The Board of Directors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IDB), cleared the Annual Report and the financial statements for 1435H, at its recent meeting held in Jeddah. The Board recommended that the financial results and the annual report be submitted for approval to the 22nd meeting of the Board of Governors of ICIEC scheduled to be held in Maputo, Republic of Mozambique, on 11 June, 2015.
The Annual report shows a growth in export credit and political risk insurance business volume. During the year 1435H (2014), the Corporation facilitated $4.3 billion exports and investments for its member countries representing an increase of 29% compared to previous year.
Commenting on the results, Eng. Hani Salem Sonbol, the Acting Chief Executive Officer of ICIEC, said “this growth in business was a result of the strong partnership with our partners in member countries, as well as the international players in making transactions happen during these critical situation in the region as well as in the world.”
The Board of Directors also endorsed the 10-year strategic framework of the Corporation, and appointed new external financial auditors for 1437H (2016).
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 Member Countries and to facilitate the flow of foreign direct investment into them by providing and encouraging the use of the principles of Shariah export credit and investment insurance/reinsurance.