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), managed to register sustained growth in its insurance operations for the year 1436H (2015G) in spite of strenuous worldwide conditions.
The Board of Governors of ICIEC held its 23rd meeting in Jakarta, Indonesia on 19 May, 2016 and has approved the annual report and the financial statements for 1436H which showed a growth in business insurance operations by 22% to reach US$5.29 billion from US$4.32 billion in 1435H. At the same time, new commitments witnessed a jump of 8% to reach US$3.83 billion compared to US$3.56 billion in 1435H.
Cumulatively, member countries have benefited from ICIEC services since the inception and up to end of 1436H represented in MENA region (73.1%), Asia (8.9%), Central Asia /Europe (8.4%) and Africa (8%).
Commenting on the results, Mr. Oussama A. Kaissi, the Chief Executive Officer of ICIEC, said “despite the difficult global environment as well as the unenviable situation in some member countries, ICIEC has continued to report a remarkable progress in terms of business growth and organizational development, we are on the right path to build on this trend in the next year and beyond.”
The Board of Governors also appointed new external financial auditors for 2017G (1438H/1439H).
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-Complaint export credit and investment insurance/reinsurance solutions.