PRESS RELEASE: May 19, 2016
JEDDAH — Moody’s Investors Service, a leading international provider of credit ratings, research, and risk analysis, has once again affirmed the Aa3 Insurance Financial Strength Rating (IFSR) of ICIEC for the 9th year in a row. The rating outlook remains stable.
Moody’s said the rating affirmation reflects ICIEC’s stand-alone fundamentals as well as the potential support stemming from its shareholders, the Islamic Development Bank (IDB, rated AAA Stable) and the 44 member countries. “In fact, given ICIEC key role as facilitator of trade between Islamic
countries, ICIEC’s rating reflects the strong ability and potentially high willingness of ICIEC’s main shareholders, in particular IDB and Saudi Arabia, to support the company,” the report noted.
Moreover, the rating reflects ICIEC’s legal structure and business nature as the only multilateral export credit and investment insurance corporation in the world that provides Shariah-compatible insurance and reinsurance products, as well as its enhanced regional knowledge based on its experience by operating in the region, the global rating agency pointed out.
Commenting on the latest rating report, Mr. Oussama Abdul Rahman Kaissi, the Chief Executive Officer of ICIEC, said “the affirmation of Aa3 rating by Moody’s reflects the Agency’s confidence in ICIEC’s consolidated financial strength and global leadership in Shariah products as well as its diversified insurance and reinsurance products. Besides, this affirmation will go a long way to support ICIEC’s crucial role in expanding the much needed risk mitigating services in its member countries in the face of the current world economic challenges. The Corporation takes this opportunity to thank all the Honorable members of the ICIEC Board of Governors, as well as Board of Directors, for providing their continuous support to enable it deliver its mandate.”
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.