Moody’s Investors Service, one of the leading rating agencies in the world, has re-affirmed the Aa3 insurance financial strength rating assigned to the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) for the first time in April 2008 and confirmed in October 2009.
The agency noted that ICIEC’s rating reflected both its stand-alone fundamentals as well as potential support from its shareholder/IDB Group member countries. Thus, despite the absence of explicit guarantees, in the context of its key role as facilitator of trade among Islamic Countries, ICIEC’s rating illustrates “the strong ability and potentially high willingness of its main ultimate shareholders to support it”.
Furthermore, Moody’s noted that the rating reflected ICIEC’s legal structure and business nature as the only multilateral export credit and investment insurance corporation in the world that provides Shariah-compliant insurance and reinsurance products, as well as its enhanced knowledge based on its experience.
Dr Abdul Rahman El Tayeb Ali Taha, the chief executive officer of ICIEC, commented, “The reaffirmation of an Aa3 rating by Moody’s for the third consecutive year clearly demonstrates the confidence of the rating agency in our status as an efficient and financially sound entity capable of meeting its insurance obligations.
“This rating will strengthen ICIEC’s ability to provide worldclass insurance and reinsurance support to exporters in member countries and investors worldwide interested in investing in ICIEC member countries.”