Moody’s Investors Service, one of the leading rating agencies in the world, has confirmed the Aa3 Insurance Financial Strength Rating (IFSR) of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), for the sixth consecutive year.
In its report, Moody’s noted that ICIEC’s rating reflects both the stand-alone fundamentals as well as potential support from its shareholders/IDB Group member countries.
It said, “This rating signifies the strong ability and potentially high willingness of ICIEC’s main ultimate shareholders, and in particular the Islamic Development Bank (Aaa stable), its host country Saudi Arabia (Aa3 Stable) and other GCC countries, to support the company in times of financial distress.
“Furthermore, 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 of operating in the member countries.”
Dr Abdel Rahman El-Tayeb Taha, the CEO of ICIEC, commented, “Achieving this affirmation of Aa3-stable rating for the sixth consecutive year, in the face of increasing global economic and political instability, would not have been possible without the unwavering confidence of both its shareholders and policyholders in the ability of the corporation to discharge its mandate”.
He further emphasised, “The strong support of our shareholders is reflected in the recent increase in the capital of the corporation, while the trust of the policyholders is evident from their continuous and expanding use of the corporation’s insurance and reinsurance services to secure their exports, project financing, and investments in this challenging economic and political environment. “