signs the MOU with Masahiko Oshima, the CEO of
SMBC Europe, in the presence of H.E Dr. Ahmad
Mohamed Ali, president of the IDB Group
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group, and Sumitomo Mitsui Banking Corporation Europe Limited (SMBCE), a subsidiary of the Sumitomo Mitsui Banking Corporation (SMBC) of Japan, have signed a Memorandum of Understanding (MOU) regarding co-operation.
The MOU is intended to strengthen the existing partnership between the SMBC Group and ICIEC and to enable SMBCE and Sumitomo Mitsui Banking Malaysia Berhad (SMBCMY), the Shariah-compliant arm of SMBC, to better meet the needs of their clients using various insurance programmes provided by ICIEC in the area of project and export finance on a global basis. This is particularly pertinent for the SMBC Group in relation to its increasing number of infrastructure projects in ICIEC’s member countries in the Middle East, Africa and Asia.