ICIEC Achieves 59% Increase in Business Insured for 2011

Under the Chairmanship of Dr. Ahmed Mohamed Ali, President of the Islamic Development Bank Group, the Board of Directors of the Islamic Corporation for Insurance of Investment and Export Credit (ICIEC) approved the Annual Report of ICIEC for 1432H (2011) at its recent meeting held at the Bank’s headquarters in Jeddah,

The Annual Report showed significant growth in export credit and political risk insurance business volumes. During the year, the Corporation insured exports and investments of USD 3200 million, an increase of 59% compared to 1431 H (2010).

Dr. Abdel Rahman El-Tayeb Taha, CEO of the Corporation, noted that this growth in business was as a result of the increased awareness among exporters and banks in our member countries of the importance of credit and political risk insurance as an affective risk mitigant, specially during these turbulent times. It is also a consequence of the responsiveness of ICIEC to the demand of its clients to introduce more flexibility in its product offering.

The CEO also informed the Board members that the Corporation has been able to maintain its high credit rating of Aa3 by Moody’s, for the fourth consecutive year., which testifies to the financial strength of the Corporation, in a challenging regional and global economic and political environment.

The Board was also updated on Member Countries’ exercise of their right to subscribe to the recent capital increase approved by the  Board of Governor of the Corporation. In this connection Dr. Taha expressed his thanks to the Kingdom of Saudi Arabia for its generous decision to increase its subscription to ICIEC’s capital from 13,500 shares to 60,000 shares  with a value of 60 million Islamic Dinars, (equivalent to USD 96 million), which is a clear affirmation of the kingdoms commitment to support ICIEC and the Islamic Development Bank Group as a whole.

Contact:

Jamel eddine Naga                                                                                                                                                                                                                                                         Promotion & International Relations Unit, ICIEC                                                                                                                                                                                                               Tel : +966 2 6467608,  Fax : +966 2 6443447,  Mobile: +966 5 68618945   E-mail : jnaga@isdb.org