London, the Global Islamic Finance Awards (GIFA), now in its 11th year, today honored the Islamic Society for Investment Insurance and Export Credit (ICIEC), the insurance arm of the group of Islamic Development Bank (IDB), with the ‘Global Islamic Export Credit Insurance and Political Risk Award 2021.
Accepting the honor during the virtual awards ceremony, Mr. Oussama Kaissi, CEO of ICIEC, thanked the promoters of GIFA 2021 for granting this well-deserved recognition to the Company.
“This award,” he said, “is a boost for the Sharia-compliant credit and political risk insurance sector by helping our member countries recover during the Covid-19 pandemic. In progress. It is also a recognition of the hard work, creativity and resilience of our management and staff to help our member countries to better rebuild themselves in the aftermath of the pandemic by ensuring the circulation of essential drugs, medical supplies and food supplies. It will also help us redouble our efforts in achieving our mandate.
As the world’s leading Sharia-compliant credit and political risk insurer, ICIEC strives to promote the development of exports and investments in its 48 member countries by providing innovative risk mitigation solutions. From export promotion, import facilitation, financing lines and impactful investments in member countries, ICIEC’s pioneering suite of risk mitigation solutions are innovative, tailor-made and proven. , especially in an evolving post-Covid economic recovery.
In total, ICIEC has provided US $ 78 billion in trade and investment over 27 years, the latter amounting to US $ 15.6 billion in various member countries of ICIEC. ICIEC contributed US $ 643 million in insurance coverage for the implementation of the IsDB Group’s US $ 2.3 billion Covid Mitigation Preparedness and Strategic Response (SPRP) program, guided by the 3R initiative (Respond, Restore, Restart). ICIEC and IDB also jointly launched the US $ 2 billion COVID-19 Guarantee Facility (CoGF), which specifically aims to support the private sector, especially industries affected by COVID in member countries, and to attract cross-border investment.
In its quote, the GIFA Awards Committee pointed out that “The World Award for Islamic Export Credit Insurance and Political Risk is awarded to a leading institution in the field of export credit and political risk insurance, offering various innovative Sharia-compliant services and solutions that meet the multifaceted needs of clients and business partners around the world while promoting export credit, investment and innovative solutions to risk mitigation. The fact that ICIEC has won the award again is testament to the Society’s important mission to support its 48 member countries.
The Islamic Corporation for Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development Bank Group (IDB), in fact its provider of credit insurance and reinsurance to the export and investment. ICIEC was established in 1994 as a multilateral institution to strengthen economic relations among OIC member countries. The vision of ICIEC is to be recognized as the privileged catalyst of trade and investment for sustainable economic development in member countries. Its mission is to facilitate trade and investment between member countries and the world by providing risk mitigation tools and Sharia-compliant financial solutions. For more information visit: http://iciec.isdb.org
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© Press release 2021