The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), member of the Islamic Development Bank Group, and the Etihad Export Credit Insurance (ECI), the UAE Federal export credit company, signed a Memorandum of Understanding (MOU), which aims to boost cooperation in promoting export trade and investment in UAE through the promotion of Shariah-compliant export credit and investment insurance instruments.
With the aim of establishing a long-lasting relationship for mutual cooperation in export credit insurance, exchange of information and knowledge between ICIEC and ECI, the MoU will support the UAE’s trade and export industry and, likewise, serve as a means for seeking mutual cooperation in promoting Halal industry worldwide.
Under the memorandum, ICIEC will provide reinsurance capacity and Shariah-compliant export credit insurance solutions, aimed at promoting the UAE’s non-oil exports, trade and strategic sectors development. It will be instrumental to advance and sustain UAE’s national economic non-oil diversification programs, as well as support the export and re-export of UAE goods, services, and the foreign investments of the UAE businesses, by providing a range of export credit and investment insurance/reinsurance products.
“The signing of this MOU comes within the framework of ICIEC’s mandate to support the development of its member countries by providing export credit and political risk insurance for trade and investment projects. Through this collaboration, ICIEC and ECI will further strengthen the facilitation of trade and investment between member countries and the world, through Sharia-compliant risk mitigation tools. ICIEC emphasizes its commitment to provide all the technical support and reinsurance services to ECI and enable it to achieve its lofty objectives which also include the development of credit tools for Islamic banks,” said Oussama A. Kaissi, the ICIEC Chief Executive Officer.
He pointed out ”the total business insured provided by ICIEC since its inception in 1994 to date has reached $50 billion in 118 countries, including the UAE, of which $40 billion provided to the foreign trade sector and $10 billion provided for investments in different sectors.”
ICIEC is working with international and local companies and institutions in the UAE. ICIEC recently underwrote $50 million for the transfer of waste to energy project in Sharjah, which has an investment cost of about $200 million. The Corporation seeks to support the UAE and enter new markets in an effort to support the Islamic banking sector and takaful companies.
Source Salaam Gateway