Takaful - The Comoros: Union becomes 44th member of ICIEC
Source: Middle East Insurance Review | Jun 2016
The Union of the Comoros – an archipelago of islands in the Indian Ocean located at the northern end of the Mozambique Channel off the eastern coast of Africa – has become the 44th member country of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
With a young and rapidly increasing population, the Comoros is the world’s largest producer of the ylang-ylang flower from which a distinctive oil for expensive perfumes is extracted. It is also a large producer of vanilla and cloves. Agriculture contributes 40% to GDP, employs 80% of the labour force, and provides most of the exports.
Mr Oussama Kaissi, CEO of ICIEC, said: “The Union of Comoros’s membership opens the door for its private and public sectors to benefit from risk mitigation services offered by ICIEC. Similarly, it allows exporters, banks and investors from other member countries, to cover risks related to their operations in Comoros. ICIEC seizes this opportunity to invite exporters, banks and investors in all member countries, including those in Comoros to benefit from the services it offers for the management of commercial and political risks.”
ICIEC, a member of the Islamic Development Bank (IDB) Group, is a pioneer in the field of Shariah-compliant credit and political risk insurance and reinsurance.