Oman: Foreign investment insurance deal inked
Source: Middle East Insurance Review | May 2017
The Export Credit Guarantee Agency of Oman (ECGA) and Islamic Corporation for Insurance of Investment and Export Credit (ICIEC) have signed an agreement for foreign investment guarantees.
ICIEC CEO Oussama A Kaissi, and acting CEO of ECGA, Dr Khalid Al Amri, signed the agency agreement in early April, which enables ECGA to make available to eligible investors and suppliers ICIEC’s insurance policies.
Mr Kaissi said that the agreement contributes to strengthening the capacity to increase the volume of national exports and attracting investments.
ICIEC offers three types of foreign investment insurance policies, namely, an equity investment insurance policy; a financing facility investment insurance policy; and a loan guarantees investment insurance policy, which have the effect of providing long-term insurance cover against the classic country risks for foreign investment flows into member countries, irrespective of their country of origin.
Dr Al Amri said that “this agreement will encourage foreign investors to invest in Oman and help Omani investments abroad facilitate export transactions through the use of ICIEC’s Shariah-compliant export credit and investment insurance/reinsurance solutions”.
The agreement was signed at a time when ECGA is preparing a new strategy aiming at promoting new services to Omani eligible clients, including exporters, SMEs, banks and investors.
ICIEC was established to provide investment and export credit insurance for Islamic countries.
ECGA provides full support to Omani exporters and policyholders if the buyer fails to honour his commitments. It also provides services to exporters, such as insuring local credit, export credit and other services that enhance industrial activity and help exporters to compete at the foreign market. M