UAE: ICIEC signs deal with Etihad Credit Insurance to boost Islamic finance
Source: Middle East Insurance Review | Nov 2018
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the UAE’s export credit agency Etihad Credit Insurance (ECI) have signed an MoU to boost export trade through the promotion of shariah-compliant export credit and investment insurance instruments.
The agreement aims to establish a long-lasting relationship for mutual cooperation in export credit insurance, exchange of information and knowledge between ICIEC and ECI, support the UAE’s trade and export industry, and serve as a means for seeking mutual cooperation in promoting the halal industry worldwide.
The agreement will enable ICIEC to offer reinsurance capacity and shariah-compliant export credit insurance solutions through ECI to SMEs in the UAE, specifically focusing on the country’s non-oil exports, trade and strategic sectors development. It will be instrumental to advance and sustain UAE’s national economic non-oil diversification programmes, 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 and reinsurance products.
ICIEC CEO Oussama Abdel Rahman Kaissi said, “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 shariah-compliant risk mitigation tools.”
He pointed out that “the total business insured provided by ICIEC since its inception in 1994 to date has reached $50bn in 118 countries, including the UAE, of which $40bn provided to the foreign trade sector and $10bn provided for investments in different sectors. The Corporation seeks to support the UAE and enter new markets in an effort to support the Islamic banking sector and takaful companies”. M