OIC: Trade data point to imperatives for Shariah-compliant export credit insurer
Source: Middle East Insurance Review | Jul 2025
While the top five Organisation of Islamic Cooperation (OIC) exporting countries accounted for a substantial share of OIC’s exports in 2024, there is a pressing need to support other member states that have strong potential but face export-related challenges, said the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) in its 2024 annual report that was released recently.
The top five exporting OIC countries are UAE, Saudi Arabia, Malaysia, Indonesia and Turkiye.
ICIEC also said that it should consider a strategic pivot toward top OIC industry clusters – especially sectors like agriculture – to enhance trade synergies within the OIC.
The strategic imperative for ICIEC is clear: while the OIC’s global trade footprint is on an upward trajectory, there is a pressing need to recalibrate and fortify intra-OIC trade dynamics.
ICIEC sees itself as uniquely positioned to spearhead initiatives that not only enhance trade fluidity within the OIC but also unlock latent economic potential in its member states.
For ICIEC, the patterns of origins for top OIC importing countries underscore the importance of understanding the multifaceted nature of OIC’s trade dynamics. While China’s role as a primary supplier is evident across most OIC nations, the presence of regional and global players in each country’s top suppliers list highlights the need for strategies that both bolster intra-OIC trade and leverage global partnerships effectively.
Intra-OIC merchandise exports among the OIC countries (intra-OIC trade) decreased in 2023 for the first time since 2020. After peaking at $483bn in 2022, intra-OIC exports decreased by 6.2% to $453bn in 2023 and maintained a similar level in 2024. However, exports from OIC countries to the rest of the world decreased by a higher rate of 11.3%, resulting in an increase in the share of intra-OIC exports from 18.5% in 2023 to 19.4% in 2024.
ICIEC was established in 1994 in Jeddah in Saudi Arabia as a multilateral institution and member of the Islamic Development Bank (IsDB) Group. It is owned by IsDB and 50 member states of the OIC. It offers Shariah-compliant trade credit and investment insurance and reinsurance solutions. M