The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank (IsDB) Group, has renewed a reinsurance treaty arrangement with the Compagnie Algérienne d'Assurance et de Garantie des Exportations (CAGEX) for the 2025 underwriting year.
The signing ceremony was held on 21 May 2025 on the sidelines of the IsDB Group Annual Meetings 2025 in Algiers.
ICIEC CEO Dr Khalid Khalafalla said, “This agreement further highlights our commitment to serving as a strategic reinsurance partner for national ECAs (export credit agencies). It also supports product development and technical cooperation and reaffirms our dedication to empowering ECAs as key drivers of sustainable trade and investment across OIC member states.”
The number of countries that are member states of the Organisation of Islamic Corporation (OIC) is 57.
CAGEX CEO Mr Zouhair Laiche said, “ICIEC has partnered with CAGEX since 2008, cumulatively supporting insured business valued at approximately $2.97bn through quota-share participation in both export and domestic credit insurance programmes.
“This agreement seeks to further extend reinsurance capacity to CAGEX, support product development and capacity building, facilitate technical exchanges, and promote best practices in risk management. With this renewal, ICIEC reaffirms its commitment to empowering national ECAs and fostering sustainable trade and investment flows among OIC member states.”
There were several other deals entered into on the sidelines of the IsDB annual meetings:
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ICIEC and Al Baraka Bank Egypt signed a documentary credit insurance policy to support Egypt’s exports that are backed by letters of credit totalling up to $50m.
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ICIEC extended an EUR232m ($264m) insurance policy to Standard Chartered and others to support financing for Côte d’Ivoire’s landmark “Tour F” development, which is a flagship government office skyscraper in Abidjan's new Administrative City
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ICIEC and Nigerian Export-Import Bank (NEXIM) forge strategic partnership for export credit and investment insurance in Nigeria
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ICIEC extended insurance coverage of up to EUR250m for infrastructure and trade growth in six African member states
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ICIEC issues EUR37m insurance policy backing Islamic financing for Turkiye’s Nakkas-Basaksehir Motorway
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ICIEC issues $40m insurance policy to support dredging & development of Oman’s Sohar Port and Freezone
Jeddah-headquartered ICIEC commenced operations in 1994 with a mission to strengthen economic relations among member states of the OIC and promote intra-OIC trade and investment through credit and investment insurance.
Since its inception, ICIEC has cumulatively insured over $121bn in trade and investment, supporting key sectors such as energy, manufacturing, infrastructure, healthcare, and agriculture.