The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, and the Saudi Eximbank has signed two landmark Facultative Reinsurance Agreements (FRAs) whereby ICIEC will provide Credit Reinsurance Cover to the Saudi ECA.
The FRAs were signed by Mr Oussama Kaissi, Chief Executive Officer of ICIEC, and Eng. Saad Alkhalb, Chief Executive Officer of Saudi Eximbank, during the 46th Annual Meetings of the IsDB Group held in Tashkent, Uzbekistan, from 1-4 September 2021. The formal signing ceremony in Tashkent took place in the presence of Dr Muhammad Al Jasser, IsDB Group President and Chairman of ICIEC, and participating dignitaries.
ICIEC will provide Shariah-compliant reinsurance covering up to 70% of Saudi Eximbank’s exposure
“These agreements,” emphasizes Mr Oussama Kaissi, CEO of ICIEC, “consolidate our long-standing partnership with the Saudi Export Program and now the Saudi Eximbank in supporting export development and Foreign Direct Investment in Saudi Arabia.”
Under the FRAs, ICIEC will provide Shariah-compliant reinsurance covering up to 70% of Saudi Eximbank’s exposure under a Documentary Credit Insurance Policy Commercial and Political Risks (Multi Risk) issued to the Original Insured up to the agreed Credit Amount Limit.