ICIEC

AcronymDefinition
ICIECIslamic Corporation for the Insurance of Investments and Export Credit
References in periodicals archive ?
The MOU is intended to strengthen the existing partnership between the SMBC Group and ICIEC, and to enable SMBCE and Sumitomo Mitsui Banking Malaysia Berhad (SMBCMY), the Shariah-compliant arm of SMBC, to better meet the needs of their clients using various insurance programs provided by ICIEC in the area of project and export finance on global basis.
The policy will help Apicorp effectively manage risks affecting its letter of credit (LC) transactions and LCs of petroleum products exports in ICIEC member countries.
The DCIP will help the bank effectively manage risks affecting its Letter of Credit (LC) transactions and LCs of petroleum products exports in ICIEC member countries, said a statement from Apicorp, which is 17 per cent owned by the UAE government.
ICIEC is also in the process of launching a Sukuk Insurance Policy, which will provide insurance cover to investors initially in sovereign Sukuk and later in other Sukuk; and a Bank Master Policy for Istisna Financing, which will protect Islamic banks against non-payment risks of obligors in Istisna financing structures especially related to the construction and project industry.
The agency agreement was signed between Eximbank Chairman Hayrettin Kaplan and ICIEC CEO Dr.
Since 1994, ICIEC has had long experience in facilitating export trade, and has been encouraging exports including facilitating the flow of foreign direct investments to its member countries.
The official opening of the ICIEC was attended by Ahmad Humaid Al Tayer, Governor of the DIFC; Dr Ahmad Mohammad Ali, President of the IDB Group and chairman of the board of directors of ICIEC; Dr Abdul Rahman Al Tayeb Taha, CEO of ICIEC, and senior government officials.
The MOU is aimed at reinforcing the existing partnership between the SMBC Group and ICIEC, and to allow SMBCE and Sumitomo Mitsui Banking Malaysia Berhad (SMBCMY), the Shariah-compliant arm of SMBC, to satisfy their clients demands using various insurance programs offered by ICIEC in the area of project and export finance on global basis.
The ICIEC product is excellent and they have just started to market it.
The ICIEC has been rated Aa3 by Moody's Investor Services according to Reuters.
The Annual Report shows that the insurance business provided by ICIEC to member countries' investors and exporters stood at over US$ 3.
Dr Abdel-Rahman Taha, the chief executive officer of ICIEC said: "Events in the region show clearly the role Political Risk Insurance can play in attracting foreign investment into countries which need it the most.