ICIECIslamic Corporation for the Insurance of Investments and Export Credit
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Do you foresee a bigger connect between ICIEC and the rest of the IDB Group?
ICIEC batted first and put on board 94 runs from their stipulated overs.
ICIEC is a member of the Islamic Development Bank Group (IDB) headquartered in Saudi Arabia.
The brainchild of IDB Group private sector entities which include ICD, ICIEC, ITFC along with the IDB Group Business Forum (THIQAH) and Investment Promotion Technical Assistance Program (ITAP), the forum involved engaging panel discussions which deliberated on the activities, roles and support that have been carried out in member countries, with focus on Indonesia.
During the meeting held at the IDB headquarters in Jeddah, the board members approved the annual report and financial results of ICIEC for 1433H (2012).
HE highlighted the efforts by the Bank's Group, particularly ICIEC in raising export rates and facilitating foreign investment flow through creating new insurance tools to reduce credit and sovereign risk, enhance trade operations competitiveness and develop operations and solutions to achieve the institutions' ambitions.
The forum entitled "Global Turbulence and Mena Transformations -- Political Risk and Investment Trends and Opportunities," was held in collaboration with the Islamic Corporation for Insurance of Investments and Export Credits (ICIEC), and the Multilateral Investment Guarantee Agency (MIGA).
During a visit to Tunis in June, Dr Ahmed Mohamed Ali, ICIEC Chairman, who is also the President of the IDB, assured the Tunisian government that the Bank is ready to support the country's planned debut sovereign sukuk issuance of up to $500m through a credit enhancement by providing a financial guarantee for the issuance, through the ICIEC sukuk Insurance Policy.
In addition to the above, insurance commitments issued by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) until the end of 2012 are estimated at $ 17 billion.What is the impact of the global crisis on IDB?