ICIEC Signs Cooperation MoU with ICCIA to Support, Promote Trade and Investment, Green Financing, Halal Economy in Common Member States Utilizing ICIEC’s De-risking Solutions

The MoU was signed by Mr. Oussama Kaissi, Chief Executive Officer of ICIEC, and Mr. Yousef Hasan Khalawi, Secretary-General of ICCIA, in Karachi, Pakistan.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, signed an important Memorandum of Understanding (MoU) with the Islamic Chamber of Commerce, Industry and Agriculture (ICCIA) whereby the two parties agree to co-operate “in promoting trade and investment in the Member States common to both.”

ICCIA, which is headquartered in Karachi, Pakistan, is an International Non-Governmental Organization, is affiliated with the Organization of Islamic Cooperation (OIC), and represents the private sector of the OIC’s 57 Member Islamic States.

The MoU was signed by Mr. Oussama Kaissi, Chief Executive Officer of ICIEC, and Mr. Yousef Hasan Khalawi, Secretary-General of ICCIA, in Karachi, Pakistan.

The aim of the MoU is to establish a framework of cooperation between the two institutions for the furtherance of their respective mandates, especially in promoting intra-OIC trade, attracting investment flows into Member States, supporting green and sustainable financing, and developing the Halal industry worldwide.

The role of ICIEC in promoting trade and investment into its Member States is backed by the fact that since its inception, the Corporation has disbursed a cumulative amount of US$ 92.1billion in this respect. Of this figure, US$72.7 billion represents credit support for trade, while US$18.4 billion for covering foreign direct investments.

Mr Oussama Kaissi, Chief Executive Officer of ICIEC, welcomed the signing of the MoU with ICCIA: “This MoU further enhances ICIEC’s long-established playbook on supporting trade and investment in our 48 Member States. Since its launch in 1994, ICIEC has had a 28-year of experience in commencing and introducing Sharia’h-compliant risk mitigation and credit enhancement tools primarily for the promotion of intra-OIC trade and investment in projects that are deemed strategically vital for our Member States”.

“We are a strong supporter of promoting intra-OIC trade and investment. The total value of Intra-OIC Trade and Investment supported by ICIEC in 2022 reached US$ 88 billion. Through this MoU, we look forward to assisting exporters, investors, and financial institutions to reach new markets globally as our solutions allow them to navigate around the political and commercial risks inherent in international trade.”

December 19, 2022