The signing ceremony was held at the Ritz Carlton Hotel in Jeddah, Saudi Arabia, on the sideline of the IsDB Group Annual Meeting.
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group, is pleased to announce the signing of a US$15 million Documentary Credit Insurance Policy (DCIP) with the Saudi National Bank (SNB).
The signing ceremony was held at the Ritz Carlton Hotel in Jeddah, Saudi Arabia, on the sideline of the IsDB Group Annual Meeting, by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Ayman Basmaih, Head, Financial Institutions, Saudi National Bank.
The Documentary Credit Insurance Policy, one of the flagship policies of ICIEC’s unique suite of de-risking underwriting solutions, supports the headroom and capacity of Saudi National Bank to provide lines of confirmation to various issuing banks in Saudi Arabia or in ICIEC member states for bilateral trade transactions. The DCIP is a comprehensive non-payment insurance policy against the default of issuing banks in honouring their obligations under an irrevocable Letter of Credit.
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