The Islamic Corporation for Insurance of Investments and Export Credits (ICACE) (http://ICIEC.IsDB.org), the insurance branch of the group (IsDB), published its annual report and its audited financial statements for 2021, after approval by its board of governors on 04e June 2022.
The Corporation, a member of the Islamic Development Bank (IDB) Group, has once again demonstrated resilience during a year of unprecedented risks, shifting priorities and continued global impacts of the pandemic. In 2021, ICIEC secured a near-record $9.8 billion with equally strong corporate net results at $9.3 million, well exceeding targets. Since its inception, ICIEC has supported exports, imports and foreign direct investment for a cumulative amount of $83.3 billion.
ICIEC is also proud to announce that its membership has grown to 48 Member States in 2021, welcoming the Maldives into the ICIEC community.
Based on its performance, ICIEC maintained, for the 14e year in a row an Aa3 rating by Moody’s – one of the strongest in the export credit and political risk insurance industry. Our strong credit rating reflects our resilience, self-sustaining fundamentals, as well as the strong will of our major shareholders, including the IDB (AAA stable) and our member states, to support ICIEC in times of financial difficulty.
In 2021, ICIEC supported a combined volume of $4.5 billion of intra- and intra-investment trade among OIC countries, which represents a decrease of 11% compared to the previous year. Of this amount, USD 3.7 billion represented intra-OIC trade among OIC countries, and USD 0.8 billion represented intra-OIC investments among OIC countries. ICIEC’s support for trade and investment has helped member states achieve long-term sustainable development. ICIEC catalyzes impact by supporting transactions and projects that contribute to the SDGs. Through these SDGs, a call to action has been made to eradicate poverty, protect the environment and improve the lives of everyone on Earth. Of the 17 SDGs, ICIEC is prominently committed to 6 goals that are directly related to its mandate.
In publishing the 2021 Annual Report, ICIEC’s Director General, Mr. Oussama KAISSI, expressed optimism about the Company’s prospects for 2022, stating “like all successful organizations, we have core priorities that drive our operations and enable our success. ICIEC’s priorities include achieving development impact, activating Islamic finance, developing partnerships based on the value and excellence of our people and industry. In times of hardship and volatility, we stand firmly behind our member states as the only multilateral provider of Shariah-compliant export credit and investment insurance in the world.”.
Mr. KAISSI went on to say “I would like to take this opportunity to thank the dedicated team at ICIEC, whose hard work has been the backbone of its continued success. I would also like to thank His Excellency the President, as well as the honorable members of the Board of Governors and the Board of Directors. They have been instrumental in providing guidance with their unparalleled wisdom and experience in navigating through this most challenging year for ICIEC. Their dedication to our success continues to inspire us and our decision-making to provide the best possible development solutions to our Member States.”.
Distributed by APO Group on behalf of the Islamic Corporation for Insurance of Investments and Export Credits (ICIEC).
Rania Binhimd, Communications Planner
E-mail: [email protected]
The Islamic Corporation for Insurance of Investments and Export Credits (ICIEC) is the insurance branch of the Islamic Development Bank Group (IDB). The Company is the largest Shariah-compliant multilateral insurer in the world and has led the way in providing a comprehensive range of insurance solutions to businesses and parties in its 48 member states. ICIEC was established in 1994 with a mandate to enhance economic relations among OIC member countries and promote intra-OIC trade and investment by providing risk mitigation tools and financial solutions in line with Sharia. ICIEC has been awarded an “Aa3” insurance credit rating by Moody’s for the 14th consecutive year, ranking the Company among the best in the credit and political risk insurance (CPRI) industry. ICIEC’s resilience is underpinned by its strong underwriting, reinsurance and risk management policies. Cumulatively, ICIEC secured more than $83 billion in trade and investment and $2.2 billion in FDI support by the end of 2021. Its activities were directed to specific sectors, including banking, l energy, manufacturing, infrastructure, health and agriculture. For more information visit: http://ICIEC.IsDB.org
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