The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) covers Shariah-compatible export credit and insurance, investment insurance and reinsurance for its 35-member countries. These 35 countries are members of the Organization of Islamic Conference and span the Middle East, Africa, Central Asia and South-East Asia. As a member of the Islamic Development Bank Group, ICIEC was established in 1994 to support and facilitate the export and investment in member countries.

Our Expertise

ICIEC's mission is to encourage exports from member countries and to facilitate the flow of foreign direct investment to these countries by providing and encouraging the use of Shariah compatible export credit and investment insurance as credit and country risk mitigation instruments. In this vein, ICIEC supports three customer groups with their specific needs:

  • Protects exporters and banks against the risk of nonpayment of an export receivable.

  • Offers investors three different types of foreign investment insurance policies.

  • Protects the confirming bank of a Letter of Credit against the risk of non-payment by the issuing bank

    ICIEC also supports Export Credit Agencies and commercial insurance companies in member countries with its recently developed Reinsurance Facilities Agreement, which provides a facultative reinsurance arrangement.

    Additionally, ICIEC provides capacity building on investment promotion for member countries through their Investment Promotion Technical Assistance Program (ITAP).

    • ICIEC
    P.O. BOX 5925, Jeddah 21432
    Kingdom of Saudi Arabia

    Tel. +966-2-646-7395
    Fax. +966-2-637-2069

    www.iciec.com


    HISTORY

    ICIEC came into existence in 1994 following a request to the Islamic Development Bank to set up an institution that could directly support Shariah compliance of the expanding investment and credit climate. ICIEC joined the Berne Union in October 2007. For more regional information, a review of ICIEC, and an explanation of Shariah compliance, read this collaborative MIGA/ICIEC report.

    PRI Essentials