The Islamic Company for the Insurance coverage of Funding and Export Credit score (ICIEC) (www.ICIEC.IsDB.org), a Shariah-based multilateral insurer and member of the Islamic Improvement Financial institution Group, right now introduced that its Board of Governors has formally permitted the Annual Report and Audited Monetary Statements for the yr 2024 in the course of the IsDB Group’s 2025 Annual Conferences in Algiers.
The 2024 report highlights that ICIEC has achieved USD 13 billion in enterprise insured within the yr 2024, bringing the cumulative Enterprise Insured since inception to USD 121 billion, of which USD 96 billion is in export credit score and USD 25 billion in funding. The Company facilitated USD 57 billion in intra-OIC commerce and funding transactions and superior its Third Normal Capital Improve to considerably improve underwriting capability and reinforce long-term monetary stability.
To drive operational excellence, ICIEC refined its pricing framework and enhanced financial capital fashions, guaranteeing extra sustainable, risk-adjusted progress. Strategic partnerships have been deepened with growth companions and the personal sector to unlock important capital flows in meals safety and infrastructure tasks. The inclusion of the Togolese Republic because the fiftieth Member State additional broadened ICIEC’s attain and bespoke insurance coverage solutons to advertise financial growth throughout West Africa.
Below the IsDB Group Meals Safety Response Program (FSRP), ICIEC permitted over USD 1 billion in food-related transactions to help Member States impacted by world meals crises. Consistent with its local weather dedication, the Board of Administrators permitted a devoted Local weather Change Coverage, and 13% of 2024 Enterprise Insured was allotted to climate-related initiatives.
ICIEC’s monetary resilience was evident in its USD 24.9 million web consequence—a 4% enchancment year-on-year—and its seventh consecutive yr of technical surplus. Moody’s maintained ICIEC’s ranking of Aa3 for the seventeenth consecutive yr and S&P World Rankings assigned ICIEC a first-time ranking of AA- with a secure outlook.
“2024 was a testomony to our unwavering dedication to help Member States via revolutionary, Shariah-compliant options,” stated Dr. Khalid Khalafalla, CEO of ICIEC. “Insuring USD 13 billion in enterprise final yr and reaching a seventh consecutive yr of technical surplus displays our sturdy means to navigate complicated markets and ship tangible worth. Wanting forward, we stay dedicated to increasing our capability to de-risk commerce and funding, driving sustainable progress throughout our member international locations.”
Distributed by APO Group on behalf of Islamic Company for the Insurance coverage of Funding and Export Credit score (ICIEC).
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About The Islamic Company for the Insurance coverage of Funding and Export Credit score (ICIEC):
ICIEC commenced operations in 1994 to strengthen financial relations between OIC Member States and promote intra-OIC commerce and investments by offering threat mitigation instruments and monetary options. The Company is the one Islamic multilateral insurer on this planet. It has led from the entrance in delivering a complete suite of options to corporations and events in its 50 Member States. ICIEC, for the seventeenth consecutive yr, maintained an “Aa3” insurance coverage monetary power credit standing from Moody’s, rating the Company among the many high of the Credit score and Political Danger Insurance coverage (CPRI) Trade. Moreover, ICIEC has been assigned a First-Time “AA-“ long-term Issuer Credit score Ranking by S&P with Secure Outlook. ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and threat administration insurance policies. Cumulatively, ICIEC has insured greater than USD 121 billion in commerce and funding. ICIEC actions are directed to a number of sectors – vitality, manufacturing, infrastructure, healthcare, and agriculture.
For extra info; go to: http://ICIEC.IsDB.org
