The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Insurance arm of the (IsDB) Group, has released its Annual Report and Audited Financial Statements for 2021, upon approval from its Board of Governors on 4th June 2022.
The Corporation, a member of the Islamic Development Bank Group (IsDB) Group, has once more demonstrated resilience in a year of unprecedented risks, shifting priorities and continuing global impacts of the pandemic. In 2021, ICIEC insured a near-record of USD 9.8 billion with Corporate Net-Results equally strong at USD 9.3 million significantly surpassing targets. Since its inception, ICIEC has supported exports, imports, and foreign direct investments with a cumulative amount of USD 83.3 billion.
ICIEC is also proud to report that its membership grew to 48 Member States in 2021, welcoming Maldives to the ICIEC community.
Based on its performance, ICIEC has maintained, for the 14th consecutive year, an Aa3 rating by Moody’s – which is one of the strongest in the Export Credit and Political Risk Insurance industry. Their strong credit rating reflects their resilience, standalone fundamentals, as well as the strong willingness of their key shareholders, including the IsDB (AAA stable) and their Member States, to support ICIEC in times of financial distress.
In 2021, ICIEC supported a combined USD 4.5 billion of intra-trade and intra- investment among OIC countries, representing an 11% decrease as compared to the previous year. Of that, USD 3.7 billion represented intra-OIC trade among OIC countries, and USD 0.8 billion represented intra-investment among OIC countries. ICIEC support for trade and investment has helped MSs to 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 established 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.
Releasing the 2021 Annual Report, the Chief Executive Officer of ICIEC, Mr. Oussama KAISSI, expressed optimism about the Corporation’s prospects for 2022, stating “like all successful organizations, we have core priorities that give focus to our operations and enable our success. ICIEC priorities include the delivery of development impact, enabling Islamic finance, the development of value-based partnerships, and enabling excellence in both our staff and industry. In times of difficulty and volatility, we stand firmly behind our member states as the only Shari’ah-compliant multilateral export credit and investment insurance provider in the world”.
“I would like to take this opportunity to thank the dedicated ICIEC team, whose hard work has been the backbone of its continued success. I would also like to thank His Excellency the Chairman, along with the Honorable Members of the Board of Governors and Board of Directors. They have been integral in providing guidance through their unparalleled wisdom and experience to navigate through its most challenging year for ICIEC. Their dedication to our success continues to inspire us and our decision-making in pursuit of delivering the best possible development solutions to our Member States.” Mr. KAISSI added
About Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is the insurance arm of the Islamic Development Bank (IsDB) Group. The Corporation is uniquely the largest Shariah-compliant multilateral insurer in the world and has led from the front in providing a comprehensive suite of insurance solutions to companies and parties in its 48 Member States. ICIEC was established in 1994 with the mandate to strengthen economic relations between OIC member countries and to promote intra-OIC trade and investments by providing Shariah-compliant risk mitigation tools and financial solutions.
ICIEC has for the 14th consecutive year earned an “Aa3” insurance financial strength credit rating from Moody’s, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 83bn in trade and investment and US$2.2 bn in support of FDI at end of 2021. Its activities were directed to specific sectors including banking, energy, manufacturing, infrastructure, healthcare, and agriculture.