The Islamic Corporation for the Insurance Coverage of Financial Investment and Export Credit (ICIEC), the Shariah-compliant multilateral insurance provider and member of the Islamic Advancement Bank (IsDB) Group, is delighted to reveal the finalizing of a US$ 15 million Documentary Credit Insurance coverage (DCIP) with the Saudi National Bank (SNB).
The finalizing event was held at the Ritz Carlton Hotel in Jeddah, Saudi Arabia, on the sideline of the IsDB Group Yearly Fulfilling, by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Ayman Basmaih, Head, Financial Institutions, Saudi National Bank.
The Documentary Credit Insurance coverage, among the flagship policies of ICIEC’s special suite of de-risking underwriting services, supports the headroom and capability of Saudi National Bank to supply lines of verification to numerous releasing banks in Saudi Arabia or in ICIEC member states for bilateral trade deals. The DCIP is a thorough non-payment insurance coverage versus the default of releasing banks in honouring their responsibilities under an irreversible Letter of Credit.
bout The Islamic Corporation for the Insurance Coverage of Financial Investment and Export Credit (ICIEC)
ICIEC started operations in 1994 to reinforce financial relations in between OIC Member States and promote intra-OIC trade and financial investments by offering danger mitigation tools and monetary services. The Corporation is distinctively the only Islamic multilateral insurance provider worldwide. It has actually led from the front in providing a thorough suite of services to business and celebrations in its 49 Member States, consisting of Documentary Credit Insurance coverage Cover, Credit Insurance Coverage Cover, Bank Master Policy, Non-Honouring of Sovereign Financial Responsibilities, and Financial Investment Insurance Coverage Products. ICIEC, for the 15th successive year, kept an “Aa3” insurance coverage monetary strength credit ranking from Moody’s, ranking the Corporation amongst the top of the Credit and Political Danger Insurance Coverage (CPRI) Market. ICIEC’s strength is underpinned by its sound underwriting, reinsurance, and danger management policies. Cumulatively, ICIEC has actually guaranteed more than US$ 95bn in trade and financial investment. ICIEC activities are directed to particular sectors – energy, production, facilities, health care, and farming.