The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)
Last updated on 05 Mar 2024
Key facts
ICIEC was established to facilitate trade and investment between member countries and the world through Shariah-compliant risk mitigation tools.
PUBLIC
1994
Credit rating (Moody's)
Aa3
Foreign currency
Authorizations and exposure
FY 2020 authorizations
Energy
57%
Manufacturing
21%
Infrastructure
4%
Distribution and retail
3%
Health
2%
FY 2020 authorizations
Products
- Credit insurance
- Tenor: Up to 7 years
- Investment insurance
- Tenor: Up to 20 years
- Export credit and investment reinsurance: Provides capacity building support for ECAs in member countries, and technical assistance in the establishment of ECAs in member countries
- Tenor: 1 year for short-term; 7 years for medium-term; 20 years for foreign investment
- Covers commercial and political risk
- Eligibility:
- Banks: Domiciled in ICIEC member countries, if not, owned not less than 50% by the IsDB or by member country
- Corporates: Domiciled in ICIEC member countries, if not, owned not less than 50% by the IsDB or by member country; Goods should have at least 20-30% value added in member countries
- Investments : In an ICIEC member country
Policies
- All operations of ICIEC are in accordance with Islamic Shariah
- All regulations, rules, policies, and all other insurance instruments are subject to close scrutiny, before their coming into force, by the Single Shariah committee of the Islamic Development Bank Group (IDB) which also acts as the Shariah committee of ICIEC
