ISLAMIC CORP. FOR THE INSURANCE OF INVESTMENT AND EXPORT CREDIT

About ISLAMIC CORP. FOR THE INSURANCE OF INVESTMENT AND EXPORT CREDIT

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a subsidiary Corporation of the Islamic Development Bank (IDB), established on 1st August 1994G as an international institution with full juridical personality with an authorized capital of 100 million Islamic Dinars (about USD 130 million, ICIEC commenced operations in July 1995G. The objectives of ICIEC, is to enlarge the scope of trade transactions and the flow of investment among Member States of the Organization of the Islamic Conference (OIC). In fulfillment of this objective, the Corporation provides the following facilities, compatible with Shariah, to exporters and investors from Member Countries: a) export credit insurance and reinsurance to cover the non-payment of export receivables resulting from commercial (buyer) or non-commercial (country) risks; and b) Investment insurance against country risks, mainly the risks of exchange transfer, expropriation, and war and civil disturbance.