The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has signed a Memorandum of Understanding (MoU) with the Agricultural Development Fund in order to strengthen the agricultural sector.
ICIEC is a Shariah-based multilateral insurer and an esteemed member of the Islamic Development Bank (IsDB) Group. The MoU establishes a cooperative framework between ICIEC and the Agricultural Development Fund, designed to enhance mutual interests through strategic initiatives.
As per the statement, these initiatives include capacity building on Islamic insurance, export credit insurance, and foreign investment insurance in to benefit the agricultural value chain in the Kingdom and other ICIEC member states.
The signing took place on the sidelines of the IsDB Group Annual Meeting 2024 in Riyadh. The MoU was signed by Oussama Kaissi, CEO of ICIEC, and Adel bin Abdullah Al-Jumaa, Chief Strategy Officer of the Agricultural Development Fund.
According to the statement, “The MoU, in addition to strengthening the Fund’s employees’ understanding of ICIEC’s business model and services, will also facilitate its affiliations with relevant unions or professional associations to bolster professional development and cooperation.”
Kaissi expressed his enthusiasm about this new partnership, stating that, “Our partnership with the Saudi Agricultural Development Fund marks a significant advancement in our ongoing efforts to support economic growth through bespoke insurance solutions.”
The ICIEC CEO further noted that, “We remain steadfast in our commitment to fostering a comprehensive understanding of our insurance models and cultivating a collaborative environment that will yield tangible benefits for the agricultural sectors within the Kingdom of Saudi Arabia and our member states.”
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