The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank (IsDB) Group, has announced a significant collaboration with Export-Import Bank of Malaysia Berhad (MEXIM).
The two entities have signed a Memorandum of Retakaful Arrangement (MoA) during the IsDB Group Annual Meeting 2024 held in Riyadh, Saudi Arabia.
The MoA establishes a high-level, non-binding, and non-exclusive framework designed to foster cooperation between ICIEC and MEXIM.
The partnership aims to enhance collaborative efforts on mutually agreed projects and objectives, further detailed in an upcoming Treaty Agreement upon confirmation of treaty collaboration.
Further, this alliance underscores the shared vision and commitment of both ICIEC and MEXIM to explore new horizons and leverage their strengths for the greater good of their communities and the economies they serve.
The signing ceremony was marked by the presence of distinguished leaders from both organizations, including Oussama Kaissi, CEO of ICIEC, and Wan Norazli Wan Suleiman, Head of the Legal and Governance Division at MEXIM.
The CEO of ICIEC expressed his enthusiasm about the new partnership, stating that, “We are excited to embark on this journey with MEXIM, which marks a significant milestone in our mutual commitment to advancing economic growth and development through Shariah-based insurance solutions. This collaboration is poised to enhance our collective capabilities and meet our strategic objectives effectively.”
During the annual meeting, ICIEC also entered into a significant cooperation agreement with Joint Stock Commercial Bank Agrobank and Standard Chartered Bank in a landmark move to support the burgeoning Uzbek economy.
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