Saudi Arabia-based Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Uzbekinvest Export-Import Insurance Company have signed a Master Reinsurance Agreement in order to support exports of Uzbekistan.
The Islamic Corporation for the Insurance of Investment and Export Credit is the insurance arm of the Islamic Development Bank (IsDB) Group.
Under the agreement, ICIEC will provide reinsurance services to Uzbekinvest for exports of goods and services from Uzbekistan to all over the world.
The agreement was signed by Mr. Oussama Kaissi, Chief Executive Officer of ICIEC, and Mr. Rustam Khalikov, First Deputy Director General of Uzbekinvest.
According to the statement, “This agreement will enhance the underwriting capacity of Uzbekinvest, hence increasing the country’s exports.”
Furthermore, ICIEC has been extending similar reinsurance support to other Member States’ export credit agencies (ECA) and Eximbanks.
Commenting on the agreement Mr. Kaissi stated that, “ICIEC welcomes this partnership with Uzbekinvest which will strengthen our efforts in providing reinsurance in export credits, especially in the CIS region.”
“It is believed that there is strong demand for export credit insurance from business communities, especially after the economic crises and political turbulence in certain countries,” the CEO of ICIEC further added.
Last year, ICIEC and the Federation of Afro-Asian Insurers and Reinsurers (FAIR) signed a Memorandum of Understanding (MoU) in order to foster greater cooperation to encourage business collaboration among their members. Under the MoU, FAIR and ICIEC will share insurance and reinsurance information, regulatory guidelines, emerging insurance needs, market gaps, and so on.
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