The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Federation of Afro-Asian Insurers and Reinsurers (FAIR) have signed a Memorandum of Understanding (MoU) 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, ICIEC’s added value in risk mitigation, and credit enhancement for the benefits of common countries of coverage or operations.
The MoU was signed by Mr. Oussama A. Kaissi, CEO of ICIEC, and Mr. Mo’men Mukhtar, the Secretary-General of FAIR. Mr. Kaissi, said that the MoU will help garner a more holistic approach to business collaboration for both parties and that this framework is a landmark agreement because it will promote greater cooperation between members of FAIR and ICIEC, including fostering increased technical assistance, training and capacity building.
ICIEC is the insurance arm of the Saudi Arabia-based Islamic Development Bank (IsDB) Group. The Corporation is uniquely the largest Shariah-compliant multilateral insurer in the world and has led from the front in providing a comprehensive suite of insurance solutions to companies and parties in its 48 Member States.
The ICIEC also discussed the opportunities for increasing cooperation in Kazakhstan to increase its export capabilities in order to cater to the region.
Recently, ICIEC and the International Federation of Islamic Takaful and Insurance Companies (IFTI) signed a ground-breaking MoU in a move to boost the development of the Islamic insurance sector.