ICIEC Supports Agri-Commodity Exports in Member States with $75 Million Insurance Coverage

ICIEC and SMBC Forge New Financial Collaborations to Boost Agricultural Exports

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has recently announced new financial collaborations with Sumitomo Mitsui Banking Corporation (SMBC), DIFC Branch, aimed at supporting the export capabilities of member states. These non-payment insurance contracts were signed during the IsDB Group Annual Meeting 2024 in Riyadh, marking a significant step towards economic development through strategic partnerships.

The first agreement involves a US$50 million non-payment insurance-Bank Master Policy issued to SMBC to facilitate the financing of agricultural commodities exported from Saudi Arabia to ETC Agri Inputs FZE in the UAE. The second agreement extends a US$25 million insurance coverage for ICIEC member states’ exports to ETC Group, Mauritius, further supporting the growth of the agricultural sector across regions.

Mr. Oussama Kaissi, CEO of ICIEC, expressed his enthusiasm about the partnerships, emphasizing the role of ICIEC in fostering sustainable economic growth and food security within Member States. These collaborations are expected to have a significant impact on the agricultural sectors of the involved countries, promoting greater economic integration and cooperation among ICIEC member states.

Through such strategic initiatives, ICIEC continues to demonstrate its commitment to advancing economic development and trade facilitation underpinned by Islamic financial principles. The Corporation’s efforts in providing reliable insurance solutions are seen as crucial in facilitating smoother trade flows and strengthening ties between key players in the agri-business value chain.

For more information about ICIEC and its initiatives, visit http://ICIEC.IsDB.org.