The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development (IDB) Group. ICIEC was established on 1st August 1994 (24 Safar 1415H) as an international institution with full juridical personality.
The idea for the establishment of an entity to provide investment and export credit insurance for Islamic Countries originated from the Agreement for the Promotion, Protection and Guarantee of Investment among Member Countries of the Organization of the Islamic Cooperation (OIC).
This Agreement provided that the OIC, through the Islamic Development Bank, establishes an Islamic Insurance Company operating under Shariah principles, to provide insurance products for investments and export credits.
Following the Agreement, the Board of Governors of IDB Group, at its 16th Annual Meeting held in Tripoli, Libya, in Sha'ban 1412H (February 1992), approved the Articles of Agreement of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), declaring its establishment.
The driving ambition behind the Agreement as a whole, and the creation of ICIEC, was to strengthen the economic relations between member countries of the OIC on the basis of Islamic Shariah.