ICIEC REGISTERS A STEADY GROWTH IN ITS
INSURANCE OPERATIONS IN 2016
Jeddah-18 May 2017- The Islamic Corporation for the Insurance of Investment and Export Credit
(ICIEC), a member of the Islamic Development Bank Group (IDBG), registered steady growth in
its insurance operations in 2016. The Corporation’s annual report and financial statements
approved by its Board of Governors during their 24th meeting in Jeddah, Saudi Arabia on 16 May,
The report has showed a 10% growth in business insurance operations to reach US$ 4,468 billion
the whole the year. At the same time, new commitments showed an overall increase of 14%
during the year 2016. In terms of distribution by business lines, the Short Term continues to
capture the largest share of the business insured with 63%, followed by the Investment Insurance
with 28% and Medium Term with 9%.
Since June 2008, the Corporation has succeeded in maintaining this remarkable achievement,
notwithstanding the impact of the financial crisis over the few past years. The latest rating
announcement was made on November 16, 2016, where ICIEC’s rating of Aa3 was maintained
with stable outlook.
The Islamic Development Bank's (IDB) Investment Promotion Technical Assistance Program
(ITAP) managed by ICIEC, whose aim is to unlock the developmental potential of member
countries through a comprehensive and integrated program of foreign investment promotion and
technical assistance, has successfully delivered and participated in 12 projects and initiatives in
2016 in collaboration with key internal and external partners mobilizing significant financial and
technical resources. Furthermore, ITAP has also launched several institutional development
initiatives to improve the program’s performance.
Commenting on the results, Mr. Oussama A. Kaissi, Chief Executive Officer of ICIEC, said “our
concerted implementation of the strategy is clearly reflected in the figures. Altogether, the work
we have achieved over the past few years has given us an efficient structure to build upon. None
of this would have been possible without great dedication within our company and strong
cooperation with various shareholders.”
He further said: “We are now preparing for the next stage in our journey. Our strategy stands firm:
we will become even better at combining knowledge of our markets and stronger ties with our
member countries through unwavering shared processes and structures. By focusing even more
on taking advantage of our size and the synergies that exist between our operations, we will
continue to strengthen both the Corporation as a whole and the individual member countries. This
will also enable us to continue to generate value for the shareholders, employees, customers and
society in general.”
Moreover, in the meeting, it was agreed that ICIEC will intensify interaction with leading
companies and ECAs on how the corporation is intending to meet the investors’ requirements in
terms of profitability and risk mitigation tools as well as delivering projects and services which are
in line with the IDBG development impact requirements.
The meeting winded up with the Board of Governors also appointing new external financial
auditors for 2018.