Saudi private sector warms to ICIEC's export credit and political risk insurance services
Saudi Arabia is the largest beneficiary of the services of the Jeddah-based Islamic Corporation for the Insurance of Export Credits and Investment (ICIEC), the standalone export credit agency (ECA) of the Islamic Development Bank (IDB) Group.
The request for political risk insurance (PRI) is strongly increasing and PRI supply by members of the Bern Union is remaining strong and pricing is reflecting a buyer's market. It seems that in the MENA countries, this includes demand for Shariah-compliant PRI which has increased significantly.
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