IslamicFinance.de

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Bangladesh Bank (The Central Bank of Bangladesh) signed a Memorandum of Understanding (MOU). The objective of the MOU is to establish a basis for the exchange of information between the two institutions on banking industry's condition and operating performance and ICIEC exposures on the banks operating in Bangladesh. It is expected that the MOU will help pave the way forward for ICIEC in meeting its objectives under the IDB Group Member Country Participation Strategy (MCPS) for Bangladesh, through enhance letter of credit coverage and support in terms of political risk insurance coverage of Foreign Direct Investment (FDI). The signing of the MoU should enhance ICIEC's ability to support exporting companies operating in Bangladesh, and also will help to attract more FDI.