ICIEC Quarterly Newsletter

ICIEC the trade takaful arm of the IDB Group published its quarterly newsletter for free download at the link below.

Third party guarantees for sukuk set to take off

At the 36th annual board of governors meeting held in Jeddah last month, there was one positive result that stood out: the approval by the Board of Directors of the Islamic Corporation for the Insurance of Export Credit and Investment (ICIEC), the standalone export credit and political risk insurance agency of the IDB Group, of the corporation's capital from the current $240 million to $640 million.
ICIEC had an obvious gain: the capital increase would substantially increase its underwriting and reinsurance capacity.
It was confirmed by Abdel Rahman Taha, CEO, that ICIEC is still reviewing the feasibility of launching the LC Guarantee Fund, and are in discussions with some partner institutions on the structure and objectives of the fund.

Moody's assigns first-time IFSR of Aa3 to ICIEC

Moody's released on 14 April that Moody's assigns first-time IFSR of Aa3 to ICIEC with stable outlook stable outlook.

The Corporation was established in 1994 at Jeddah, Saudi Arabia. ICIEC provides export credit insurance and re-insurance for exports emanating from its member countries, to anywhere in the world, to cover the non-payment of export receivables resulting from commercial or non commercial risks.

ICIEC is a member of the Islamic Development Bank Group (IDB, rated Aaa by Moody's), which holds 51% of ICIEC's issued shares through its waqf fund, a special fund established by IDB.

Moody's notes that ICIEC's rating reflects both the stand-alone fundamentals as well as potential support from its shareholders/IDB Group member countries.

Source: http://www.ameinfo.com/153294.html

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