Algiers, Algeria – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-compliant multilateral insurer and a member of the Islamic Development Bank (IsDB) Group, has entered into a strategic Quota Share Retakaful Agreement with Export-Import Bank of Malaysia Berhad (MEXIM) to provide Export Trade Credit Risk Takaful on a global scale.

The agreement was formalized during the Annual General Meeting of the AMAN Union in Algiers, Algeria. The Agreement was signed by Dr. Khalid Khalafalla, Officer-in-charge of ICIEC, and Nurbayu Kasim Chang, Acting President and Chief Executive Officer of MEXIM.

“We are immensely proud to enter into this pivotal Retakaful partnership with MEXIM,” stated Dr. Khalid Khalafalla, Officer-in-charge of ICIEC. “This alliance significantly enhances our collective capabilities in providing comprehensive trade credit risk takaful and reaffirms our steadfast commitment to facilitating sustainable economic growth across our member states. By integrating our resources and expertise, we aim to elevate the confidence of exporters and investors on a global scale, all while maintaining strict adherence to Shariah principles.”

Nurbayu said: “It is our privilege to partner with ICIEC in this collaborative Retakaful initiative. By leveraging ICIEC’s underwriting capacity, we are better positioned to safeguard Malaysian exporters against the uncertainties of commercial and political risks, particularly in exploring emerging and non-traditional markets. MEXIM is committed to fostering the growth of Malaysian exporters and currently offering tailored financial solutions and comprehensive coverage options facilitating business transaction in more than 50 countries across five continents. Hence, as a member of AMAN Union, this collaborative initiative with ICIEC will create stronger synergies, enabling comprehensive export protection to Malaysian exporters.”

This strategic partnership aims to bolster the global trade ecosystem by providing enhanced risk mitigation solutions for international trade. The Quota Share Retakaful Agreement allows both institutions to share risks more effectively, promoting financial stability and fostering increased trade and investment activities on a global scale.

About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)

ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is uniquely the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 50 Member States. ICIEC, for the 16th consecutive year, maintained an “Aa3” insurance financial strength credit rating from Moody’s, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. Additionally, ICIEC has been assigned a First-Time AA- long-term Issuer Credit Rating by S&P with Stable Outlook. ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 114 billion in trade and investment. ICIEC activities are directed to specific sectors – energy, manufacturing, infrastructure, healthcare, and agriculture.

For more information, visit: http://iciec.isdb.org

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Rania Binhimd, Strategic Planning and Communications Division|Email:Rbinhimd@isdb.org

About Export-Import Bank of Malaysia Berhad (MEXIM)

The Export-Import Bank of Malaysia Berhad (MEXIM) was incorporated on 29 August 1995 and is wholly-owned by the Government of Malaysia. The Bank has assisted a diverse range of Malaysian business in various sectors in their global ventures. MEXIM takes pride in meeting its mandated role of stimulating and enhancing the competitiveness of Malaysian industries for exports and investments globally via the provisioning of internationally and domestically competitive banking and insurance/Takaful products and advisory services. The Bank also offers Shariah-compliant financing and Takaful instruments. For more information, visit www.exim.com.my.