The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has signed a reinsurance agreement with Spanish company CESCE.
Under the agreement, ICIEC will provide Shariah-compliant reinsurance solutions covering CESCE’s exposure in ICIEC Member Countries originating from Spanish companies/banks transactions.
Oussama Kaissi, CEO of ICIEC, said: “This agreement consolidates our long-standing partnership with CESCE in supporting export development and Foreign Direct Investment (FDI) in ICIEC Member Countries in which Spanish companies/banks are located in or involved with.”
He added: “We look forward to consolidating our relationship with CESCE, especially during this period when the world is recovering from the ongoing impacts of the COVID-19 pandemic and as our member countries are in the midst of building back fairer in their economies and societies on the way also towards achieving the transition to Net Zero and the UN Sustainable Development Goals (SDGs).”
The ICIEC signed similar agreements with the Saudi Eximbank in September. Those agreements would provide Shariah-compliant reinsurance covering up to 70% of Saudi Eximbank’s exposure under a Documentary Credit Insurance Policy Commercial and Political Risks (Multi Risk) issued to the Original Insured up to the agreed Credit Amount Limit.
