The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Saudi Eximbank have signed two Facultative Reinsurance Agreements (FRAs) which allows ICIEC to provide credit reinsurance cover to the Saudi ECA.
The FRAs were signed by Oussama Kaissi, Chief Executive Officer of ICIEC, and Eng. Saad Alkhalb, Chief Executive Officer of Saudi Eximbank.
The formal signing ceremony in Tashkent took place in the presence of Dr. Muhammad Al Jasser, IsDB Group President and Chairman of ICIEC, and participating dignitaries.
Under the FRAs, ICIEC will 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.
Kaissi commented: “These agreements consolidate our long-standing partnership with the Saudi Export Program and now the Saudi Eximbank in supporting export development and Foreign Direct Investment in Saudi Arabia.”