Credit ratings agency S&P Global Ratings has affirmed its long-term issuer credit and financial strength ratings at ‘AA-’ of The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group.
The outlook for these ratings is stable, and this is the third consecutive year that ICIEC has maintained its position among the highest-rated peer institutions globally.
The outlook reflects S&P’s expectations that the group will continue mandate-driven growth while maintaining strong capital and liquidity positions.
The reaffirmation reflects ICIEC’s strong credit fundamentals, supported by solid financial strength, a low-risk profile, and S&P’s confidence in its robust capital adequacy, sound risk management framework, exceptional liquidity, and sustained financial performance.
S&P has maintained ICIEC’s Enterprise Risk Profile at strong (A+) and Financial Risk Profile at very strong (up to AA+), supported by capital adequacy at the 99.99% confidence level, prudent governance, strong shareholder support, and Preferred Creditor Treatment (PCT).
Additionally, according to the ratings agency, ICIEC’s exposure to ongoing Middle East geopolitical developments remains limited and well-diversified, with strong capital buffers, and reinsurance support sufficient to absorb potential volatility and claims.
Lastly, the corporation’s business prospects remain resilient, supported by core markets across Africa, Asia, and Central Asia, particularly within the PCT-backed investment guarantee segment.
ICIEC, in a press release, extended its appreciation to its Member Countries, the Chairman and members of the Board of Directors, and all stakeholders for their continued support, as well as to its dedicated staff members.
