In a major improvement for synergy and cooperation, the Islamic Company for the Insurance coverage of Funding&Export Credit score (ICIEC) (http://ICIEC.ISDB.org) and the Worldwide Islamic Commerce Finance Company (ITFC) each members of the Islamic Improvement Financial institution (IsDB) Group signed a Documentary Credit score Insurance coverage Coverage (DCIP). This strategic cooperation marks a strong step ahead in managing and mitigating dangers related to Letters of Credit score (LC) transactions involving Shariah compliant items and companies throughout OIC member nations and past, serving to strengthen the financial resilience of those member nations.
The coverage will present vital protection for ITFC transactions, enhancing commerce confidence and facilitating smoother monetary operations in international commerce involving Shariah compliant services, thereby benefiting the broader financial panorama of the member nations. It’s designed to offer ITFC with a complete threat administration software to safeguard its LCs Affirmation transactions. The initiative seeks to handle inherent dangers related to worldwide commerce and these strong threat mitigation measures are poised to assist elevated commerce volumes amongst member nations, thereby contributing to the enhancement of intra-OIC commerce in addition to worldwide commerce. Elevated commerce strengthens the bonds between these nations, making certain that dangers are managed adeptly and contributing to sustainable improvement and total regional prosperity.
Talking on the event, Dr. Khalid Khalafalla, Chief Government Officer of ICIEC, stated: “This coverage is a testomony to our dedication to fostering safe and strong commerce finance options, in good synergy with our fellow IsDB Group member, ITFC. With the DCIP, we aren’t solely strengthening ITFC’s skill to handle inherent dangers in LC transactions but in addition uniting our efforts to advertise smoother and extra dependable commerce flows amongst Shariah compliant markets, finally benefiting all our member nations.”
Nazeem Noordali, Officer-in-Cost CEO of ITFC, added: “This Documentary Credit score Insurance coverage Coverage is an important step in fortifying commerce resilience throughout our member nations. By mitigating dangers related to Letters of Credit score transactions, ITFC is reinforcing its dedication to fostering safe and seamless commerce flows that assist financial stability and sustainable improvement. Our collaboration with ICIEC ensures that companies and monetary establishments have the arrogance and safety wanted to broaden their commerce actions, finally driving financial improvement and better prosperity for our Member Nations”.
Distributed by APO Group on behalf of Islamic Company for the Insurance coverage of Funding and Export Credit score (ICIEC).
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Strategic Planning and Communications Division|
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About ICIEC:
ICIEC commenced operations in 1994 to strengthen financial relations between OIC member nations and promote intra-OIC commerce and investments by offering threat mitigation instruments and monetary options. The Company is uniquely the one Islamic multilateral insurer on the earth. It has led from the entrance in delivering a complete suite of options to corporations and events in its member nations. ICIEC, for the seventeenth consecutive 12 months, maintained an “Aa3” insurance coverage monetary energy credit standing from Moody’s, rating the Company among the many high of the Credit score and Political Danger Insurance coverage (CPRI) Business. Moreover, ICIEC has been assigned a First-Time “AA-“ long-term Issuer Credit score Ranking by S&P with Secure Outlook. ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and threat administration insurance policies. Cumulatively, ICIEC has insured greater than US$121 billion in commerce and funding. ICIEC actions are directed to a number of sectors – vitality, manufacturing, infrastructure, healthcare, and agriculture.
For extra info, go to: http://ICIEC.ISDB.org
About ITFC:
The Worldwide Islamic Commerce Finance Company is a member of the Islamic Improvement Financial institution (IsDB) Group. It was established with the first goal of advancing commerce amongst OIC member nations, which might finally contribute to the overarching aim of bettering the socioeconomic circumstances of the individuals internationally. Commencing operations in January 2008, ITFC has supplied over US$83 billion of financing to OIC member nations, making it the main supplier of commerce options for these member nations’ wants. With a mission to change into a catalyst for commerce improvement for OIC member nations and past, the Company helps entities in member nations achieve higher entry to commerce finance and gives them with the mandatory trade-related capacity-building instruments, which might allow them to efficiently compete within the international market.
