The Islamic Corporation for Insurance of Investments and Export Credits (ICIEC) is an internationally recognized Leader in Shariah compatible Export Credit and Investment Insurance and Reinsurance, with a primary mission is to encourage Exports from Member Countries and to facilitate the flow of Foreign Direct Investment to Member Countries by providing and encouraging the use of Shariah compatible Export Credit and Investment Insurance as Credit and Country Risk mitigation instruments.
Mr. Yasser Alaki, Acting Head of ICIEC’
Membership in ICIEC is open to the Islamic Development Bank and countries which are members of the Organization of the Islamic Conference (OIC). At the end of 1426H, there were 36 shareholders of ICIEC, comprising IDB and 35 countries. Several other countries are in the process of completing the membership requirements.
ICIEC provides insurance facilities in accordance with the principles of the Shariah (Islamic Law). Thus, in carrying out its operations, the Corporation observes the following principles.
a. Endeavors to achieve mutual co-operation of policyholders through their collective sharing of losses which any one policyholder may suffer;
b. Distributes the surplus that may accrue from the insurance and any reinsurance operations to policyholders after meeting statutory reserve obligations;
c. Excludes cover of contracts for the sale of goods prohibited under Shariah, as well as interest accruing from export credit or investment loans; and
d. Invests its own funds in accordance with Islamic principles.
