ICIEC, Credendo Sign MoU to Expand Risk‑sharing Capacity in OIC Markets

Sunday Okobi in Algiers

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank (IsDB) Group, has announced the signing of a Memorandum of Understanding (MoU) with Credendo on the sideline of the IsDB Group Annual Meetings 2025 in Algiers, Algeria.

The agreement was signed by the Chief Executive Officer of ICIEC, Dr. Khalid Khalafalla, and the Deputy General Manager and Head of Sales and Account Management at Credendo, Mr. Jean-Paul Steenbeke, in the presence of senior officials from both institutions and delegates at the annual meeting.

The MoU, according to them, establishes a framework to enhance cooperation in credit insurance and reinsurance by developing new risk‑sharing schemes that enable larger trade transactions for multinational corporations operating in ICIEC Member States. It also seeks to reinforce joint underwriting capacity, introduce shared retention models, and formalise coordination through a Joint Working Group, while safeguarding confidentiality and remaining non‑binding.

In his remark, CEO of ICIEC, Dr. Khalid Khalafalla said: “Partnering Credendo strengthens our ability to de‑risk trade and investment flows across our member states. By combining our Shariah‑compliant risk mitigation expertise with Credendo’s global reach, we can mobilise greater capacity for transformative transactions and accelerate sustainable growth in high‑potential markets.”

Speaking, Mr. Jean-Paul Steenbeke: said: “We are thrilled to celebrate our longstanding partnership with ICIEC. Together, we have supported businesses in ICIEC Member States, fostering trade growth and economic development. We look forward to continuing this successful collaboration and exploring new opportunities.”

He disclosed that the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) commenced operations in 1994 with a mission to strengthen economic relations between OIC Member States and promote intra-OIC trade and investment through credit and investment insurance.

According to him, “The Corporation is the world’s only Islamic multilateral insurer, and has been at the forefront of delivering a comprehensive suite of risk mitigation tools to support cross-border trade and investments for its 50 Member States.

“For the 17th consecutive year, ICIEC maintained an “Aa3” insurance financial strength credit rating (IFSR) from Moody’s, positioning the Corporation among the leaders in the Credit and Political Risk Insurance (CPRI) Industry. In addition, ICIEC was assigned a first-time ‘AA-‘ long-term Issuer Credit Rating with a Stable Outlook by S&P. ICIEC’s resilience is anchored in its prudent underwriting practices, robust reinsurance arrangements, and sound risk management framework.