ALGIERS, ALGERIA: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-compliant multilateral insurer and a member of the Islamic Development Bank (IsDB) Group, has entered into a strategic Quota Share Retakaful Agreement with Export-Import Bank of Malaysia Berhad (MEXIM) to provide Export Trade Credit Risk Takaful on a global scale.
The agreement was formalized during the Annual General Meeting of the AMAN Union in Algiers, Algeria. The Agreement was signed by Dr. Khalid Khalafalla, Officer-in-charge of ICIEC, and Ms. Nurbayu Kasim Chang, Acting President and Chief Executive Officer of MEXIM.
“We are immensely proud to enter into this pivotal Retakaful partnership with MEXIM,” stated Dr. Khalid Khalafalla, Officer-in-charge of ICIEC. “This alliance significantly enhances our collective capabilities in providing comprehensive trade credit risk takaful and reaffirms our steadfast commitment to facilitating sustainable economic growth across our member states. By integrating our resources and expertise, we aim to elevate the confidence of exporters and investors on a global scale, all while maintaining strict adherence to Shariah principles.“
Ms. Nurbayu said: “It is our privilege to partner with ICIEC in this collaborative Retakaful initiative. By leveraging ICIEC’s underwriting capacity, we are better positioned to safeguard Malaysian exporters against the uncertainties of commercial and political risks, particularly in exploring emerging and non-traditional markets. MEXIM is committed to fostering the growth of Malaysian exporters and currently offers tailored financial solutions and comprehensive coverage options facilitating business transactions in more than 50 countries across five continents. Hence, as a member of AMAN Union, this collaborative initiative with ICIEC will create stronger synergies, enabling comprehensive export protection to Malaysian exporters.”
This strategic partnership aims to bolster the global trade ecosystem by providing enhanced risk mitigation solutions for international trade. The Quota Share Retakaful Agreement allows both institutions to share risks more effectively, promoting financial stability and fostering increased trade and investment activities on a global scale.
