This pivotal event will bring together leading experts and practitioners in credit information and business intelligence to explore the role of information sharing and business intelligence in supporting trade and investment decisions across OIC member states.

The event will focus on OBIC’s vision and the importance of information sharing for trade and investment, while the Technical Sessions will address digital transformation and business intelligence trends and outlook, emphasizing topics such as the digitalization of SMEs and Investment Promotion Agencies (IPAs) services, with the examples of some platforms like the AMAN Union Database Centre. Additionally, discussions will cover the use of statistical resources for credit, trade, and investment data, along with investment outlooks in OIC countries and data collection and analysis.

Dr. Khalid Khalafalla, CEO of ICIEC, stated, “The OBIC initiative is a transformative step in strengthening the business intelligence landscape across the OIC region. It fosters enhanced information sharing and builds the capacity of member states, laying the foundation for more informed trade and investment decisions. The Jakarta event represents a significant milestone in realizing our vision to create a sustainable, data-driven ecosystem that supports the growth and development of OIC member states.”

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The IsDB Group, comprising the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development (ICD), and the International Islamic Trade Finance Corporation (ITFC), leverages its diverse tools to support member countries in achieving their development goals.

The PSF 2024 Awards honors exceptional achievements, groundbreaking innovations, and impactful initiatives by market practitioners driving positive change through Shariah-compliant financial instruments in the areas of trade finance, export credit, and private sector development, in six categories:

ICIEC:

Export Credit Agency of the Year: Kazakh Export

The ICIEC cooperated with Kazakh Export, for the export of locomotives to Azerbaijan Railways by providing insurance support for a US$29.8 million lease finance facility of 10 ‘Evolution – Type’ diesel locomotives to Azerbaijan Railways for 10 years while supporting intra-OIC trade and meeting SDG 9 of the UN.

 Most Innovative Investment Development Initiative of the Year: African Development Bank (AfDB)

The ICIEC has signed a risk-sharing arrangement with the African Development Bank (AfDB) to support financing dedicated to ESG projects in Côte d’Ivoire. The ICIEC has provided an insurance capacity of EUR194 million (US$210.13 million), backstopping the EUR400 million (US$433.25 million) partial credit guarantee (PCG) issued by the AfDB against the non-payment risk associated with a facility of EUR533 million (US$577.31 million) extended by Standard Chartered Bank to the government of the Côte d’Ivoire.

ICD:

Most Impactful Islamic Financial Institution of the Year: Kazakhstan’s JSC Leasing Group

ICD issued last year a Tenge-denominated Sukuk which was rated “A+” by Fitch. With a size of KZT 2 billion, this is the first sukuk in the national currency of one of the Commonwealth of Independent States (CIS).

The sukuk proceeds were used to support Kazakhstan’s JSC Leasing Group’s on-lending activities. The ultimate beneficiaries are mostly small and medium-sized enterprises. With the volatility in currency markets representing a major risk for companies with revenues in local currency, ICD provided a local currency financing solution to Leasing Group.

Leasing Group is listed on the Kazakhstan Stock Exchange.

Most Impactful ICD Investee Company of the Year: Tunisia’s Wifak Bank

Tunisia’s Wifak Bank made the transition to a fully-fledged Shariah-compliant bank in 2016, while the ICD participated in the capital increase reserved for strategic partners including the Tunisian sovereign wealth fund and other Tunisian investors. In line with ISO 26000 standards, Wifak is quantifying its carbon footprint and is attempting to reduce it while also making progress on SDGs 5, 8, 9, and 17. Wifak’s Fitch rating outpaces the sovereign rating as it provides 55,000 individuals/SMEs with access to financial resources and employs over 300 local talents while collaborating with a fintech company to introduce digital payments.

ITFC:

Trade Finance Deal of the Year: Turk Eximbank

ITFC has awarded Türk Eximbank the “Trade Finance Deal of the Year” award. This recognizes their long-standing partnership and Türk Eximbank’s key role in expanding ITFC’s private sector initiatives in Turkey. Since 2009, ITFC has provided Türk Eximbank with approximately US$3.5 billion in financing, with an impressive US$3.2 billion mobilized from external sources.  This collaborative effort has significantly impacted Turkey’s trade landscape, with a particular focus on SMEs and the textile sector.

Outstanding Contribution to Intra-OIC Trade Development: Foreign Trade Training Centre (FTTC)

ITFC has awarded the Foreign Trade Training Centre (FTTC) the “Outstanding Contribution to Intra-OIC Trade Development” award.  This recognizes the FTTC’s dedication to boosting Egypt’s global trade position and its successful partnership with ITFC. Founded by the Egyptian Ministry of Trade & Industry, the FTTC plays a vital role in developing export professionals and strengthening trade ties within the OIC.  Through ITFC-supported programs like TREE and STEP, the FTTC has trained hundreds of new exporters and entrepreneurs, contributing to Egypt’s goal of reaching USD 100 billion in exports within five years.

The winners were announced and awarded on Sunday, April 28^th during the 2024 Private Sector Forum at the InterContinental Hotel in Riyadh.

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The MoU establishes a cooperative framework between ICIEC and the Agricultural Development Fund, designed to enhance mutual interests through strategic initiatives. These initiatives include capacity building on Islamic insurance, export credit insurance, and foreign investment insurance to benefit the agricultural value chain in the Kingdom and other ICIEC member states. The MoU, in addition to strengthening the Fund’s employees’ understanding of ICIEC’s business model and services, will also facilitate its affiliations with relevant unions or professional associations to bolster professional development and cooperation.

Oussama Kaissi expressed his enthusiasm about this new partnership, stating, “Our partnership with the Saudi Agricultural Development Fund marks a significant advancement in our ongoing efforts to support economic growth through bespoke insurance solutions. We remain steadfast in our commitment to fostering a comprehensive understanding of our insurance models and cultivating a collaborative environment that will yield tangible benefits for the agricultural sectors within the Kingdom of Saudi Arabia and our member states .”

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The collaboration between ICIEC and GE Vernova aims to accelerate the deployment of capital, goods, and services necessary for sustainable energy projects in ICIEC member states. The partnership reflects their dedication to fostering economic growth while adhering to the principles of Shariah and upholding the highest environmental and social standards.

Mr. Oussama Kaissi, CEO of ICIEC, emphasized this cooperation’s developmental potential, stating, “Our collaboration with GE Vernova is a significant stride towards fulfilling our mandate of promoting sustainable development and climate action. By combining our strengths, we are uniquely positioned to advance the Sustainable Development Goals and support our member states in meeting their commitments under the Paris Agreement.“

ICIEC and GE Vernova share a mutual aspiration of empowering economies and enhancing the quality of life through sustainable energy solutions. The collaboration is expected to accelerate the deployment of capital, goods, and services necessary for sustainable energy projects in ICIEC member states.

ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States, promote intra-OIC trade, and facilitate investments by providing risk mitigation tools and financial solutions. The Corporation is uniquely the only Islamic multilateral insurer in the world. It has delivered a comprehensive suite of solutions and services to the public and private in its 49 Member States and globally.

The collaboration between ICIEC and GE Vernova is a significant step towards promoting sustainable development and climate action across ICIEC’s 49 member states. The partnership is expected to accelerate the deployment of capital, goods, and services necessary for sustainable energy projects, reflecting their dedication to fostering economic growth while adhering to the principles of Shariah and upholding the highest environmental and social standards.

The products’ suite includes Documentary Credit Insurance Cover, Credit Insurance Cover, Bank Master Policy, Non-Honouring of Sovereign Financial Obligation, and Investment Insurance Products. ICIEC has maintained for 15 consecutive years an “Aa3” insurance financial strength credit rating from Moody’s, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 100bn in trade and investment directed to specific industries, manufacturing, infrastructure, healthcare, and agriculture.

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