IsDB Group Entities Collaborate and Showcase Synergy to Support the OIC Member Countries
Jeddah – 23 April 2019 – The 3 entities of the Islamic Development Bank Group (IsDB), in consideration of their respective mandates, have recognized the need to join forces & enhancing the offerings of innovative solutions to support OIC Member Countries’ socio-economic welfare. On this occasion, a new tripartite agreement has been signed between the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD) and the International Islamic Trade Finance Corporation (ITFC) to identify new means of collaborations with all IsDB Group Entities to work together harmoniously, in a structured manner, and keeping the momentum.
This collaboration shall enable the said Entities to follow into the footsteps & vision of the IsDB Group President’s 5 Year Program (P5P), explore potential partnership opportunities among the entities, set up the basis for joint strategic cooperation to support the Member Countries and explore ways and means to achieve IsDB Group level competitive advantage.
The agreement will enable superior client centric approach and cross-selling each other’s products and services. The key benefit for the IsDB Group clients will be an access to a one-stop shop and taking advantage of the strengths of each entity, which are reflected in their flagship development and promotion programs. The collaboration also includes, among others, the organization of joint and dedicated workshops and forums in Member Countries.
Commenting on the agreement, ICIEC’s Chief Executive Officer, Mr. Oussama KAISSI, said: “This cooperation agreement signed by the three Entities of the IsDB Group is a translation of the continuous development of the Group strategy to exploit synergies and present a strong common platform for achieving our mandate. Given ICIEC mandate to support the exports of its member countries and to encourage the inflow of foreign direct investments, ICIEC anticipates great potential for complementarity with the product offering of ICD & ITFC. This agreement will support ICIEC to extend its Shariah Compliant Insurance Solutions and Services to back ICD and ITFC financing activities. ICIEC will also benefit from ICD and ITFC proven track record and experience in trade and project finance to customize and develop new products for beneficiaries in member countries.” He added.
“We are very pleased to work with ICIEC and ITFC as major partners in supporting our member countries. This agreement will greatly enhance the synergy across the IsDB Group Entities for the benefit of our private sector clients. We are certain that the cooperation among the Group entities will enable us to cross sell our products & services and leverage on each other’s strength to promote the private sector development in our member countries. I am also confident that IsDB Group Business Forum “THIQAH” will play a crucial role in strengthening this collaboration” highlighted ICD CEO, Ayman Amin Sejiny.
ITFC CEO, Eng. Hani Salem Sonbol commented on the occasion “There is a critical need to realize the potential of such collaboration and synergy among our sister institutions to serve better our member countries. Each entity, through the specialized scope can provide complementarity and extended scope in terms of supporting the Private Sector, Integrated Trade Solutions and Credit Insurance.”
About the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development (IsDB) Group. The driving ambition behind the creation of ICIEC was to strengthen the economic relations between member countries of the OIC based on the provision of Islamic Shariah Principles. The ICIEC vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in Member Countries. Its mission is to facilitate trade and investment between member countries and the world through Shariah compliant risk mitigation solutions. ICIEC enjoys for the last 11 years a solid Aa3 rating by Moody’s reflecting its strong capabilities in risk management and claims paying ability. For more information, visit http://iciec.isdb.org
About the Islamic Corporation for the Development of the Private Sector (ICD)
ICD is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shariah. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. For more information, visit www.icd-ps.org
About the International Islamic Trade Finance Corporation (ITFC)
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the purpose of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commenced operations in January 2008, ITFC has since consolidated all trade finance businesses that used to be handled by various windows within the IsDB Group. Earning the A1 rating by Moody’s reflects the Corporation’s efficiency in service delivery by responding swiftly to customer needs in a market-driven business environment.
Since 2008, ITFC has provided more than US$45 billion of trade financing to OIC Member Countries, making the Corporation the leading provider of trade solutions for OIC Member Countries’ needs. With a mission of being a catalyst for trade development among OIC Member Countries and beyond, the Corporation helps entities in Member Countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.