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The Islamic Corporation for Investment Insurance and Export Credit (ICIEC) (https://ICIEC.IsDB.org) and the International Federation of Islamic Takaful and Insurance Companies (IFTI) signed a groundbreaking Memorandum of Understanding (MOU) in a move designed to boost the development of the Islamic insurance sector.
The MoU was signed by Mr. Oussama KAISSI, Executive Director of ICIEC, and Mr. Reda Amin Dahbour, President of IFTI.
Under the terms of the MoU, ICIEC, which is the insurance arm of the Islamic
Development Bank Group, and IFTI, an umbrella entity for the Islamic Takaful and insurance companies around the world, agreed on a general framework to facilitate cooperation. on their common goals, and on a variety of collaborative initiatives and programs.
One of the main objectives of the MOU is to promote the Islamic insurance industry and support the member institutions of the Federation to provide the best solutions and services, while strengthening the technical capabilities of the workforce in the field of Islamic insurance. . ICIEC, through IFTI, will support member institutions and companies operating in the field of Islamic insurance and encourage them to introduce and promote export credit insurance as new products among their offerings.
Under the broader terms of the MoU, both institutions agree to cooperate in organizing seminars and courses for employees and providing coordinated technical support. ICIEC offers its reinsurance services to IFTI for export credit insurance. The MoU explicitly encourages all other ICO companies to introduce foreign investment insurance and export credit products as new.
Oussama KAISSI, CEO of ICIEC, welcomed the signing of the MoU. “There are excellent synergies between our organizations. We look forward to working together with IFTI to further our common goals of contributing to the promotion of Islamic insurance, supporting institutions and companies in the introduction of export credit insurance, and encouraging more operators to introduce them as new products.”
