Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Credendo Sign Memorandum of Understanding (MoU) to Expand Risk‑Sharing Capacity for Trade Transactions of Multinational Comapnies in OIC Markets

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (https://ICIEC.IsDB.org), a Shariah-based multilateral insurer and member of the Islamic Development Bank (IsDB) Group, is pleased to announce the signing of a Memorandum of Understanding (MoU) with Credendo on the sideline of the IsDB Group Annual Meetings 2025 in Algiers. The agreement was signed by Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, and Mr. Jean-Paul Steenbeke, Deputy General Manager and Head of Sales and Account Management at Credendo, in the presence of senior officials from both institutions and delegates attending the Annual Meeting. 

The MoU 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. 

Dr. Khalid Khalafalla, CEO of ICIEC commented: “Partnering with 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.” 

Mr. Jean-Paul Steenbeke, Deputy General Manager, Head of Sales and Account Management at Credendo: “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.” 

Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

For more information:
Email: ICIEC-Communication@isdb.org   
Visit Website: https://ICIEC.IsDB.org  

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About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC): 
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. The Corporation is the World’s only Islamic multilateral insurer in the world 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. Since inception, ICIEC has cumulatively insured over USD 121 billion in trade and investment, supporting key sectors such as energy, manufacturing, infrastructure, healthcare, and agriculture.