Moody’s Reaffirms Islamic Corporation for the Insurance of Investment and Export Credit’s (ICIEC) Aa3 Rating Following Periodic Review

 

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 Group, has maintained its Aa3 Insurance Financial Strength Rating (IFSR) following Moody’s Ratings’ completion of its periodic review of the Corporation. The reaffirmation reflects Moody’s continued confidence in ICIEC’s strong financial foundation, prudent risk management, and strategic development mandate.

The announcement follows a rating committee meeting held on 16 October 2025, where Moody’s highlighted the ongoing improvement in ICIEC’s standalone credit profile, underpinned by enhanced risk management practices, improved underwriting performance; and strong asset quality supported by a highly liquid investment portfolio. The Corporation’s robust capital adequacy, further reinforced by its preferred creditor status among Member Countries.

The Aa3 rating continues to benefit from the strong institutional and shareholder support of the “AAA/Aaa”- rated Islamic Development Bank (IsDB) and sovereign Member Countries, including the Kingdom of Saudi Arabia (Aa3).

Commenting on Moody’s announcement, Dr. Khalid Khalfallah, CEO of ICIEC stated, “Maintaining our Aa3 rating underscores ICIEC’s solid credit profile and our unwavering commitment to delivering Shariah-compliant risk mitigation solutions that facilitate sustainable trade and investment flows across Member Countries.”

While the periodic review does not constitute a rating action, it confirms ICIEC’s continued financial stability and operational resilience. Moody’s detailed credit opinion is expected to be published in the coming weeks.

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

Contact:
Email: ICIEC-Communication@isdb.org

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About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):
As a member of the Islamic Development Bank (IsDB) Group, ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is the only Islamic multilateral insurer in the world. It has led from the front to deliver a comprehensive suite of solutions to counterparts in its 50 Member States. ICIEC, for the 18^th consecutive year, maintained 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. Additionally, S&P has reaffirmed ‘ICIEC’s “AA-“long-term Issuer Credit and Financial Strength Rating for the second year with a stable outlook. ICIEC’s resilience is underpinned by its sound underwriting, global reinsurance network, and strong risk management policies. Cumulatively, ICIEC has insured more than USD 121 billion in trade and investment. ICIEC activities are directed to several sectors—energy, manufacturing, infrastructure, healthcare, and agriculture.

For more information,

Visit https://ICIEC.IsDB.org