The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-compliant multilateral insurer and part of the Islamic Development Bank (IsDB) Group, has signed a reinsurance agreement with Compagnie Algérienne d’Assurance et de Garantie des Exportations (CAGEX), Algeria's national export credit agency.
The agreement was finalized during the 14th Annual General Meeting of the AMAN Union in Algiers, Algeria.
The partnership aims to strengthen export credit insurance capacity in Algeria and beyond, supporting exporters and investors across member countries.
Under the agreement, ICIEC will provide reinsurance solutions to CAGEX, allowing the agency to underwrite larger volumes of export credit insurance. This initiative is designed to facilitate Algerian exporters' entry into new markets and support trade expansion.
In a report from Blueprint, Dr Khalid Khalafalla (pictured above), officer-in-charge of ICIEC, stated that the partnership represents an important milestone in efforts to enhance trade and investment among member countries.
“This reinsurance agreement not only strengthens our collective capacity to support exporters but also underscores our commitment to fostering sustainable economic growth and regional prosperity through effective risk mitigation,” Khalafalla said.
The collaboration is intended to address the challenges exporters face in navigating commercial and political risks in international trade.
The ICIEC noted that by enhancing risk mitigation mechanisms, the agreement seeks to create a more secure environment for export activities, promoting economic resilience and diversification in member states.
Elsewhere, Malaysian Reinsurance Berhad (Malaysian Re) and Pacific Life Re Limited, Singapore Branch (Pacific Life Re), have also signed an extension to their memorandum of understanding (MoU) aimed at providing sustainable retakaful solutions to Takaful Operators.
The MoU was signed by Ahmad Noor Azhari Abdul Manaf, president and CEO of Malaysian Re, and Vasan Errakiah, Managing Director, Protection, Asia of Pacific Life Re.
What are your thoughts on this story? Please feel free to share your comments below.
