ISFIN signs MoU with ICIEC

The ISFIN Middle East, Islamic Finance Advisors, announced that ISFIN has agreed on a MoU partnership with ICIEC – Islamic Corporation for the Insurance of Investment and Export Credit.

As a creation of the Islamic Bank of Development (IDB), ICIEC has been established in 1994 with its headquarters located in Jeddah. ICIEC is a leading South-South Development Finance institution working with 56 member countries of the Organisation of the Islamic Conference (OIC) that span across the Middle East, Africa, Asia and Europe.

ICIEC is rated AAA by the three major Rating Agencies (Standard & Poor's, Moody's, and Fitch) and has been designated as a Zero Risk Weighted Multilateral Developmental Bank (MDB) by the Basel Committee on Banking Supervision and the Commission of the European Communities.

“This Agreement established between ISFIN and the organisation of Islamic countries (OIC), through the ICIEC and the Islamic Development Bank, provides Islamic Insurance and credit risk operating under Shari’ah principles,” said Laurent Marlière, ISFIN CEO. “The driving ambition behind the Agreement as a whole, and the creation of ICIEC, is to strengthen the economic relations between member countries of the OIC.”

ISFIN professional firms present in some 65 countries will be able to assist ICIEC on sophisticated legal and accounting issues on one side and recommend to their local corporate environment the use of ICIEC’s services.