Manama: Moody’s Investor Services (Moody’s) has reaffirmed ICIEC’s Aa3 Insurance Financial Strength Rating (IFSR) with a stable outlook for the 14th consecutive year. The affirmation of rating reflects the solid improvements in ICIEC’s financial position, risk governance and continued support from its parent – the Islamic Development Bank (IsDB) and multiple sovereign members of the Organization of the Islamic Cooperation (OIC).
Moody’s highlighted the strengthening of the standalone credit quality of ICIEC over the recent past years with its highly liquid invested portfolio and strong capital adequacy.
Despite the pressures from the coronavirus pandemic, ICIEC’s profitability was resilient in 2020. The consistency of net income of the Islamic Dinar 6.2 million with a combined ratio of 43.7% benefited from enhanced business-coverage, reduced risk and business/client concentrations, as well as from efficiency gains.
Oussama Kaissi, the CEO of ICIEC, congratulated all member countries, Honorable ICIEC Board Members and Staff for this consistent success. He reiterated the Management’s commitment to exert maximum efforts to realize ICIEC’s Ten Year Strategy through enhancing impact, efficiency, and resilience. In particular, ICIEC will continue to support its member countries recovering from the Coronavirus crisis effect exploring the 3Rs (Response, Restore and Restart) in line with IsDB group initiatives.
Thanking all, the CEO reaffirmed that the corporation would withstand the unfolding global structural economic shifts stemming from the pandemic and maintain financial sustainability and solvency.
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development Bank (IsDB) Group. ICIEC was established in 1994 to strengthen the economic relations between member countries of the OIC. ICIEC’s vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in Member Countries. Its mission is to facilitate trade and investment between member countries and the world through the provision of Shariah compliant risk mitigation tools and financial solutions.
