Digital Economy: Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Recognized as Global Leader in Digital Economic Transformation by Global Brand Magazine

JEDDAH, Kingdom of Saudi Arabia, August 13, 2023/ — The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (www.ICIEC.IsDB.org), the Insurance arm of the Islamic Development Bank (IsDB) Group, received a prestigious global award from the Global Brand Magazine as the “Leading Digital Economic Transformation Initiative” for its groundbreaking initiative for establishing OIC Business Intelligence Center (OBIC).

The award-winning initiative reflects ICIEC’s commitment to embracing innovative technologies and fostering economic growth within the Organization of Islamic Cooperation (OIC) member states. By establishing the OBIC, which was endorsed by the Standing Committee for Economic and Commercial Cooperation of the Organization of the Islamic Cooperation (COMCEC) and the OIC Member States, ICIEC aims to drive digital transformation in economic ecosystems, ultimately contributing to sustainable development.

Mr. Oussama KAISSI, Chief Executive Officer of ICIEC, stating: “ICIEC is pleased to receive this prestigious award, which is a great recognition for the efforts made by ICIEC toward addressing the problem of obtaining reliable credit and business information in the OIC Member States, an obstacle that faces credit insurance and financing institutions, investors, investment promotion agencies and all related industries”. “While working on the implementation of the OIC Business Intelligence, ICIEC, as a multilateral institution, aims at leveraging digital innovation and not only set new industry standards but also to contribute to the growth and development and maturity of credit reporting ecosystems in the OIC Member States”.

Media Contact:
Rania Binhimd,
Communication Department
Email: Rbinhimd@isdb.org

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About ICIEC:
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 uniquely the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 49 Member States, including Documentary Credit Insurance Cover, Credit Insurance Cover, Bank Master Policy, Non-Honouring of Sovereign Financial Obligation, and Investment Insurance Products. ICIEC, for the 15th 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. ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 100 billion in trade and investment. ICIEC activities are directed to specific sectors – energy, manufacturing, infrastructure, healthcare, and agriculture.

About OBIC:
The OBIC is an initiative created by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) to provide OIC Member States with a platform for sharing business information, compiling, and coordinating data, and offering advisory services and capacity development programmes. It aims to accelerate trade with and investment into OIC states by providing businesses with a detailed picture of OIC business performance and creditworthiness. The OBIC’s four strategic pillars support OIC States in developing and enhancing their credit reporting ecosystems, building a comprehensive OIC-wide business intelligence infrastructure, developing OIC States’ capacity related to credit reporting, and catalyzing a sustainable business model for itself.