Published: June 1, 2010
Bank aims to grow export credit interests across Islamic world.
The Islamic Development Bank (IDB) is to expand its export credit insurance operations across the Middle East and Africa after opening an office in Dubai.
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the IDB’s export credit insurance arm, now has a representative office in the Dubai International Financial Centre.
ICIEC’s chief executive, Dr Abdul Rahman Al Tayeb Taha, says the global financial crisis has resulted in rising export credit premiums. “Additionally, the political risks in many of our member countries are not covered by international insurers. This is where we step in.”
The ICIEC covers political and material risk in trade for the member countries of the Organisation of Islamic Conference, which protects the interests of the Islamic world.