ICIEC provides FIMBank with specialist insurance cover

01.07.2013

FIMBank, the Malta-based trade finance specialist, has signed a Documentary Credit Insurance Policy with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) to cover their Letter of Credit (LC) confirmation transactions in several ICIEC member countries, in addition to covering LCs of export of strategic goods to ICIEC member countries.

FIMBank and ICIEC are currently collaborating on a number of transactions which are expected to generate a strong developmental and positive strategic impact on ICIEC member countries. To support this initiative, the ICIEC will provide FIMBank with an insurance policy that will cover commercial and political risks of USD 200 million of expected business. Aly Siby, FIMBank’s Head of Financial Institutions underlined the significance of this collaboration and stated that “This ICIEC insurance policy will enable FIMBank to increase its trade-related business opportunities from ICIEC member countries and mitigate the risks of non-payment”.
 
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development (IDB) Group. It was established on 1st August 1994 with a view to providing investment and export credit insurance for Islamic countries. It was also designed to facilitate exports from Member countries and encourage use of Shariah compatible Export Credit Investment insurance as Credit and Country Risk mitigation instruments. For further information about the ICIEC please visit www.iciec.com.

FIMBank is an international trade finance specialist with an established reputation as a dynamic and customer-driven provider of trade finance solutions and benefits from a growing international network of offices. The Bank’s major shareholders are Burgan Bank SAK of Kuwait (24.49%) and United Gulf Bank BSC of Bahrain (12.56%), both institutional shareholders being members of the KIPCO group, one of the biggest diversified holding companies in the Middle East and North Africa.

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