| Moody's highlighted the continuation of strengthening of the standalone credit quality of ICIEC over the recent past years as evidenced by the improved profitability, strong core market positions, diversified operation, very liquid invested portfolio and sufficient capital level.
ICIEC's profitability remained resilient in 2022, with a combined ratio of 37.3% and net income of Islamic Dinar 8.2 million, benefitting from enhanced business-coverage, reduced risk and business/client concentrations, efficiency gains and substantial investment income.
Moody's has assigned ICIEC's ESG Credit Impact Score as neutral-to-low (CIS-2), for the second time, reflecting a limited impact from environmental and social factors on the rating. The Corporation's strong governance and predominant focus on credit and political risk insurance with its diversified portfolio help mitigate its exposure to ESG risks.
H.E. Oussama KAISSI, CEO of ICIEC, extends heartfelt congratulations to the Member Countries, esteemed ICIEC Board Members, and dedicated Staff for their unwavering commitment and consistent success. In alignment with IsDB Group initiatives, he reaffirms the management's steadfast dedication to prioritizing strategic objectives to support member countries by contributing to the development of Islamic finance and top initiatives such as green financing, ESG engagement, and fostering food security.
The CEO expresses gratitude and assures stakeholders that ICIEC is well-positioned to navigate the escalating instability in the international geopolitical arena, pledging to uphold financial stability and solvency throughout these challenges.
About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):
ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States, promote intra-OIC trade, and facilitate investments by providing risk mitigation tools and financial solutions. The Corporation is the only Islamic multilateral insurer in the world. It has delivered a comprehensive suite of solutions and services to the public and private in its 49 Member States and globally. The products' suite includes short and medium-term credit insurance products as well foreign investment political risk insurance products. ICIEC has maintained for 15 consecutive years 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 since its inception more than US$ 100bn in trade and investment directed to specific sectors – energy, manufacturing, infrastructure, healthcare, and agriculture.