The Islamic Corporation for the Insurance of Investment and Export Credit

What The Islamic Corporation for the Insurance of Investment and Export Credit does

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a multilateral development institution headquartered in Jeddah, Saudi Arabia, established on 1 August 1994 as a member of the Islamic Development Bank (IsDB) Group. IsDB owns 52% of ICIEC, with the remaining 48% held collectively by 51 member countries spanning West Africa, North Africa, East and Central Africa, Arab Asia, Central Asia and Europe, and Southeast Asia. ICIEC provides Shariah-compliant credit and political risk insurance solutions to banks, financial institutions, corporates, exporters, project developers, and export credit agencies operating in OIC member countries.

ICIEC's core products fall into three families: Export Credit Insurance (Documentary Credit Insurance Policy, Bank Master Policy, Comprehensive Short-Term Policy, and Specific Transaction Policy variants) for banks and corporates; Investment Insurance (Foreign Investment Insurance Policy for Equity, Financing Facility, and Loan Guarantee Facility, plus Non-Honoring of Sovereign Financial Obligations) for investors and lenders; and Reinsurance (Quota Share Treaty and Reinsurance Facultative Agreement) for national ECAs and insurers. All products operate under Takaful principles, with separate Policyholders' Fund and Shareholders' Fund structures, and typically cover up to 90% of insured exposure. The institution holds an Aa3 credit rating with stable outlook from Moody's, maintained since 2008.

ICIEC generates revenue primarily through insurance premiums on export credit and investment insurance policies, supplemented by premium cessions from reinsurance, co-insurance, and fronting arrangements. Pricing is risk-based and varies by country classification, transaction tenor, and coverage percentage, but specific rate cards are not publicly disclosed. Distribution is direct-to-institution via the Jeddah headquarters and 10 regional/representative offices across MENA, Africa, South Asia, Central Asia, and Southeast Asia, complemented by participation in IsDB Group Annual Meetings, COP climate conferences, and regional private sector roadshows. Customer concentration is spread across sovereigns, multilateral agencies, and a wide base of national and international banks including First Abu Dhabi Bank, Standard Chartered, Türk Eximbank, ING Bank, SMBC Bank International, National Bank of Bahrain, InfinBANK, Agrobank, and Al Baraka Bank Egypt.

Name

The Islamic Corporation for the Insurance of Investment and Export Credit

Legal name

The Islamic Corporation for the Insurance of Investment and Export Credit

Website

https://iciec.isdb.org

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

51–100 employees

Short description

ICIEC is a multilateral Shariah-compliant credit and political risk insurer operating across 51 OIC member countries under the IsDB Group, providing export credit and investment insurance products to banks, corporates, project developers, and national export credit agencies.

Ownership category

akta.pro rank

Product category

Export Credit Insurance

NAICS

Direct Insurance (except Life, Health, and Medical) Carriers (52412), Insurance Carriers (5241)

SIC

Insurance Carriers, Nec (6399)

akta.pro primary industry

Islamic Trade Finance & Supply Chain (Shariah-compliant) (FSABAGAE)

akta.pro secondary industries

Takaful Bancassurance (Islamic Insurance Distribution) (FSABAGAM), Structured Trade & Export Credit (ECA-backed, Structured Solutions) (FSABAHAJ)

Keywords

• Export credit insurance
• Political risk insurance
• Shariah-compliant insurance
• Trade credit insurance
• Investment insurance

Headquarters

HQ city

Jeddah

HQ country

Saudi Arabia

HQ region

Middle East

Offices10 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Export Credit Insurance Premiums: ICIEC generates revenue through insurance premiums charged for covering commercial and political risks associated with export transactions, trade finance, and foreign direct investment. Premium rates vary based on risk assessment, tenor, and coverage percentage (typically up to 90% of exposure).
2. Investment Insurance Premiums: Revenue from Political Risk Insurance products covering equity investments, financing facilities, and loan guarantees in member countries. Covers risks including currency inconvertibility, expropriation, war, and breach of contract.
3. Reinsurance Cessions: ICIEC provides reinsurance, co-insurance, and fronting services to other Export Credit Agencies and insurers, receiving premium cessions in exchange for assuming a portion of their risk exposure.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

ICIEC provides Shariah-compliant credit and political risk insurance to facilitate cross-border trade and foreign direct investment among its 51 OIC member countries. Its core offerings span export credit insurance (for banks and corporates), investment insurance (covering equity, financing facilities, and loan guarantees against political risks), and export credit and investment reinsurance for national export credit agencies and insurers. All products operate under Islamic Takaful principles, maintaining separate Policyholders' Fund and Shareholders' Fund structures.

Product overview

ICIEC offers a comprehensive suite of Shariah-compliant credit and political risk insurance products organized into three main categories: Export Credit Insurance (for banks, financial institutions, and corporates), Investment Insurance (covering equity, financing facilities, and loan guarantees), and Export Credit & Investment Reinsurance. The core products include the Documentary Credit Insurance Policy (DCIP) and Bank Master Policy (BMP) for banks, the Comprehensive Short-Term Policy (CSTP) and Specific Transaction Policy (STP) for corporates, and the Foreign Investment Insurance Policy (FIIP) family for investors. Reinsurance solutions include the Quota Share Treaty and Reinsurance Facultative Agreement. All products operate under Islamic Shari'ah principles, with the Takaful model maintaining separate Policyholders' Fund and Shareholders' Fund structures. ICIEC is the only multilateral insurer offering Shariah-compliant solutions, providing risk mitigation for trade and foreign direct investment in its 51 member countries.

Differentiator

Problem solved

Functional benefit

Products and services

• Documentary Credit Insurance Policy (DCIP) Insurance product that protects banks and financial institutions against non-payment risks on letters of credit, covering commercial risks (insolvency, payment failure) and political risks (currency inconvertibility, expropriation, war).
• Bank Master Policy (BMP) Comprehensive insurance policy for banks and financial institutions covering buyer credit and letters of credit, providing balance sheet protection against commercial and non-commercial risks and capital relief.
• Comprehensive Short-Term Policy (CSTP) Short-term credit insurance for corporates covering supplier credit risks including buyer insolvency, payment failure, refusal to accept goods, contract cancellation by buyer, currency transfer restrictions, expropriation, and war.
• Specific Transaction Policy (STP) Insurance policy covering specific export transactions for corporates, protecting against non-payment risks including buyer insolvency, payment refusal, and arbitrary contract cancellation.
• Specific Transaction Policy (STP) - Contract Frustration Specialized insurance product protecting exporters against contract frustration risks when buyers fail to fulfill contractual obligations or refuse to accept goods after shipment.
• Non-Honoring of Sovereign Financial Obligations (NHSFO) Investment insurance product covering banks and financial institutions against non-payment by sovereigns, sub-sovereigns, or state-owned enterprises, facilitating access to finance and enabling penetration of high-risk markets.
• Foreign Investment Insurance Policy (FIIP) for Financing Facility Political risk insurance covering foreign investments and financing facilities in member countries against currency inconvertibility, expropriation, war, civil disturbance, and breach of contract.
• Foreign Investment Insurance Policy (FIIP) for Loan Guarantee Facility Insurance policy protecting lenders and investors against political risks associated with loan guarantee facilities in member countries, covering non-commercial risks up to 20 years.
• Foreign Investment Insurance Policy (FIIP) for Equity Political risk insurance for equity investments in member countries protecting against war, civil disturbance, expropriation, and other non-commercial risks for new investments, acquisitions, or expansion projects.
• Quota Share Treaty Reinsurance arrangement allowing export credit agencies and insurers to cede a proportional share of risks to ICIEC, providing capacity-building support and technical assistance for ECAs in member countries.
• Reinsurance Facultative Agreement Facultative reinsurance arrangement for export credit agencies and insurers seeking to share specific individual risks, covering commercial and political risks with technical assistance support.

Quantifiable outcome

• USD 138.9 billion in trade and investment facilitated since inception
• +3 more outcomes

Named customers11 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature3 records

Partnerships

15 partnerships are on record, tiered core and flagship.

• InfinBANKcoreStrategic or Co-development Partner · 23 June 2026InfinBANK signed a strategic financing agreement worth over USD 60 million with ITFC at IsDB Annual Meetings. ICIEC participated in discussions with InfinBANK regarding new Sharia-compliant financial products, expanding ICIEC's presence in Uzbekistan's banking sector.
• Arab Trade Financing Program (ATFP)coreStrategic or Co-development Partner · 22 June 2026ICIEC and ATFP signed a Bank Master Policy under Comprehensive Islamic Finance framework at IsDB Group 2026 Annual Meetings in Baku. The agreement establishes a Shariah-compliant risk-sharing mechanism for ATFP's financing operations in the UAE, with ICIEC providing insurance coverage for eligible transactions against commercial risks including non-payment.
• National Bank of BahraincoreStrategic or Co-development Partner · 22 June 2026ICIEC and National Bank of Bahrain signed Bank Master Policy and Documentary Credit Insurance Policy at IsDB Group 2026 Annual Meetings. The agreement provides insurance cover for eligible trade finance transactions and supports confirmation of letters of credit across ICIEC Member States, mitigating payment risks for cross-border trade.
• Türk EximbankcoreStrategic or Co-development Partner · 19 June 2026ICIEC provided NHFO-SOE insurance cover for a EUR 100 million financing facility extended by ING Bank and SMBC Bank International to Türk Eximbank for a 10-year tenor. The facility helps Türk Eximbank expand affordable export financing for Turkish companies, particularly SMEs.
• First Abu Dhabi BankcoreStrategic or Co-development PartnerFirst Abu Dhabi Bank served as the primary lender for ICIEC's USD 626 million NHSFO policy covering Nigeria's Lagos-Calabar Coastal Highway Phase II financing. The policy provides 95% coverage across two tranches—USD 276 million over 7 years and USD 350 million over 9 years—with Nigeria's Federal Ministry of Finance as borrower.
• Standard CharteredcoreStrategic or Co-development PartnerStandard Chartered arranged EUR 641.1 million financing for Uganda infrastructure projects (power transmission, roads, water) supported by ICIEC via Shari'ah-compliant facility. Also arranged the EUR 150 million motorway financing in Türkiye where ICIEC provided 95% insurance coverage.
• AgrobankflagshipStrategic or Co-development PartnerAgrobank and Standard Chartered jointly received ICIEC's Most Innovative Trade Development Initiative award for Uzbekistan's first-ever EUR 160 million Murabaha facility, marking ICIEC's first direct commercial banking partnership in Uzbekistan.
• Specialist Risk Group (SRG)coreStrategic or Co-development PartnerSRG's Global Head of Credit & Political Risk highlighted ICIEC's role as a guarantor in mobilizing private reinsurers and unlocking billions in financing for infrastructure projects. SRG covers approximately USD 25 billion in insured assets across emerging markets, with ICIEC guarantees enabling lower cost of capital compared to capital markets.
• Al Baraka Bank EgyptcoreStrategic or Co-development PartnerAl Baraka Bank Egypt secured USD 180 million in international financing through partnerships with IFC and ICD/ICIEC, supporting the bank's expansion strategy including acquisition of Shariah-compliant financing provider Amlak.
• Republic of Sierra LeonecoreOthersICIEC welcomed the Republic of Sierra Leone as its 51st member state at the IsDB Group 2026 Annual Meetings. Sierra Leone's membership strengthens ICIEC's presence in West Africa and expands the corporation's coverage of least developed countries.
• Islamic Development Bank (IsDB)flagshipOthersIsDB owns 52% of ICIEC, with the remaining 48% divided among 51 member countries. ICIEC benefits from managerial synergies and support from its parent institution. IsDB Group organizes the annual meetings and Private Sector Forum where ICIEC showcases its products and signs partnerships.
• Islamic Corporation for the Development of the Private Sector (ICD)coreStrategic or Co-development PartnerICD is a sister entity within IsDB Group with USD 7.1 billion in cumulative approvals. ICIEC collaborates with ICD to achieve groupwide strategic framework and development goals, contributing to private sector development across member countries.
• International Islamic Trade Finance Corporation (ITFC)coreStrategic or Co-development PartnerITFC has provided approximately USD 20 billion in trade finance since inception. ICIEC partners with ITFC on trade facilitation initiatives, with ITFC facilitating USD 96 billion in trade financing since 2008, supporting intra-OIC trade development.
• Berne UnioncoreOthersICIEC is a full member of the Berne Union (International Association of Credit and Investment Insurance) and the Prague Club, demonstrating adherence to international standards in export credit and investment insurance.
• Aman UnioncoreOthersICIEC is the founding member of the Aman Union, which brings together national export credit agencies of OIC member countries to promote cooperation and best practices in Islamic export credit insurance.

Scale indicators19 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• MIGA (Multilateral Investment Guarantee Agency): World Bank Group affiliate that provides political risk insurance and credit enhancement to investors and lenders in emerging markets. The most direct multilateral counterpart to ICIEC's FIIP and NHSFO products, though focused on non-OIC geographies.
• Euler Hermes (Allianz Trade): World leader in trade credit insurance, offering export credit insurance, surety, and political risk coverage globally. Closest large-scale commercial comparable to ICIEC's CSTP, STP, and DCIP products.
• Coface: Major global credit insurance provider serving corporates and financial institutions across 100+ markets. Competes with ICIEC in trade credit insurance for exporters and banks in shared geographies.
• Atradius: Leading global trade credit insurer with strong presence in Europe and Latin America, offering receivable management and export credit insurance. Comparable product overlap with ICIEC's CSTP and BMP for corporates and banks.
• UK Export Finance (UKEF): UK's national export credit agency providing loans, guarantees, and insurance for UK exporters. Comparable institutional ECA structure to ICIEC though operating under conventional (non-Shariah) finance framework.
• SACE (now SIMEST Group): Italian export credit agency offering export credit insurance, political risk insurance, and surety bonds globally. Directly comparable product set to ICIEC's FIIP and CSTP families.
• Export-Import Bank of the United States (US EXIM): US official export credit agency providing loans, guarantees, and insurance to support US exports. Largest single-country ECA by capacity; comparable institutional mandate and product mix to ICIEC's NHSFO and trade insurance offerings.
• Japan Bank for International Cooperation (JBIC): Japanese policy-based financial institution providing export finance, investment finance, and political risk coverage for Japanese cross-border activity. Comparable multilateral/sovereign-backed mandate to ICIEC though operating at much larger scale.

Broad incumbents

• International Islamic Trade Finance Corporation (ITFC): Sister entity within IsDB Group providing Shariah-compliant trade financing (USD 96 billion since 2008). Directly collaborates with ICIEC on trade facilitation; comparable Islamic finance mandate though focused on financing rather than insurance.

Regional players

• Saudi EXIM Bank (Saudi Export-Import Bank): Saudi Arabia's national export credit agency providing financing and insurance for Saudi non-oil exports. Regional peer operating in ICIEC's home market with overlapping mandates in MENA emerging-market trade.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/ICIEC_IDB
• Instagraminstagram.com/iciec_idb
• Facebookfacebook.com/ICIEC.IsDB

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Islamic Corporation for the Insurance of Investment and Export Credit