From the Arab Spring to tightening global sanctions against Iran, risks in the Middle East have hampered trade deals in some parts of the region this year. The Dubai office of the Islamic Corporation for Insurance of Investments and Export Credit (ICIEC) will insure exports that otherwise might not be possible because of unwillingness by banks to supply finance.
Part of the Islamic Development Bank (IDB) Group based in Jeddah, ICIEC insures trade finance offered by banks to IDB's 40 member countries across the Islamic world, taking over exposure to the risk of default from the lender. It also insures political risks. (source)
Financing trade deals with countries affected by unrest has become trickier as uncertainty has persisted in the region. Some traders have complained about difficulties in accessing finance and payment schemes to trade with Iran in response to sanctions. Some banks and export credit insurers have restricted the list of markets they are willing to finance trade with and, in certain cases, pushed up the cost of securing financing.
ICIEC will consider insuring trade deals to countries affected by the Arab Spring and Iran without contravening global sanctions, the organization said.
Source : http://www.ecasb.com/newsdetail-5303-en.html - July 18, 2011
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