INDONESIA - FINANCE - PT Indonesia Infrastructure Assurance (PII) and the Islamic Corporation for Insurance of Investments and Export Credits (ICIEC) Handle Signs Memorandum of Understanding

www.iigf.co.id - Manila, 30 April 2012 - PT Indonesia Infrastructure Guarantee Corporation (Limited) / PII and the Islamic Corporation for Insurance of Investments and Export Credits ("ICIEC") has signed a Memorandum of Understanding today in Asia Finance and Risk Mitigation Forum 2012 in Makati City, Philippines.

ICIEC is part of the Islamic Development Bank (IDB) Group, which provides export credit and investment insurance in accordance with Islamic Sharia to the parties that invest in member countries ICIEC or export of these countries.   (source)

INDONESIA - FINANCE - ICIEC and IIGF sign an MOU to support investors in Indonesia

www.cpifinancial.net - The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Indonesia Infrastructure Guarantee Fund (IIGF) signed a Memorandum of Understanding (MOU) during the 2012 Asia Finance and Risk Mitigation Forum in Makati City, Philippines on 30 April 2012.

Dr. Abdel Rahman El-Tayeb Taha, the Chief Executive Officer of ICIEC and Ms. Sinthya Roesly, Chief Executive Officer of IIGF signed the MOU. The MOU aims at establishing – consistent with their respective operational policies – a lasting relationship between the two entities in furtherance of their desire to co-ordinate their activities and seek mutual cooperation in promoting infrastructure investments into Indonesia. The ICIEC is 67 per cent-owned by the Islamic Development Bank. (source)

OIC - IDB - Islamic Development Bank Group in Brief (brochure)

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WORLD - FINANCE - Give Islamic benchmark rate a chance: Bankers

The launching of the Islamic Interbank Benchmark Rate (IIBR) by Thomson Reuters in Bahrain last week is the latest manifestation of how the technical architecture of the global Islamic financial industry is maturing. To many the pace of maturity remains frustratingly slow, especially in the Middle East and North Africa, while Asia is galloping ahead, which has resulted in a lob-sided West Asia and East Asia fault line. (source)

INDONESIA - FINANCE - Mandala Finance gets US$25 million syndicated Islamic loans

JAKARTA: Mandala Finance secured a syndicated loan of US$25 million from four foreign banks, to support sharia-based financing for motorcycle in 2012.

 

The company enjoys the 4-year loan under murabaha contract, from Islamic Corporation for the Development of Private Sector (ICD), The Islamic Corporation for Insurance and Export Credit (ICIEC), Kuwait Finance House Bhd (KFH), and Unit Investment Fund (IUF) of Islamic Development Bank.  (source)

WORLD - TAKAFUL - ICIEC set to launch sukuk policy to facilitate credit enhancement

The idea of a third party sukuk guarantee fund is still being considered by the Islamic Corporation for the Insurance of Export Credits and Investment (ICIEC), the standalone export credit agency of the Islamic Development Bank (IDB) Group. However, according to Abdel Rahman Taha, the chief executive officer of ICIEC, the corporation "has initiated work internally to design a new sukuk policy which can be offered as a means to enhance the credit structure and appeal of sukuk. It is expected that this new policy will be able to provide the much needed respite to the sukuk market." (source)

WORLD - CAPITAL MARKETS - Third party guarantees for sukuk set to take off

One of the positive outcomes of the 36th annual board of governors meeting held in Jeddah last month was the approval by the Board of Directors of the Islamic Corporation for the Insurance of Export Credit and Investment (ICIEC), the standalone export credit and political risk insurance agency of the IDB Group, of the corporation's capital from the current $240 million to $640 million. (source)

WORLD - TAKAFUL - Islamic Insurer to Finance Iran Trade

The Dubai office of the Islamic Corporation for Insurance of Investments and Export Credit (ICIEC) will insure trade with Iran.

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)

WORLD - EVENTS - KSA - Jeddah to host major Islamic economic and finance conference: IDB official

JEDDAH: Finance, economy and planning ministers from 56 Muslim countries will attend a major Islamic economic and finance conference here next week, which is likely to be opened by Custodian of the Two Holy Mosques King Abdullah at Jeddah Hilton on Monday. (source)

TRADE FINANCE - IDB entities boost trade finance ties with Indonesia

The Jeddah-based Islamic Development Bank (IDB) Group) is boosting its ties with Indonesia, the world's most populous Muslim country, under its Member Country Partnership Strategy (MCPS), a new initiative launched by the IDB in 2010 to identify, target, allocate, implement and evaluate its financing more efficiently in member countries. Thus far, already $3.5 billion have been allocated under this program to Indonesia for 2011-2014.

The latest initiatives under the MCPS include a Strategic Partnership Agreement (SPA) signed during the IDB Group/Indonesia meeting held in Jakarta on in May 2011 by the Islamic Cooperation for the Development of the Private Sector (ICD), the private sector financing arm of the IDB Group, and the Lembaga Pembiayaan Ekspor Indonesia (Indonesia Eximbank), to jointly explore investment opportunities in Indonesia and other IDB member countries. (full story - arab news)

FINANCE - Increasing demand for export credit insurance boosts ICIEC business

Abdel-Rahman El-Tayeb Taha, ICIEC's chief executive officer.

By KHALIL HANWARE | ARAB NEWS

Published: Dec 29, 2010 01:10 Updated: Dec 29, 2010 01:10 

JEDDAH: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is seeking to increase its capital resources to meet the growing demand.