Islamic Corporation for the Insurance of Investment and Export Credit signs MoU with UK Export Finance
Sunday, October 4, 2020 - On the 17th of August 2020, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) signed a Memorandum of Understanding (MoU) for cooperation with the United Kingdom’s Export Credit Agency, which operates under the name UK Export Finance (UKEF).
The MoU allows for both entities to enter into co-insurance, reinsurance or cooperation agreements to engage in strategic joint projects that support exports and investments from the United Kingdom into ICIEC’s 47 member countries.
The partnership is beneficial for both institutions as they each offer Shariah compliant financing through the provision of Islamic Sukuk and share an interest in promoting and supporting Islamic finance transactions. There is also potential for UKEF to risk-share with ICIEC and leverage on the Corporation’s preferred creditor status, across key international markets for UKEF’s support including UAE, Oman and Bahrain – all ICIEC member countries.
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