Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development (IDB) Group. ICIEC was established on 1st August 1994 (24 Safar 1415H) as an international institution with full juridical personality. The idea for the establishment of an entity to provide investment and export credit insurance for Islamic Countries originated from the Agreement for the Promotion, Protection and Guarantee of Investment among Member Countries of the Organization of the Islamic Cooperation (OIC).
"To be recognized as the preferred enabler of trade and investment for sustainable economic development in Member Countries"
"To facilitate trade and investment between member countries and the world through Sharia compliant risk mitigation tools"
CIEC Takaful Model
In conformity with Shariah principles governing Takaful insurance, the Articles of Agreement of the Corporation (Article 28) requires that the Corporation maintains two separate funds:
The Policyholders’ Fund, which contains mainly the insurance contributions and recoveries from paid claims and from which the insurance operations expenses are disbursed;
The Shareholders’ Fund, which contains the paid-up capital and accumulated reserves and from which a deficit in Policyholders' Fund may be financed through a non-interest loan.See more