ICIEC Board Approves 2024 Report with USD 13 Billion in Business Insured

Algiers: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and part of the Islamic Development Bank Group, has announced the formal approval of its Annual Report and Audited Financial Statements for the year 2024 by its Board of Governors during the IsDB Group's 2025 Annual Meetings in Algiers. According to African Press Organization, the 2024 report reveals that ICIEC has successfully insured USD 13 billion in business over the past year, increasing the cumulative Business Insured since its inception to USD 121 billion. This figure includes USD 96 billion in export credit and USD 25 billion in investment. The organization has played a role in facilitating USD 57 billion in trade and investment transactions within the Organization of Islamic Cooperation (OIC) member countries and has advanced its Third General Capital Increase to enhance underwriting capacity and ensure financial stability. Dr. Khalid Khalafalla, CEO of ICIEC, remarked on the corporation's ongoing dedication to supporting member states through Shariah-compliant solutions. He highlighted that insuring USD 13 billion in business last year and achieving a technical surplus for the seventh consecutive year demonstrates ICIEC's capability to manage complex markets and provide value. He emphasized their commitment to expanding capacity to mitigate trade and investment risks, thereby promoting growth in member countries.