The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has recently announced that its Board of Governors has approved the Annual Report and Audited Financial Statements for the year 2024 during the IsDB Group’s 2025 Annual Meetings in Algiers. The corporation, a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, has achieved significant milestones in the past year.
In 2024, ICIEC insured a total of USD 13 billion in business, bringing the cumulative Business Insured since inception to USD 121 billion. This includes USD 96 billion in export credit and USD 25 billion in investment. The Corporation also facilitated USD 57 billion in intra-OIC trade and investment transactions and advanced its Third General Capital Increase to enhance underwriting capacity and financial stability.
To drive operational excellence, ICIEC refined its pricing framework and economic capital models for sustainable, risk-adjusted growth. The corporation also strengthened strategic partnerships with development partners and the private sector to unlock critical capital flows in food security and infrastructure projects. The addition of the Togolese Republic as the 50th Member State expanded ICIEC’s reach and bespoke insurance solutions in West Africa.
Under the IsDB Group Food Security Response Program (FSRP), ICIEC approved over USD 1 billion in food-related transactions to support Member States impacted by global food crises. In line with its climate commitment, ICIEC approved a dedicated Climate Change Policy, with 13% of 2024 Business Insured allocated to climate-related initiatives.
Financially, ICIEC demonstrated resilience with a net result of USD 24.9 million—a 4% improvement year-on-year—and its seventh consecutive year of technical surplus. Moody’s maintained ICIEC’s Aa3 rating for the 17th consecutive year, while S&P Global Ratings assigned ICIEC a first-time rating of AA- with a stable outlook.
Dr. Khalid Khalafalla, CEO of ICIEC, stated, “2024 was a testament to our unwavering commitment to support Member States through innovative, Shariah-compliant solutions. Insuring USD 13 billion in business last year and achieving a seventh consecutive year of technical surplus reflects our strong ability to navigate complex markets and deliver tangible value. Looking ahead, we remain committed to expanding our capacity to de-risk trade and investment, driving sustainable growth across our member countries.”
For more information about The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), visit their website at http://ICIEC.IsDB.org.
