Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) signs agreement with UAE Government
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), which is a member of the IDB Group, with its headquarters in Jeddah, Kingdom of Saudi Arabia, signed an agreement with the UAE Government, based on which the UAE Government agreed to host the first foreign representation office for ICIEC in the Emirate of Dubai.
The agreement was signed on behalf of the UAE Government by H. E. Sheikh Hamdan Bin Rashed Al Maktum, Deputy Ruler of Dubai, Minister of Finance and Industry and IDB Group Governor. The Agreement was signed on behalf of the IDB Group by H. E. Dr. Ahmad Mohamed Ali, President of the IDB Group and ICIEC.
According to the Agreement, which came in the context of the continuous support given to the Corporation by the UAE, the UAE Government agreed on ICIEC opening and operating an office in the Emirate of Dubai, and to accord it and its staff all the privileges and immunities as an international financial institution.
In general, the office aims at enabling ICIEC to promote and market its services, which include insurance of export credit and foreign investment of companies, banks, businessmen and other member countries of ICIEC close to the UAE, such as Kuwait, Qatar, Iran and Pakistan.
The office also facilitates follow-up on the operations of ICIEC, particularly those related to subscription, claims, recuperation and re-insurance. ICIEC will also endeavour to use the office in promoting the IDB Group Programme for Technical Cooperation in the field of promoting investment in member countries, which is administered by ICIEC on behalf of the IDB Group, as well as in organizing conferences, seminars and training programmes to familiarize participants with the objectives of the Corporation and the Takaful insurance industry.
The Corporation pins great hopes on Dubai as an international commercial and financial centre that would enable the office achieve its desired objectives.
The Board of Directors of the Corporation approved in last January to have the first foreign representation office for the Corporation opened in Dubai on the grounds that Dubai has become one of the most important financial, commercial and investment centers of the world, where it hosts the biggest and most famous financing and insurance institutions of the world.
About Islamic Development Bank (IDB)
The Islamic Development Bank (IDB) is an international financial institution established in pursuance of the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah in Dhul Qadah 1393H (December 1973). The IDB’s principal office is in Jeddah, the Kingdom of Saudi Arabia. Three regional offices were opened in Rabat, Morocco; Kuala Lumpur, Malaysia; and Almaty, Kazakhstan. The IDB is in the process of opening its fourth regional office in Dakar, Senegal.
The purpose of the IDB is to foster the economic development and social progress of member countries and Muslim communities in non-member countries individually as well as jointly in accordance with the principles of Shari’ah (Islamic Law).
The functions of the IDB are to provide various forms of development assistance for poverty alleviation through human development, forging economic cooperation through promotion of trade and investment among member countries, and enhancing the role of Islamic finance in the social and economic development of member countries. The IDB is also required to establish and operate special funds for specific purposes including a fund for assistance to Muslim communities in non-member countries, in addition to setting up trust funds.
The IDB is authorized to mobilize financial resources through Shari’ah-compliant modes. It is also charged with the responsibility of providing technical assistance to member countries, and extending training facilities for personnel engaged in development activities in member countries.
Pursuant to the decision of the Board of Governors in their 31st Annual Meeting held in Kuwait in Jumad Awwal 1427H (May 2006), the Authorized Capital of the IDB was increased from ID15 billion to ID30 billion. The Issued Capital of the IDB was increased from ID8.1 billion to ID15 billion. Out of this, the Subscribed Capital was increased from ID8 billion to ID13.2 billion. The Paid-up Capital of the IDB as of the end-1427H was ID2.81 billion.