Etihad Credit Insurance (ECI), the federal export credit company set by the UAE, on Wednesday launched its Shariah-compliant export credit solutions under to boost the country's halal export industry.
The company virtually introduced 'ECI Islamic' at Annual Investment Meeting Digital 2020.
Among the export credit solutions offered under 'ECI Islamic' include trade credit insurance, which offers whole turnover policy, single risk short term policy, and single risk long term policy; letter of credit confirmation insurance; Islamic export finance; foreign investment insurance, and surety bonding.
With these trade credit solutions, ECI can help companies recover the cost of fulfilling an order that is terminated by events outside their control, such as insolvencies, non-payments, and other adverse impacts of Covid-19.
In addition, companies who avail of these solutions can also get loans and additional funding capacity from banks at a concessional rate, guaranteed by ECI. The Federal export credit company can also help them tap alternative supplies through its global network of 360 million companies worldwide.
"We aim to not only strengthen the efforts of halal exporters in the country, but also to facilitate the development of new and innovative products that contribute significantly to positioning the UAE as the global leader in the Islamic economy," said Massimo Falcioni, CEO of ECI CEO.
The products and services under 'ECI Islamic' have been reviewed and approved by Dar Al Sharia.
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