EDC and ICIEC to provide Islamic credit insurance
Dubai, November 25, 2008
The Dubai Export Development Corporation (EDC) and the Islamic Corporation for the Insurance of Investments and Export Credit (ICIEC) have agreed to provide high quality Islamic credit insurance services to support local exporters based in the UAE.
ICIEC is a member of the Islamic Development Bank Group (IDB) headquartered in Saudi Arabia.
The two organisations have agreed to offer credit insurance facilities to manufacturers, trading organisations and, service providers in the country by providing them assurance against export credit risks in overseas markets.
SMEs in particular stand to benefit from such a credit insurance service which will free them from non-payment risks by their customers and, thereby help them enter new markets with confidence.
The meeting was attended by EDC CEO Saed Al Awadi, chief commercial officer Schuyler D’Souza, credit insurance manager Hany A. Ellatief, sales manager Mohammed Feras Al Hamwi, ICIEC general manager Dr Abdel Rahman Taha, and ICIEC director Khemais El-Gazzah.
This is part of EDC’s Credit Insurance project which is currently in the final stage.
“Since 1994, ICIEC has had long experience in facilitating export trade, and has been encouraging exports including facilitating the flow of foreign direct investments to its member countries ever since. We are aiming to capitalise on this solid experience, particularly the insurance and re-insurance systems, marketing platform and debt collection for the promotion of exports from the Emirates,” said Al Awadi.
The idea for the establishment of an entity to provide investment and export credit insurance for Islamic countries is the main reason for the formation of ICIEC. Through the Islamic Development Bank, ICIEC grants export credit insurance against the risk of non-payment which helps exporters to enter new markets safely.
EDC and ICIEC expect to roll out their Islamic credit insurance service in the new year. – TradeArabia News Service