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Moody's reaffirms Aa3 rating of ICIEC, for the 8th consecutive year18 November, 2015
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18 November 2015Jeddah Moody's Investors Service, one of the leading rating agencies in the world, has recently reaffirmed the Aa3 Insurance Financial Strength Rating (IFSR) ofthe Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group, for the 8th consecutive year.
In its report, Moody's noted that ICIEC's rating reflects both the standalone fundamentals as well as potential support from its shareholders/IDB Group membercountries. Thus, despite the absence of explicit guarantees, in the context of its key role as facilitator of trade between Islamic countries, ICIEC's rating reflects thestrong ability and potentially high willingness of ICIEC's main ultimate shareholders, and in particular the IDB (Aaa Stable), and its Member Countries, to support thecompany in times of financial distress.
Furthermore, the rating reflects ICIEC's legal structure and business nature as the only multilateral export credit and investment insurance corporation in the worldthat provides Shariahcompatible insurance and reinsurance products, as well as its enhanced regional knowledge through its experience gained by operating in theregion. Furthermore, Moody's view positively ICIEC's full membership in Berne Union of export credit insurers, which ensures that ICIEC meets the legal, riskmanagement and capitalisation requirements for full membership.
Oussama Abdul Rahman Kaissi, the Chief Executive Officer of ICIEC, commented "The affirmation of Aa3 rating by Moody's helps ICIEC's efforts to continuesupporting its 43 member countries in facing the world economic challenges to attract direct investments by providing the necessary risk mitigation tools forinvestors worldwide, especially to those who are willing to invest in the renewable energy sector in Africa".
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IDB) Group, is a pioneer in the fieldof Shaiah compliant credit and political risk insurance and reinsurance. ICIEC is based in Jeddah, KSA and has representative offices in Dubai, Istanbul, and Dakar.Its shareholders are the "AAA" rated IDB and 43 countries, which are members of the Organization of the Islamic Cooperation (OIC). Since 2008, ICIEC has beenassigned a rating of Aa3 by Moody's.
ICIEC was established with the objective to increase the scope of trade transactions of its member countries, and to facilitate foreign direct investments into thesecountries. ICIEC fulfills these objectives by providing appropriate Islamic Shariah compatible credit and country risk insurance and reinsurance instruments.
MOODY'S REAFFIRMS AA3 RATING OF ICIEC, FOR THE 8TH
CONSECUTIVE YEAR
18 November 2015Jeddah Moody's Investors Service, one of the leading rating agencies in the world, has recently reaffirmed theAa3 Insurance Financial Strength Rating (IFSR) of the Islamic Corporation for the Insurance of Investment andExport Credit (ICIEC), a member of the Islamic Development Bank Group, for the 8th consecutive year.
In its report, Moody's noted that ICIEC's rating reflects both the standalone fundamentals as well as potentialsupport from its shareholders/IDB Group member countries. Thus, despite the absence of explicit guarantees, inthe context of its key role as facilitator of trade between Islamic countries, ICIEC's rating reflects the strongability and potentially high willingness of ICIEC's main ultimate shareholders, and in particular the IDB (AaaStable), and its Member Countries, to support the company in times of financial distress.
Furthermore, the rating reflects ICIEC's legal structure and business nature as the only multilateral export creditand investment insurance corporation in the world that provides Shariahcompatible insurance and reinsuranceproducts, as well as its enhanced regional knowledge through its experience gained by operating in the region.Furthermore, Moody's view positively ICIEC's full membership in Berne Union of export credit insurers, whichensures that ICIEC meets the legal, risk management and capitalisation requirements for full membership.
Oussama Abdul Rahman Kaissi, the Chief Executive Officer of ICIEC, commented "The affirmation of Aa3rating by Moody's helps ICIEC's efforts to continue supporting its 43 member countries in facing the worldeconomic challenges to attract direct investments by providing the necessary risk mitigation tools for investorsworldwide, especially to those who are willing to invest in the renewable energy sector in Africa".
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the IslamicDevelopment Bank (IDB) Group, is a pioneer in the field of Shaiah compliant credit and political risk insuranceand reinsurance. ICIEC is based in Jeddah, KSA and has representative offices in Dubai, Istanbul, and Dakar.Its shareholders are the "AAA" rated IDB and 43 countries, which are members of the Organization of theIslamic Cooperation (OIC). Since 2008, ICIEC has been assigned a rating of Aa3 by Moody's.
ICIEC was established with the objective to increase the scope of trade transactions of its member countries,and to facilitate foreign direct investments into these countries. ICIEC fulfills these objectives by providingappropriate Islamic Shariah compatible credit and country risk insurance and reinsurance instruments.
Moody’s Investors Service, one of the leading rating agencies in the world, has recently reaffirmed theAa3 Insurance Financial Strength Rating (IFSR) of the Islamic Corporation for the Insurance ofInvestment and Export Credit (ICIEC), a member of the Islamic Development Bank Group, for the 8thconsecutive year.
In its report, Moody’s noted that ICIEC’s rating reflects both the standalone fundamentals as well aspotential support from its shareholders/IDB Group member countries. Thus, despite the absence ofexplicit guarantees, in the context of its key role as facilitator of trade between Islamic countries,ICIEC’s rating reflects the strong ability and potentially high willingness of ICIEC’s main ultimateshareholders, and in particular the IDB (Aaa Stable), and its Member Countries, to support the companyin times of financial distress.
Furthermore, the rating reflects ICIEC’s legal structure and business nature as the only multilateralexport credit and investment insurance corporation in the world that provides Shariahcompatibleinsurance and reinsurance products, as well as its enhanced regional knowledge through its experiencegained by operating in the region. Furthermore, Moody’s view positively ICIEC’s full membership inBerne Union of export credit insurers, which ensures that ICIEC meets the legal, risk management andcapitalisation requirements for full membership.
Oussama Abdul Rahman Kaissi, the Chief Executive Officer of ICIEC, commented, “The affirmation ofAa3 rating by Moody’s helps ICIEC’s efforts to continue supporting its 43 member countries in facingthe world economic challenges to attract direct investments by providing the necessary risk mitigationtools for investors worldwide, especially to those who are willing to invest in the renewable energy sectorin Africa.” — SG
Moody’s reaffirms Aa3 rating of IDB member Nov 25, 2015 Our Correspondent Business 0 Comments
Leading international rating agency, Moody’s Investors Service, recently reaffirmed the Aa3 Insurance FinancialStrength Rating (IFSR) of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), amember of the Islamic Development Bank (IDB) Group, for the 8th consecutive year.
In its report, Moody’s noted that ICIEC’s rating reflects both the standalone fundamentals as well as potentialsupport from its shareholders/ IDB Group member countries. Thus, despite the absence of explicit guarantees, in thecontext of its key role as facilitator of trade between Islamic countries, ICIEC’s rating reflects the strong ability andpotentially high willingness of ICIEC’s main ultimate shareholders, and in particular the IDB (Aaa Stable), and itsMember Countries, to support the company in times of financial distress.
Furthermore, the rating reflects ICIEC’s legal structure and business nature as the only multilateral export credit andinvestment insurance corporation in the world that provides Shariahcompatible insurance and reinsurance products,as well as its enhanced regional knowledge through its experience gained by operating in the region.
Furthermore, Moody’s view positively ICIEC’s full membership in Berne Union of export credit insurers, which ensuresthat ICIEC meets the legal, risk management and capitalisation requirements for full membership. Commenting onthe development, the Chief Executive Officer of ICIEC, Oussama Kaissi, stated that “the affirmation of Aa3 rating byMoody’s helps ICIEC’s efforts to continue supporting its 43 member countries, in facing the world economicchallenges to attract direct investments by providing the necessary risk mitigation tools for investors worldwide;especially to those who are willing to invest in the renewable energy sector in Africa”.
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the IslamicDevelopment Bank (IDB) Group, is a pioneer in the field of Shaiah compliant credit and political risk insurance andreinsurance. ICIEC is based in Jeddah, KSA and has representative offices in Dubai, Istanbul, and Dakar. Itsshareholders are the “AAA” rated IDB and 43 countries, which are members of the Organization of the IslamicCooperation (OIC). Since 2008, ICIEC has been assigned a rating of Aa3 by Moody’s.
ICIEC was established with the objective to increase the scope of trade transactions of its member countries, and tofacilitate foreign direct investments into these countries. ICIEC fulfills these objectives by providing appropriateIslamic Shariah compatible credit and country risk insurance and reinsurance instruments.
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Moody’s reaffirms Aa3 rating of IDB member
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JEDDAH – Moody’s Investors Service, one of the leading rating agencies in the world, hasrecently reaffirmed the Aa3 Insurance Financial Strength Rating (IFSR) of the Islamic
Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the
Islamic Development Bank Group, for the 8th consecutive year.
In its report, Moody’s noted that ICIEC’s rating reflects both the standalone fundamentals as
well as potential support from its shareholders/IDB Group member countries. Thus, despite
the absence of explicit guarantees, in the context of its key role as facilitator of trade between
Islamic countries, ICIEC’s rating reflects the strong ability and potentially high willingness of
ICIEC’s main ultimate shareholders, and in particular the IDB (Aaa Stable), and its Member
Countries, to support the company in times of financial distress.
Furthermore, the rating reflects ICIEC’s legal structure and business nature as the only
multilateral export credit and investment insurance corporation in the world that provides
Shariahcompatible insurance and reinsurance products, as well as its enhanced regional
knowledge through its experience gained by operating in the region. Furthermore, Moody’s
Moody's reaffirms Aa3 rating of ICIEC, for the 8thconsecutive year Jeddah - Moody's Investors Service, one of the leading rating agencies in the world, has recently reaffirmed the Aa3 Insurance Financial StrengthRating (IFSR) of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development BankGroup, for the 8th consecutive year. In its report, Moody's noted that ICIEC's rating reflects both the stand-alone fundamentals as well as potential support from its shareholders/IDB Group membercountries. Thus, despite the absence of explicit guarantees, in the context of its key role as facilitator of trade between Islamic countries, ICIEC's rating reflects thestrong ability and potentially high willingness of ICIEC's main ultimate shareholders, and in particular the IDB (Aaa Stable), and its Member Countries, to supportthe company in times of financial distress.
Furthermore, the rating reflects ICIEC's legal structure and business nature as the only multilateral export credit and investment insurance corporation in the worldthat provides Shariah-compatible insurance and reinsurance products, as well as its enhanced regional knowledge through its experience gained by operating inthe region. Furthermore, Moody's view positively ICIEC's full membership in Berne Union of export credit insurers, which ensures that ICIEC meets the legal, riskmanagement and capitalisation requirements for full membership.
Oussama Abdul Rahman Kaissi, the Chief Executive Officer of ICIEC, commented "The affirmation of Aa3 rating by Moody's helps ICIEC's efforts to continuesupporting its 43 member countries in facing the world economic challenges to attract direct investments by providing the necessary risk mitigation tools forinvestors worldwide, especially to those who are willing to invest in the renewable energy sector in Africa".
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IDB) Group, is a pioneer in the fieldof Shaiah compliant credit and political risk insurance and reinsurance. ICIEC is based in Jeddah, KSA and has representative offices in Dubai, Istanbul, and Dakar.Its shareholders are the "AAA" rated IDB and 43 countries, which are members of the Organization of the Islamic Cooperation (OIC). Since 2008, ICIEC has beenassigned a rating of Aa3 by Moody's.
ICIEC was established with the objective to increase the scope of trade transactions of its member countries, and to facilitate foreign direct investments into thesecountries. ICIEC fulfills these objectives by providing appropriate Islamic Shariah compatible credit and country risk insurance and reinsurance instruments.
-Ends-
Contact: ICIEC Jamel eddine Naga Promotion & International Relations Unit, E-mail : [email protected]
