KUALA LUMPUR, Dec 11 (Bernama) -- The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has entered into a strategic quota share retakaful agreement with Export-Import Bank of Malaysia Bhd (MEXIM) to provide Export Trade Credit Risk Takaful on a global scale.
ICIEC, a Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group formalised the agreement during the Annual General Meeting of the AMAN Union in Algiers, Algeria.
MEXIM acting president and chief executive officer Nurbayu Kasim Chang said the partnership strengthens the bank’s ability to safeguard Malaysian exporters against commercial and political risks, especially when exploring emerging and non-traditional markets by leveraging ICIEC’s underwriting capacity.
"MEXIM is committed to fostering the growth of Malaysian exporters and currently offering tailored financial solutions and comprehensive coverage options, facilitating business transactions in more than 50 countries across five continents.
"As a member of AMAN Union, this collaboration with ICIEC creates stronger synergies, enabling comprehensive export protection for Malaysian exporters,” she said in a statement.
In a joint statement, both parties highlighted that the strategic partnership aims to bolster the global trade ecosystem by providing enhanced risk mitigation solutions for international trade.
The Quota Share Retakaful Agreement allows both institutions to share risks more effectively, promoting financial stability and fostering increased trade and investment activities on a global scale.
ICIEC officer-in-charge Dr Khalid Khalafalla said the alliance significantly enhances both parties' capabilities in providing comprehensive trade credit risk solutions and reaffirms their commitment to fostering sustainable economic growth across member states.
"By integrating our resources and expertise, we aim to elevate the confidence of exporters and investors globally, while adhering strictly to Shariah principles," he added.
-- BERNAMA
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