The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (www.ICIEC.IsDB.org), the Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group, is pleased to announce the signing of a US$11 million Contract Frustration Insurance Policy (STP-CF) with Boskalis Westminster Contracting Limited (BWCL).
The signing ceremony was held at the Ritz Carlton Hotel in Jeddah, Saudi Arabia, on the sideline of the IsDB Group Annual Meeting, by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Sytse Wiersma, Credit Risk, Trade&Export Finance Manager, BWCL.
The STP-CF covers marine works for Bandar Al-Sayah and Danat Al-Sayah development projects, including the stockpile works in East Sitra, Bahrain. The coverage provided by ICIEC insures the non-payment risk of the project employer arising from political and commercial risks.
ICIEC’s STP-CF protects contractors building essential infrastructure in ICIEC member states from commercial and non-commercial risks in the country of the project employers.
Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
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About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):
ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is uniquely the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 49 Member States, including Documentary Credit Insurance Cover, Credit Insurance Cover, Bank Master Policy, Non-Honouring of Sovereign Financial Obligations, and Investment Insurance Products. ICIEC, for the 15th consecutive year, maintained an “Aa3” insurance financial strength credit rating from Moody’s, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 95bn in trade and investment. ICIEC activities are directed to specific sectors – energy, manufacturing, infrastructure, healthcare, and agriculture.
For more information, visit: www.ICIEC.IsDB.org