Overview of the Agreement

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a prominent Shariah-compliant multilateral insurer, has successfully renewed its Quota-Share Treaty Reinsurance Agreement with KazakhExport, the Republic of Kazakhstan's Export Credit Agency. This renewal, marking the fifth consecutive year of collaboration, is effective from October 1, 2025, to September 30, 2026. The agreement was formally signed by Dr. Khalid Khalafallah, the CEO of ICIEC, and Mrs. Ayan Bektybayeva, the Deputy Chairman of KazakhExport, during the 15th Annual Meeting of the AMAN Union held from November 4 to 6, 2025, in Jeddah.

Significance of the Partnership

This renewed agreement is a testament to the enduring partnership between ICIEC and KazakhExport, aimed at enhancing trade, investment, and economic collaboration among member states of the Organization of Islamic Cooperation (OIC). Under the terms of this treaty, ICIEC will continue to provide reinsurance for KazakhExport's Documentary Credit Insurance Policy (DCIP). This initiative empowers KazakhExport to broaden its underwriting capacity, particularly in sectors crucial for export diversification and support for small and medium-sized enterprises (SMEs).

Benefits for Trade Financing

The partnership plays a pivotal role in strengthening Kazakhstan's non-oil export capabilities through the institutional framework established by Baiterek National Managing Holding JSC. Dr. Khalafallah emphasized that this renewal not only highlights the depth of cooperation between the two entities but also reflects a shared vision to promote trade and investment within OIC member countries. ICIEC's ongoing support facilitates member Export Credit Agencies (ECAs) in underwriting larger and more varied trade transactions, crucial for economic growth.

Looking Ahead

As global trade dynamics evolve, the continuation of this treaty positions both ICIEC and KazakhExport favorably to tackle emerging challenges. The commitment to enhancing risk capacity, offering technical assistance, and fostering knowledge transfer reinforces the mutual goals of both organizations in contributing to sustainable economic development.

Fun Fact

Did you know that Kazakhstan is the world's largest landlocked country, bordered by five nations? This geographical feature places a unique emphasis on the importance of trade partnerships like the one with ICIEC for its economic outlook!

Source: Smestreet In