The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group, has said that Moody’s Ratings has affirmed the corporation’s Aa3 Insurance Financial Strength Rating (IFSR) with a Stable Outlook.

Moody's cited ICIEC’s strengthening standalone credit profile, including its role as a leading multilateral provider of Shariah-compliant export credit and investment insurance and reinsurance solutions, a Saudi Press Agency (SPA) report said. 

The agency highlighted improved underwriting performance supported by enhanced risk management, strong asset quality and liquidity, and strong capital adequacy. 

Preferred creditor status

The corporation’s preferred creditor status among its member countries further reinforces its financial strength and institutional standing.

The rating also benefits from the strong institutional and shareholder support of the IsDB and sovereign shareholders, including Saudi Arabia.

Commenting, Chief Executive Officer of ICIEC Dr Khalid Khalafalla stated: “This affirmation is a strong endorsement of ICIEC’s financial resilience and our ability to manage risks effectively in an increasingly complex global environment. It strengthens our position as a trusted multilateral partner, enabling us to expand our reach, mobilise investment and deliver meaningful development impact across our member countries through innovative Shariah-compliant insurance solutions.”

The Stable Outlook primarily reflects expected ongoing shareholder support, alongside expectations of continued risk management improvements and strong financial fundamentals as ICIEC expands and diversifies its operations while maintaining prudent underwriting discipline. Moody’s also identified ICIEC’s exposure to geopolitical risks and its smaller operational scale relative to peers as moderating factors.—TradeArabia News Service