ICIEC Board Approves 2024 Annual Report, Achieves USD 13 Billion in Business Insured
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, has announced that its Board of Governors has formally approved the Annual Report and Audited Financial Statements for the year 2024. This approval was given during the IsDB Group’s 2025 Annual Meetings in Algiers.
Key Highlights of ICIEC’s 2024 Performance
- Achieved USD 13 billion in business insured in 2024, bringing the cumulative total to USD 121 billion since inception.
- Facilitated USD 57 billion in intra-OIC trade and investment transactions.
- Advanced its Third General Capital Increase to enhance underwriting capacity and reinforce long-term financial stability.
- Refined its pricing framework and enhanced economic capital models for more sustainable growth.
- Deepened strategic partnerships with development partners and the private sector to unlock critical capital flows.
- Included the Togolese Republic as its 50th Member State, expanding its reach in West Africa.
Strategic Initiatives and Financial Performance
Under the IsDB Group Food Security Response Program (FSRP), ICIEC approved over USD 1 billion in food-related transactions to support Member States affected by global food crises. The Corporation also allocated 13% of its 2024 Business Insured to climate-related initiatives, following the approval of a dedicated Climate Change Policy by its Board of Directors.
ICIEC’s financial resilience was demonstrated through its USD 24.9 million net result, marking a 4% year-on-year improvement and its seventh consecutive year of technical surplus. The Corporation maintained an ‘Aa3’ insurance financial strength credit rating from Moody’s for the 17th consecutive year and received a first-time ‘AA-‘ long-term Issuer Credit Rating from S&P Global Ratings with a stable outlook.
“2024 was a testament to our commitment to supporting Member States through innovative, Shariah-compliant solutions,” said Dr. Khalid Khalafalla, CEO of ICIEC. “Insuring USD 13 billion in business last year and achieving a seventh consecutive year of technical surplus reflects our strong ability to navigate complex markets and deliver tangible value.”
Looking Ahead
ICIEC remains committed to expanding its capacity to de-risk trade and investment, driving sustainable growth across its member countries. With its robust financial performance and strategic initiatives, ICIEC is poised to continue its mission of promoting economic development and cooperation among its Member States.
