Awlaf : The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank (IsDB) Group, is pleased to announce the signing of a Memorandum of Understanding (MoU) with Credendo on the sideline of the IsDB Group Annual Meetings 2025 in Algiers. The agreement was signed by Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, and Mr. Jean-Paul Steenbeke, Deputy General Manager and Head of Sales and Account Management at Credendo, in the presence of senior officials from both institutions and delegates attending the Annual Meeting.
The MoU establishes a framework to enhance cooperation in credit insurance and reinsurance by developing new risk‑sharing schemes that enable larger trade transactions for multinational corporations operating in ICIEC Member States. It also seeks to reinforce joint underwriting capacity, introduce shared retention models, and formalise coordination through a Joint Working Group, while safeguarding confidentiality and remaining non‑binding.
Dr. Khalid Khalafalla, CEO of ICIEC commented: “Partnering with Credendo strengthens our ability to de‑risk trade and investment flows across our member states. By combining our Shariah‑compliant risk mitigation expertise with Credendo’s global reach, we can mobilise greater capacity for transformative transactions and accelerate sustainable growth in high‑potential markets.”
Mr. Jean-Paul Steenbeke, Deputy General Manager, Head of Sales and Account Management at Credendo: "We are thrilled to celebrate our longstanding partnership with ICIEC. Together, we have supported businesses in ICIEC Member States, fostering trade growth and economic development. We look forward to continuing this successful collaboration and exploring new opportunities."
