Jeddah: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-compliant multilateral insurer and a member of the Islamic Development Bank (IsDB) Group, has received two prestigious Islamic Finance News (IFN) Awards 2024 for its contribution to Senegal’s Highway and Road Program.
The award-winning project has been recognized in the following categories:IFN Sovereign & Multilateral Deal of the Year 2024 – Republic of Senegal EUR Tawarruq Financing, IFN Africa Deal of the Year 2024 – Republic of Senegal’s EUR Tawarruq Financing
ICIEC played an important role as the Guarantor of the Islamic Finance Tranche for the EUR 259 million Murabaha facility, extended by Société Générale. The facility, insured under ICIEC’s Non-Honouring of a Sovereign Financial Obligation (NHSFO) policy, supports the construction of mega road infrastructure in Senegal, including the Dakar-Tivaouane Highway and the expansion of the Cyrnos-Seven Up Road.
According to the source, The project aims to bolster Senegal’s transportation network, significantly reducing travel times, decreasing carbon emissions, and enhancing the movement of goods and services. Additionally, it is expected to create substantial employment opportunities during construction and in the long term, contributing to economic development and regional connectivity.
Dr. Khalid Khalafalla, CEO of ICIEC, expressed his pride in the recognition, stating:
“We are honored that the Highway and Road Project in Senegal has received these distinguished IFN awards. This acknowledgment reaffirms ICIEC’s commitment to delivering Shariah-compliant risk mitigation solutions that drive economic transformation and resilience in our member states. It also highlights the power of strategic partnerships in fostering sustainable development and improving lives.”
As part of its core mission, ICIEC continues to serve as a catalyst for socioeconomic progress across the Organization of Islamic Cooperation (OIC) countries. By leveraging innovative insurance and credit enhancement tools, ICIEC remains dedicated to supporting its member states in achieving economic prosperity.
Established in 1994, ICIEC was created to strengthen economic relations among OIC Member States and promote intra-OIC trade and investments. As the world’s only Islamic multilateral insurer, ICIEC has maintained an Aa3 insurance financial strength rating from Moody’s for 17 consecutive years and has recently been assigned a First-Time “AA-“ long-term Issuer Credit Rating by S&P with a stable outlook.
To date, ICIEC has insured over USD 121 billion in trade and investment, spanning sectors such as energy, manufacturing, infrastructure, healthcare, and agriculture. With a strong underwriting, reinsurance, and risk management framework, ICIEC continues to play a pivotal role in advancing sustainable development across its 50 Member States.
