ICIEC and Credendo Ink Strategic MoU to Boost Trade and Investment Flows

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-compliant multilateral insurer and part of the Islamic Development Bank (IsDB) Group, has signed a significant Memorandum of Understanding (MoU) with Credendo, a renowned European credit insurance group. The formal signing took place on the sidelines of the IsDB Group Annual Meetings 2025 in Algiers, Algeria.

A Partnership to Empower Trade and Investment

The MoU 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. The signing ceremony was witnessed by senior officials from both institutions, along with distinguished delegates attending the annual meeting.

This partnership represents a pivotal step toward enhancing mutual cooperation in the fields of credit insurance and reinsurance. Through this agreement, both parties aim to foster an environment that supports increased trade and investment in ICIEC Member States—many of which are emerging and developing economies in dire need of de-risking mechanisms to attract international capital and cross-border commerce.

Joint Commitment to Risk Sharing and Capacity Building

The framework of this MoU focuses on the development of innovative risk-sharing schemes. These schemes will allow both institutions to underwrite larger trade and investment transactions, particularly for multinational corporations engaged in ICIEC Member States. By combining ICIEC’s unique Shariah-compliant risk mitigation tools with Credendo’s broad international experience and underwriting capacity, the alliance is expected to mobilize significant insurance support for high-value, impactful projects.

Key initiatives under the MoU include:

• Joint Underwriting Capacity: Leveraging the combined expertise and capital resources to increase the underwriting ceiling for major projects.

• Shared Retention Models: Creating mechanisms for evenly distributed risk sharing between the two insurers.

• Formal Joint Working Group: Establishing a permanent structure to facilitate regular coordination and information exchange, while maintaining strict confidentiality.

• Non-Binding Nature: Maintaining flexibility for both organizations, enabling them to collaborate on a case-by-case basis without imposing legal obligations.

Leaders Emphasize Strategic Importance of Collaboration

Speaking at the signing event, Dr. Khalid Khalafalla emphasized the strategic value of the collaboration:

“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.”

Echoing the sentiment, Mr. Jean-Paul Steenbeke of Credendo highlighted the longstanding relationship and mutual trust between the two institutions:

"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."

Implications for the Broader Development Agenda

The signing of this MoU reflects a growing trend of strategic alignment between Islamic finance institutions and global partners to jointly support sustainable development goals (SDGs). For ICIEC, this partnership is aligned with its mission to promote inclusive economic growth by providing investment and export credit insurance to mitigate political and commercial risks.

For Credendo, which has a strong history of supporting global trade through comprehensive risk management solutions, this collaboration extends its footprint into markets with significant growth potential.

Looking Ahead

With a Joint Working Group set to operationalize the terms of the MoU in the coming months, stakeholders across ICIEC’s 49 Member States are expected to benefit from an expanded pool of resources and insurance solutions. This MoU could serve as a blueprint for future partnerships between Islamic and conventional insurers aiming to address the global infrastructure and trade finance gaps in a rapidly evolving economic landscape.