The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), is a multilateral institution based in Jeddah, Saudi Arabia. Established on 1st August 1994G by the Islamic Development Bank (IDB), a AAA rated multilateral developmental institution. ICIEC is the sole multilateral credit & political risks insurer operating in accordance with the Islamic law. It has a subscribed share capital of USD 150 million. Moody's Investors Service assigned a first-time insurance financial strength rating of Aa3 to ICIEC recently. ICIEC's mandate is to provide an insurance cover to exports from member countries against non-payment resulting from materialization of commercial or non-commercial risks. It also provides investment insurance to foreign investments flowing from any country in the world to member countries, against political risks only. The political risks which ICIEC covers include risk of exchange transfer restrictions, expropriation, war and civil disturbance and breach of contract by sovereign or sub-sovereign entity.
