Abu dhabi: Etihad Credit Insurance (ECI), the UAE Federal export credit company, has entered into a Memorandum of Understanding (MoU) with the Arab Bank for Investment and Foreign Trade, also known as Al Masraf. This agreement aims to advance bilateral collaboration in the realms of insurance and risk management, with a focus on supporting the trade and real estate sectors and enhancing exporters' access to finance as part of the UAE's economic agenda.
According to Emirates News Agency, the partnership will cover a range of areas including trade credit insurance, both conventional and Murabaha. It will provide export credit risk insurance to protect UAE exporters against various risks, both commercial and non-commercial. The MoU extends to cover short-term, medium-term, and long-term credit risk insurance, individual buyer risk, supply risk, export and SME financing, confirmation of letters of credit (LoC), and broader corporate finance solutions.
Raja Al Mazrouei, CEO of Etihad Credit Insurance, emphasized the strategic importance of this agreement with Al Masraf in fostering bilateral cooperation. She noted that the partnership aligns with ECI's efforts to enhance the UAE's export ecosystem, facilitate global market access for UAE products, and strengthen the nation's role as an international trade and investment hub. Al Mazrouei also highlighted the addition of Al Masraf to ECI's network of partners as a significant boost to its portfolio, reinforcing ECI's commitment to providing integrated credit and financing solutions for UAE businesses.
CEO of Al Masraf, Fuad Mohamed, expressed the bank's honor in partnering with ECI to strengthen trade, investment, and risk management solutions. He stated that the collaboration aligns with Al Masraf's vision to support the UAE's economic growth and trade diversification, particularly in critical sectors like real estate.
The MoU also includes plans for joint seminars and workshops to promote the solutions offered by both entities, aimed at protecting commercial activities from non-payment risks. Additionally, the agreement envisions joint participation in various conferences, events, and related activities to further the objectives of the partnership.