Algiers: 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 Group, has announced the formal approval of its Annual Report and Audited Financial Statements for 2024. This announcement was made during the IsDB Group's 2025 Annual Meetings held in Algiers.
According to Emirates News Agency, the 2024 report reveals that ICIEC successfully insured $13 billion in business for the year, raising the total cumulative business insured since the organization's inception to $121 billion. This includes $96 billion in export credit and $25 billion in investment. Furthermore, the corporation facilitated $57 billion in intra-OIC trade and investment transactions and progressed with its Third General Capital Increase to significantly boost underwriting capacity and ensure long-term financial stability.
Under the IsDB Group Food Security Response Programme (FSRP), ICIEC approved over $1 billion in food-related transactions to support Member States affected by global food crises. In alignment with its climate objectives, the Board of Directors sanctioned a dedicated Climate Change Policy, allocating 13% of 2024's insured business to climate-related initiatives.
ICIEC demonstrated financial resilience with a net result of $24.9 million, marking a 4% improvement year-on-year, and achieved its seventh consecutive year of technical surplus. Moody's upheld ICIEC's Aa3 rating for the 17th consecutive year, while S and P Global Ratings awarded ICIEC a first-time rating of AA- with a stable outlook.
Dr. Khalid Khalafalla, CEO of ICIEC, expressed, "2024 was a testament to our unwavering commitment to support Member States through innovative, Shariah-compliant solutions. Insuring $13 billion in business last year and achieving a seventh consecutive year of technical surplus reflects our strong ability to navigate complex markets and deliver tangible value. Looking ahead, we remain committed to expanding our capacity to de-risk trade and investment, driving sustainable growth across our member countries."