Insurance and Finance Fuel African Trade Growth

BAKU/ --&nbspThe Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (https://ICIEC.IsDB.org), a Shariah-based multilateral credit and political risk insurer and member of the Islamic Development Bank Group, and the Arab Trade Financing Program (ATFP) have signed a Bank Master Policy under a Comprehensive Islamic Finance framework, further strengthening their longstanding partnership to facilitate trade, enhance access to finance, and support sustainable economic growth across member countries.
Signed on the sidelines of the IsDB Group 2026 Annual Meetings in Baku, the Bank Master Policy establishes a Shariah-compliant risk-sharing framework to support financing operations arranged by ATFP in the United Arab Emirates. Under the arrangement, ICIEC will provide insurance coverage for eligible transactions, protecting the policyholder against specified commercial risks, including non-payment, while enhancing transaction security and confidence among participating financial institutions.

The signing marks an important step in advancing Islamic trade finance solutions and reflects both institutions’ shared commitment to strengthening economic connectivity, facilitating cross-border commerce, and supporting private sector development.

Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said: “This Bank Master Policy marks an important step in expanding Shariah-compliant trade finance solutions across our Member States. Through this partnership with ATFP, ICIEC is helping strengthen confidence in trade transactions, mitigate non-payment risks, and enable financial institutions to extend financing with greater certainty. This reflects our continued commitment to supporting sustainable economic growth through practical and impactful risk mitigation solutions.”

As a leading provider of Shariah-compliant credit and political risk insurance, ICIEC continues to facilitate cross-border trade and investment by mitigating risks and mobilising private capital. Through this partnership, ICIEC and ATFP are contributing to a more integrated, resilient, and sustainable trade ecosystem across their member countries.