RIYADH, Saudi Arabia, April 29, 2024 -- The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (http://ICIEC.IsDB.org), a Shariah-based multilateral insurer and a member of the Islamic Development Bank (IsDB) Group, is delighted to announce the signing of a Memorandum of Understanding (MoU) with the Federation of Contractors from Islamic Countries (FOCIC). This  agreement was signed by ICIEC CEO Mr. Oussama Kaissi and Mr. Zakariyah AbdulRahman Al Abdulqadir, President, FOCIC during the IsDB Group Annual Meeting 2024 held in Riyadh.

This MoU has been established between ICIEC and FOCIC to create a comprehensive framework for collaboration in the areas of knowledge sharing and technical capacity for the parties within the insurance and contracting sectors.

 ICIEC's Chief Executive Officer, Mr. Oussama Kaissi, expressed that “the MoU established with FOCIC represents a profound dedication to promoting the comprehension and implementation of Islamic insurance throughout their member countries. By amalgamating their resources and proficiency, they are well-positioned to effectuate significant progress in the insurance and construction sectors, crucial for sustained economic expansion and advancement within their communities”.