JEDDAH, United Arab Emirates, December 11, 2023 -- Moody's Investor Services (Moody’s) affirmed ICIEC’s (https://ICIEC.IsDB.org) Aa3 Insurance Financial Strength Rating (IFSR) with a stable outlook for the 16th consecutive year. The affirmation of the rating reflects the strong fundamentals - ICIEC’s financial position, risk governance and continued support from its parent - the Islamic Development Bank (IsDB) and multiple sovereign members of the Organization of the Islamic Cooperation (OIC).

Moody’s highlighted the continuation of strengthening of the standalone credit quality of ICIEC over the recent past years as evidenced by the improved profitability, strong core market positions, diversified operation, very liquid invested portfolio and sufficient capital level.

ICIEC’s profitability remained resilient in 2022, with a combined ratio of 37.3% and net income of Islamic Dinar 8.2 million, benefitting from enhanced business-coverage, reduced risk and business/client concentrations, efficiency gains and substantial investment income.

Moody’s has assigned ICIEC’s ESG Credit Impact Score as neutral-to-low (CIS-2), for the second time, reflecting a limited impact from environmental and social factors on the rating. The Corporation's strong governance and predominant focus on credit and political risk insurance with its diversified portfolio help mitigate its exposure to ESG risks.

H.E. Oussama KAISSI, CEO of ICIEC, extends heartfelt congratulations to the Member Countries, esteemed ICIEC Board Members, and dedicated Staff for their unwavering commitment and consistent success. In alignment with IsDB Group initiatives, he reaffirms the management's steadfast dedication to prioritizing strategic objectives to support member countries by contributing to the development of Islamic finance and top initiatives such as green financing, ESG engagement, and fostering food security.

The CEO expresses gratitude and assures stakeholders that ICIEC is well-positioned to navigate the escalating instability in the international geopolitical arena, pledging to uphold financial stability and solvency throughout these challenges.