The Islamic Corporation for the Insurance of Investment and Export (ICIEC) serves as the insurance arm of the IsDB Group.
ICIEC has acceded to membership of the Bonn-based InsuResilience Global Partnership, the world’s leading platform for inclusive, integrated collaboration, shared learning and delivery for Climate and Disaster Risk Finance and Insurance Solutions.
ICIEC’s membership of InsuResilience, which became effective on 1 September 2022, is underpinned by the Corporation’s recognition of the key role that the Partnership plays in bringing together many of ICIEC’s member states, 13 of whom are members of the V20 Group of Ministers of Finance of the Climate Vulnerable Forum, and the G20, as well as donors, the private sector, international organizations and civil society groups for the achievement of wider Climate Action goals.
InsuResilience was launched at the UN Climate Conference COP23 in November 2017 and climate action has since then assumed even greater importance and urgency, including for ICIEC’s 48 Member States confronted with the task of dealing with the socio-economic costs of climate change and disaster management.
Oussama Kaissi, Chief Executive Officer of ICIEC, comments: “ICIEC’s development mission is aligned with the UN Sustainable Development Goals (SDGs) and the ambitions of the Paris Agreement and is informed by the needs of our Member States. We welcome our accession to membership of InsuResilience, and we remain committed to contributing to developing innovative financial solutions towards climate action, mitigation, adaptation, and capacity building in cooperation with partners through the InsuResilience platform, amongst other climate finance initiatives aimed at advancing the objectives of climate action.”
As the world’s only Shari’ah multilateral credit and political risk insurer, ICIEC cooperates closely with peer climate action institutions in the Member States on an ongoing basis towards realization of their climate action needs as enshrined in their Nationally Determined Contribution (NDC) commitments. ICIEC sees its role in engaging with the private sector as a catalyst for closing the climate action financing gap.