Astana (UNA) – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group that provides Sharia-compliant insurance services, and the Austrian Bank Supervisory (OeKB), acting as agent for the Republic of Austria under the Export Guarantees Act, announced the signing of a framework reinsurance agreement. This agreement aims to expand capacity and enhance risk sharing for eligible transactions in the areas of export credit and investment insurance. The agreement was signed on the sidelines of the 2026 Berne Union Spring Meeting, hosted by the Kazakh Export Credit Agency (KazakhExport) in Astana from May 11-14, 2026.
Under this agreement, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) will provide optional reinsurance for the insurance facilities backed by the Austrian Supervisory Bank, on a transaction-by-transaction basis. This arrangement will enhance support for Austrian exporters, lenders, and investors in their dealings with parties in ICIEC member countries, and will contribute to mobilizing trade and investment and supporting development-oriented projects in key markets.
The reinsurance arrangement covers the core portion of the covered credit exposures, with participation levels to be determined and documented by mutual agreement for each transaction. By combining the Austrian Bank Supervisory Authority’s expertise in export credit insurance with the Islamic Corporation for the Insurance of Investment and Export Credit’s (ICIEC) position as a multilateral insurer and its deep understanding of risks in its member countries, this agreement will enable additional transaction capacity that supports economic integration, private sector development, and sustainable growth.
Commenting on the signing of the agreement, Dr. Khalid Yousef Khalafallah, CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), stated: “Building on the reinsurance agreement signed between ICIEC and the Austrian Supervisory Bank in 2023, this framework agreement represents a significant new step towards strengthening institutional cooperation between the two parties. It provides a practical platform to expand reinsurance capabilities, enhance risk sharing, and support eligible export credit and investment insurance transactions between Austria and ICIEC member countries. Through this partnership, ICIEC will continue its role in mitigating risks, mobilizing trade and investment, and supporting transactions that contribute to sustainable economic growth and tangible developmental impact in our member countries.”
Gerhard Kinzelberger, Senior Director of International Relations and Country Analysis at the Austrian Bank Supervisory, stated: “Many member countries of the Islamic Corporation for the Insurance of Investment and Export Credit represent promising and rapidly growing markets for Austrian exporting companies. Therefore, we are pleased to conclude this reinsurance agreement, which will allow us to strengthen our support for Austrian exporters in their projects and investments in OIC member countries.”
Through this framework reinsurance agreement, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Austrian Supervisory Bank (BSE) establish a stronger foundation for their joint cooperation, contributing to the support of eligible transactions, expanding insurance capacity, and enhancing trade and investment flows between Austria and ICIEC member countries. The agreement also underscores the importance of reinsurance partnerships in mitigating risks, strengthening market confidence, and supporting sustainable economic development.
(is over)
