Baku (UNA) – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group and a multilateral institution providing Sharia-compliant export credit and investment risk insurance solutions, signed a Memorandum of Understanding (MoU) with Bank of Huzhou Co., Ltd. (BoH) to enhance cooperation in supporting trade and investment flows across ICIEC member countries. The MoU was signed on the sidelines of the 2026 Annual Meetings of the Islamic Development Bank Group, held in Baku, Republic of Azerbaijan, from June 16 to 19, 2026.
The memorandum of understanding establishes a collaborative framework to enhance cross-border trade and investment by combining the institution's expertise in credit and political risk insurance solutions with Huzhou Bank's banking capabilities and customer network. Under the memorandum, the two institutions will work together to identify and develop business opportunities, support trade finance transactions, and provide Sharia-compliant risk mitigation solutions for eligible public and private sector entities.
Commenting on the signing, Dr. Khalid Yousef Khalafalla, CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), said: “Our partnership with Huzhou Bank reflects ICIEC’s commitment to building strong alliances with financial institutions capable of expanding trade and investment between China and our member countries. By combining Huzhou Bank’s banking capabilities with ICIEC’s suite of Sharia-compliant risk mitigation solutions, we aim to support businesses in accessing new markets, mobilizing finance, and seizing opportunities with greater confidence.” He added: “This Memorandum of Understanding provides a practical platform to enhance cross-border cooperation, strengthen financial connectivity, and contribute to sustainable development across our member markets.”
Through this non-exclusive partnership, the Foundation and Huzhou Bank will focus on joint marketing and opportunity attraction, providing advisory support, and facilitating financing backed by the Foundation’s insurance solutions for Huzhou Bank’s corporate clients.
The memorandum of understanding also allows for the exploration of innovative initiatives, including potential platforms supported by insurance technology (InsurTech), with the aim of expanding access to trade and investment opportunities, enhancing the quality of service delivery, and strengthening economic ties between China and other key markets and member countries of the institution, in support of sustainable development and in line with the institution’s approved eligibility criteria.”
(is over)
