ICIEC Partners with Huawei to Promote Telecom Advancements

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and a member of the Islamic Development Bank (IsDB) Group, is thrilled to announce a newly signed Memorandum of Understanding (MoU) with Huawei Technologies Co., Ltd.

This strategic memorandum was signed on the sidelines of the IsDB Group Annual Meeting 2024 in Riyadh, Saudi Arabia, by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Silas Zhang, President of Financing Operation at Huawei Technologies.

This MoU strengthens the ongoing the ICIEC and Huawei. The goal is to enhance the telecommunications infrastructure across ICIEC member states. Under this arrangement, ICIEC will provide insurance solutions to support Huawei's provision of advanced telecom network equipment and training to key telecom operators within the ICIEC member states. Notably, ICIEC has already facilitated the supply of critical telecom equipment to significant operators such as Indosat in Indonesia and Uzbektelecom in Uzbekistan. This collaboration aims to improve connectivity and access to advanced telecommunications technology in the member states.

Oussama Kaissi, CEO of ICIEC, commented on the partnership, saying, "This MoU with Huawei represents a significant roadmap towards supporting the strengthening of critical telecommunications infrastructures in our member states. By combining Huawei’s technological expertise with ICIEC’s robust insurance solutions, we are setting the stage for transformative growth in the telecommunications sector. This collaboration is more than a partnership; it’s a pathway to greater connectivity and innovation, enabling our member states to harness the full potential of advanced telecommunications technology."

ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions.

The Corporation is uniquely the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 49 Member States. ICIEC, for the 16th consecutive year, maintained an "Aa3" insurance financial strength credit rating from Moody's, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry.

ICIEC's resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 108bn in trade and investment. ICIEC activities are directed to specific sectors - energy, manufacturing, infrastructure, healthcare, and agriculture.