The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)
is a member of the Islamic Development (IDB) Group. ICIEC was established on 1st
August 1994 (24 Safar 1415H) as an international institution with full juridical
The idea for the establishment of an entity to provide investment and export credit
insurance for Islamic Countries originated from the Agreement for the Promotion,
Protection and Guarantee of Investment in among Member Countries of the Organization
of the Islamic Conference (OIC).
This Agreement provided that the OIC, through the Islamic Development Bank, establish
an Islamic Insurance Company operating with Shariah, providing insurance products
for investments and export credits.
Following the Agreement, at its 16th Annual Meeting held in Tripoli, Libya, in Sha'ban
1412H (February 1992), the Board of Governors of IDB Group approved the Articles
of Agreement of the Islamic Corporation for the Insurance of Investment and Export
Credit (ICIEC), and ICIEC came into existence.
The driving ambition behind the Agreement as a whole, and the creation of ICIEC,
was to the strengthening of economic relations among member countries of the OIC
on the basis of Islamic Shariah.