MARRAKESH, Morocco, October 24, 2023/ — In a significant step toward strengthening local currency financing solutions, The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) , a multilateral credit and political risk insurer and a member of the IsDB Group and The Currency Exchange Fund N.V (TCX) ceremoniously inked a Memorandum of Understanding (MoU). This landmark alliance was solidified in the vibrant city of Marrakesh on the sidelines of the Annual Meetings of the World Bank Group and the IMF.
This strategic collaboration aims to provide alternative financing solutions in local currency to ICIEC Member States. It underscores both entities’ commitment to enhancing the economic landscape of these states by offering blended insurance and hedging structures to ICIEC policyholders consistent with Islamic principles.
“This collaboration marks a pivotal moment in our ongoing efforts to support our Member States. By joining forces with TCX, we can offer more comprehensive solutions, blending insurance with currency risk hedging, ensuring sustainable and transparent financial growth in our regions,” said Mr. Oussama Kaissi, Chief Executive Officer of ICIEC.
Under this MoU, both parties will actively share information and insights, driving mutual projects that can benefit from their collective support. They will jointly foster local currency financing to be provided by ICIEC Policyholders and hedged by TCX. Additionally, training sessions and workshops will be organized in relevant countries to raise awareness about local currency financing and hedging solutions.
The signing of this MoU not only fortifies the commitment of both ICIEC and TCX to their foundational objectives but also paves the way for a more resilient and inclusive financial ecosystem in the Member States.
