Representative Office for ICIEC opens in DIFC

Dubai, 31st May 2010 /WAM/ -- Under the patronage of H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, Minister of Finance and IDB Governor for the United Arab Emirates, the representative office of the Islamic Corporation for the Insurance of Investment and Expert Credit /ICIEC/ was inaugurated today in the Dubai International Financial Centre /DIFC/. /ICIEC/ is a member of the Islamic Development Bank Group. The ceremony was attended by Ahmed Humaid Al Tayer Governor of Dubai International Financial Centre /DIFC/, Younis Haji Al Khoori, Director General, Ministry of Finance, Dr. Ahmad Mohamed Ali, President of the IDB Group and Chairman of the Board of Directors of the ICIEC, Dr. Abdel Rahman El-Tayeb Taha, the CEO of ICIEC, and a great number of government officials, businessmen and banking operating in the UAE.

The objective of the representative office is to enable ICIEC to promote and offer its services which include the insurance of export credit, foreign investment for companies, banks and businessmen, as well as provision of reinsurance services to the Export Credit Insurance Company of the Emirates. It will also provide ICIEC services to neighboring countries, making use of the strategic location of Dubai as an international financial centre. The ICIEC office is now registered at the Dubai International Financial Centre /DIFC/ because of the prominent position it has attained in economic, commercial and financial circles regionally and globally, as well as for the opportunities it offers for interacting with leading investment banks and credit risk insurance and reinsurance companies.

"Islamic Finance is a major industry that ranks highly in the main focus areas that DIFC seeks to develop and support. In the last few years, global interest in Islamic Finance has risen and many conventional financial institutions started to study the main features of the industry and learn from their benefits, particularly in the aspects of ethical investments and risk management. Taking into consideration the high levels of growth in Islamic countries and the fact that many conventional banks and financial institutions have started providing Islamic financial solutions, it is expected that Islamic Finance will achieve higher levels of growth in the years to come. In this context, we are pleased to welcome the opening of a representative office for the Islamic Corporation for the Insurance of Investment and Expert Credit /ICIEC/ here in DIFC. We are confident that the corporation will find an ideal platform for expanding its business in the region the DIFC serves and which covers the Middle East, North Africa and South Asia," Al Tayer said.

Al Khoori said: "In line with MoF efforts to enhance the partnership between public and private sectors in UAE and to support the national economy, UAE provided the infrastructure needed for Islamic Corporation for Insurance of Investments and Export Credits /ICIEC/. This corporation made effective contributions to the support of exports and investment via programs aimed at securing investment insurance and export credit, something that will strengthen the economic growth in Muslim countries".

He commended MoF's efforts and strategy aiming at enhancing the financial relations of UAE with other countries in a way that encourages investment and economic development.

He confirmed that MoF will spare no effort to support the development and coordination with regional and international institutions, which will maximize the benefit of the private UAE companies from services and projects submitted by these international and regional bodies.

Commenting on the occasion, Dr. Abdel Rahman Taha, the CEO of ICIEC, said: "I would like to take this opportunity to pay tribute to the United Arab Emirates for the support it gives to all activities of the Islamic Bank Group in general, and those of ICIEC in particular, as well as for the appreciable help it offers to ICIEC's initiatives and strategic plans". He added that "the opening of this office comes at a time during which the activities of the Corporation have been experiencing sustained growth surpassing the estimates of its previous five-year plan /1426-1430H/, in addition to the growing demand for its services, particularly from Arab Gulf investors interested investing in Africa and other member countries".

Abdullah Mohammed Al Awar, CEO of the Dubai International Financial Centre Authority, said: "It pleases us to welcome the representative office for /ICIEC/ in DIFC. Due to its focus on providing export credit and investment insurance services, we are sure that the new office of the corporation shall help enhance trade transactions and encourage investment flows in the region. The Dubai International Financial Centre has a developed infrastructure and sophisticated regulatory framework that would definitely support ICIEC's efforts to expand its business".

It is to be noted that ICIEC was established as an IDB Group member in 1995 with a capital stock of US$240 million in order to support the export activities of OIC member countries through the provision export credit and investment insurance services. Moody's Investors Services Agency has recently assigned ICIEC a rating of Aa3 for insurance financial strength.