KUALA LUMPUR: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has signed a strategic quota share retakaful agreement with the Export-Import Bank of Malaysia Bhd (MEXIM) to enhance the provision of Export Trade Credit Risk Takaful worldwide. This collaboration, formalized during the AMAN Union’s Annual General Meeting in Algiers, Algeria, aims to strengthen the global trade ecosystem through improved risk mitigation solutions.

According to BERNAMA News Agency, MEXIM’s acting president and chief executive officer, Nurbayu Kasim Chang, stated that the agreement enhances the bank’s capacity to protect Malaysian exporters from commercial and political risks, particularly in emerging and non-traditional markets. This is achieved by leveraging ICIEC’s underwriting capabilities. MEXIM is dedicated to supporting the growth of Malaysian exporters by offering tailored financial solutions and coverage options across more than 50 countries on five continents. The partnership with ICIEC,
as part of the AMAN Union, is expected to foster stronger synergies and provide comprehensive export protection for Malaysian exporters.

In a joint statement, ICIEC and MEXIM emphasized that the strategic partnership is designed to strengthen global trade by offering enhanced risk mitigation solutions. The Quota Share Retakaful Agreement enables both institutions to share risks more effectively, promoting financial stability and encouraging increased trade and investment activities globally.

ICIEC officer-in-charge, Dr. Khalid Khalafalla, noted that the alliance significantly improves both parties’ abilities to provide comprehensive trade credit risk solutions and underscores their commitment to sustainable economic growth across member states. By combining resources and expertise, ICIEC and MEXIM aim to boost the confidence of exporters and investors worldwide while adhering to Shariah principles.