ICIEC and OeKB Sign Framework Reinsurance Agreement to Strengthen Export Credit and Investment Capacity
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-compliant multilateral insurer and a member of the Islamic Development Bank Group, has entered into a Framework Reinsurance Agreement with Oesterreichische Kontrollbank Aktiengesellschaft (OeKB). This agreement aims to enhance capacity and improve risk-sharing for eligible export credit and investment insurance transactions. The signing took place during the 2026 Spring Meeting of the Berne Union, hosted by KazakhExport in Astana from May 11 to 14, 2026.
Details of the Agreement
Under the terms of the agreement, ICIEC will provide facultative reinsurance on a case-by-case basis for insurance facilities supported by OeKB. This arrangement is designed to bolster support for Austrian exporters, lenders, and investors engaged in transactions with counterparties in ICIEC Member States. It also aims to facilitate the mobilization of trade, investment, and development-oriented projects across key markets.
The reinsurance arrangement will apply to the principal portion of covered credit exposures. Participation levels will be mutually agreed upon and documented for each transaction. By leveraging OeKB’s expertise in export credit insurance along with ICIEC’s multilateral mandate and comprehensive understanding of risks within its Member States, the agreement is expected to unlock additional capacity for transactions that foster economic connectivity, private sector development, and sustainable growth.
Statements from Leadership
Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, emphasized the significance of the agreement, stating that it builds upon a previous reinsurance agreement signed in 2023. He noted that this Framework Reinsurance Agreement represents a crucial step in deepening institutional cooperation. It provides a practical platform to expand reinsurance capacity, enhance risk-sharing, and support eligible export credit and investment insurance transactions involving Austria and ICIEC Member States. Dr. Khalafalla highlighted that through this partnership, ICIEC aims to mitigate risks, mobilize trade and investment, and support transactions that contribute to sustainable economic growth and development across its Member States.
Gerhard Kinzelberger, Senior Director of International Relations and Country Analysis at OeKB, remarked on the dynamic growth of many ICIEC member countries, describing them as attractive markets for Austrian exporters. He expressed satisfaction with the conclusion of the reinsurance agreement, which will enhance support for Austrian exporters in OIC member states.
Implications for Trade and Investment
The Framework Reinsurance Agreement between ICIEC and OeKB establishes a more robust platform for cooperation that can support eligible transactions, expand insurance capacity, and contribute to increased trade and investment flows between Austria and ICIEC Member States. The agreement underscores the vital role of reinsurance partnerships in enabling risk mitigation, strengthening market confidence, and fostering sustainable economic development.
ICIEC’s commitment to providing risk mitigation tools and financial solutions has been evident since its inception in 1994. As the only Islamic multilateral insurer globally, ICIEC has consistently delivered a comprehensive suite of solutions to its 51 Member States. The corporation has maintained an “Aa3” insurance financial strength credit rating from Moody’s for 18 consecutive years, positioning it among the leaders in the Credit and Political Risk Insurance (CPRI) industry. Additionally, S&P has reaffirmed ICIEC’s “AA-” long-term Issuer Credit and Financial Strength Rating for the third consecutive year, indicating a stable outlook.
About ICIEC and OeKB
ICIEC is dedicated to strengthening economic relations between OIC Member States and promoting intra-OIC trade and investments. The corporation has insured over USD 139 billion in trade and investment, focusing on key sectors such as energy, manufacturing, infrastructure, healthcare, and agriculture.
Oesterreichische Kontrollbank AG (OeKB) serves as Austria’s central provider of financial and information services to the export industry and capital market. As the official Export Credit Agency (ECA) of the Austrian Government, OeKB supports Austrian exporters and their international customers by issuing export guarantees to cover payment defaults abroad and offering attractive financial solutions through commercial bank partnerships.
For further details, visit ICIEC and OeKB.
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Published on 2026-05-13 20:35:00 • By the Editorial Desk
