By Abdulfatah Babatunde
The Islamic Corporation for Insurance of Investment and Export Credit (ICIEC) has signed a Memorandum of Understanding (MoU) with the Central Bank of the Republic of Azerbaijan (CBAR) to enhance Islamic insurance services.
TheNewsZenith reports that ICIEC is a Shariah-based multilateral insurer and member of the Islamic Development Bank (IsDB) Group.
The agreement is contained in a statement from the Strategic Planning and Communications Division of ICIEC and mailed to TheNewsZenith on Monday.
Dr Khalid Khalafalla, Officer-in-Charge of ICIEC, and Mr Taleh Kazimov, Governor of the Central Bank of the Republic of Azerbaijan signed the MoU in Jeddah, Saudi Arabia.
The agreement aims to provide a general framework to facilitate cooperation between the two parties.
It is to enhance and deepen Islamic insurance services in the Republic of Azerbaijan.
Under the MoU, both institutions are committed to exchanging expertise on Islamic insurance to foster mutual understanding and development.
Read Related News:
- Kenya lists first Islamic bond on stock exchange
- IsDB holds 18th global forum, AGM in Riyadh
- Islamic Bank, WAIPA agree to boost investment opportunities
- Arab Group pledges $50 billion for African development
- IsDBI implements pilot strategic mapping framework
They will organise trainings and workshops to build capacity and share knowledge.
The duo will also conduct mutual visits to strengthen the partnership and explore further areas of collaboration.
This cooperation will contribute to the broader use of new financial tools in Azerbaijan.
Consequently, it will accelerate investment inflows and fuel sustainable economic growth.
TheNewsZenith reports that ICIEC began operations in 1994 to strengthen economic relations between the Organisation of Islamic Countries (OIC) member states.
It is also to promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions.
The Corporation is uniquely the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 50 Member States.
Do you have a flair for Citizenship Journalism? Share stories of happenings in your area with TheNewsZenith on WhatsApp: 08033668669 or thenewszenithonline@gmail.com. Follow us on www.tiktok.com/@thenewszenithonline. Also, visit, subscribe and like our videos on YouTube @thenewszenithOnline
