Coface, Islamic Corporation to Upgrade Trade Credit Coverage

Coface, a major guarantor of trade credit, announced that it has reached a cooperation agreement with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

The ICIEC was established in 1994. It is based in Djeddah, Saudi Arabia, as a "multilateral export credit and investment insurance company held by 34 Middle East, African and Asian governments and the Islamic Development Bank," said the bulletin. "ICIEC is a member of CreditAlliance, the worldwide network of partners in credit insurance and credit management services founded by Coface in 1992."

The organization provides Shariah compliant export credit insurance in its 34 member countries and covers both commercial and political risks. Coface's agreement is "based on the use of Globalliance, Coface's international credit insurance policy," said the bulletin. "As a result of this agreement, Coface will be in a position to progressively roll-out an export credit insurance solution for its clients in the 35 member countries of ICIEC where Coface is not present yet in credit insurance.

Among these 35 countries, Coface is directly present in 8 and indirectly in 9 through CreditAlliance partners. Bahrain is the first country where the agreement signed with ICIEC will be rolled-out."