Moody’s affirms ICIEC’s Aa3 Insurance Financial Strength Rating with Stable Outlook

BAKU, Azerbaijan, October 26. The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, is pleased to announce that Moody’s Ratings has affirmed the Corporation’s Aa3 Insurance Financial Strength Rating (IFSR) with a Stable Outlook, reflecting the agency’s ongoing confidence in the Corporation’s strong financial fundamentals and strategic importance as a member of the Islamic Development Bank (IsDB) Group.

Moody's cited ICIEC’s strengthening standalone credit profile, including its role as a leading multilateral provider of Shariah-compliant export credit and investment insurance and reinsurance solutions. The agency highlighted improved underwriting performance supported by enhanced risk management, strong asset quality and liquidity, and strong capital adequacy. The Corporation’s preferred creditor status among its Member Countries further reinforces its financial strength and institutional standing.

The rating also benefits from the strong institutional and shareholder support of the IsDB and sovereign shareholders, including Kingdom of Saudi Arabia.

Commenting on the rating affirmation, Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, stated: “This affirmation is a strong endorsement of ICIEC’s financial resilience and our ability to manage risks effectively in an increasingly complex global environment. It strengthens our position as a trusted multilateral partner, enabling us to expand our reach, mobilise investment and deliver meaningful development impact across our Member Countries through innovative Shariah-compliant insurance solutions.”

The Stable Outlook primarily reflects expected ongoing shareholder support, alongside expectations of continued risk management improvements and strong financial fundamentals as ICIEC expands and diversifies its operations while maintaining prudent underwriting discipline. Moody’s also identified ICIEC’s exposure to geopolitical risks and its smaller operational scale relative to peers as moderating factors.

About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):

As a member of ‘AAA’ rated Islamic Development Bank (IsDB), ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is the only Islamic multilateral insurer in the world. It has led from the front to deliver a comprehensive suite of solutions to companies and parties in its 51 Member States. ICIEC, for the 19^th consecutive year, maintained an "Aa3" insurance financial strength credit rating from Moody's, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. Additionally, S&P has reaffirmed ICIEC “AA-“ long-term Issuer Credit and Financial Strength Rating for the third year with Stable Outlook. ICIEC's resilience is underpinned by its sound underwriting, global reinsurance network, and strong risk management policies. Cumulatively, ICIEC has insured more than USD 139 billion in trade and investment. ICIEC activities are directed to several sectors such as energy, manufacturing, infrastructure, healthcare, and agriculture.