ICIEC’S BOARD OF GOVERNORS TO MEET IN JEDDAH

Monday, April 17, 2017

Under the patronage of His Excellency the king of Kingdom of Saudi Arabia, Salman bin Abdulaziz Al Saud, the Board of Governors of ICIEC will hold its 24th annual meeting in Jeddah, Saudi Arabia on May 16, 2017 in conjunction with the 43rd annual meeting of the Islamic Development Bank (IDB). 

During the meeting, the governors of the IDB Group members will provide guidance on IDB Group’s operational, financial, as well as strategic directions. In addition, the governors will approve the financial results of the Corporation for 2016, and sanction the selection of the external auditors for the financial year 2018. 

Various activities and side meetings are planned during the meeting, notably ICIEC session on “Risk Mitigation Tools to Support GCC’s Investment in the Sub-Saharan Africa Region” and another session on “Boosting Trade through Financing and Takaful Insurance: Working Together to Address the Development Needs of Member Countries” jointly participated in by ICIEC and ITFC (The International Islamic Trade Finance Corporation) – another member of IDB Group. 

ICIEC will discuss with leading Investors, Banks, Insurers Companies and Export Credit Agencies (ECAs) from Asia and Europe on how the Corporation is intending to meet the Exporter and Investors requirements in terms of risk mitigation tools as well as delivering projects and services, which are in line with the IDBG development impact requirements. 

The joint ICIEC and ITFC session on Financing and Takaful Insurance will focus on boosting the private sector development within OIC members and highlighting the complementarity roles between Takaful Insurance and Trade Finance, alongside with the public sector’s support to address the most challenging development issues that IDB Group members’ countries face, such as job creation, infrastructure deficits, and climate change. 

Mr. Oussama A. Kaissi, Chief Executive Officer of ICIEC, noted that the gathering is an opportune time for all players to know more about ICIEC’s Shariah-compliant risk mitigation tools and ICIEC as the preferred enabler of trade and investment for sustainable economic development in member countries. He anticipated that the Board of Governors will focus on creating stronger alignment between activity and business strategy. “We should think carefully about how we will further increase our operations and how we will strengthen our partnerships with the private sector to help enhance our competitive advantage in meeting future growth opportunities. In the meeting, we will also think carefully about what capabilities and skills we need in order to innovate and win in the future,” Mr. Kaissi added.