/24-7PressRelease/ - HONG KONG, April 03, 2008 - The Islamic Corporation for Insurance of Investments and Export Credits (ICIEC), Mr. Yasser Alaki, expressed to The Arab Chamber of Commerce & Industry's President "We congratulate you on your achievements and wish you all the best in your initiatives."
The Islamic Corporation for Insurance of Investments and Export Credits (ICIEC) is an internationally recognized Leader in Shariah compatible Export Credit and Investment Insurance and Reinsurance, with a primary mission is to encourage Exports from Member Countries and to facilitate the flow of Foreign Direct Investment to Member Countries by providing and encouraging the use of Shariah compatible Export Credit and Investment Insurance as Credit and Country Risk mitigation instruments.
Mr. Yasser Alaki, Acting Head of ICIEC's SD adds "We are pleased to support you in any possible way related to our scope of services."
Membership in ICIEC is open to the Islamic Development Bank and countries which are members of the Organization of the Islamic Conference (OIC). At the end of 1426H, there were 36 shareholders of ICIEC, comprising IDB and 35 countries. Several other countries are in the process of completing the membership requirements.
ICIEC provides insurance facilities in accordance with the principles of the Shariah (Islamic Law). Thus, in carrying out its operations, the Corporation observes the following principles.
a. Endeavors to achieve mutual co-operation of policyholders through their collective sharing of losses which any one policyholder may suffer;
b. Distributes the surplus that may accrue from the insurance and any reinsurance operations to policyholders after meeting statutory reserve obligations;
c. Excludes cover of contracts for the sale of goods prohibited under Shariah, as well as interest accruing from export credit or investment loans; and
d. Invests its own funds in accordance with Islamic principles.
The Arab Chamber of Commerce & Industry (ARABCCI) was established in Hong Kong 2006 as a leading organization at promoting commercial ties between Hong Kong/Greater China and the Arab World.
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