The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Nigerian Export-Import Bank (NEXIM) Bank Forge Strategic Partnership for Export Credit and Investment Insurance in Nigeria
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (http://ICIEC.IsDB.org), a Shariah-based multilateral insurer and member of the Islamic Development Bank (IsDB) Group, is pleased to announce a landmark collaboration with the Nigerian Export-Import Bank (NEXIM). The two entities signed a Memorandum of Understanding (MoU) for cooperation during the IsDB Group Annual Meetings 2025, held in Algiers, Algeria.
The signing ceremony, attended by senior officials from both organizations, was led by Dr. Khalid Khalafalla, ICIEC CEO, and Mr. Abba Bello, Managing Director&CEO at NEXIM Bank. This MoU establishes a strategic framework aimed at deepening cooperation between ICIEC and NEXIM Bank, with a focus on key areas that will strengthen the export credit and investment insurance landscape. The collaboration seeks to promote financial and trade relations while driving economic growth across ICIEC’s member states and beyond.
The partnership will foster the exchange of expertise in export credit and investment insurance, joint marketing, and the development of tailored products for the export and investment markets. Capacity-building initiatives will ensure NEXIM is equipped to sustain long-term benefits. This strategic positioning will enable NEXIM to leverage its capacity effectively, supported by ICIEC, to achieve its ambitious goals. Additionally, NEXIM has joined the AMAN Union, further enhancing its outreach within the export credit insurers of the OIC Member States.
Dr. Khalid Khalafalla, CEO of ICIEC, expressed his enthusiasm about the new partnership, stating, “This MoU represents a significant milestone in our commitment to supporting the export and investment sectors across our member states. By collaborating with NEXIM Bank, we are reinforcing the foundation for increased trade and investment flows, while providing enhanced risk mitigation tools for Nigerian exporters.”
NEXIM MD/CEO’s statement here:
This partnership aligns with ICIEC’s broader efforts to facilitate trade and investment across its member states and contribute to the realization of sustainable development goals through innovative insurance and reinsurance solutions. The cooperation between ICIEC and NEXIM will play a pivotal role in fostering economic stability and enhancing competitiveness for both entities and their respective stakeholders.
Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
Contact:
Email: ICIEC-Communication@isdb.org
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About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):
ICIEC commenced operations in 1994 with a mission to strengthen economic relations between OIC Member States and promote intra-OIC trade and investment through credit and investment insurance. The Corporation is the World’s only Islamic multilateral insurer in the world and has been at the forefront of delivering a comprehensive suite of risk mitigation tools to support cross-border trade and investments for its 50 Member States. For the 17th consecutive year, ICIEC maintained an “Aa3” insurance financial strength credit rating (IFSR) from Moody’s, positioning the Corporation among the leaders in the Credit and Political Risk Insurance (CPRI) Industry. In addition, ICIEC was assigned a first-time “AA-” long-term Issuer Credit Rating with a Stable Outlook by S&P. ICIEC’s resilience is anchored in its prudent underwriting practices, robust reinsurance arrangements, and sound risk management framework. Since inception, ICIEC has cumulatively insured over USD 121 billion in trade and investment, supporting key sectors such as energy, manufacturing, infrastructure, healthcare, and agriculture.
For more information: visit: http://ICIEC.IsDB.org.
