ICIEC And KSA’s Agricultural Development Fund Collaborate To Strengthen Agricultural Sector

ICIEC and KSA’s Agricultural Development Fund Collaborate

RIYADH, KSA: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and esteemed member of the Islamic Development Bank (IsDB) Group, is pleased to announce the signing of a Memorandum of Understanding (MoU) with the Agricultural Development Fund (Saudi Arabia). The signing took place on the sidelines of the IsDB Group Annual Meeting 2024 in Riyadh, Saudi Arabia. The MoU was signed by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Adel bin Abdullah Al-Jumaa, Chief Strategy Officer, of the Agricultural Development Fund.

The MoU establishes a cooperative framework between ICIEC and the Agricultural Development Fund, designed to enhance mutual interests through strategic initiatives. These initiatives include capacity building on Islamic insurance, export credit insurance, and foreign investment insurance to benefit the agricultural value chain in the Kingdom and other ICIEC member states. The MoU, in addition to strengthening the Fund’s employees’ understanding of ICIEC’s business model and services, will also facilitate its affiliations with relevant unions or professional associations to bolster professional development and cooperation.

Oussama Kaissi expressed his enthusiasm about this new partnership, stating, “Our partnership with the Saudi Agricultural Development Fund marks a significant advancement in our ongoing efforts to support economic growth through bespoke insurance solutions. We remain steadfast in our commitment to fostering a comprehensive understanding of our insurance models and cultivating a collaborative environment that will yield tangible benefits for the agricultural sectors within the Kingdom of Saudi Arabia and our member states .”

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