In a landmark development during the 2025 IsDB Group Annual Meetings in Algiers, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and European credit insurer Credendo signed a strategic Memorandum of Understanding (MoU) aimed at enhancing global trade and investment flows.
The MoU was formalized by ICIEC CEO Dr. Khalid Khalafalla and Credendo’s Deputy General Manager Jean-Paul Steenbeke. This agreement marks a powerful alliance between Shariah-compliant and conventional insurance expertise, combining ICIEC’s risk mitigation capabilities with Credendo’s global underwriting reach.
The partnership focuses on expanding underwriting capacity for high-value projects, particularly in ICIEC’s 49 member states—many of which are emerging economies in urgent need of risk protection to attract international investors. Key initiatives include joint underwriting mechanisms, shared risk retention models, and a formal Joint Working Group to coordinate strategy while maintaining institutional independence and confidentiality.
“This collaboration empowers us to scale up transformative investment in growth markets,” said Dr. Khalafalla. Steenbeke echoed this vision, highlighting Credendo’s longstanding commitment to supporting economic resilience in ICIEC member states.
Beyond boosting trade flows, the MoU reinforces the global development agenda, aligning Islamic finance tools with sustainable growth goals. It signals a rising trend in hybrid financial cooperation designed to bridge gaps in infrastructure, trade finance, and development risk.
With implementation efforts set to begin shortly, the ICIEC–Credendo alliance stands poised to serve as a model for future partnerships uniting Islamic and international insurers for impactful, inclusive economic growth.