ICIEC Insured $10.86bn Worth of Businesses In OIC Countries In 2019

(ProShare, Lagos, 17 February 2020) The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) insured businesses globally to the tune of $10.86bn in 2019. The coverage was part of the report of the ICIEC reviewing its performance and activities for 2019. It translated to a 20.31% increase from 2018, which gulped total business insurance of $9.03bn. The majority of businesses insured in 2019 concentrated on two core regions: The Middle East and North Africa and also Sub-Saharan Africa and Europe. In terms of the impact made in 2019, the distribution by region showed that the Middleast and North Africa, MENA emerged the highest with 54.39%, while Sub-Saharan Africa came second with 42.34% and Asia with 3.28%. ICIEC Businesses Insured by Region in 2019 include Asia 3.28%, Middle East and North Africa: 54.39% and Sub-Saharan Africa 42.34%. Across all 3 regions, energy and manufacturing led the areas supported by ICIEC. Business insured in the energy sector totalled $5.5bn million, while in the manufacturing sector, the figure stood at $2.7bn. Organization of Islamic Cooperation country distributions were: Turkey-14.94%, Algeria -10.53%, UAE-10.18%, Jordan-8.9%, Kingdom of Saudi Arabia-6.18%, Egypt-3.38% and Lebanon-2.88%. ICIEC took part in the 2019 London Sukuk Summit, engaging with leading industry experts and institutions from across the world.