(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.
