Key Takeaways:
- The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Saudi Agricultural Development Fund have entered a Memorandum of Understanding (MoU).
- The partnership aims to foster economic growth through insurance solutions tailored to the agricultural sector.
- The MoU includes initiatives for capacity building in Islamic insurance, export credit insurance, and foreign investment insurance.
- Efforts will be made to enhance the Fund’s employees’ professional development and facilitate cooperation with relevant unions and professional associations.
- The agreement was signed during the Islamic Development Bank Group Annual Meeting 2024 in Riyadh, Saudi Arabia.
Partnership Overview
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Saudi Agricultural Development Fund have formalized a partnership by signing a Memorandum of Understanding (MoU). This event occurred on the sidelines of the Islamic Development Bank Group Annual Meeting 2024 in Riyadh, Saudi Arabia. The signatories were Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Adel bin Abdullah Al-Jumaa, Chief Strategy Officer of the Agricultural Development Fund.
Objectives of the MoU
The newly signed MoU lays the groundwork for a cooperative framework that serves mutual interests through various strategic initiatives. These initiatives are designed to enhance the agricultural value chain within Saudi Arabia and other ICIEC member states by focusing on capacity building in areas such as Islamic insurance, export credit insurance, and foreign investment insurance.
Direct Benefits to the Agricultural Sector
The collaboration is expected to deliver specific benefits to the agricultural sector by providing bespoke insurance solutions that address the sector’s unique needs. One key objective is to integrate Islamic insurance principles, thereby widening the appeal of these insurance products among stakeholders who seek Sharia-compliant options.
Strengthening Professional Development and Cooperation
An integral part of the MoU involves enhancing the professional development of the Fund’s employees and fostering wider cooperation with related professional bodies and associations. This partnership aspect aims to expand knowledge exchange and professional growth opportunities, which are anticipated to contribute positively to the sector.
Statements from Leadership
Mr. Oussama Kaissi commented on the 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 are committed to fostering a comprehensive understanding of our insurance models and cultivating a collaborative environment that will benefit the agricultural sectors within the Kingdom of Saudi Arabia and our member states.”
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