JEDDAH, 20 September 2006 — The Islamic Corporation for Investment and Export Credit, a subsidiary of the Islamic Development Bank, has issued a $10-million policy to Zamil Industrial Investment Company, according to a statement of the ICIEC yesterday.
Abdul Rahman Tayyeb Taha, director general of the ICIEC, said the Zamil group is one of ICIEC’s distinguished clients that understands the vital role being played by the IDB subsidiary against the risks involved in export credits and thus promoting international export.
Zamil was one of the companies that got the ICIEC policies at the initial stage of its establishment. Urging the exporters in the Kingdom to benefit from the services of the ICIEC, Abdul Rahman said it was a non-profit organization and all the exporters, investors and banks in the member countries are eligible for its services. He said with the support of the ICIEC, which covers the credit investment risks on an international level, its client companies could enter and expand their activities in the international markets.
ICIEC had issued comprehensive short-term policies for the Zamil Steel Industries and Zamil Air Conditioners in 1997. Now the Zamil Industrial Investment Company seeks ICIEC coverage under which comes the Zamil Glass Industries besides the steel and air conditioners companies.
ICIEC provides investment and export credit insurance for Islamic Countries on the basis of an agreement of the Organization of the Islamic Conference for the promotion, protection and guarantee of investment among member countries.