ICIEC, a Sharia-based multilateral insurance company and a member of the Islamic Development Bank Group, has signed a framework reinsurance agreement with the OeKB (acting as agent of the Republic of Austria under the Export Guarantees Act) to strengthen export credit and investment risk protection.
The agreement, signed during the 2026 Berne Union Spring Meeting, aims to expand capabilities and enhance risk sharing for eligible export credit and investment insurance transactions.
Under the agreement, Islamic Investment and Export Credit Insurance Corporation (ICIEC) will provide temporary reinsurance on a case-by-case basis for insurance facilities backed by Oesterreichische Kontrollbank Aktiengesellschaft (OeKB).
The arrangement will help strengthen support for Austrian exporters, lenders and investors transacting with ICIEC member country counterparties, while accelerating trade, investment and development-oriented projects in key markets.
According to the announcement, reinsurance arrangements are applicable to underwriting the principal portion of credit risk exposures. The exact level of participation will be jointly decided and recorded on a per-transaction basis.
The agreement combines OeKB’s export credit insurance expertise with ICIEC’s multilateral mandate and specialized regional risk insights.
By unlocking additional financial capacity, the partnership aims to drive stronger economic connectivity, private sector growth and sustainable development.
Dr. Khalid Khalafalla, CEO of ICIEC, commented: “Building on the reinsurance agreement signed between ICIEC and OeKB in 2023, this reinsurance framework agreement marks another important step in deepening our institutional cooperation.
“It provides a practical platform to expand reinsurance capabilities, enhance risk sharing, and support qualified export credit and investment insurance transactions involving Austria and ICIEC member countries. Through this partnership, ICIEC will continue to help mitigate risks, mobilize trade and investment, and support transactions that contribute to sustainable economic growth and development impact in our member countries.”
Gerhard Kinzelberger, Senior Director of International Relations and Country Analysis, said: “Many of the ICIEC member states are dynamically growing and interesting markets for Austrian export companies. We are therefore very pleased with the conclusion of this reinsurance agreement, through which we can even better support projects and investments by Austrian exporters in the OIC member states.”
The framework reinsurance agreement strengthens cooperation between ICIEC and OeKB to expand insurance capabilities and increase trade and investment between Austria and ICIEC member states.
The agreement also highlights how reinsurance partnerships can help reduce risk, increase market confidence and support sustainable economic development.
