ICIEC and KazakhExport Renew Reinsurance Pact, Strengthening Economic Links Across the Islamic World
In a drive that reinforces both economic cooperation and shared values across the Islamic world, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and KazakhExport have renewed their Quota-Share Treaty Reinsurance Agreement for the 2025–2026 period, in Jeddah, Saudi Arabia on November 9th, 2025. The renewed accord, signed during the 15th Annual Meeting of the AMAN Union in Jeddah, marks the fifth consecutive year of partnership between the two institutions.
Signed by Dr. Khalid Khalafallah, Chief Executive Officer of ICIEC, and Mrs. Ayan Bektybayeva, Deputy Chairman of KazakhExport, the agreement continues ICIEC’s reinsurance coverage for KazakhExport’s Documentary Credit Insurance Policy (DCIP). The arrangement enables Kazakhstan’s export credit agency to expand its underwriting capacity for trade-finance risks. This is a critical step for supporting export diversification, small and medium-sized enterprises (SMEs), and cross-border investments.
At its core, the renewal strengthens intra-OIC trade and investment flows, offering member countries greater resilience against global market volatility. The Kazakhstan deal supports its broader strategy to reduce reliance on oil exports and boost non-oil sectors such as agriculture, manufacturing, and renewable energy.
Regarding ICIEC, a member of the Islamic Development Bank Group, the agreement underlines its strategic mandate: providing risk mitigation and capacity-building for member Export Credit Agencies (ECAs). This support helps smaller ECAs scale their operations and align with international best practices, a particularly vital service as developing economies face tightening credit conditions worldwide.
Further than economics, the renewal also highlights the growing solidarity among OIC member nations. In an era marked by geopolitical uncertainty, the partnership between ICIEC and KazakhExport demonstrates how Islamic financial institutions can collaborate to foster mutual economic security and ethical growth guided by Shariah-compliant principles.
Kazakhstan’s participation in such agreements also reflects its strategic balancing act, expanding engagement with the Muslim world while maintaining open trade with Europe and Asia. For Saudi Arabia, hosting the signing on the sidelines of the AMAN Union meeting signals Jeddah’s rising role as a hub for Islamic finance diplomacy.
At the grassroots level, the agreement’s ripple effects could be significant. By expanding trade insurance and financial access, the partnership indirectly supports entrepreneurs, family-owned businesses, and exporters across Central Asia. More stable export financing means more predictable income for families, more jobs in rural areas, and stronger community resilience against economic shocks.
Dr. Khalid Khalafallah summed up this vision succinctly – “this renewal reflects the depth of our partnership with KazakhExport and our shared vision to advance trade and investment across OIC member countries. Through this treaty, ICIEC continues to deliver reinsurance and technical support that empower member ECAs to underwrite larger, more diversified, and more impactful trade transactions”.
As global trade faces increasing fragmentation, the ICIEC-KazakhExport partnership stands as a model of multilateral cooperation grounded in shared ethical and developmental goals. It combines financial pragmatism with a broader cultural mission: building prosperity that benefits not only states and corporations but also the people and communities behind every trade deal.
