ICIEC and KSA Agricultural Development Fund are working together to strengthen the agricultural sector

Mr. Oussama Kaissi, Director General of ICIEC and Mr. Adel bin Abdullah Al-Jumaa, Chief Strategy Officer, Agricultural Development Fund

Islamic Insurance Corporation Investment and Export Credit (ICIEC) , a Shariah-based multilateral insurer and valued member of the Islamic Development Bank (IsDB) Group, is pleased to announce the signing of a Memorandum of Understanding (MoU) with the Agricultural Development Fund (Saudi Arabia). The signing took place on the sidelines of the IsDB Group’s 2024 annual meeting in Riyad, Saudi Arabia. The MoU was signed by Mr. Oussama Kaissi, Director General of ICIEC, and Mr. Adel bin Abdullah Al-Jumaa, Director of Strategy at the Agricultural Development Fund.

The MoU establishes a framework for cooperation between ICIEC and the Agricultural Development Fund, aimed at strengthening mutual interests through strategic initiatives. These initiatives include capacity building in Islamic insurance, export credit insurance and foreign investment insurance, benefiting the agricultural value chain in the Kingdom and other ICIEC member states. The MoU, in addition to increasing the Fund’s staff awareness of ICIEC’s business model and services, will also facilitate its linkages with relevant professional unions or associations to support professional development and collaboration.

Mr. Oussama Kaissi expressed his enthusiasm for the new partnership, stating: “Our partnership with the Saudi Agricultural Development Fund marks significant progress in our ongoing efforts to support economic growth through tailored insurance solutions. We remain steadfast in our commitment to fostering a comprehensive understanding of our insurance models and cultivating a collaborative environment that will deliver tangible benefits to the agricultural sectors in the Kingdom of Saudi Arabia and our member states.”