Sharia investment surprises Dubai

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the export credit insurance arm of the Islamic Development Bank (IDB) opened its representative office at Dubai International Financial Centre. An agreement was earlier signed between H.E Obaid Humaid Al Tayer, Minister of State for Financial Affairs and H.E Dr. Ahmad Mohamed Ali, President of the Islamic Development Bank in this regard. ICIEC is a member of the IDB Group and was established in 1994 as an international institution with full juridical personality. An ICIEC representative office was established in the Centre on May 24, 2010 it aims promoting and providing the corporation’s services to companies, banks and businesspeople operating in the UAE, and it also includes export and insurance credit facilities in line with Islamic Sharia principles. The main roles of the office will include finalizing contracts and agreements on behalf of the ICIEC according to the corporation’s policies, procedures and decisions. It will also be responsible for following up on the progress of IDB development operations concerning technical cooperation in the area of promoting investment in member states, in addition to organizing and participating in conferences, symposiums, workshops and training programmes pertaining to any of the IDB’s goals or scope of work. The corporation aims at increasing trade and investment opportunities for member states and includes a total of 40 countries.