ICEIC Provides USD 50 Million Islamic Bank Master Policy to BADEA to Support Arab Exporters

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), which is a member of the Islamic Development Bank (IsDB), has provided USD 50 million in insurance coverage in the form of an Islamic Bank Master Policy (BMP) to the Arab Bank for Economic Development in Africa (BADEA).

Why it Matters?

This is the first Islamic BMP signed between ICIEC and a Multilateral Development Bank. The BMP provided by ICIEC will assist BADEA’s participation in syndication with the International Islamic Trade Finance Corporation (ITFC) and BMCE Bank of Africa, which provides financing to the ECOWAS Bank for Investment and Development (EBID). The financing will be used to help import strategic goods from Arab countries to Economic Community...