Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi- Export insurance support for OIC states reaches $ 17.4 bn  Join our daily free Newsletter

MENAFN - Arab News - 29/11/2012

No. of Ratings : 0
Add to Mixx!


(MENAFN - Arab News) Aman Union members have contributed 17.4 billion in investment and export insurance for OIC countries this year, said its Secretary-General Dr. Abdel-Rahman Taha.

"The insurance support given by the union this year is 17.6 percent more than that of 2010 when it gave 15.06 billion," he pointed out.
Addressing the union's third annual meeting in Kuala Lumpur, Taha expressed deep concern over the prevailing uncertain economic outlook globally.

"The union is now holding its 3rd annual meeting in difficult economic times that will require more effort in the industry to face these challenges," said Taha, who is CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), an affiliate of Islamic Development Bank.

"We believe this forum is playing a critical role in bringing the industry captains together to create a collective impact to advance the future of the credit insurance and reinsurance industry in Islamic and Arab countries," said Adissadikin Ali, managing director and CEO of EXIM Bank Malaysia.
The meeting was jointly organized by EXIM Bank, ICIEC and the Arab Investment and Export Credit Guarantee Corporation (Dhaman).

Malaysia's Deputy Finance Minister Awang Adek Hussin officiated the gathering, which assembles commercial and non-commercial credit and political risks insurers and reinsurers from member countries of the Organization of the Islamic Cooperation.

"It was a ground-breaking event for the global Islamic business community to meet, interact and transact business," said Taha.

The forum brought together over 80 participants from partners in the field of export credit insurance. A number of special invitees and speakers and panelists including Mohammed Emir Mavani Abdullah, director, oil, gas & energy and financial services performance Management and Delivery Unit and Dr. Frederico Gil Sander from the Multilateral investment guarantee agency (MIGA) attended the event.

The Aman Union Database Center was officially launched during the meeting. "The Aman Union Database is the first of its kind and is established for the benefit of national export credit insurance agencies in the Arab and Islamic countries," said Taha.

"We are confident that the establishment of this database center will help in solving issues on reliability and cost of credit information in our region," he said. "This will enable members of the union to share and exchange their underwriting knowledge and experience on."

Aman Union was launched under the leadership of ICEIC, and Dhaman. The union is the first organization that brings together investment and export credit agencies in the Arab and Islamic world under one umbrella.

"It aims at enhancing cooperation among Arab and Islamic export credit institutions and encouraging the development of investment and export credit insurance industry in its member countries," an official statement said.
The union also offers technical assistance to establish new agencies while also enhancing the insurance capacity of existing agencies.

Meanwhile, the Islamic Corporation for the Development of the Private Sector (ICD), a member of the IDB, entered into an agreement recently with Tunisia's deposits and consignment fund Caisse des Dpts et Consignations, CDC, a Tunisian public institution, to launch the largest Shariah-compliant SME fund known as Theemar Investment Fund in the country.

Taking the initiative by creating an integrated solution to the problems of financing for Small and Medium Enterprises (SMEs), the fund, with a capital of around 2.33 billion and an outlay of 30 million regulated by Tunisia's financial market board Conseil du March Financier CMF, is expected to provide additional growth capital to the SMEs.

The fund will be helping SMEs contribute to economic development and additional employment opportunities within the Tunisian economy. It is worth noting that the SME sector is considered the backbone of the Tunisian economy.

On the occasion, Jamel Belhaj, CDC general director, said that with their shared mission, CDC looks forward to enhancing cooperation with the ICD through this innovative product especially tailored for Tunisia.

On his part, ICD Chief Executive Officer Khalid Al-Aboodi expressed happiness in contributing toward the economic development of a member country through this dedicated equity product.

The Theemar Fund is being launched with the additional support of KIPCO Group, a major holding company in the Middle East and North Africa, the Al Baraka Bank Tunisia and the United Gulf Financial Services " North Africa. It also benefits from the support of the International Islamic Trade Finance Corporation (ITFC), another member institution within the IDB Group.

Theemar is expected to address most financing issues that face SMEs from equity to technical assistance through direct and mezzanine investments utilizing Islamic modes of financing. By concentrating on growth capital for relatively new businesses, the Fund is likely to reduce volatility normally characterized with SMEs.


  MENA News Headlines
Apr 23 2014Omantel launches service package for youth ,MENAFN
(MENAFN) Omantel announced launching 'Ozone' plan, a new package designed especially for the youth. This comes with the company"s constant efforts to enhance the communication needs of its customers, ...

Apr 23 2014Dh154 billion for Arabtec projects ,Khaleej Times
(MENAFN - Khaleej Times) Arabtec will spend dh140 billion on building one million low-cost houses in egypt and dh14 billion on five mixed-use residential projects in abu dhabi and dubai its chief ...

Apr 23 2014?Titli? makers excited about Cannes selection ,Khaleej Times
(MENAFN - Khaleej Times) The movie about the badlands of delhi?s dystopic underbelly will be in competition as part of the un certain regard section of the 67th cannes film gala to be held may ...

Apr 23 2014Saudi- Yaroub Bashraheel: In search of peace ... underwater ,Arab News
(MENAFN - Arab News) You've heard of diving snorkeling and other water activities but rarely has anyone heard of free-diving. it's a form of diving underwater without the aid of any breathing ...

Apr 23 2014Saudi- Schneider highlights intelligent health care solutions at forum ,Arab News
(MENAFN - Arab News) Schneider electric a global specialist in energy management is set to showcase its leadership in intelligent health care solutions at the second saudi forum for planning and ...

Apr 23 2014Saudi- Divorcees can seek housing ,Arab News
(MENAFN - Arab News) The kingdom will accept applications from saudi divorced women and widows for financial and housing support said justice minister muhammad al-issa.al-issa called on applicants ...

Apr 23 2014Saudi- New passport office opens at Red Sea Mall ,Arab News
(MENAFN - Arab News) The passport department has opened a new office for citizens and residents at the red sea mall.gen. abdul rahman bin abdullah al-tuwairki deputy director general of the ...

Apr 23 2014Saudi Savola Group revenue up 43 pct in Q1 ,MENAFN
(MENAFN) Saudi Arabia's Savola Group registered a 43 percent increase in profits in the first quarter, well over expectations of analysts, Arabian Business reported. According to a statement to ...

Apr 23 2014Tamouh steps up activity on projects ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi-based real-estate developer tamouh has scaled up construction activity on all of its announced reem island projects to meet the rising demand for prime spaces in ...

Apr 23 2014Here?s your chance to share screen space with SRK ,Khaleej Times
(MENAFN - Khaleej Times) Groupon india has joined hands with srk?s red chillies entertainment to give fans a chance to feature with the superstar in his upcoming film ?happy new year?. if you ...

Apr 23 2014Dewa and GE explore collaboration opportunities ,Khaleej Times
(MENAFN - Khaleej Times) Saeed mohammed al tayer managing director and chief executive officer of the dubai electricity and water authority (dewa) recently received a ge delegation to explore ...

Apr 23 2014Local international companies come out in force ,Khaleej Times
(MENAFN - Khaleej Times) Cityscape abu dhabi has started showing stronger interest from property developers who have showcased their upcoming projects. the three-day realty show was opened by ...

Apr 23 2014Kowait- Police deportation powers curbed ,Arab Times
(MENAFN - Arab Times) Kuwait city april 3 (afp): kuwaiti police will no longer be able to deport expatriates without interior ministry approval under new rules published thursday after officers ...

Apr 23 2014Saudi- Noha Al-Sharif — an expert in Islamic sculpture ,Arab News
(MENAFN - Arab News) Saudi sculptress noha al-sharif is known for her islamic inspired sculptures that reflect both religion and lifestyle. the concept of modern art attracted her to this medium ...

Apr 23 2014Kowait- Amiri Diwan urges all off tape case ,Arab Times
(MENAFN - Arab Times)  kuwait city april 9 (agencies): the amiri diwan has called on everybody to steer clear of the controversial tape issue and let the public prosecution take the necessary ...

Apr 23 2014Sale of Gate Towers penthouses launched ,Khaleej Times
(MENAFN - Khaleej Times) Aldar properties has launched the sale of 21 exclusive duplex penthouse apartments at gate towers the penthouse collection in shams abu dhabi on al reem island. one of ...

Apr 23 2014ADCB profit grows 26% in first quarter ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi commercial bank?s profit grew 26 per cent in the first quarter of the year to dh1. however net profit rose 22 per cent year-on-year. non-interest income was 24 ...

Apr 23 2014'Piles and piles' of bodies in S. Sudan ,Arab News
(MENAFN - Arab News) Nairobi: gunmen who targeted both children and the elderly left 'piles and piles" of bodies — many of those in a mosque — in a provincial capital in south sudan the un's top ...

Apr 23 2014UAE- Billion-dollar realty projects on show ,Arab News
(MENAFN - Arab News) Cityscape abu dhabi a three-day realty event that began with 120 regional and international exhibitors witnessed major announcements on tuesday.salama bint hamdan al-nahyan ...

Apr 23 2014Saudi- Ministry launches complaint center for domestic workers ,Arab News
(MENAFN - Arab News) The labor ministry has launched a first-of-its-kind multilingual communication center to address complaints and grievances voiced by the kingdom's 1.2 million domestic ...


Live Currency Rates



Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Investment Game
Economic Calendar
Financial Glossary

Portfolio Tracker


Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help