By Ayomide Otitoju
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group, has maintained its Aa3 Insurance Financial Strength Rating (IFSR) following Moody’s Ratings’ periodic review. The reaffirmation underscores the agency’s confidence in ICIEC’s solid financial position, prudent risk management, and strategic development role.
The decision was reached after a rating committee meeting held on October 16, 2025. Moody’s cited the Corporation’s improved standalone credit profile, stronger underwriting performance, enhanced risk management framework, and high asset quality supported by a highly liquid investment portfolio. ICIEC’s robust capital adequacy, bolstered by its preferred creditor status among member countries, also contributed to the rating affirmation.
The Aa3 rating further reflects the strong institutional backing from the “AAA/Aaa”-rated Islamic Development Bank and sovereign member countries, including Saudi Arabia (Aa3).
Commenting on the reaffirmation, ICIEC CEO Dr. Khalid Khalfallah said: “Maintaining our Aa3 rating underscores ICIEC’s solid credit profile and our unwavering commitment to delivering Shariah-compliant risk mitigation solutions that facilitate sustainable trade and investment flows across member countries.”
While the periodic review does not constitute a rating action, Moody’s said it reaffirms ICIEC’s financial stability and operational resilience. The agency is expected to release a detailed credit opinion in the coming weeks.
