BAKU, Azerbaijan, June 19. The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral credit and political risk insurer and member of the Islamic Development Bank Group, announced the approval of its 2025 Annual Report and Audited Financial Statements by the Board of Governors on the sidelines of the IsDB Group 2026 Annual Meetings held in Baku, Azerbaijan, from 16 to 19 June 2026.
The 2025 Annual Report, themed “Driving Sustainable Development and Powering Growth,” highlights a strong year for ICIEC, with Business Insured reaching USD 17.8 billion, a 37.8% increase compared with 2024. This brings cumulative business insured since inception to USD 138.9 billion, comprising USD 107.8 billion in trade and USD 31.1 billion in investment. ICIEC also recorded USD 7.3 billion in new insurance commitments and closed the year with gross exposure of USD 7.6 billion.
In 2025, ICIEC further strengthened its membership with the accession of the Republic of Sierra Leone as its 51st Member State. The Corporation also continued to support intra-OIC trade and investment, insuring USD 7.72 billion in intra-OIC trade and USD 1.57 billion in intra-OIC investments during the year.
ICIEC’s financial performance remained strong, with corporate net results reaching USD 40.4 million, a 62.5% improvement over 2024. The Policyholders’ Fund also recorded a major turnaround, converting its accumulated deficit into an accumulated surplus of USD 5.9 million by year-end 2025.
ICIEC maintained its strong credit standing, with Moody’s maintaining its Aa3 Insurance Financial Strength Rating and S&P reaffirming its AA- long-term issuer credit and financial strength rating with a stable outlook.
The year 2025 also marked a key strategic transition for ICIEC, with the conclusion of its 2016–2025 Strategic Framework and the preparation of its new 2026–2030 Corporate Strategy, aligned with the IsDB Group’s 10-Year Strategic Framework 2026–2035.
Commenting on the report, Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said, “2025 was a year of strong operational and financial performance for ICIEC, delivered against a challenging global backdrop. Insuring USD 17.8 billion in business and achieving a significant improvement in financial results reflect the strength of our mandate and the continued relevance of Shariah-compliant risk mitigation solutions. As we move forward, ICIEC remains committed to de-risking trade and investment, mobilising capital, and supporting sustainable development across our Member States.”
