The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is set to provide facultative reinsurance to selected export transactions insured by Takaful Libya.
This, in turn, will allow them to offer broader coverage to Libyan exporters and banks involved in international trade.
They aim to help these businesses protect against payment risks, enter new markets, and contribute to the country’s economic recovery.
“This agreement reflects ICIEC’s mandate to de-risk trade across our Member States by empowering local partners,” said Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC.
“By extending export credit reinsurance capacity and know-how to Takaful Libya, we will help Libyan exporters safeguard their receivables, strengthen their competitiveness in global markets, and contribute to rebuilding national trade flows in line with the development of Libyan external trade.” he added.
Bashir Ali Khallat, General Manager, Takaful Insurance Company, stated: “There is no doubt that the services provided by ICIEC are of immense importance in supporting the economic development of member countries. One of the Corporation’s key missions is to strengthen and encourage exports by offering vital insurance coverage that empowers businesses to grow beyond borders.
“For Libya, this agreement represents more than just a financial arrangement—it is a new avenue of opportunity, a platform to boost and promote our exports, and a stepping stone toward greater economic growth. We are confident that this partnership will be a strong pillar in supporting Libya’s development journey, and we look forward to seeing more initiatives of this kind in the future, initiatives that do not only protect our economy but actively drive it forward.”
In addition to reinsurance, the partnership also includes technical collaboration on key areas of underwriting, credit risk assessment, capacity building, and claims management.
ICIEC’s support will allow Takaful Libya to strengthen its offerings to its clients and reinforce its operational standards.
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