Amid escalating geopolitical challenges and mounting pressure on global trade and investment, ICIEC, the insurance arm of the Islamic Development Bank Group, continues to expand its role in providing Sharia–compliant solutions to mitigate risks and support trade and investment, helping bolster economic development in member countries.
The Islamic Corporation for the Development of the Private Sector (ICD) is also continuing to strengthen its financing programmes to support the private sector, a key driver of economic growth.
In an interview with Al-Ahram on the sidelines of the annual meetings of the Islamic Development Bank Group, hosted in the Azerbaijani capital, Baku, Dr. Khaled Khalafallah, CEO of ICIEC and acting CEO of ICD, said ICD’s total financing in the Egyptian market has reached approximately $315 million.
Khalafallah said that during the annual meetings in Baku, ICIEC signed an agreement to finance the development of Uganda's main stadium.
According to the agreement, the ICIEC provided $60 million in financing to SAMCO, the Egyptian company responsible for the project.
This reflects the growing role of Egyptian companies in implementing infrastructure projects across Africa, supported by the financing and development institutions of the Islamic Development Bank Group.
Khalafallah added that ICD continues to expand its financing activities to support the private sector in member countries. ICIEC, he added, recorded strong growth in its business volume in 2025 and approved several strategic projects.
These projects include issuing a $626 million insurance guarantee to First Abu Dhabi Bank (FAB) to finance the second phase of the Lagos–Calabar Coastal Highway project in Nigeria, with the Nigerian Ministry of Finance acting as the borrower.
The project is one of Africa’s largest transport infrastructure developments.
Khalafallah noted that ICD is prioritizing the expansion of financing and project guarantees in the health, agriculture, technology, and infrastructure sectors in the coming period. It also aims to increase financing for green projects and renewable energy to 35 percent.
Khalafallah stressed that ICD’s role has become even more critical given current geopolitical tensions, particularly in mitigating investment and trade risks and promoting economic growth and integration among member countries.
He added that these financings reflect the growing role of Sharia–compliant risk mitigation tools in supporting major development projects.
Khalafallah explained that the corporation’s contribution helps strengthen the confidence of financial institutions and investors while mobilizing medium and long-term financing for priority development projects.
He noted that ICIEC, established in 1994 as part of the Islamic Development Bank Group, aims under its 2026–2030 five-year strategy to strengthen economic ties between member states of the Organisation of Islamic Cooperation (OIC) and the rest of the world, while encouraging intra-regional trade and investment through advanced Sharia–compliant investment and export credit insurance solutions.
In conclusion, Khalafallah pointed out that ICIEC is the only multilateral institution in the world offering Islamic insurance and reinsurance services and currently serves 51 member countries through a comprehensive suite of financial and risk management solutions.
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