In a significant move towards bolstering economic cooperation and stability, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Qatar Development Bank (QDB) have signed a Memorandum of Understanding (MoU). The signing ceremony took place on the sidelines of the Islamic Development Bank (IsDB) Group Annual Meeting 2024 in Riyadh, Saudi Arabia.

The MoU, signed by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Abdulrahman Hesham Alsowaidi, CEO of QDB, marks a landmark collaboration between the two esteemed institutions. This strategic alliance aims to provide a comprehensive range of services, including Takaful insurance, ReTakaful re-insurance, and co-insurance for short-term, medium-term, and long-term facilities.

One of the key aspects of this partnership is the provision of technical support in critical areas such as business development, insurance underwriting, policy drafting, claims, and recovery. This cooperative effort sets the stage for a new era of economic cooperation and growth between ICIEC and QDB.

Mr. Oussama Kaissi, CEO of ICIEC, highlighted the significance of the MoU, stating, "This partnership is a milestone for both organizations as we join forces to mitigate risks and enhance the business ecosystem for our clients. Our collaborative efforts will undoubtedly pave the way for more robust economic cooperation and development between Qatar and ICIEC Member States."

The partnership between ICIEC and QDB signifies a pivotal moment for both institutions as they leverage their expertise and resources to foster economic growth and stability in the region. By pooling their strengths, the collaboration is expected to have a positive impact on the business landscape of both entities, contributing to greater economic diversification and prosperity.

The MoU sets the stage for enhanced cooperation and synergy between ICIEC and QDB, ushering in a promising future of economic development and prosperity in the region.