The Bank Master Policy (BMP), a multilateral Islamic-Sharia-principled insurance company and a credit arm of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) of the Jeddah-based Islamic Development Bank Group (IsDB), has signed a comprehensive insurance contract with the Islamic Corporation for the Development of the Private Sector (ICD) of IsDB member states, aiming to provide an insurance cover to address de-risking of financial commitment dues of member states.
BMP CEO Oussama Kaissi and ICDE Acting CEO Eng. Hani Salim Sumbul signed the contract for their respective organizations on the sidelines of the 48th annual meeting of IsDB governors, held in Jeddah.
ICIEC has also given the first approval for an insurance document, according to a master plan worth 10 billion Euros, to cover the financing of ICIEC and to provide a 12-month profit-sharing facility.
Source: Saudi Press Agency