ICIEC signs facultative reinsurance agreement with Takaful Libya to boost exports
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group, has signed a facultative reinsurance agreement with Takaful Libya during the IsDB Group Day in Libya on September 23, 2025.
The partnership will enhance Takaful Libya’s ability to underwrite Shariah-compliant export credit risks, enabling Libyan exporters and banks to access wider coverage, strengthen resilience against payment risks, and expand into new markets.
ICIEC’s support strengthens Libyan trade resilience
Under the arrangement, ICIEC will provide facultative reinsurance for selected export transactions insured by Takaful Libya. “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. He emphasized that the reinsurance will help Libyan exporters safeguard receivables, boost competitiveness in global markets, and contribute to rebuilding trade flows.
Takaful Libya’s General Manager, Mr. Bashir Ali Khallat, highlighted the importance of the agreement, noting that it represents a platform to boost exports and drive Libya’s economic growth. He described the deal as a stepping stone toward broader opportunities that not only protect but also stimulate the national economy.
Building capacity and deepening collaboration
Beyond reinsurance, the partnership opens avenues for collaboration in underwriting, credit risk assessment, claims management, and capacity building. These efforts aim to bolster Takaful Libya’s institutional strength and enhance services for corporates and financial institutions, while reinforcing prudential requirements.
The signing during IsDB Group Day underscores the Group’s commitment to mobilizing trade and unlocking opportunities across its Member States. Implementation will begin immediately, prioritizing high-impact export sectors aligned with Libya’s national development agenda.
