The Republic of Mozambique has joined the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

The ICIEC provides sharia-compliant insurance and reinsurance to mitigate risk for exporters and make increase exports and inflows of investment to it member countries.

“Mozambique’s membership opens the door for its private and public sectors to benefit from risk mitigation services offered by ICIEC to expand their exports worldwide. Similarly, it allows exporters, banks and investors from other member and non-member countries, to cover risks related to their operations in Mozambique,” Abdel Rahman El-Tayeb Taha, CEO of ICIEC, comments.

ICIEC now has 41 members stretching throughout the Middle East and Africa, with several other member countries from Organisation Islamic Cooperation (OIC) in the process of meeting the membership requirements.