The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and SMBC have signed a memorandum of understanding (MoU) for increased co-operation.

The MOU will strengthen the partnership between ICIEC and SMBC. It will enable Sumitomo Mitsui Banking Malaysia Berhad (SMBCMY), the shariah-compliant arm of SMBC, to serve the needs of clients that use various ICIEC insurance programmes in project and export finance transactions.

SMBC has a stake in an increasing number of infrastructure projects in ICIEC member countries, according to a statement by the bank.