The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has named Khalid Khalafalla as its next chief executive.

ICIEC is an insurance division of the Islamic Development Bank, where Khalafalla has worked since joining the group in 2005, ICIEC says in a statement.

“It is a privilege to lead an institution that has a long-standing legacy of supporting sustainable development, facilitating trade and investment, and promoting inclusive growth in its member states,” says Khalafalla, who has been ICIEC’s officer-in-charge since May 2024.

ICIEC says that under Khalafalla’s leadership, the organisation “is poised to strengthen its strategic partnerships, enhance product offerings, and reinforce its position as a global leader in facilitating secure and sustainable trade and investment flows”.

Khalafallah replaces Oussama Abdel Rahman Kaissi, who had led the insurer since 2015.

ICIEC said in its annual report for 2023 that it has insured business worth US$108.3bn since its founding in 1994, including US$86.2bn in export credit and US$22bn in investment insurance.