In a significant move to bolster Libya’s international trade, The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has announced a new partnership to provide facultative reinsurance for specific export transactions insured by Takaful Libya.
This strategic collaboration is designed to significantly enhance Takaful Libya’s underwriting capacity for Shariah-compliant export credit risks. As a direct result, Libyan exporters and financial institutions will gain access to more extensive insurance coverage, helping them mitigate payment risks, explore new international markets, and play a vital role in the nation’s economic growth.
Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, commented on the agreement, stating, “This initiative is a direct reflection of our core mission to de-risk cross-border trade within our Member States by building the capabilities of our local partners. By providing reinsurance capacity and expertise to Takaful Libya, we are empowering Libyan businesses to protect their earnings, enhance their global competitiveness, and actively participate in the revival of national trade flows.”
Echoing this sentiment, Bashir Ali Khallat, General Manager of Takaful Insurance Company, said, “The support from ICIEC is crucial for the economic development of member countries. This partnership is more than a financial agreement; it opens new doors of opportunity, creates a platform to elevate Libyan exports, and serves as a stepping stone toward sustained economic expansion. We are confident this will become a foundational pillar in Libya’s development journey and hope to see more such forward-thinking initiatives that actively propel our economy forward.”
Beyond reinsurance, the partnership encompasses a technical cooperation component. ICIEC will support Takaful Libya in critical areas such as underwriting, credit risk assessment, capacity building, and claims management. This comprehensive support is expected to strengthen Takaful Libya’s client offerings and reinforce its operational standards.