The endorsement supports an additional EUR 130 million Murabaha facility to the Ministry of Finance and Budget of the Republic of Côte d’Ivoire, building on the initial EUR 102 million previously insured by ICIEC
ALGIERS, Algeria, May 23, 2025/APO Group/ --
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (http://ICIEC.IsDB.org), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, today signed an endorsement to the Non‑Honoring of Sovereign Financial Obligation (NHSFO) insurance policy with Standard Chartered (Hong Kong) Limited and others.
Mr. Sujithav Sarangi, Executive Director, Development & Agency Finance at Standard Chartered and Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC (1)
Mr. Sujithav Sarangi, Executive Director, Development & Agency Finance at Standard Chartered and Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC (2)
The endorsement supports an additional EUR 130 million Murabaha facility to the Ministry of Finance and Budget of the Republic of Côte d’Ivoire, building on the initial EUR 102 million previously insured by ICIEC. With this uplift, the total value of the insured Murabaha facility now stands at EUR 232 million.
The endorsement policy was signed by Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, and Mr. Sujithav Sarangi, Executive Director, Development & Agency Finance at Standard Chartered. The signing took place on the sidelines of the 2025 IsDB Group Annual Meetings in Algiers.
Under the arrangementment, ICIEC’s NHSFO policy covers the participating financial institutions with robust credit enhancement. The proceeds will fund the construction of “Tour F”- a flagship government office tower within Abidjan’s new Administrative City, designed to modernize public‑sector infrastructure and improve public service delivery across Côte d’Ivoire.
Dr. Khalid Khalafalla, CEO of ICIEC, said: “This policy exemplifies how ICIEC’s risk‑mitigation solutions unlock affordable, Shariah‑compliant capital for transformational public projects. Through this, ICIEC is supporting Côte d’Ivoire to realise a state‑of‑the‑art administrative hub that will boost efficiency, stimulate the local construction sector, and advance the country’s development agenda in line with the UN SDGs.”
Sujithav Sarangi, Executive Director, Development & Agency Finance, Standard Chartered says: “This collaboration with ICIEC is testament to our shared commitments to impact and advancement. We are thrilled to combine our expertise, and continue our long-standing partnership, with ICIEC to support this significant development in Côte d’Ivoire.”
Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
More needs to be done for the Youths insha'allah.
It does not cost anything to give them structure and discipline only the creation of the opportunity to serve their country and gain livelong skills.
I think Somaliland has been getting weaker day after day since Silanyo came to power about two years ago:
1… BERBERA is totally being run by one sub-clan (Isse Muse) and never obey what the president orders (refer Cement Factory case when the president issued orders for Dahabshiil Group but Isse Muse' malitia vetoed the presidential decree and tore up the letter signed by the president into small pieces.
2.. Local Council elections were rigged and until now there are civil strife in parts of the country.
3. HARGAISA STADIUM was captured ARAB (SUB-CLAN of ISAAQ) malitia and worlords who want money from the Government THUS POSTPONEMENT OF PROVINCES TOURNAMENT (DUE TO MID JANUARY 2013) POSTPONED TO JUNE OR UNTIL FURTHER NOTICE.
These things and flying of some politicians to Mogadishu indicate that Somaliland project may be wrapped up soon.
Is this the latest information from the darood HQ in garowe.
SiyaasiOne, shut up with the clan talk. Somaliland is a work in process, but using tribe talk only shows your anti somaliland views. You must be from Puntland.
Healthy bodies, Healthy minds. Onwards and upwards on the youth front. More opportunities, more employment.