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).
This kind of raid on citizens in the middle of the night is a new development that will just instigate public anger and enemity among the people of Burco as a whole. Suspicion on one's activities with regard to public peaceful demonstration is not a crime or a conspiracy against the cuurent administration. This arrest has a connection with past occurrence when Hirsi Gab was a rebel during UDUB administration. Time will only tell whether revenge will set things straight or not.
Wadani has foolishly exposed itself on HCT today that it had organised the recent illegal riot in Burco where shops were looted and incohere hsenct lives were lost. This is a sad news for all the peace loving people in Somaliland.
I thought they are more smarter than this?
Burco people= if this head of gang was your former deputy governer of your city, you must have been a hell. i feel sorry for you. I was listening from some of our websites that a Sultan who, was trying to create a real war among people in Burco, his name was Cunaayo, if iam right. This is not a Sultan as the Sultans are known to be part of Somaliland Solutions and he mus have been the second man in command of the gang who was claimning to be Sultan.
I don't know which tribe Mr. samatar is from, but the government is 100% wrong this time. This is a real joke. So what if people protest? He can lead the protest if he want. You can't arrest him just because one of the protesters chose to act foolishly. Go after who killed the civilian. Do your work and investigate. That is why you all getting paid with tax money.
I have a feeling that this government is going to cause us civil war. It is going to distroy everything we built.
Illahow umadda u sahal, Amin.
Why not arrest the man in daylight ?why in the middle of night? this government is wrong and they should be voted out real soon before they destroy Somaliland.
I think the govt. handled the matter in a poor manner. Freedom of speech, association & opposition is a must in a democratic state like Somaliland, but, the Police leadership in Somaliland is lacking. I don't think the president has found the right commander yet. Arrests in the middle of the night, have we not learnt from the past? If someone has a case to answer, then let us do it in the right way. I get the feeling that the problems in Burco is based on differences btw the two majority communities and it's time for the elders to get involved. We have always solved issues like these in calm manner, let us not stray from that formula.
Badly handled case in my view. The Police Chief has to confess the mistake done by his commander in Burao to raid the man's house at mid night. Raid is OK when you dealing with terrorists and the suspect of high treason, but the former governors case was handled badly and should be apologized publicly by Warancadde and Fadal.
RRU force is something we need, but operations they take must be specific and without destruction at home they search. I have written an article about this force few week back, and I don't approve they way they deal with their public.