The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has signed a Framework Reinsurance Agreement with Austria's Oesterreichische Kontrollbank (OeKB), setting up a structured platform to expand capacity and tighten risk-sharing on eligible export credit and investment insurance transactions.
ICIEC is a Shariah-based multilateral insurer within the Islamic Development Bank Group, while OeKB signs on as agent of the Republic of Austria under the country's Export Guarantees Act.
The pact was inked during the 2026 Spring Meeting of the Berne Union, hosted by KazakhExport in Astana from May 11 to 14.
Under the deal, ICIEC will offer facultative reinsurance on a case-by-case basis for insurance facilities backed by OeKB. The setup is built to support Austrian exporters, lenders and investors transacting with counterparties in ICIEC member states.
Cover applies to the principal portion of credit exposures, with participation levels agreed and documented on each transaction.
The structure pairs OeKB's export credit insurance experience with ICIEC's multilateral mandate and risk read across its member base, in what the parties have positioned to unlock capacity for deals tied to economic connectivity, private sector development and sustainable growth.
The framework lands as ICIEC's cumulative business insured has crossed $139 billion in trade and investment, with the corporation's member state count now sitting at 51.
S&P has also reaffirmed ICIEC's "AA-" long-term Issuer Credit and Financial Strength Rating for a third consecutive year with a stable outlook, a backdrop that speaks to the capital strength sitting behind its reinsurance line.
ICIEC chief executive Dr. Khalid Khalafalla framed the agreement as a next step in a relationship that began with a reinsurance pact signed in 2023.
"Building on the reinsurance agreement signed between ICIEC and OeKB in 2023, this Framework Reinsurance Agreement marks another important step in deepening our institutional cooperation. It provides a practical platform to expand reinsurance capacity, enhance risk-sharing, and support eligible export credit and investment insurance transactions involving Austria and ICIEC Member States," Khalafalla said.
He added that the corporation will continue working to mitigate risks, mobilize trade and investment, and back transactions that drive sustainable growth across its member countries.
Gerhard Kinzelberger, OeKB's senior director for international relations and country analysis, pointed to the growth profile of ICIEC's member economies as a draw for Austrian corporates.
"Many member countries of ICIEC are dynamically growing, interesting markets for Austrian export companies. We are therefore very pleased about the conclusion of this reinsurance agreement, with which we can support Austrian exporters in OIC member states even better in their projects and investments," Kinzelberger said.
The framework lays out a wider cooperation track between the two institutions, with both sides describing it as a tool to lift insurance capacity, support eligible transactions, and channel more trade and investment flows between Austria and ICIEC member states.
It also extends a broader pattern of export credit agencies leaning on cross-border reinsurance partnerships to stretch their underwriting reach.
