Baku, Azerbaijan – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group and a multilateral institution that provides Sharia-compliant export credit and investment risk insurance solutions, announced its support for a €100 million financing facility provided by Germany’s ING Bank and the UK’s SMBC International to the Turkish Export-Import Bank (Turk Eximbank).

The deal was signed on the sidelines of the 2026 Annual Meetings of the Islamic Development Bank Group, which were held in Baku, Republic of Azerbaijan, from June 16 to 19, 2026.

Under this deal, the institution provides a ten-year non-payment insurance policy for state-owned enterprises, enabling the Turkish Export-Import Bank to obtain long-term financing to expand export financing for Turkish companies, particularly small and medium-sized enterprises.

The Turkish Export-Import Bank serves a wide range of Turkish companies, with small and medium-sized enterprises (SMEs) comprising the largest segment. This facility is expected to expand access to affordable financing, enabling these companies to grow their businesses, expand into new markets, and support job creation, in line with Turkey's strategy to boost export growth.

Commenting on the deal, Dr. Khalid Yousef Khalafalla, CEO of the Islamic Corporation for the Insurance of Investment and Export Credit, said, “ Small and medium-sized enterprises (SMEs) are a key pillar in enhancing the competitiveness of Turkish exports and supporting the long-term resilience of its economy . Through this facility, the Corporation is contributing to supporting the Export-Import Bank of Turkey in expanding access to competitive financing for companies seeking to expand beyond domestic markets. This agreement embodies the practical value of multilateral cooperation in promoting trade, supporting business growth, and achieving a sustainable development impact .”

About the Islamic Corporation for the Insurance of Investment and Export Credit

As a member of the Islamic Development Bank Group, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) commenced operations in 1994 with the aim of strengthening economic ties between member countries of the Organization of Islamic Cooperation (OIC) and the rest of the world, and promoting intra-regional trade and investment by providing effective risk mitigation tools and Sharia-compliant financial solutions. ICIEC is the only multilateral entity in the world offering Islamic insurance and reinsurance services . It has been a pioneer in introducing a comprehensive suite of innovative solutions to support businesses and institutions in its 51 member countries. For the 18th consecutive year, ICIEC has maintained its Aa3 insurance financial strength rating from Moody’s, placing it among the world’s leading credit and political risk insurers. For the third consecutive year, Standard & Poor’s has affirmed ICIEC’s long-term credit rating and financial strength rating at AA- with a stable outlook . ICIEC’s strength is underpinned by a sound underwriting approach, a robust global reinsurance network, and well-established risk management policies. To date, the total value of transactions secured by the institution has reached more than US$ 138 billion in the areas of trade and investment, and its activities cover vital sectors such as energy, manufacturing, infrastructure, healthcare, and agriculture.

For more information, please visit the website: http://iciec.isdb.org
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Email: ICIEC-Communication@isdb.org

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