More than US$3 billion (Dh11.02bn) of business deals were insured by the export credit and investment insurance arm of the Islamic Development Bank (IDB) last year.
Driven by demand to guard against the global financial crisis and regional instability, the value of deals insured soared 63 per cent jump from 2010, when $1.9bn of deals were financed by the Islamic Corporation for the Insurance of Investments and Export Credit (ICIEC).
"We had a very good year in 2011," said Owais Diyan, the head of operations in the Dubai office of ICIEC. "We have had the global financial crisis where bankruptcies have hit the roof, and that gave a fillip to exporters seeking credit mitigation insurance. We also had the issues in the Arab world, and both of these combined to give credit insurance a boost."
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