signature d’un d’accord pour sécuriser les transactions entre les pays membres de l’OCI
Summary of the Agreement between SIACE and Credendo
The Islamic Corporation for the Insurance of Investment and Export Credit (SIACE), a subsidiary of the Islamic Development Bank (IDB), has signed a memorandum of understanding with the European insurance firm Credendo in Algiers. This agreement, aimed at securing commercial transactions for multinational companies operating within the member states of the Organization of Islamic Cooperation (OIC), was announced by SIACE on Tuesday.
Context of the Agreement
The memorandum was signed on the sidelines of the 2025 annual assemblies of the IDB, which took place from May 19 to 22 at the Abdellatif Rahal International Conference Center, under the patronage of President Abdelmadjid Tebboune. The collaboration is designed to develop new mechanisms for risk-sharing, enabling multinational corporations to embark on larger commercial transactions in SIACE member countries.
Objectives of the Partnership
The initiative will enhance joint underwriting capabilities, introduce shared retention models, and create a joint working group. Importantly, this agreement is non-binding and adheres to confidentiality requirements. Khalid Khalafalla, the Director General of SIACE, emphasized that this partnership would boost SIACE’s ability to mitigate risks associated with commercial flows and investments among member states while adhering to Sharia principles. He expressed appreciation for Credendo’s expertise and the potential to mobilize additional resources for impactful projects contributing to sustainable growth.
Commitment from Credendo
Jean-Paul Steenbeke, Credendo’s Deputy General Director responsible for sales and account management, reiterated his company’s commitment to this collaboration and the prospect of uncovering additional opportunities with SIACE. Credendo operates in 15 European countries, providing tailored solutions in insurance, reinsurance, guarantees, and financing for international trade exchanges.
Conclusion
In summary, this strategic partnership between SIACE and Credendo marks a significant advancement for multinational enterprises in OIC member countries, offering them enhanced security for their trade endeavors and paving the way for collaborative growth and sustainable development in international commerce.
