Jeddah: The Agricultural Development Fund (ADF) has signed a memorandum of understanding with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank (IsDB) Group, according to a press release from ICIEC.

The signing took place during the IsDB Group Annual Meeting in Riyadh. The memorandum was signed by ICIEC CEO Oussama Kaissi and ADF Chief Strategy Officer Adel bin Abdullah Al-Jumaa.

According to the release, the memorandum establishes a cooperative framework between ICIEC and ADF to advance their shared interests through strategic initiatives that include capacity building in Islamic insurance, export credit insurance, and foreign investment insurance to benefit the agricultural value chain in the Kingdom and other ICIEC member states.

The memorandum also aims to strengthen the fund’s understanding of ICIEC’s business model and services, and foster collaborations and cooperation with relevant union
s and professional associations for professional development.

Commenting on the new partnership, Kaissi said: “Our partnership with the Saudi Agricultural Development Fund marks a significant advancement in our ongoing efforts to support economic growth through bespoke insurance solutions. We remain steadfast in our commitment to fostering a comprehensive understanding of our insurance models and cultivating a collaborative environment that will yield tangible benefits for the agricultural sectors in the Kingdom of Saudi Arabia and our member states.”

Source: Saudi Press Agency