ICIEC Signs $15m DCIP Agreement with Saudi National Bank

07:55-13 May 2023 AD ـ 23 Shawwal 1444 AH

ICIEC Signs $15m DCIP Agreement with Saudi National Bank

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) signed a $15 million Documentary Credit Insurance Policy (DCIP) with the Saudi National Bank (SNB).
The DCIP agreement signing took place at the Ritz Carlton Hotel in Jeddah, on the sidelines of the IsDB Group Annual Meeting.
The CEO of ICIEC, Oussama Kaissi, and SNB Head of Financial Institutions Ayman Basmaih signed the DCIP agreement, state news agency SPA reported.
The DCIP, one of the fundamental policies of ICIEC’s unique suite of underwriting solutions, supports the potential of the SNB to provide confirmation lines to various issuing banks in Saudi Arabia or the ICIEC member states for bilateral trade transactions.
The DCIP is a comprehensive non-payment insurance policy against the default of issuing banks to meet their obligations under an irrevocable letter of credit.

Gold Gains as Dollar Slips on Trump Tariff Uncertainty

Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Asharq Al Awsat

13:40-7 January 2025 AD ـ 08 Rajab 1446 AH

Asharq Al Awsat

13:40-7 January 2025 AD ـ 08 Rajab 1446 AH

Gold Gains as Dollar Slips on Trump Tariff Uncertainty

Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices rose on Tuesday as the US dollar eased due to uncertainty around President-elect Donald Trump's tariff plans, with further support coming from top consumer China's central bank adding to its gold reserves for a second straight month.

Spot gold was up 0.5% at $2,648.75 per ounce, as of 1218 GMT. US gold futures also rose 0.5% to $2,660.20.

"The main factor is the softening of the US dollar over the last two sessions, which has provided some relief for the precious metal," said Ricardo Evangelista, senior analyst at ActivTrades.

The dollar index eased towards a one-week low versus major peers as traders considered whether President-elect Donald Trump's tariffs would be less aggressive than promised following a report in the Washington Post, Reuters reported.

Trump however denied the report, deepening uncertainty about future US trade policies.

A stronger dollar makes bullion more expensive for other currency holders.

Traders are setting their sights on Friday's US jobs report for Fed policy clues, along with job openings data due later in the day, ADP employment and the minutes from the Fed's December meeting on Wednesday.

Fed Governor Lisa Cook on Monday said that the Fed can be cautious about any further rate cuts given a solid economy and inflation proving stickier than previously expected.

Bullion is considered a hedge against inflation, but high rates reduce the non-yielding asset's appeal.

Meanwhile, China's gold reserves stood at 73.29 million fine troy ounces at the end of December as the central bank kept buying gold for a second straight month, official data showed.

"By re-entering the market in December, Beijing signaled that its gold acquisition program remains active—a development likely to lend continued support to the precious metal's price," Evangelista added.

Gold prices gained about 27% in 2024, mainly boosted by robust central bank purchases and Fed rate cuts.

Spot silver gained 0.8% to $30.19 per ounce, platinum added 1.2% to $944.39 and palladium rose 0.9% to $928.38.

ICIEC Signs $15m DCIP Agreement with Saudi National Bank