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 Rises on Dip-buying, Focus on US-China Trade Updates

FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo

Asharq Al Awsat

10:31-24 April 2025 AD ـ 26 Shawwal 1446 AH

Asharq Al Awsat

10:31-24 April 2025 AD ـ 26 Shawwal 1446 AH

Gold Rises on Dip-buying, Focus on US-China Trade Updates

FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo

Gold prices rebounded on Thursday as investors bought bullion following a sharp decline in the previous session, while focus still remained on US-China trade tensions.
Spot gold was up 1.6% to $3,340.79 an ounce, as of 0907 GMT, Reuters reported. Bullion lost over 3% on Wednesday, in its worst daily performance since late November.
US gold futures gained 1.8% to $3,352.10.
"Gold's pullback earlier has cleared some of the froth from its latest surge. That in turn attracted some buy-the-dip action, amid still-persistent global trade war fears," said Han Tan, Exinity Group's chief market analyst.
"Given the still-evident tailwinds for this precious metal, gold bugs could ultimately conquer the $3,500 level with conviction."
Non-yielding bullion, traditionally seen as a hedge against global instability, has risen over 27% so far this year.
The International Monetary Fund made sharp reductions to its outlook for both US and global growth this year, with President Donald Trump's tariff policy the central reason behind the downgrade.
"If the economic outlook deteriorates further, then there's no reason why gold could not receive another strong bid," said Ole Hansen, head of commodity strategy at Saxo Bank.
However, US Treasury Secretary Scott Bessent said the US economic growth will surpass the IMF's revised estimate of 1.8%, down from 2.7% in January, if Trump administration's policies are implemented.
He also said that the excessively high tariffs between the US and China are unsustainable, and must be reduced before trade negotiations can proceed.
Supporting gold, the US dollar eased, making the greenback-priced bullion cheaper for overseas buyers.
Spot silver fell 0.5% to $33.37 an ounce, platinum was steady at $973.25 and palladium was down 0.6% to $939.53.

ICIEC Signs $15m DCIP Agreement with Saudi National Bank