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ICIEC Signs $15m DCIP Agreement with Saudi National Bank

ICIEC Signs $15m DCIP Agreement with Saudi National Bank
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ICIEC Signs $15m DCIP Agreement with Saudi National Bank

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.

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Saudi PIF Completes $7 bln Inaugural Murabaha Credit Facility

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo
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Saudi PIF Completes $7 bln Inaugural Murabaha Credit Facility

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo

Saudi Arabia's Public Investment Fund (PIF) completed on Monday a $7 billion inaugural murabaha credit facility.
In a statement, PIF said the credit facility is supported by a syndicate of 20 international and regional financial institutions.
PIF head of the Global Capital Finance Division and head of Investment Strategy and Economic Insights Division Fahad AlSaif said: “This inaugural murabaha credit facility demonstrates the flexibility and depth of PIF’s financing strategy and use of diversified funding sources, as we continue to drive transformative investments, globally and in Saudi Arabia”, the Saudi Press Agency reported on Monday.
This financing complements PIF’s successful sukuk issuances over the past two years, the statement added. It also underpins PIF’s strong financial position, as well as its best-practice approach to debt financing.
PIF is rated Aa3 by Moody’s with stable outlook and A+ by Fitch with stable outlook. PIF has four main sources of funding: capital injections from government, government asset transfers, retained earnings from investments, and loans and debt instruments.