BAKU, Azerbaijan, June 19, 2026/APO Group/ —
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (http://ICIEC.IsDB.org), a Shariah-based multilateral credit and political risk insurer and member of the Islamic Development Bank Group, has signed a Memorandum of Understanding (MoU) with Bank of Huzhou Co., Ltd. (BoH) to strengthen cooperation in supporting trade and investment flows across ICIEC Member States. The MoU was signed on the sidelines of the IsDB Group 2026 Annual Meetings, held in Baku, Republic of Azerbaijan, from 16 to 19 June 2026.
The MoU establishes a collaborative framework to promote cross-border trade and investment by combining ICIEC’s expertise in credit and political risk insurance solutions with BoH’s banking capabilities and client network.
Under the MoU, the two institutions will work together to identify and develop business opportunities, support trade finance transactions, and provide offer Shariah-compliant appropriate risk mitigation solutions to public and private sector entities meeting ICIEC’s eligibility criteria.
Commenting on the signing, Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said: “Our partnership with Bank of Huzhou reflects ICIEC’s commitment to building strong alliances with financial institutions that can help expand trade and investment in between China and our Member States. By bringing together BoH’s banking capabilities and ICIEC’s Shariah-compliant suite of risk mitigation solutions, we aim to support businesses in accessing new markets, mobilising finance, and pursuing opportunities with greater confidence.” He added: “This MoU provides a practical platform to advance cross-border cooperation, strengthen financial connectivity, and contribute to sustainable development across member markets.”
Through this non-exclusive partnership, ICIEC and BoH will focus on jointly marketing and sourcing opportunities, providing advisory support, and facilitating financing backed by ICIEC’s insurance solutions for BoH’s corporate clients. The MoU also provides scope to explore innovative initiatives including potential InsurTech-enabled platforms, to expand access to trade and investment opportunities, enhance service delivery, and strengthen economic linkages between China, other major markets and ICIEC Member States in support of sustainable development in line with ICIEC’s eligibility criteria.