In a recent strategic move, the Agricultural Development Fund (ADF) has inked a memorandum of understanding with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). This collaboration is rooted in Islamic financial principles and is an initiative of the Islamic Development Bank (IsDB) Group.
The agreement was formalized amidst the annual congregation of the IsDB Group in Riyadh, with ICIEC CEO Oussama Kaissi and ADF Chief Strategy Officer Adel bin Abdullah Al-Jumaa executing the signing.
The memorandum pledges to set up a cooperative structure between the two entities, focusing on the enhancement of the agricultural value chain. The initiatives include fortifying capacity in Islamic insurance, export credit insurance, and foreign investment insurance within the Kingdom and across ICIEC member countries.
Additionally, the accord is designed to amplify the fund’s comprehension of ICIEC’s business model and services and to encourage partnerships with relevant unions and professional associations to promote professional development.
Oussama Kaissi, while addressing the collaboration, expressed enthusiasm about the partnership with ADF, stating, 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.