Islamic Development Bank unit to help Azerbaijan enhance Islamic insurance

By Andrei Skvarsky.

ICIEC, the investment insurance unit of the Saudi-based multinational Islamic Development Bank (IsDB), has pledged itself to helping enhance Islamic insurance in Azerbaijan under a September 30 memorandum of understanding.

ICIEC’s MoU with the central bank of the predominantly Muslim ex-Soviet republic would underlie a deal to involve activities such as trainings, workshops and exchanges of visits, ICIEC said in a statement.

ICIEC (Islamic Corporation for the Insurance of Investment and Export Credit) is headquartered in Jeddah, Saudi Arabia.

The IsDB, which is also based in Jeddah, has a membership of 57 countries.

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