The Jordan Loan Guarantee Corporation signed an agency agreement with The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IDB) Group on the 6th of October 2013.
The agreement was signed by Dr. Mohammed Al Ja'fari, the Director General of the Jordan Loan Guarantee Corp., and Dr. Abdel Rahman Taha, Chief Executive Officer (CEO) of ICIEC.
This agreement will enable JLGC to promote and introduce export credit insurance products in accordance with Islamic Shari'ah principles, among Jordanian Exporters, investors and banks. The products are originally provided by The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
Dr. Al Ja'fari stated that through this agreement JLGC will expand its services to Jordanian exporters, and will enable them, for the first time, to provide the service of insuring letters of Credit (LCs), which are issued in favor of Jordanian banks. The agreement will enable local banks to confirm LCs with higher limits for Jordanian exporters and allow them to export to new markets.
Dr. Abdel Rahman Taha, CEO of ICIEC said that signing the agreement assures the role of JLGC as a strategic partner among other national insurance agencies and members, furthermore, the main contribution of JLGC is to improve its ability to increase the volume of national exports and to attract more investments. Dr. Taha added that he is looking forward for the activation of the deals with JLGC as soon as possible by starting to train concerned staff and promoting ICIEC products in Jordan.
