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, today announced the winners of its flagship awards at the IsDB Group Private Sector Forum 2026, held on the sidelines of the IsDB Group Annual Meetings 2026 in Baku.
This year's awards recognized leading financial institutions that have used Shariah-compliant financing backed by ICIEC’s insurance solutions to facilitate trade and support sustainable development across Member States.
First Abu Dhabi Bank (FAB) was named winner of the ICIEC Most Impactful Project of the Year award for its role in the USD 626 million Murabaha financing transaction for the Lagos-Calabar Coastal Highway Development in Nigeria. Backed by ICIEC’s Non-Honouring of Sovereign Financial Obligations (NHSFO) policy issued in favour of FAB, the transaction covers 95% of the financing provided to the Federal Ministry of Finance of Nigeria. ICIEC’s cover helped to mobilize long term funding for Nigeria for a strategic infrastructure project that will enhance connectivity, improve the movement of goods and people, and contribute to long-term socio-economic growth.
Standard Chartered and Agrobank were named winners of the Most Innovative Trade Development Initiative of the Year award for the EUR 160 million Murabaha facility provided to Agrobank in Uzbekistan by Standard Chartered under ICIEC’s cover. The facility marks Uzbekistan’s first-ever Murabaha transaction and establishes a practical Shariah-compliant model for future trade liquidity solutions. It also represents ICIEC’s first direct commercial banking partnership in Uzbekistan and provides important support to the country’s SME and retail sectors.
Commenting on the awards, Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said: “ICIEC is proud to honour First Abu Dhabi Bank, Standard Chartered & Agrobank for two landmark transactions that demonstrate the impact of Shariah-compliant risk mitigation. These awards reflect how strong partnerships can mobilise capital, enable strategic infrastructure, expand access to trade finance, and deliver meaningful development impact across our Member States.”
The winning transactions highlight ICIEC’s role as a trusted partner in de-risking trade and investment, supporting financial institutions, and helping Member States advance sustainable and inclusive growth.
Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
Contact:
Email: ICIEC-Communication@isdb.org
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About ICIEC:
As a member of the rated Islamic Development Bank (IsDB) Group, ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and Shariah-compliant financial solutions. The Corporation is the only Islamic multilateral insurer in the world. ICIEC has led in delivering a comprehensive suite of solutions to companies and stakeholders across its 51 Member States. For the 18th consecutive year, ICIEC maintained an "Aa3" insurance financial strength credit rating from Moody's, ranking the Corporation among the top tier of the Credit and Political Risk Insurance (CPRI) industry. Additionally, S&P has reaffirmed ICIEC's "AA-" long-term Issuer Credit and Financial Strength Rating for the third consecutive year, with a Stable Outlook. ICIEC's resilience is underpinned by its sound underwriting practices, a robust global reinsurance network, and strong risk management policies. Cumulatively, ICIEC has insured more than USD 138 billion in trade and investment. ICIEC's activities span several key sectors, including energy, manufacturing, infrastructure, healthcare, and agriculture.
For more information, Visit: http://ICIEC.IsDB.org
