ICIEC to host 15th AMAN Union Summit as Islamic finance eyes closer trade integration

A major gathering of Islamic insurers and reinsurers will take place in Jeddah next month, with discussions expected to shape new strategies for trade protection, credit risk and regional economic cooperation across OIC member states

A push to deepen trade and financial cooperation across the Islamic world will take centre stage in Jeddah this November, when the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) hosts the 15th Annual General Meeting of the AMAN Union.

The event, running from 4 to 6 November, will bring together executives and policymakers from across the Organisation of Islamic Cooperation (OIC) to discuss credit insurance, risk management, and new mechanisms to strengthen economic resilience between member states.

It comes amid renewed efforts to expand intra-OIC trade and establish shared standards for credit protection in an increasingly volatile global economy.

Discussions will focus on issues such as debt restructuring, the role of artificial intelligence in underwriting, and how credit information systems can reduce defaults and improve recovery rates.

Organisers said the meeting will also explore ways to integrate smaller insurers and reinsurers into larger cross-border networks, improving access to reinsurance and liquidity.

Dr Khalid Khalafallah, CEO of ICIEC, described the meeting as an opportunity to accelerate regional self-sufficiency in risk management.

“This gathering provides an exceptional platform for institutions and companies specializing in insurance and reinsurance against commercial and non-commercial risks across OIC member states, alongside the Arab Investment and Export Credit Guarantee Corporation (Dhaman), to exchange insights, experiences, and strategies aimed at strengthening credit insurance and trade exchange across Arab and Islamic countries,” he said.

The three-day summit will also mark the AMAN Union’s fifteenth anniversary. Since its founding in 2009, the organisation has grown into the principal professional network for Islamic credit and political risk insurers, linking members from more than 30 countries.

Mourad Mizouri, Secretary General of the AMAN Union, said the next phase of development would see the organisation’s secretariat transferred to the Saudi Export-Import Bank in 2026 — a move intended to expand its operational scope and capacity.

“The AMAN Union has established itself as a premier professional platform,” he added. “This move marks a new phase of growth and development, further strengthening the Union’s role in promoting economic cooperation and integration among its members.”

For ICIEC — the world’s only Islamic multilateral insurer and a member of the Islamic Development Bank Group — hosting the meeting underscores Saudi Arabia’s growing role in shaping the region’s financial architecture.

The corporation has insured over USD 121 billion in trade and investment since 1994 and maintains an Aa3 rating from Moody’s and AA– from S&P.

Analysts say the Jeddah summit could help establish clearer frameworks for credit insurance and reinsurance across emerging markets, particularly in infrastructure, energy and agriculture — sectors where OIC member states are seeking greater self-reliance and investment security.

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