Riyadh Hosts Groundbreaking Agreements at 2024 Islamic Development Bank Group Meeting
The bustling annual meeting of the Islamic Development Bank Group in 2024 was not just a typical gathering of minds, but a platform for the signing of game-changing agreements that will revolutionize the telecommunications sector in member countries.
One of the standout moments was the announcement from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a key player in the realm of Shariah-compliant insurance services and a proud member of the IsDB. Their partnership with tech giant Huawei Technologies Ltd. was solidified through a memorandum of understanding, as reported by the Saudi Press Agency.
In a moment of significance, ICIEC CEO Osama Al-Qaisi and Huawei Technologies COO Silas Zhang put pen to paper, sealing a deal that will see the two entities working together to bolster telecommunications infrastructure and harness cutting-edge communication technology in IsDB member countries.
As per SPA, ICIEC will lend its expertise by providing insurance solutions to facilitate the procurement of advanced communication network equipment, as well as offering training to key telecommunications operators in member countries.
Al-Qaisi underscored the importance of the MoU with Huawei, highlighting it as a pivotal step towards fortifying the crucial communication framework in member countries. This collaboration is set to elevate the telecommunications sector through the fusion of advanced technology, extensive expertise, and top-notch insurance solutions provided by ICIEC.
“We are paving the way for robust growth and a transformative shift in the telecommunications sector of member countries. This partnership is not just a collaboration, but a pathway for member countries to unleash their full potential and establish a more innovative communications sector,” stated Al-Qaisi.
But the agreements didn’t stop there. ICIEC also inked a memorandum of understanding with the Federation of Contractors in Islamic Countries (FOCIC) during the IsDB event, further solidifying their commitment to enhancing Islamic insurance practices across member countries.
Al-Qaisi, joined by FOCIC President Zakaria Abdul Rahman Al-Abdul Qadir, explained that the memorandum signifies the institution’s dedication to fostering better understanding and implementation of Islamic insurance principles across member countries. The aim is to establish a comprehensive framework for collaboration in knowledge exchange and technical capabilities within the insurance and contracting sectors.