Islamic Corporation for Insurance of Investments and Export Credit (ICIEC)

Islamic Corporation for Insurance of Investments and Export Credits (ICIEC) is an Affiliate of the Islamic Development Bank, established on 1st August 1994, as an international Institution with full juridical personality offering Islamic compatible insurance for investments and export credit.

INTRODUCTION TO ICIEC

Background

The idea for the establishment of an entity to provide investment and export credit insurance for Islamic Countries originated from the Agreement for the Promotion, Protection and Guarantee of Investment among Member Countries of the Organization of the Islamic Conference (OIC) which provided that the OIC shall, through the Islamic Development Bank, establish an Islamic institution for investment guarantee to undertake in conformity with Shariah, the provision of insurance for investments in the territories of signatory parties of the Agreement (Article 15). The impetus came from the First Session of the OIC Standing Committee for Economic and Commercial Cooperation (COMCEC), held in Istanbul Safar 1405H (November 1984), which requested IDB to take the necessary steps for the establishment of an export credit guarantee scheme for OIC member countries.
At its 16th Annual Meeting held in Tripoli, Libya, in Sha'ban 1412H (February 1992), the Board of Governors of IDB approved the Articles of Agreement of the Islamic Corporation for the Insurance of Investment and Export Credit.
On 4th Muharram 1413H (4 July 1992), twenty-eight member countries signed the Articles of Agreement. Two member countries later signed the Articles, making a total of thirty (30) signatory countries.

Establishment

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a subsidiary corporation of the Islamic Development Bank (IDB) established on 1st August 1994 as an international institution with full juridical personality. ICIEC commenced operations in July 1995 from its principal office in Jeddah, Saudi Arabia.

Objective and Purposes

The objective of ICIEC (the Corporation) is to enlarge the scope of trade transactions and the flow of investments among Member States of the Organization of the Islamic Conference (OIC). In fulfillment of this objective, the Corporation provides:
export credit insurance to cover the non-payment of export receivables resulting from commercial (buyer) or non-commercial (country) risks; and

investment insurance against country risks, mainly the risks of exchange transfer restrictions, expropriation, war and civil disturbance and breach of contract by the host government.

Capital

The authorized share capital of the Corporation is ID 100 million, made up of 100,000 shares of ID 1,000 each. IDB has subscribed to half of the authorized capital, while the other half was left for the subscription of the Member Countries of the Organization of the Islamic Conference (OIC). Each Member Country may subscribe to a minimum of 250 shares in the Corporation.
As of 30 Dhul Hijja 1421H(March 2001), IDB and twenty-nine Member Countries had subscribed to a total of 94,990 shares for a nominal value of ID 1,000 per share; equivalent of ID 94.99 million. The called-up installments amounted to ID 72.50 million, out of which ID 70.94 million has so far been paid-up. The balance of ID 1.56 million is receivable from the subscribing Member Countries.

Membership

Members of the Corporation are the IDB and OIC Members States that have signed and ratified the Articles of Agreement of the Corporation and have paid their respective subscription to the capital stock of the Corporation. The majority of the Members States of the OIC have signed the Articles of Agreement and are at various stages of completing membership requirements. The following table shows the membership status of various Islamic countries.

Principles

The Corporation provides insurance facilities in accordance with the principles of Shariah. Thus, in carrying out its operations, the Corporation shall observe the following principles.

endeavor to achieve mutual co-operation of policyholders through their collective sharing of losses which any one policyholder may suffer;

distribute the surplus that may accrue from the insurance and any reinsurance operations to policyholders after meeting statutory reserve obligations;

exclude cover of contracts for the sale of goods prohibited under Shariah, as well as interest accruing from export credit or investment loans; and

invest its own funds in accordance with Islamic principles.

Insurance Facilities

Export Credit Insurance Services
Since ICIEC commenced business in 1995G, it has been offering three insurance policies.

Comprehensive Short Term Policy,
Supplemental Medium Term Policy, and
Bank Master Policy.

EXPORT CREDIT INSURANCE

Eligibility Criteria

In order to qualify for the Corporation's facilities, the following eligibility criteria will apply:
Exporters and/or buyers and investors may be either of the following:

Corporation's or other juridical entities (including commercial banks) the majority of whose shares are owned by one or more Member State(s) or by nationals of one or more Member States and whose principal office is located in a member State; and

a juridical person whose principal office is located in a non-Member State, provided that not less than 50 percent of its shares are owned by nationals of Member States (subject to the approval of the Board of Directors).

For export credit insurance, goods must be wholly or partially produced, manufactured, assembled or processed in one or more Member State(s) and the local content and/or value-added that must accrue to the member state in which such goods have been produced, should not be less than one-third of the cost of production.

Goods must not be forbidden by Shariah.

Insurable Risks

Commercial risks :

The commercial risks that may be insured by the Corporation shall be:

Non-commercial risks :

In accordance with Article 19(2) the non-commercial risks that may be insured by the Corporation shall be:

Exclusions

In accordance with Article 19(4) losses arising from the following shall not be covered:-

devaluation or depreciation of currency;

any action or omission by the authorities of the buyer's country or the policyholder's country or any transit country to which the policyholder has agreed or for which he has been responsible; and

any action or omission by the authorities of the buyer's country or the policyholder's country or any transit country occurring before the commencement of cover in respect of an insured contract.

Insurance Policies: Scope and Standard Forms

The mutual rights and obligations of the Corporation and a policyholder shall be set forth in an insurance policy between them. Such policies shall specify the scope of cover and the type of loss to be compensated, and shall include provisions on the period of insurance, the amount of the indemnity, the currency of the policy, the declarations, undertakings and warranties of the policyholder, arbitration and applicable law, as well as provisions on premiums and claims.

There shall be three standard forms of insurance policy.
The standard forms of insurance policy may be varied by the Corporation to the extent that such variation appears to be necessary in order to reflect the particular circumstances of any case or to protect the interests of the Corporation.

i. Comprehensive Short Term Policy

The Comprehensive Short Term Policy shall be available only to eligible exporters and shall cover all contracts or shipments made during the period of insurance. This period shall be any period of twelve months in accordance with the Hijra year or the Gregorian year, as selected by the policyholder, and may be renewed at each anniversary for a further twelve months, subject to mutual agreement between the policyholder and the corporation.

Such policy shall apply to all contracts made by the insured exporter with buyers in Member States provided that

the exporter has obtained a valid credit limit in respect of each buyer concerned; and
the contract does not involve the granting of credit by the exporter to the buyer for a period exceeding seven hundred and twenty days.

Under this standard form of policy cover in respect of each contract commences when the goods are dispatched. Such dispatch shall be deemed to be made when the exporter parts with possession of the goods in any way for the purpose of transmitting them to the buyer.

ii. Supplemental Medium Term Policy

The Supplemental Medium Term Policy shall normally be available only to eligible exporters who also hold a Comprehensive Short Term Policy. Where the Underwriters are satisfied that the interests of the Corporation will not be prejudiced by waiving the requirement for a Comprehensive Short Term Policy, a Supplemental Medium Term Policy alone may be issued. This policy shall apply to all contracts declared by the policyholders and accepted by the Corporation under the policy during the period of insurance, where the contract involves the granting of credit by the policyholder to the buyer for a period exceeding seven hundred and twenty days, subject always to the limitations. The period of insurance shall be any period of twelve months in accordance with the Hijra year or the Gregorian year, as selected by the policyholder, and may be renewed at each anniversary for a further twelve months, subject to mutual agreement between the policyholder and the Underwriters.

Cover under a Supplemental Medium Term Policy for each contract commences on the date when such contract becomes effective or the date when the contract is approved for cover by the Corporation, whichever is the later.

iii. Bank Master Policy

A Bank Master Policy shall be available to any bank which is eligible as a policyholder. This policy shall apply to all contracts financed by a bank in accordance with the principles of Islamic Shariah and declared by that bank and accepted by the Corporation during the period of insurance irrespective of the period of credit granted under the contract, subject only to the limitations. The period of insurance shall be any period of twelve months and may be renewed at each anniversary for a further twelve months, subject to mutual agreement between the bank concerned and the Corporation.

Cover under a Bank Master Policy for each contract will commence on the date when such contract becomes effective or on the date when cover for such contract is approved by the Corporation, whichever is the later.

Pre-shipment cover

Where the policyholder so requests and provided that the Underwriters are satisfied that meeting such a request is in the interests of both the policyholder and the Corporation, additional cover may be provided by endorsement to the standard Comprehensive Short Term Policy whereby cover commences on the date on which the insured contract becomes effective ("pre-shipment cover"). Cover under this endorsement shall protect the policyholder against any of the specified commercial and non-commercial risks arising after the effective date of contract and may be requested by policyholders either to obtain a commitment from the Corporation from such date that coverage will be available for shipments to be made under the contract when they are made or because the goods which form the subject of the contract cannot easily be re-sold without loss if the buyer becomes insolvent prior to shipment or if the policyholder is unable to dispatch the goods. Accordingly Underwriters, before providing such cover, shall determine firstly that the goods concerned cannot easily be re-sold without loss in such circumstances and secondly that it is prudent to commit the Corporation to providing the full scope of cover as from the effective date of contract.

Where the policyholder elects to buy and the Underwriters agree to provide such pre-shipment cover, it shall apply to all contracts declared under the policy. The policyholder shall not be permitted to obtain pre-shipment cover only for contracts selected by him.

Loss Payees

Other financing banks shall not be eligible for cover directly from the Corporation. At the request of such banks however and subject to the agreement of the insured exporter, the Corporation shall agree to pay the proceeds of any claim to a specified financing bank. Such bank shall not derive thereby any better coverage than that provided to the exporter and, in particular, any amounts payable to the financing bank may be subject to any set-offs or counter-claims which the Corporation is entitled to make in respect of the exporter concerned.

Insured amount

Policies shall specify the insured amount with respect to each insured buyer or insured contract. Such amount shall be:

in respect of the Comprehensive Short Term Policy the amount of the credit limit approved in relation to each buyer; and

in respect of the Supplemental Medium Term Policy and the Bank Master Policy the amount approved in relation to each contract less the uninsured amount in each case.

Uninsured amount

The Corporation shall not cover the total insured or reinsured loss. The term "uninsured amount" shall mean the portion of the credit limit or contract amount which is not insured by the Corporation. The uninsured amount shall be determined by the Underwriters in the case of each policy or contract and shall not be less than ten percent of the credit limit or contract amount.

In no case shall the policyholder be entitled to recover any part of the amount which would have been payable under the contract which represents interest payable by the buyer.

Currency

Every insurance policy shall specify a policy currency. This shall be the currency in which

credit limits and amounts of cover are specified;
declarations of shipments, payments and amounts owing are stated by the policyholder;
the premium is calculated and payable;
the amount of loss is calculated and claims paid; and
any recoveries are calculated.
Unless the Board of Directors approves otherwise, the three permitted policy currencies are the Islamic Dinar, the United States Dollar and the French franc.

Credit limit

The exporter shall be required to obtain a credit limit in respect of every buyer insured under a Comprehensive Short Term Policy. Such credit limit shall be determined by the Corporation on the basis of the information available to it, in accordance with prudent underwriting principles. The insured amount of such credit limit shall be the maximum amount of loss payable by the Corporation to the exporter in respect of the buyer.

Declarations and premium

The policy shall require the policyholder to declare the value of goods dispatched, the payments made by the buyer and the amounts owing under the contracts to which the policy applies.

The policy shall specify how the premium is calculated in relation to each contract or shipment to which the policy applies and shall show the annual charge, if any, for each year the policy is in force.

The Corporation shall be entitled to cancel the policy in the event of failure by the policyholder to supply declarations or to pay premium within the periods specified by the Corporation.

Minimizing loss

Policies shall also provide for undertakings by the policyholder that he will exercise due diligence to avoid and minimize insured losses and will co-operate with the Corporation in the event of a claim or in efforts by the Corporation to recover a payment from the buyer's country. In particular the policyholder shall be required to undertake:-

to use due care and diligence and take all practical measures to prevent and minimize loss;
not to agree in any contract to which the policy applies to any extension of due date of payment, although the policyholder may, if need arises, be permitted to allow credit to run for a period beyond due date or to agree in writing to an extension of due date with the agreement of the Corporation;
to notify the Corporation promptly of any event which might give rise to an insured loss or any news which indicates that such loss is likely;
to ensure that all rights against the contract goods, buyers and third parties are properly observed and exercised and, if required, to assign and transfer to the Corporation those rights or any goods, negotiable instruments, guarantees or other securities in relation to the contract;
to take all steps that the Corporation may require in connection with a potential or actual loss, including the institution of legal proceedings and the appointment of the Corporation as the policyholder's agent or attorney with power in his name, for the purposes of enforcing any rights and remedies or of obtaining relief against or indemnity from any other party;
not to assign or transfer the policy or any of its benefits without the prior written consent of the Corporation;
to provide the Corporation with all information and documents that it may require;
to retain exclusively for his own account any amount which exceeds the amount of indemnity for which the Corporation are liable to pay him under the policy;
to remit immediately to the Corporation any recoveries received by the policyholder.

How to obtain a policy

Exporters and banks are invited to contact ICIEC and discuss how export credit insurance could promote their business. ICIEC will provide any interested exporter with a specimen policy for him to read and a proposal form to be completed and returned for ICIEC's consideration. If the proposal is acceptable, ICIEC will issue an offer letter, which includes a quotation of premium rates. There is no obligation on the part of the exporter accept the offer. Upon acceptance of the offer and payment of policy fees the policy will be issued to the Exporter/Bank.

If you are an exporter/Bank and wish to cover your exports/finances against the commercial and non-commercial risks as described above, contact ICIEC .

To obtain this insurance cover the exporter/Bank is required to complete the relevant proposal form and return it to ICIEC. ICIEC will study the proposal details with respect to eligibility criteria, goods, terms of payment etc. and if these are found to be acceptable, ICIEC will issue an offer letter reflecting the terms and conditions of Cover, Including premium rates, country exposure ceilings, etc.

If the offer is acceptable, the exporter/bank sends/his acceptance letter and pays the requisite policy fees. ICIEC will then issue the policy documents.

INVESTMENT INSURANCE SYSTEM

Why Investment Insurance is Necessary ?

In examining investment opportunities abroad, prospective investors focus not only on profitability but are also concerned with risks, including political risks, in the host countries. Some of the investments being considered might be rendered financially unfeasible and hence will not materialize if perceived political risks are deemed unacceptable. Investment insurance could make a difference to the investment decision by substantially mitigating an investor's exposure to political risks in the host country. Thus, investment insurance would make possible additional investment flows which otherwise would not have occurred.

Eligibility Criteria

In order to qualify for coverage, investments must meet certain requirements with respect to the investor, the type of investment, and the time of the investment.
The Investor
The following shall be eligible to be insured under ICIEC's Investment Insurance Policy (IIP):

The IDB, whether as a principal or as a trustee or agent;

Persons who are nationals of a Member State other than the host country;

Corporations or other juridical entities the majority of whose shares are owned by the IDB or by any Member State (s) or by nationals of one or more Member States and whose principal office is located in a Member State other than the host country;

Subject to the approval of the Board of Directors, corporations or other juridical entities which are subsidiaries owned as to not less than fifty percent by the IDB or by Member States or by nationals of Member States, even if their principal office is located in a non-Member State;

Subject to the approval of the Board of Directors, eligibility for insurance may be extended to a person who is a national of the host country or a juridical person incorporated in the host country (or the majority of whose shares is owned by nationals of the host country), provided that country and the applicant for insurance and that the assets to be insured are or will be transferred from outside the host country.

Types of Investment

ICIEC covers investments made by members or nationals of Member States in other Member States. The types of eligible investments are direct investments in enterprises (including their branches and agencies) either private or public, or investments in the share capital of enterprises, as well as principal amounts of loans made or guaranteed by holders of equity in the enterprises, as well as principal amounts of loans made or guaranteed by other lenders. Other forms of direct investment may be insured, subject to the approval of the Board of Directors. Both equity and non-equity direct investments (such as production-sharing arrangements, licensing agreements and operating leases) are eligible. Investments may be made in monetary form or in assets such as machinery, patents or technical services.

Investments must be seen to contribute to the overall developmental objectives and strategies of the host country and must not be in contravention of the principles of Shariah.

Time of Investment

ICIEC covers only new investments, i.e. investments which were not made prior to their registration for insurance by ICIEC. However, investments made to expand or develop existing investments and earnings from existing investments which could otherwise be transferred outside the host country are also eligible for insurance.

Scope of Cover

ICIEC's IIP covers 90% of the investor's loss arising from the political risks of transfer restrictions, expropriation and war as a standard package. Cover against the breach of contract by the host country (in cases where the investment is substantially dependent on such a contract) may be offered under an endorsement to the IIP.

Transfer Restrictions

Cover is provided against losses resulting from the investor's inability to convert profits, capital, royalties and other remittances from local currency into foreign exchange for transfer outside the host country. In addition, losses due to the failure or refusal of the exchange control authorities to act (within a reasonable period of time) on an application for hard currency, and the imposition of a rate of exchange (at the time of transfer) which is discriminatory against the investor, are also covered.

Expropriation

Cover may encompass, but is not limited to, measures of expropriation, nationalization, confiscation, sequestration, seizure, attachment and freezing of assets. However, loss due to bonfire non-discriminatory measures of general application, e.g. tax increases, price controls etc., are not covered.

Expropriation includes both single measures and any series of measures together designed to be expropriated. It includes measures which deprive the investor of his rights with respect to his shares in the investment, measures which deprive the insured enterprise of its assets and measures which make it impossible or unviable to continue with the enterprise.

War and Civil Disturbance

The investor is compensated for any loss resulting from the removal, destruction or physical damage of the assets of the project due to war or any military action in the territory or the host country. War includes lesser forms of civil disturbance (provided that this has a primarily political aim) and covers both destruction and inability of the enterprise to operate for a specific period.

Although cover may be extended to the costs of business opportunities or a deterioration of operating conditions as a result of war or civil disturbance shall not be covered.

Breach of Contract

The investor is protected against any loss arising from the repudiation or breach of contract by the host government. Cover shall be limited to cases where:

the investor does not have recourse to a judicial or arbitral forum to determine the claim of repudiation or breach

a decision by such forum is not rendered within a specified period

a final judicial or arbitral decision cannot be enforced.

Duration of Cover

Each investment is underwritten individually and a separate policy is issued for each investment. Policies apply for a minimum of one year and normally a maximum of 15 years, although up to 20 years may be allowed in special circumstances.

In order to maintain cover, the investor is required to submit a completed renewal application and pay premium for the succeeding year before each anniversary date. The investor may terminate the policy at any anniversary date after the commencement date of the policy.

Insured amount

The Insured Amount under the policy shall be agreed upon between ICIEC and the investor but shall in no case exceed:

for equity interests other than loans and guarantees of loans, the amount contributed by the investor to the project plus earnings less the 10% uninsured amount;

for non-equity direct investments other than loans and guarantees of loans, the value of the resources contributed by the investor to the project, less the 10% uninsured amount; and

for loans and guarantees of loans, the principal plus the mark-up to be accumulated over the lifetime of the loan, less the 10% uninsured amount.

The Insured Amount is expressed in terms of the policy currency, which will be the currency in which claims are paid. The policy currency may be the Islamic Dinar, the United States Dollar or the French Franc depending entirely on the investor's choice, or any other currency subject to the approval of ICIEC's Board of Directors.

Stand-by Amount

The policy covers the initial investment by the investor. However, the investor has the option to obtain cover for additional contributions to the project and earnings retained in the project which , respectively, qualify as new investment. In exercising this option, the investor will fix a Stand-by Amount which represents reserve cover that he may put into effect at any annual election of coverage to account for changes in the value or amount of the investment at risk.
The Stand-by Amount should normally not exceed 100% of the initial Insured Amount but in exceptional cases, an amount of up to 200% of the initial Insured Amount may be considered.

Policy Limit

The Policy Limit represents ICIEC's maximum liability under the policy. The amount is fixed at the inception of the policy and is the sum total of the Insured Amount and the Stand-by Amount.
Although the investor may increase the Insured Amount at any anniversary date of the policy, the Policy Limit cannot be breached. The Policy Limit will be reduced by the amount of any claim payment under the policy.

Claims and Recoveries

The investor is required to notify ICIEC immediately upon becoming aware of any potential loss situation. Upon receipt of such notification, ICIEC shall consult with the investor and, where appropriate, with the investor's country and the host country on ways to avoid or minimize the loss.
Should a loss occur, the Investor must submit a fully-documented claim within 365 days from the Date of Loss (as defined in the policy) so that ICIEC may expeditiously settle the claim upon expiry of the Waiting Period as specified in the policy (normally from 4 to 9 months).
After payment of a claim, ICIEC and the investor will make all reasonable efforts to seek recoveries from the host county. If necessary, ICIEC will exercise its subrogation rights and pursue recoveries directly against the host country or any other obligor.

Policy Fee and Premium Rates

The investor is required to pay a non-refundable Application Fee of US$ 500, together with the Preliminary Application. In addition, he must pay a Processing Fee of US$ 5,000 which is subject to a refund or additional payment depending on actual cost incurred by ICIEC to process the application. However, the full Processing Fee paid will be credited to the first year's premium in the event that a policy is issued.
Premium charged by ICIEC is calculated on an annual basis as percentages of the Insured Amount and the Stand-by Amount. Premium rates are quoted for each individual policy, dependent on factors such as the risk profile of the host country, the type of investment and ICIEC's previous experience with the investor concerned. As a guide, premium rates for the Insured Amount range from 1.25% to 2.35% per annum whilst for the Stand-by Amount, the premium rates range from 0.32% to 0.59% per annum.
The above rates are applicable for the standard risks package of transfer restrictions, expropriation and war and civil disturbance. For the breach of contract cover, the premium rate is approximately 0.75% of the Insured Amount and 0.375% of the Stand-by Amount.

Application Procedure

The investor should submit a Preliminary Application to ICIEC together with the non-refundable US$ 500 fee before the investment is made or irrevocably committed. Upon positive determination that the proposed investment is eligible for cover, ICIEC will register the application and invite the investor to submit the Main Application together with payment of the US$ 5,000 Processing Fee.
On the basis of the Main Application, ICIEC will make an offer of insurance to the investor.

ORGANIZATION

Organization and Management

In accordance with the Articles of Agreement, the ultimate responsibility for the management of ICIEC rests with the Board of Governors (BOG), which is composed of Governors and Alternate Governors of the IDB. All powers of the Corporation are vested in the BOG, however, it may delegate any or all of its powers to the Board of Directors of the Corporation (BOD). The BOD is responsible for the direction of the general operations of ICIEC and is also composed of the Board of Executive Directors of the IDB.
The Chief Executive of the Corporation, responsible for conducting its affairs under the direction of the BOD, is the President of the Corporation. The President is the legal representative of ICIEC and has the power to approve its operations and the conclusion of contracts pertaining thereto. This position is held, ex-officio, by the President of the IDB. The President may delegate any of his powers to the Manager of the Corporation who is responsible for conducting the day-to-day business of the Corporation.
In order to advise the President on the overall management of the Corporation, a Consultative Committee was established on 16 Ramadan 1417H (25 January 1997G). The members of the Consultative Committee are prominent personalities from Member Countries who are well-versed in matters relating to export credit and investment insurance, international trade and banking. The committee meets periodically to discuss and advise the President on relevant issues.
The Corporation is organized into three main Departments reporting to the Manager of the Corporation; Underwriting, Marketing, and Finance and Accounting. Three ancillary units; Administrative Affairs, Information Technology, and Country Risk Analysis provide technical and administrative support to the main Departments. Legal, Internal Audit, Investment services and some administrative services are currently provided by the IDB for a fee in accordance with a Memorandum of Understanding signed between IDB and ICIEC.

i. Board of Governors: Composition

The Board of Governors shall be composed of the Governors and Alternate Governors of the Bank. The Chairman of the Board of Governors of the Bank shall be the ex-officio Chairman of the Board of Governors of the Corporation.
All powers of the Corporation shall be vested in the Board of Governors. The Board of Governors, and the Board of Directors to the extent authorized, may adopt such rules and regulations as may be necessary or appropriate to conduct the business of the Corporation including rules and regulations pertaining to staff, retirement and other benefits.

ii. Board of Directors: Composition

The Board of Executive Directors of the Bank shall be the Board of Directors of the Corporation.
All regulations, by-Laws and procedures of the Board of Executive Directors of the Bank shall apply to the Board of Directors of the Corporation as if the latter is the Board of Executive Directors of the Bank.
The Board of Directors shall be responsible for the direction of the general operations of the Corporation and, for this purpose, shall, in addition to the powers assigned to it expressly by this Agreement exercise all the powers delegated to it by the Board of Governors, and in particular . prepare the work of the Board of Governors;

lay down guidelines for carrying out the business of the Corporation and its operations in conformity with the general directions of the Board of Governors; and
approve the budget of the Corporation.

iii. The President

The President of the Bank shall be ex-officio President of the Corporation.
The President shall be the Chief Executive of the Corporation and shall conduct the affairs of the Corporation under the direction of the Board of Directors. The President shall be responsible for the organization, appointment and dismissal of the officers and staff in accordance with rules and regulations adopted by the Board of Directors.
The President shall be the legal representative of the Corporation and shall have power to approve the operations of the Corporation and the conclusion of the contracts pertaining thereto within the general guidelines issued by the Board of Directors.

Management

Board of Directors

Chairman :
Dr. Ahmad Mohamed Ali

Members: (*)
Hon. Mutahar Abdul Aziz Al-Abbasi
Hon. Faisal Abdul Aziz Al-Zamil
Hon. Zoumana Camara
Hon. Mamadou Cherif Diallo
Hon. Dr. Abdullah Bin Ibrahim El-Kuwaiz
Hon. Dr. Morteza Gharehbaghian
Hon. Haji Khalid Bin Haji Ghazali
Hon. Ilgar Veysal Oglu Isayev
Hon. Tarik Kivanc
Hon. Jamal Nasser Rashid Lootah
Hon. Mohamed Azzaroog Rajab
Hon. MD Sayef Uddin
Hon. Ismail Zaghloul
Hon. Zeinhom Zahran

Consultative Committee

Chairman:
Dr. Fouad Abdallah Al-Omar

Members:
Dr. Abdel-Rahman Al-Zamil
Dato Mohd Fadzli Yusof
Mr. Iqbal Ahmed Khan
Mr. Abdul Haq Al-Gafsi
Dr. Abdel Rahman Eltayeb Taha
Dr. Mohammad El Fatih Hamid

Officers of the Corporation

President
Dr. Ahmed Mohammed Ali

Manager
Dr. Abdel-Rahman Eltayeb Taha

Legal Adviser
Dr. Mohammed El Fatih Hamid