The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the International Islamic Trade Finance Corporation (ITFC), both affiliates of the Islamic Development Bank Group, have formalised a Documentary Credit Insurance Policy (DCIP). This policy aims to mitigate risks in documentary credit transactions, particularly those involving Shariah-compliant goods and services in member countries of the Organisation of Islamic Cooperation (OIC) and beyond.
The DCIP provides critical coverage for ITFC transactions, enhancing trade confidence and facilitating smoother financial operations globally. This initiative is expected to positively impact the economic landscape of member countries by ensuring more secure and reliable trade flows.
