Shariah-compliant, ECI Islamic to boost UAE’s halal trade industry
The Federal export credit company, Etihad Credit Insurance (ECI), has virtually introduced ‘ECI Islamic’ to offer Shariah-compliant Export Credit Insurance and Guarantee Solutions. The launch of ‘ECI Islamic’ is in line with the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who highlighted the vital importance of the Islamic Economic system in offering a real opportunity for finding new ways to manage economic, commercial and financial growth.
Underscoring ECI’s support to UAE businesses engaged in halal trade, ECI CEO, Massimo Falcioni, said: “Through our Shariah-compliant trade credit, finance, and investment solutions, ECI stays true to its mission of supporting the UAE’s non-oil sector and boosting the competitiveness of businesses in line with the vision of our wise leaders. These solutions will provide UAE businesses operating in halal trade with a competitive advantage in the international market.”
Among the export credit solutions offered under ‘ECI Islamic’ include Trade Credit Insurance, which offers whole turnover policy, single risk short term policy, and single risk long term policy; Letter of Credit Confirmation Insurance; Islamic Export Finance; Foreign Investment Insurance, and Surety Bonding. With these trade credit solutions, ECI can help companies recover the cost of fulfilling an order that is terminated by events outside their control, such as insolvencies, non-payments, and other adverse impacts of COVID-19.
In addition, companies who avail of these solutions can also get loans and additional funding capacity from banks at a concessional rate, guaranteed by ECI. The Federal export credit company can also help them tap alternative supplies through its global network of 360 million companies worldwide.
The products and services under ‘ECI Islamic’ have been reviewed and approved by Dar Al Sharia, an award-winning Islamic finance advisory firm; and re-insured by ECI’s strategic partner, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group.