Saudi Arabia: The 2024 annual meeting of the Islamic Development Bank Group saw the signing of several agreements, boosting the telecommunications sector in its member countries.

The Islamic Corporation for the Insurance of Investment and Export Credit, known as ICIEC, which specializes in providing Shariah-compliant insurance services and is a member of the IsDB, announced the inking of a memorandum of understanding with Huawei Technologies Ltd., the Saudi Press Agency reported. 

The memorandum was signed by ICIEC CEO Osama Al-Qaisi and the chief operations officer of Huawei Technologies, Silas Zhang. 

Under the agreement, ICIEC continues its collaboration with Huawei to enhance the telecommunications infrastructure and leverage advanced communication technology in IsDB member countries.

According to SPA, ICIEC will provide insurance solutions to support the provision of advanced communication network equipment and offer training to key telecommunications operators in member countries. 

Al-Qaisi emphasized that the MoU with Huawei represents a significant roadmap toward supporting the enhancement of vital communication framework in member countries through the integration of advanced technology, extensive expertise, and distinguished insurance solutions offered by ICIEC.

He stated: “We are laying the foundation for strong growth and a qualitative leap in the telecommunications sector in member countries, where this collaboration rises to the level of partnership, enabling member countries to harness their full potential to establish a better and more innovative communications sector.”

The ICIEC also signed a MoU with the Federation of Contractors in Islamic Countries, known as FOCIC.

It was signed by Al-Qaisi, and FOCIC President  Zakaria Abdul Rahman Al-Abdul Qadir on the sidelines of the IsDB event. 

Al-Qaisi explained that the memorandum stems from the institution’s commitment to enhancing understanding and implementation of Islamic insurance in all member countries, aiming to establish a comprehensive framework for cooperation in the areas of knowledge exchange and technical capabilities in the insurance and contracting sectors.