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The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Boosts Agri-Commodity Exports in Member States with US$75 Million Insurance Coverage

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The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (http://ICIEC.IsDB.org), a Shariah-based multilateral insurer and a member of the Islamic Development Bank (IsDB) Group, has announced new financial collaborations with Sumitomo Mitsui Banking Corporation (SMBC), DIFC Branch. These non-payment insurance contracts support the export capabilities of member states, reinforcing ICIEC’s commitment to economic development through strategic partnerships.

During the IsDB Group Annual Meeting 2024 held  in Riyadh, ICIEC CEO Mr. Oussama Kaissi and Mr. Hideo Kawafune, CEO, SMBC Bank International plc, Managing Executive Officer and Head of EMEA Division SMBC Group, signed two insurance contracts. The first involves a US$50 million non-payment insurance-Bank Master Policy issued to SMBC to facilitate the financing of agricultural commodities exported from Saudi Arabia to ETC Agri Inputs FZE in the UAE. The second agreement extends a US$25 million insurance coverage for ICIEC member states’ exports to ETC Group, Mauritius, further supporting the agricultural sector’s growth across regions.

Mr. Oussama Kaissi expressed his excitement about the partnerships, stating, “These agreements with SMBC are not just financial transactions, but a testament to ICIEC’s role in fostering sustainable economic growth and food security within our Member States. By providing reliable insurance solutions, we are facilitating smoother trade flows and strengthening the ties between key players in the  agri-business value chain.”

The new financial engagements are expected to significantly impact the agricultural sectors of the involved countries, promoting greater economic integration and cooperation among ICIEC member states. Through such strategic initiatives, ICIEC continues demonstrating its commitment to advancing economic development and trade facilitation underpinned by Islamic financial principles.

Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

Media Contact:
Rania Binhimd
Communication Department
Email: Rbinhimd@isdb.org

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About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):
ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is uniquely the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 49 Member States. ICIEC, for the 16th consecutive year, maintained an “Aa3” insurance financial strength credit rating from Moody’s, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. Additionally, ICIEC has been assigned a First-Time AA- long-term Issuer Credit Rating by S&P with Stable Outlook. ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 108bn in trade and investment. ICIEC activities are directed to specific sectors – energy, manufacturing, infrastructure, healthcare, and agriculture.

For more information, visit: http://ICIEC.IsDB.org       

Islamic Development Bank Institute (IsDBI) Publishes New Book on Applications of Agent-Based Simulation in Islamic Finance

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The Islamic Development Bank Institute (IsDBI) (https://IsDBInstitute.org) has released a new book detailing applications of agent-based simulation in Islamic Finance.

Titled “Applications of Agent-Based Simulation in Islamic Finance”, the book is an edited collection of papers authored by students who graduated from the Islamic Financial Engineering Laboratory based in Rabat, Morocco. The Laboratory was established in 2013 by Mohammed V University in Rabat and the Islamic Development Bank (IsDB). Former heads of the Laboratory, Prof. Rajae Aboulaich and Prof. Mohamed Tkiouat, edited the new book.

The book explores the different aspects of Islamic finance and modeling, highlighting the importance of agent-based modeling and mathematical modeling in the context of Islamic finance. It also examines the growing role of fintech and its impact on financial inclusion within the Islamic framework.

The objective of the book is to provide an in-depth perspective of the theoretical foundations and practical applications of agent-based and mathematical modeling in the field of Islamic finance. By exploring the different models and approaches, the authors highlight the advantages and limitations of these methodologies while emphasizing their relevance for decision-making and risk management in the Islamic context.

Dr. Sami Al Suwailem, Acting Director General of IsDB Institute, said: “The book is a result of close collaboration between the professors and graduate students of the Lab and experts from the IsDBI. The support of the IsDB has helped IFE Lab students in the development of the modeling of complex problems and the structuring of innovative financial products using high-performance simulation approaches such as agent-based modeling, discussed in this book.”

Prof. Rajae Aboulaich, one of the book editors, said: “This book is the fruit of research carried out over the past eight years within the IFE Lab at Mohammed V University in Rabat. It presents selected research carried out as part of the theses produced within the IFE Lab. The book documents also some of the success stories of the IFE Lab, and so, we hope it will serve as a reference for future generations to lead the development of Islamic finance to the next level”.

The book is available for purchase on IsDB Institute’s website here (https://apo-opa.co/3ULvblu).

Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).

Media contact:
Habeeb Idris Pindiga
Associate Manager, Knowledge Horizons
Islamic Development Bank Institute (IsDBI)
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About the Islamic Development Bank Institute:
The Islamic Development Bank Institute (IsDBI) is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide. The IsDB Institute enables economic development through pioneering research, human capital development, and knowledge creation, dissemination, and management. The Institute leads initiatives to enable Islamic finance ecosystems, ultimately helping Member Countries achieve their development objectives. More information about the IsDB Institute is available on https://IsDBInstitute.org

East and Southern Africa: Journalists targeted amid ongoing crackdown on media

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Authorities across East and Southern Africa continued to impose severe restrictions on the right to freedom of expression and media freedom over the past year, said Amnesty International on World Press Freedom Day.

The human rights organization documented widespread intimidation, harassment and detention of journalists in countries throughout the region. Authorities continued to target and brutally crackdown on those who dared to report on corruption allegations and human rights violations.

“Threats to the right to freedom of expression and the media continued unabated across the East and Southern Africa region over the past year. Speaking out against or scrutinising government policies, actions or inaction, or publicly sharing information deemed damaging to the government carried the risk of arrest, arbitrary detention, or death,” said Tigere Chagutah, Amnesty International’s Regional Director for East and Southern Africa.

Amnesty International also documented increased intentional disruption of internet connectivity and the enactment of tough cyber security laws aimed at silencing the media and controlling information dissemination.

Hiding behind the “law”: silencing journalists by all means

Across East and Southern Africa, authorities used national security laws including counter terrorism and cybersecurity legislation to undermine the right to freedom of expression, punish journalists and suppress media freedom.

In Madagascar, the Cybercriminality Code and the Communication Code have forced journalists to self-censor due to fear of reprisals. Broad and vaguely defined provisions within the laws such as “attacks on state security”, “defamation”, “dissemination of fake news” and “incitement to hatred” have been used to intimidate, harass and target journalists.

In February, the Zimbabwean authorities banned two journalists  from covering government functions in Midlands province. Midlands Minister of State and Devolution Affairs singled out Sydney Mubaiwa (Mirror Midlands bureau chief) and NewsDay’s Stephen Chadenga who were at a meeting organized by the Gender Commission and ordered them not to attend future government engagements.

In May, Zimbabwe enacted the Criminal Law (Codification and Reform) Amendment Act (Patriot Act) which threatens media freedom as it criminalises wilfully injuring the sovereignty and national interest of Zimbabwe.” Journalists who attend a meeting where there is “reason to believe” that its aim is “to consider or plan armed intervention” might be charged even when they only attend for the purpose of reporting.

In South Sudan, Amnesty International documented intimidation, harassment and censorship of journalists including cases where security officers removed newspaper articles, they deemed critical of the transitional government, blocked journalists from covering some political parties, confiscated accreditation documents as well as equipment of journalists, and suspended the operations of some media houses.

In the Democratic Republic of Congo, authorities continued their relentless attacks on the right to freedom of expression and press freedom, against the backdrop of the general elections held in December 2023, inter-community violence in certain regions and the armed escalation in the eastern provinces.

Over the past year, the authorities arbitrarily closed down a dozen media outlets and programmes, on charges ranging from “spreading false rumors” to “inciting revolt against the established authorities” and “defamation”.

In September 2023, journalist Stanis Bujakera was detained and prosecuted for “spreading false rumors” and “forgery” following the publication by Jeune Afrique of an article implicating the security services in the murder of politician Chérubin Okende. In March 2024, Bujakera was convicted and sentenced to six months in prison, despite the authorities failing to demonstrate any criminal offense and liability in the case. He was eventually freed from prison because he had already been detained for more than six months. At least three more journalists are currently detained on trumped-up charges across the country.

In Burundi, journalist Floriane Irangabiye is serving a ten-year prison sentence for critical comments she made about the Burundian government during an online radio show. In January 2023 the High Court of Mukaza found her guilty of “endangering the integrity of the national territory”. She has appealed twice unsuccessfully, and the Supreme Court upheld her conviction on 13 February 2024.

In Zambia, on April 13, police officers arrested Rodgers Mwiimba and Innocent Phiri in the town of Kafue, south of the capital, Lusaka, while filming an altercation between police officers and two opposition party leaders. They were detained at Kafue police station, forced to delete their footage and released two hours later.

In Malawi, Macmillan Mhone was arrested and charged with ‘publication of news likely to cause fear and alarm’ over a story that he wrote in August 2023 on the fraudulent activities of a businessman who had been charged with conspiracy to defraud the Malawi government.

Amid persistent armed conflicts since 2020, Ethiopian authorities used state of emergency laws to arbitrarily arrest journalists. Since August 2023 at least nine journalists have been detained, with five remaining in custody. Among them, three face terrorism allegations, which could lead to the death penalty if they are convicted.

In Somalia, journalists were subjected to threats, harassment, intimidation, beatings, arbitrary arrests and prosecution. In February 2023, a court in Mogadishu sentenced Abdalle Ahmed Mumin, a journalist and secretary general of the Somali Journalists Syndicate (SJS), to two months’ imprisonment for “disobeying government orders” after SJS held a press conference to protest directives issued by the information ministry on coverage of an offensive against al shabab armed group.

In Mozambique, where journalists routinely face intimidation, harassment, death threats, violence and even killings, newspaper editor Joao Fernando Chamusse, was killed at his house in Maputo in December 2023. João Fernando Chamusse was the editor of the newspaper Ponto por Ponto and a commentator on TV Sucesso, which has faced increasing intimidation. Its CEO Gabriel Júnior, received death threats recently.

In Lesotho, investigative journalist Ralikonelo Joki, known as Leqhashasha, was ambushed and fatally shot outside Tšenolo FM studio in Maseru in May 2023. Prior to his killing, believed to be linked to his work as a journalist, he had received death threats on three occasions.”Amnesty International reiterates its call for authorities in East and Southern Africa to release unlawfully detained journalists, stop targeting the press merely for doing its job, and end the misuse of the justice system to silence journalists and critics, and clampdown on the freedom of the media,” said Tigere Chagutah.

Distributed by APO Group on behalf of Amnesty International.

Kenya: Ministry of Health Initiates Comprehensive Headcount to Align Staff with New Structure

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The Ministry of Health’s State Department for Medical Services has begun a comprehensive headcount to realign its staff with the recently approved structure by the Public Service Commission.

Principal Secretary Mr. Harry Kimtai, representing Cabinet Secretary Nakhumicha S. Wafula, initiated the initiative today at Afya House, stressing its importance for human resources planning within the department.

PS Kimtai emphasized the need to align staff assignments with the newly established framework, highlighting the importance of technical officers for departmental operations.

The headcount aims to ensure payroll accuracy and eliminate discrepancies through certificate verifications, updating records, and streamlining divisions and directorates accordingly.

The  PS clarified that the exercise is solely for record updating, placing individuals according to their specialties, and aligning heads of divisions and directorates. This reflects the Ministry’s commitment to organizational efficiency and accountability.

The headcount includes staff in counties, with a directive for those on strike to report back to their work stations and submit necessary paperwork. Non-compliance may lead to disciplinary action.

Initial findings revealed discrepancies at Mathari and Spinal facilities, where personnel listed on the payroll were found to be deployed elsewhere.

Kimtai urged all staff to submit paperwork by the 7th to avoid salary disruptions and potential disciplinary measures.

Approximately 250 employees have already had their salary payments suspended, particularly those who failed to declare their wealth. PS Kimtai emphasized the significance of compliance, as non-compliance may result in being deemed absent from duty.

Distributed by APO Group on behalf of Ministry of Health, Kenya.