Africa-Press – Sierra-Leone. The Republic of Sierra Leone has become the 51st member country of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a move officials say will strengthen the West African nation’s economy by mitigating risks for traders and investors.
The accession, announced Monday, marks a significant step in Sierra Leone’s efforts to integrate into global Islamic financial networks and attract foreign capital. As a member, the country will now have access to ICIEC’s Shariah-compliant insurance and reinsurance solutions.
These financial tools are designed to help member nations facilitate exports, attract foreign direct investment, and protect against political and commercial risks that often deter international business.
Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, welcomed the new member, stating the accession reflects “Sierra Leone’s vision to build a more resilient and diversified economy.”
“We look forward to supporting the country in mobilizing investments, enhancing export competitiveness, and creating new opportunities for its public and private sectors,” Dr. Khalafalla said.
The ICIEC, a member of the Islamic Development Bank Group, provides risk mitigation services aligned with Islamic finance principles.
Sierra Leone’s membership expands the corporation’s footprint in Sub-Saharan Africa and reinforces its role as a leading multilateral insurer for the economies of the Organization of Islamic Cooperation (OIC).
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