Togo has become the 50th member state of this organisation affiliated to the Islamic Development Bank (IDB).
The West African nation officially joined the Islamic Corporation for the Insurance of Investments and Export Credits (ICIEC), marking an important step in the expansion of the Islamic financial institution, according to a statement received by APA on Monday.
This membership strengthens cooperation within the Organisation of Islamic Cooperation (OIC) and opens up new prospects for Togo’s economic development, the statement said.
Togo’s integration into SIACE, a multilateral insurer based on Sharia law and a member of the Islamic Development Bank (IDB) group, reflects the growing attractiveness of insurance solutions in line with Islamic principles for developing countries, it said.
The statement goes on to say that this accession promises to stimulate investment and trade in the region, while strengthening the ICIEC’s position on the international stage.
The arrival of this coastal West African country as the 50th member state represents a significant expansion for the ICIEC, consolidating its position as a major player in the field of Islamic insurance.
This growth reflects growing confidence in the institution and its ability to respond to the specific needs of OIC member countries in terms of economic development, say SIACE officials.
”We are delighted to welcome the Republic of Togo as our 50th member state. This is a testament to the mutual trust between SIACE and the Togolese Republic, and we are committed to supporting their economic ambitions through our robust insurance and risk mitigation solutions. Together, we aim to promote sustainable development and economic resilience in the region,” said Dr Khalid Khalafalla, head of SIACE, as quoted in the release.
For Togo, this membership opens the way to new opportunities for foreign direct investment (FDI) and international trade.
The tailor-made insurance solutions offered by SIACE should enable the country to strengthen its economic resilience and attract more investors, thereby contributing to its sustainable development.
ARD/te/lb/as/APA