The Aman Union has announced robust growth across its member organizations, highlighting a major leap in Islamic trade insurance growth and overall financial performance in 2024. The findings were shared during the Union’s 15th Annual Meeting, hosted by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) in Jeddah, and presented by Türk Eximbank.
Strong Growth in Islamic Trade Insurance
According to the 2023–2024 Technical Performance Analysis, total insured business among Aman Union full members climbed to USD 54 billion—marking a 10% increase from the previous year. Premium volumes surged by 20% to reach USD 338 million, a clear sign of growing confidence in OIC trade insurance benefits and enhanced demand for export credit and investment protection.
Boosting Financial Stability Across OIC Member States
The analysis underscored that Türk Eximbank, ICIEC, and Saudi EXIM were responsible for 87% of short-term export business insured across the Union. ICIEC continued to lead in investment insurance activities, reaffirming its central role in supporting trade and export diversification. These achievements demonstrate Aman Union’s financial stability and its contribution to sustainable economic growth within the Organization of Islamic Cooperation (OIC) member states.
Improved Risk Management and Portfolio Quality
Claims paid by export credit agencies (ECAs) decreased by 21%, showing stronger risk mitigation and better portfolio quality. The number of policyholders rose by 8% to 10,000, while insured buyers reached 110,000—an increase of 9% year-on-year.
Collaboration and Knowledge Sharing
The Technical Performance Analysis continues to serve as a key benchmarking tool for members, helping to identify growth opportunities and share best practices within South Africa’s and other OIC nations’ trade ecosystems. Neslihan Diniz, Manager of International Relations at Türk Eximbank, emphasized the value of data transparency and collaboration to further enhance Aman Union financial stability and member efficiency.
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“This story was first reported by Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). Read the full article here.”
