FINANCE - OIC - Turkey to follow only UN sanctions against Iran

www.worldbulletin.net - Turkey’s largest oil refinery in Tüpraş relies on Iranian crude oil, and has been refreshing agreements with Iran for decades.  - Diplomatic sources have announced that Ankara will not be affected by the new set of sanctions on Iran, announced by the EU to cut all imports of Iranian crude oil to the EU bloc, on the grounds that Turkey will follow only UN-led sanctions.

“Turkey in principle feels bound only by UN Security Council sanctions against third countries,” diplomatic sources told Cihan on Monday, shortly after the EU governments agreed that they would ban all new contracts to purchase oil from Tehran. (source)

FINANCE - ICIEC and Turk Eximbank sign co-operation agreement

In a move designed to help Turkish investors and contractors doing business in the member countries of the Organisation of Islamic Cooperation (OIC), the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), and Turk Eximbank, Turkey’s National Export-Import Credit Bank, recently signed a Memorandum of Understanding (MoU) at the annual meeting of the Aman Union (the association of Arab and Islamic Export Credit Agencies).  (source)

TAKAFUL - ICIEC set to launch sukuk policy to facilitate credit enhancement

The idea of a third party sukuk guarantee fund is still being considered by the Islamic Corporation for the Insurance of Export Credits and Investment (ICIEC), the standalone export credit agency of the Islamic Development Bank (IDB) Group. However, according to Abdel Rahman Taha, the chief executive officer of ICIEC, the corporation "has initiated work internally to design a new sukuk policy which can be offered as a means to enhance the credit structure and appeal of sukuk. It is expected that this new policy will be able to provide the much needed respite to the sukuk market." (source)

TRADE INSURANCE - ICIEC and EXIM BANK - Demand for political risk insurance in MENA region up

One of the important issues to emerge from the second annual meeting of the Aman Union, the association of investment and export credit agencies in the Arab and Islamic world, which was held in Istanbul last week under the aegis of the Turk Eximbank, is the increased demand for political risk insurance especially insuring risks in post-conflict countries and those undergoing economic and political transformation. This is especially from those countries whose exporters are active in the OIC countries. (source)

EVENTS - AMAN UNION - Second Annual Meeting - 04-05 Oct 2011 (Istanbul Turkey)

Press release
AMAN UNION
Second Annual Meeting, 04 – 05 October, 2011
Istanbul, Republic of Turkey

Aman Union will organize its second annual meeting in cooperation with Türk Eximbank on the 04th and 05th October 2011 in Istanbul.

Eighteen ECAs from Member countries of the Union in addition to representatives of financial institutions, reinsurance, credit information and debt collection companies will attend the meeting which will address technical issues related to export credit and investment insurance in Arab and Islamic Member countries.

It is worthwhile mentioning that Aman Union was launched in Beirut in 2009 on initiative of the Arab Investment and Export credit guarantee Corporation “Dhaman” and the Islamic Corporation for the Insurance of Investment and Export Credit “ICIEC”. Aman Union aims at strengthening the cooperation channels amongst its members and contributing to the development of the industry of export credit and investment insurance in Arab and Islamic world. It also aims at developing and activating the role of Arab and Islamic Export Credit Agencies in supporting the economies of Member countries with the support of “Dhaman” and “ICIEC”.

Organized once a year in one of the member countries, Aman Union meeting is followed by credit insurance and reinsurance experts as well as financial institutions and beneficiates of wide media coverage. (source)