This document may also be called a partnership agreement or operating Agreement, and a memorandum of understanding is more straightforward and less involved than regular contracts. It governs two parties, corporations, or organizations operating towards a standard path of action and forms their official partnership. To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.If you have a few questions related to memorandum of understandingsuch as when it is legally binding then we have the right answers for you here!Ĭommonly known as a “gentleman’s agreement,” a Memorandum of Understanding (MOU) is a legally binding contract. You expressly agree that your use of the information within this article is at your sole risk. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. The press release is provided for informational purposes only. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

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This website is not responsible for, and does not control, such external content. ICIEC activities are directed to specific sectors - energy, manufacturing, infrastructure, healthcare, and agriculture.Send us your press releases Press Release 2022ĭisclaimer: The contents of this press release was provided from an external third party provider. Cumulatively, ICIEC has insured more than US$ 95bn in trade and investment. ICIEC's resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. ICIEC, for the 15th 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. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 49 Member States, including Documentary Credit Insurance Cover, Credit Insurance Cover, Bank Master Policy, Non-Honouring of Sovereign Financial Obligations, and Investment Insurance Products. The Corporation is uniquely the only Islamic multilateral insurer in the world. 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. It will also focus on multi-modal transport, social infrastructure, urban development and water sanitation agriculture and rural development as well as ICT and digitalization in Egypt and other ICIEC Member States.Ībout The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)

The MoU aims to provide a general framework to facilitate co-operation between ICIEC and the Arab Contractors in promoting green, resilient and sustainable infrastructure. Sayed Abd ElKhalek, Board Member of the AC, under the aegis of the IsDB Group Private Sector Forum themed ‘Partnerships to Fend Off Crises’ at the 30th Annual Meetings of ICIEC held in conjunction with the 48th Annual Meetings of the Board of Governors of the IsDB on 10- at the Ritz-Carlton Hotel in Jeddah, Saudi Arabia. Jeddah, KSA: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group, today signed a memorandum of understanding (MoU) with the Arab Contractors (AC).

Contract memorandum of understanding