BAKU, Azerbaijan, June 18. The Islamic
Corporation for the Insurance of Investment and Export Credit
(ICIEC), a Shariah-based multilateral credit and political risk
insurer and member of the Islamic Development Bank Group, today
announced the winners of its flagship awards at the IsDB Group
Private Sector Forum 2026, held on the sidelines of the IsDB Group
Annual Meetings 2026 in Baku.
This year's awards recognized leading financial institutions
that have used Shariah-compliant financing backed by ICIEC’s
insurance solutions to facilitate trade and support sustainable
development across Member States.
First Abu Dhabi Bank (FAB) was named winner of the ICIEC Most
Impactful Project of the Year award for its role in the USD 626
million Murabaha financing transaction for the Lagos-Calabar
Coastal Highway Development in Nigeria. Backed by ICIEC’s
Non-Honouring of Sovereign Financial Obligations (NHSFO) policy
issued in favour of FAB, the transaction covers 95% of the
financing provided to the Federal Ministry of Finance of Nigeria.
ICIEC’s cover helped to mobilize long term funding for Nigeria for
a strategic infrastructure project that will enhance connectivity,
improve the movement of goods and people, and contribute to
long-term socio-economic growth.
Standard Chartered and Agrobank were named winners of the Most
Innovative Trade Development Initiative of the Year award for the
EUR 160 million Murabaha facility provided to Agrobank in
Uzbekistan by Standard Chartered under ICIEC’s cover. The facility
marks Uzbekistan’s first-ever Murabaha transaction and establishes
a practical Shariah-compliant model for future trade liquidity
solutions. It also represents ICIEC’s first direct commercial
banking partnership in Uzbekistan and provides important support to
the country’s SME and retail sectors.
Commenting on the awards, Dr. Khalid Khalafalla, Chief Executive
Officer of ICIEC, said: “ICIEC is proud to honour First Abu
Dhabi Bank, Standard Chartered & Agrobank for two landmark
transactions that demonstrate the impact of Shariah-compliant risk
mitigation. These awards reflect how strong partnerships can
mobilise capital, enable strategic infrastructure, expand access to
trade finance, and deliver meaningful development impact across our
Member States.”
The winning transactions highlight ICIEC’s role as a trusted
partner in de-risking trade and investment, supporting financial
institutions, and helping Member States advance sustainable and
inclusive growth.
