The CEO of the Union Export Credit Company, a specialist in credit protection of the federal government in the UAE, Massimo Falcioni, revealed that the company launched, yesterday, export credit products that are in line with Islamic Sharia (ECI Islamic).
He confirmed, during a press conference held remotely, yesterday, on the sidelines of the activities of the “Annual Investment Forum 2020”, that this launch comes in line with the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Highlighting the vital importance of the Islamic economic system in providing real opportunities, to find new ways to support economic, commercial and financial growth.
Falcioni added that the new solutions and products include: trade credit protection services that include full revenue insurance, short and long-term single risk insurance, letter of credit assurance, Islamic export financing, foreign investment insurance, and guarantee bonds insurance.
He explained that, by providing these solutions, the “Union for Export Credit” helps companies protect their commercial dues, especially in projects and businesses that have not been completed due to events beyond the control of these companies, as a result of the negative effects of the outbreak of the new Corona virus (Covid 19). ).
Falcioni added: “In addition, local companies can, by taking advantage of the new credit protection solutions, obtain bank financing at preferential interest rates, backed by guarantees from (Union for Export Credit), and they can also benefit from the consulting solutions provided by the company, which It helps it find other suppliers through its wide base that includes 360 million companies from around the world. ”
He emphasized that the development of the local “halal” trade could be promoted by making use of safe trade credit solutions, as it helps companies to enhance their cash liquidity, indicating that trade credit is a type of trade finance in which the dealer purchases goods or services under a “credit” and pays To the supplier on a specified date later.
He added, “However, this increases the risk of non-payment by the buyer, and here lies the role of (Union Export Credit) in providing protection against these risks.”
Falcioni stressed that these Sharia-compliant products launched by the “Union for Export Credit” have been approved and approved by the “Dar Al Sharia”, an institution that provides its advisory services in compliance with the provisions of Islamic law for all sectors of banking and financial business, pointing out that the solutions That we offer is re-insured by Etihad’s strategic export credit partner, the Islamic Corporation for Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group.
He pointed out that the new solutions would provide Emirati companies operating in the “halal” trade with a competitive advantage in the international markets, especially with the expectations of the growth of the global Islamic economy sector.
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