Article

A program that insures letter of credit transactions is gaining popularity in the Arab and Islamic world according to the Islamic Corporation for the Insurance of Export Credit and Investment (ICIEC). The corporation's Documentary Credit Insurance Policy (DCIP) is apparently proving most popular in Turkey and the Gulf Cooperation Council (GCC) countries (see article on P. 1). The ICIEC issued its first DCIP for Kuveyt Turk Participation Bank in October 2010 and subsequently issued similar policies to another Turkish institution, Bank Asya, and the Saudi British Bank (SABB) in Riyadh.The policies provide those banks with insurance cover for L/Cs confirmed by them.