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ICIEC Signs a $11m Contract Frustration Insurance Policy with Boskalis for Dredging Projects in Bahrain

Posted on May 17, 2023

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, is pleased to announce the signing of a U$11 million Contract Frustration Insurance Policy (STP-CF) with Boskalis Westminster Contracting Limited (BWCL).

The signing ceremony was held at the Ritz Carlton Hotel in Jeddah, Saudi Arabia, on the sideline of the IsDB Group Annual Meeting, by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Sytse Wiersma, Credit Risk, Trade & Export Finance Manager, BWCL.

The STP-CF covers marine works for Bandar Al-Sayah and Danat Al-Sayah development projects, including the stockpile works in East Sitra, Bahrain. The coverage provided by ICIEC insures the non-payment risk of the project employer arising from political and commercial risks.

ICIEC’s STP-CF protects contractors building essential infrastructure in ICIEC member states from commercial and non-commercial risks in the country of the project employers.


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