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Sharia-compliant reinsurance for gas projects in Egypt

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The Islamic Corp. for the Insurance of Investment & Export Credit, a unit of Saudi Arabia-based Islamic Development Bank, has provided sharia-compliant reinsurance worth $80 million for covering political risk for oil and gas developments in Egypt, Reuters reported.

The transaction covers the Overseas Private Investment Corp. for its insurance policy on U.S.-based Apache Corp.'s exploration projects.

Such credit guarantees are drawing more companies to Islamic capital markets.

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