The International Islamic Trade Finance Corporation (ITFC) has signed an agreement with Turkey's Small and Medium Industry Development Organization (KOSGEB) to support SMEs. The group plans to provide $1 billion for Turkish companies. The Memorandum of Understanding (MoU) was signed by ITFC CEO Hani Salem Sonbol and KOSGEB President Recep Bicer. The MoU also examines the possibility of providing Islamic Trade Finance solutions to SMEs in Turkey. The suggested cooperation program includes developing joint programs for capacity building activities for SMEs in Turkey and Reverse Linkage Programs for transferring KOSGEB's know-how to other OIC member countries.
The International Islamic Trade Finance Corporation (ITFC) has appointed Hani Salem Sonbol as its CEO. As ITFC is an autonomous member of the Islamic Development Bank (IDB) the announcement was made at the 41st annual meeting of the IDB in Jakarta. Sonbol expressed his thanks to Ahmad Mohamed Ali, president of IDB’s board of directors. He held several leading positions, including deputy CEO of ITFC, director of the IDB Group Regional Office in Rabat, and director of trade finance and development department at IDB.
It appears that International Islamic Trade Finance Corporation (ITFC) and HSBS signed MoU to implement Shari’ah-compliant trade financing.
The MoU was signed by Dr Waleed Al-Wohaib, Chief Executive Officer, International Islamic Trade Finance Corporation HSBC. In conclusion, customers will be able to use HSBC’s services to facilitate the issuance of Letters of Credit on behalf of ITFC for customers who import or export goods.
A Memorandum of Understanding was signed between HSBC and International Islamic Trade Finance Corporation (ITFC) that implies providing help on various treasury activities such as joint trade financing and investment of liquidity and facilitating trade. This also means that ITFC customers will be able to use HSBC’s services to facilitate the issuance of Letters of Credit on behalf of ITFC for customers who import or export goods.
ITFC is also awaited to invest its liquidity in Shari’ah-compliant investment assets such as HSBC’s 'Overnight Commodity Murabaha Investment' product.