International Islamic Trade Finance Corporation (ITFC)

First Islamic trade finance #workshop in #Uzbekistan

The International Islamic Trade Finance Corporation (ITFC), the Ministry for Foreign Trade of Uzbekistan and the United Nations Development Program (UNDP) have come together for the first trade finance workshop titled "Trade Finance as a Key Factor in Trade Promotion". ITFC's chief operating officer Nazeem Noordali said that ITFC and the government of Uzbekistan signed a $100 million framework agreement to finance pre-export and import activities in the country. He added that ITFC was working closely with its partners to promote Islamic trade finance among the Uzbek banks and non-banking financial institutions.

#GAMBIA – MEDIA INVITATION – New agreement between The Gambia and The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (ISDB) Group

The CEO of The International Islamic Trade Finance Corporation (ITFC) will be on an official visit to The Gambia on 16th January 2018. A new agreement will be signed by Eng. Hani Salem Sonbol, CEO of ITFC and H.E. Hon. Mrs. Fatoumata Jallow-Tambajang, Vice President and Minister for Women’s Affairs. Since its inception in 2008, ITFC has approved a total of 30 financing operations for The Gambia for a total of US$437 million. Hani Salem Sonbol will be available for face to face interviews. Only registered journalists will have access to the signing ceremony.

ITFC plans to provide $1B in funds for #Turkish SMEs

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.

International Islamic Trade Finance Corporation names CEO

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.

HSBC and ITFC in Partnership For Memorandum

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.

ITFC signs up HSBC as key trade finance partner

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.

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