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.