IslamicFinance.de

The CEO of the International Islamic Trade Finance Corporation (ITFC), Dr. Waleed al-Wohaib, stated that the ITFC - an autonomous entity of the IDB - is planning to increase its annual trade financing volume in Turkey by $700 million within the next three years. The ITFC has been working with numerous banks in Turkey since its official opening in 2008 with current ITFC products trading in favor of Turkish corporations and bank amounting to approximately $1.65 billion. Meanwhile, Dubai-based Noor Bank is also reportedly eyeing off the Turkish finance market in an effort to escape the competitive banking climate of the emirates, CEO Hussain al-Qemzi said last week.

The Islamic Development Bank (IDB) has launched The Assistance For Trade in the Arab States (AFTIAS) aimed at boosting trade and economy as well as creating jobs in the Arab countries. Dr. Waleed Al-Wohaib, CEO of the International Islamic Trade Finance Corporation (ITFC) and Chairman of Board of the initiative, said the ITFC would work side-by-side with international organizations that would implement the initiative to guarantee its success. The initiative consists of five UN agencies: the UN Development Program (UNDP), the UN Conference of Trade And Development (UNCTAD), the UN Industrial Development Organization (UNIDO), the International Labor Organization (ILO), and the International Trade Center. It also include the Arab League, the Gulf Cooperation Council (GCC), the Agadir Technical Unit and the Arab Maghreb Union, in addition to seven donor parties.