Cash And Trade Magazine For Cash and Trade professionals in the Middle East
Jeddah, 3rd January 2016: The International Islamic Trade Finance Cooperation (ITFC), a member of the Islamic Development Bank Group (IsDB), signed a Memorandum of Understanding (MoU) with Agroinvestbank, a private commercial bank established in the Republic of Tajikistan. The Agreement was signed by Mr. Murodali Alimardon, Chairman of Agroinvestbank and Mr. Mohammad Iqbal Azad, Officer-in-Charge, on behalf of the ITFC. The signing ceremony took place in ITFC headquarters in Jeddah.
The main objective of the MoU is the promotion of Islamic finance through multiple Islamic finance modes and products. In addition, the two entities will cooperate jointly in identifying structure and finance trade operations in Tajikistan through the allocation of funds.
Commenting on the signing of the agreement, Mr. Muhammad Iqbal Azad, ITFC’s Officer-in-Charge said, “This signing is a reflection of a successful partnership between ITFC and Agroinvestbank”. Mr. Azad added, “It is ITFC’s mandate to support member countries’ strategic sectors and to improve their trading capacity”.
From his end, Mr. Murodali, added that, “both parties will use their best efforts to bring together those capabilities and resources to search opportunities for joint trade financing cooperation in Tajikistan that are within the parameters of Shariah principles” emphasizing on the fruitful partnership with ITFC.
It is worth mentioning that ITFC have supported Tajikistan’s strategic sectors since its inception in 2008, where a total amount of USD 64 million have been extended to the government, in cooperation with Agroinvestbank.
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About ITFC
The International Islamic Trade Finance Corporation (ITFC) is an autonomous entity within the Islamic Development Bank (IDB) Group created with the purpose of advancing trade to improve the economic condition and livelihood of people across the Islamic world. ITFC has consolidated all the trade finance businesses that used to be handled by various windows within the IDB Group. It commenced operations in January 2008. The consolidation of the IDB Group’s trade finance activities under a single umbrella increased the Corporation’s efficiency in service delivery by enabling rapid response to customer needs in a market-driven business environment.
As a leader in Shari’ah-compliant trade finance, ITFC deploys its expertise and funds to businesses and governments in its member countries. Its primary focus is to encourage intra-trade among OIC (Organization of Islamic Cooperation) member countries. As a member of the IDB Group, ITFC has unique access to governments in its member countries and works as a facilitator to mobilize private and public resources towards achieving its objectives of fostering economic development through trade. The Corporation helps businesses in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools in order to help them compete successfully in the global market.
Operating to world-class standards, the ITFC’s mission is clear from its mandate to be a catalyst for the development of trade among OIC member countries and with the rest of the world. ITFC aspires to be a recognized provider of trade solutions for the OIC Member Countries’ needs; in order to fulfill its brand promise of ‘Advancing Trade & Improving Lives”. www.itfc-idb.org
