| 24 Sep 2008 |
|
US $1.6 Billion Total Amount Of Itfc Trade Finance Operations In First Half Of Year 1429
- Text size
International Islamic Trade Finance Corporation Issues its first Mid-Year Financial Report
Jeddah - In its mid-year financial report for 1429, the International Islamic Trade Finance Corporation (ITFC), an autonomous entity within the Islamic Development Bank (IDB) GroupIslamic Development Bank (IDB) Group
, announced the execution of trade finance operation activities amounting to a total of US$1.6 billion.Breaking down the amount in terms of intra-trade, the IDB member countries received the bigger slice, with financing of imports reaching US$1.3 billion compared to US$300 million for non-member countries.
Dr. Waleed Al Wohaib, ITFC CEO, stated; "for over 30 years we have looked at trade as a vehicle for economic development in member countries and in our first year of operations our trade finance objectives were surpassed as the numbers show. We will continue to support the growth of intra-trade between member countries and to qualitatively and quantitatively increase trade finance operations in the private sector."
Dr. Al Wohaib highlighted the expanding of ITFC's business base to include more new clients such as the Lebanese Islamic Bank, Jordan Pharma Co., and the Afribank Nigeria Plc.
- Ends -
About the International Islamic Trade Finance Corporation - ITFC:
The ITFC with an authorized capital of US$3 billion and a subscribed capital of US$750 million is an autonomous entity within the Islamic Development Bank Group formed to consolidate financing business that was formerly undertaken by various windows within the IDB Group. The consolidation of the bank's trade finance activities under a single umbrella increases the efficiency of service delivery by enabling rapid response to customer needs in a market-driven business environment.
A rich heritage of 30 years trade finance experience by the IDB Group puts the ITFC in a leadership position to foster socioeconomic development, set new benchmarks for trade financing and ethical based business standards, and develop innovative Shariah compliant trade financing instruments. Operating to world-class standards the ITFC promotes IDB developmental objectives through its two main pillars, Trade Finance and Trade Promotion, to fulfill its brand promise of 'Advancing Trade & Improving Lives'.
For more information, please contact:
Farah Ibrahim
TRACCS
Tel: +9714 3672530
Fax: +9714 3672531
Email: farah.ibrahim@traccs.net
© Press Release 2008
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
Post a Comment
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.